KULR Technology Group, Inc. Q3 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Financial Highlights

  • Revenue: $3 million in Q3 2023, up 120% year-over-year from Q3 2022 ($1.4 million).
  • YTD Revenue (first nine months): $7.5 million, up 245% from $2.1 million during the same period in 2022.
  • Product Revenue: $1.9 million in Q3, a 38% increase from Q3 2022.
  • Service Revenue: $1.1 million in Q3, an increase of 4,800% from Q3 2022.
  • Gross Margin: 44%, up from 33% in Q3 2022.
  • Revenue per Paying Customer: $170,000 in Q3 (up 94% YoY); $200,000 for first 9 months (up 170%).
  • Revenue per Employee: $43,000 in Q3, up 14% from Q2 and 70% from Q1 2023.
  • Cash Used (First Nine Months): Operating cash usage decreased 20% YoY; combined operations and investing down 26%.

Business and Strategic Developments

  • KULR One Platform: Drove majority of Q3 growth across energy storage, space, recycling, and electric transportation markets.
  • NASA Contract: Secured a third order for battery cell testing service – part of a multi-phase agreement.
  • Battery Recycling: Formed exclusive national recycling program partnership with Cirba Solutions. Market forecast is $54B by 2030.

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Stuart Smith: Welcome to the KULR Technology Group Third Quarter 2023 Earnings Call. I am your host Stuart Smith and with me on the call today is the CEO of KULR Technology Group, that's Michael Mo, Company's President and COO, Keith Cochran will be also joining us and the CFO, the Chief Financial Officer, Shawn Canter. As you probably know, KULR Technology Group is a publicly traded company listed on the NYSE American under the ticker symbol KULR. As such before we begin the call today, please listen to the following safe harbor statement covering this call. This call does not constitute an offer to sell or a solicitation of offers to buy any securities of any entity. This call may contain certain forward looking statements based on management's current expectations, forecasts and assumptions that involve risks and uncertainties. Forward looking statements made on this call are based on the information available to the management team as of the date hereof. The company's actual results may differ materially from those stated or implied in such forward looking statements due to risks and uncertainties associated with the company's business, which include the risk factors disclosed in their form 10-K filed with the Securities Exchange Commission on March 28, 2023. Forward looking statements include statements regarding management's expectations, beliefs, intentions or strategies regarding the future and can be identified by forward looking words such as anticipate, believe, co

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