KULR Technology (US:KULR) Globenewswire·2025-08-14 20:15Core Viewpoint - KULR Technology Group is positioned for growth with strong financial results in Q2 2025, driven by increased revenues and significant Bitcoin holdings, enabling further investments in product development and R&D efforts [2][6][7]. Financial Performance - Revenues for Q2 2025 increased by 63% to $3.97 million compared to $2.43 million in Q2 2024, with product sales rising by 74% to approximately $1.98 million [2]. - As of June 30, 2025, the company had cash and current accounts receivable totaling $24.73 million [3]. - Gross margin decreased to 18% in Q2 2025 from 24% in the same period last year, attributed to unexpected labor hours for technical projects [3]. - Selling, General and Administrative (SG&A) expenses rose to $6.94 million from $4.59 million year-over-year, mainly due to increased advertising, marketing, and stock-based compensation [4]. - Research and Development (R&D) expenses increased to $2.44 million from $1.31 million, reflecting a planned rise in consulting services [5]. - Operating loss for Q2 2025 was $9.45 million, up from $5.33 million in Q2 2024, driven by higher SG&A and R&D investments [5]. - Net income for Q2 2025 was $8.14 million, or $0.22 per share, compared to a net loss of $5.89 million, or a loss of $0.26 per share in the same period last year, primarily due to a mark-to-market gain on Bitcoin holdings [6]. Corporate Developments - KULR joined the Russell 3000® Index effective June 30, 2025, enhancing its market visibility [8]. - The company expanded its Bitcoin holdings to 1,021 BTC, achieving a yield of 291.2% [9]. - KULR secured a $20 million credit facility with Coinbase to support its Bitcoin acquisition strategy [10]. - A reverse stock split of 1-for-8 was completed on June 23, 2025, reducing outstanding shares from approximately 300 million to 40 million [10]. - KULR's Bitcoin mining operations reached 750 PH/s with plans to increase to 1.25 EH/s by late summer [10].