KULR Technology Group, Inc. Q1 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Key Financial Highlights (Q1 2026 vs Q1 2025)

  • Total revenue: $4.8 million, +98% year-over-year (from $2.4 million)
  • Product sales: $2.1 million, +84% year-over-year
  • Blended gross margin: 29%, up from 8%
  • Product gross margin: 26%
  • Operating loss: Decreased 22% year-over-year
  • Cash position: Approximately $19 million (no cash used for new Bitcoin acquisitions; 1,085 Bitcoin held via existing mining contracts only)

Operational & Strategic Updates

  • Lease signed for additional 25,000 sq ft manufacturing space to support battery production lines and high-volume programs
  • Focus shifted to scaling KULR ONE battery platform for product revenue growth, margin improvement, and cost discipline
  • KULR ONE Air (Drone/UAS): 6S 3P LiFT battery in broad production; expanded LiFT family for long-duration flights; 6S/12S/18S BMS on track; new engagements in humanoid robots and Class II/III drones; exploring NDAA-compliant solid-state and lithium metal cells (>380 Wh/kg)
  • KULR ONE Space: Selected for additional LEO/GEO missions; XLT and REACH series in active satellite deployments; BMS upgrades for higher radiation tolerance
  • KULR ONE Triton (Maritime): Testing across solid-state, nickel metal hydride, and lithium-ion chemistries with OEM partners for autonomous surface/subsea vehicles

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Stuart Smith: All right. Welcome to the KULR Technology Group First Quarter 2026 Earnings Call. I'm your host, Stuart Smith. And in a moment, I'll be joined by management from KULR Technology Group. But before we can begin this call, please listen to these forward-looking statements covering the comments and the call today. The call today may contain certain forward-looking statements based on the company's current expectations, intentions and assumptions that involve risks and uncertainties. Forward-looking statements made on this call today are based on information available to the company as of the date hereof. KULR Technology Group's actual results may differ materially from those stated or implied in such forward-looking statements due to risks and uncertainties associated with their business, which include the risk factors disclosed in their Form 10-K filed with the Securities and Exchange Commission on March 31, 2026, as may be amended or supplemented by other reports the company files with the Securities and Exchange Commission from time to time. Forward-looking statements include statements regarding their expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as anticipate, believe, could, estimate, expect, intend, may, should and would or similar words. All such forward-looking statements that are provided by management on this call are based on the information available at this time, and management

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