Contracts With NASA, Lockheed Martin, And Other Global Business Giants

KULR Technology secures two orders from Fortune 20 e-commerce and cloud computing customer for commercial drone delivery fleet

KULR CEO Interviewed by Stuart Varney 


  • Leveraging KULR’s roots in developing breakthrough cooling solutions for NASA space missions and backed by a strong intellectual property portfolio, KULR provides customers with industry-leading battery safety technologies as well as cost-effective cooling technologies that outperform traditional solutions. 
  • KULR is currently processing up to 10,000 lithium-ion cells per week as well as preparing for tests performed by NASA, the Department of Defense (“DoD”), and others performing manned flighted missions.  
  • KULR was recently awarded three additional contracts with DoD prime contractors to implement the Company’s carbon fiber cathode solution for high-power magnetic and other covert pulse weaponry initiatives.  
  • KULR recently secured a new battery safety contract with NASA to test its lithium-ion cells for future battery packs designed for the Artemis Program, a series of US-led international human spaceflight programs.  
  • KULR recently appointed former NASA Johnson Space Center senior leader Dr. William Walker as Director of Engineering. 
  • KULR expects to procure lithium-ion battery cells providing up to 500-megawatt hours (“MWh”) of energy capacity, enough to power approximately 40,000 homes. 
  • KULR just received a follow-on phase change material heat sink order from Lockheed Martin  
  • KULR has partnered with Lockheed Martin, Leidos and other prime contractors to develop and supply mission-critical technologies for hypersonic vehicles, high-power magnetic wave, and other defense systems.  
  • KULR’s portfolio of thermal management solutions target air and liquid-cooling of high-performance computing applications such as crypto mining, cloud computing, AI, and AR/VR simulations to maximize performance, energy efficiency and safety. 



Hello Everyone,

We have an exciting past winner  back in our crosshairs for today’s session.

Our New EV Profile is KULR Technology Group Inc (NYSE: KULR).

KULR Technology Group Inc (NYSE: KULR) develops and commercializes high-performance thermal management technologies for batteries, electronics, and other components across an array of battery-powered applications. As the global economy becomes increasingly electrified and connected, KULR is addressing the rising demand for cooler, lighter, and safer batteries, and electronic systems. Leveraging the company’s roots in developing breakthrough cooling solutions for NASA space missions and backed by a strong intellectual property portfolio, KULR provides customers with industry-leading battery safety technologies as well as cost-effective cooling technologies that outperform traditional solutions. The world’s leading aerospace, electronics, energy storage, 5G infrastructure, and electric vehicle manufacturers trust KULR to solve safety, reliability, and efficiency challenges in an ethical and environmentally sustainable manner.

Active government initiatives propelled by industry and regulatory tailwinds are increasing demand for battery recycling and clean energy, resulting in an expanding total addressable market for KULR’s solutions. The Company’s disruptive technologies strive to fulfill an addressable $24 billion thermal management systems market (estimated based on market data projections published by Converged Markets stating that the thermal management systems market size was projected to grow from $11.1 billion in 2017 to $24.8 billion by 2025. KULR’s integrated design approach offers comprehensive solutions in thermal interface materials, lightweight heat exchangers, and protection against lithium-ion battery thermal runaway propagation. Its high-performance solutions can be designed to fit demanding configurations and applications.

As companies and governments around the world pledge to meet net zero emissions over the next few decades, KULR is uniquely positioned to accelerate the adoption of clean energy solutions and sustainable products and facilitate the migration to a global circular economy. The Company’s goal is to provide total battery safety solutions for more efficient battery systems, increased sustainability, and end-of-life battery management, making KULR a key technology solutions provider in the migration to a global circular economy.



KULR’s Holistic Suite of Products and Services Proves to Be Fundamental in Testing and Evaluation of Customer’s New eVTOL Aircraft

SAN DIEGO / GLOBENEWSWIRE/ September 27, 2022 KULR Technology Group, Inc. (NYSE American: KULR) (the “Company” or “KULR”), a leading developer of next-generation lithium-ion (“Li-ion”) battery safety and thermal management technologies, has received an order from a leading Fortune 500 commercial aviation company for its holistic suite of safe battery products and services.

The aviation customer has enlisted KULR to provide its suite of battery design and safety solutions in the development of its new electric vertical takeoff and landing (“eVTOL”) aircraft. KULR expects this order to be the first of several from the customer, as the implementation of KULR’s products and services will be fundamental in the testing and evaluation of the customer’s battery-powered aircraft design.

“Our engagement with this top-tier commercial aviation company underscores the value KULR brings to our partners in the fast-growing e-mobility industry,” said Michael Mo, KULR’s CEO. “KULR’s holistic set of services and products for safe battery design facilitates faster certification for customers in the electric aviation and eVTOL space.”

As the advanced air mobility (AAM) market continues to rapidly expand, KULR’s holistic suite of solutions will play a critical role in enabling industry leaders to accelerate electrification. According to McKinsey, the leading companies in the passenger AAM industry are projected to have larger fleets of around 1,000 aircrafts, offering more flights per day than the world’s largest airlines by 2030. Similarly, Acumen Research and Consulting reports that “the global eVTOL market size accounted for USD 6,937 Million in 2021 and is estimated to achieve a market size of USD 30,519 Million by 2030 growing at a CAGR of 18.3 percent from 2022 to 2030.”

KULR’s holistic suite of battery safety and thermal energy management products and services include: Passive Propagation Resistant (“PPR”) design and testing, Internal Short Circuit (“ISC”) trigger cells, Fractional Thermal Runaway Calorimeter (“FTRC”) testing and an AI-powered CellCheck battery management system.

KULR Thrived As Others Struggled To Survive

In fact, while others struggled to survive in 2021-22, KULR is proving it can thrive, with strategic investments resulting in the build-out of its holistic, total battery safety platform to provide customers with an extensive set of solutions to achieve battery sustainability within their respective ecosystems.

As noted, the initiatives are expected to provide multiple sources of income and allow KULR to expand its go-to-market efforts by upselling and cross-selling to new and existing customers the individual components of its comprehensive platform through a product sales or subscription model. In other words, KULR has created an innovative way to attract and keep customers for the long term. That means new clients become long-term revenue drivers that provide rapid revenue growth and sales visibility. Better yet, it’s an excellent sales model that can keep on giving. And from multiple sources.

Why and how? Because the versatility of KULR’s holistic platform provides speed and allowance to penetrate potentially lucrative untapped sectors and markets. Additionally, they’re already showing they can attract significant customer interest across several verticals, including energy storage, battery recycling, electric aviation, industrial and power tools equipment, and e-mobilities. All tolled, those markets present over 300 enterprise and government organizations that can be immediately added to the sales pipeline. For KULR, it’s a case where sales ambitions can translate to dollars in the bank.

Beating The Macro Issues To Ramp Sales

And that could happen faster than many think as the headwinds within the supply chain stabilize in the sectors KULR targets. There’s more to fuel the bullish argument. As macro-economic pressures ease, an expected result from a new spending bill, KULR is again ideally positioned to ramp sales volumes as they begin to monetize growing customer engagements over the coming quarters. Thus, with momentum in creating deals and making its legacy ones stronger, KULR could be in its best operating position ever to generate a significant increase in shareholder value. In other words, a higher share price could be imminent.

Based on management commentary, that’s likely. Remember, in addition to KULR selling the highest standard of battery safety technology that puts up to billions in the revenue-generating crosshairs from aerospace and defense companies, the momentum generated from developing other accretive platforms could put them as a leading provider and enabler of the circular electrification economy.

Keep in mind that Q2 sales may have been comparably flat, but that’s historical news. The critical takeaway is that guidance is decidedly bullish. Several deals prove the point, one with its recycling partner that provides KULR immediate and open access to commercial partners and customers after securing United Parcel Service (“UPS”) shipping certification. That certification allows for the shipment of batteries utilizing the KULR Safe Case products through UPS’ vast shipping network. It does more.

The permit also allows the United States Department of Transportation compliant “Safe Case” to be used as a safe and reusable shipping container for Li-Ion battery transportation up to 2.1KWh, providing KULR’s major recycling partner a safe shipping container that can handle batteries above 300Wh. Those wondering, these certifications aren’t easy to get.

More importantly, KULR can earn premium prices for services rendered, and the revenue-generating opportunity can be enormous, with billions of batteries needing to be disposed of. Again, that’s one significant opportunity. There’s plenty more.

New Licensing And Follow-On Deals

KULR also announced completing the licensing and starting the construction of its Fractional Thermal Runaway Calorimetry (FTRC). Further, they noted having multiple customer engagements already in queue and three purchase orders expected to close in September 2022. Accounting for those, Q3 could be a fuse to light a substantial end-of-year revenue rally. And that’s still not all.

KULR also secured four major commercial accounts for its Safe Case products, with deployment trials underway. Forecasts from that opportunity indicate several multi-million-dollar recurring commitments over the next 18 months are in the crosshairs. That adds to a follow-on order from leading aerospace and defense company Lockheed Martin (NYSE: LTM, $LTM) for its space-developed phase change material (PCM) heat sink technology. Yes, there’s still more.

KULR also highlighted the near-term potential of its biosensing solution for its Fortune 50 Metaverse customer. In its earnings commentary, KULR said its recently revised engineering design improves pliability, increases conductivity, and enhances softness to the skin. Also important, the next shipment to the customer is expected in late August 2022, with customer testing to occur shortly after that. Again, new revenues are in play.

Other near-term value drivers include benefitting from its partnership with E-One Moli Energy Corporation (“Molicel”) to advance KULR’s total battery safety and thermal management solutions strategy. Also adding value is the expected installation of a fully automated battery testing program with an initial processing capability of roughly 500,000 18650/21700 lithium-ion cells annually in support of NASA’s manned flight specification EP-WI-037.

That initiative and system installation is scheduled to conclude in Q3 2022, with full capability processing beginning in Q4 2022. Once completed, screened cell capacity will be allocated to NASA and the United States Department of Defense battery cell deployments, including internal requirements related to KULR’s qualified commercial cell deployments.

Right Things At The Right Time

The bottom line is simple to understand- KULR is doing the right things at the right time. Also easy to comprehend is that its well-timed initiatives are expected to boost revenues considerably as early as this quarter. It gets better. From a competitive perspective, KULR is distancing itself from others that may have an interest in poaching.

Actually, it may be hard to infringe on KULR’s technical turf, with an IP portfolio providing substantial competitive insulation and making the barriers of entry for others extremely high. Moreover, KULR’s commitment to developing a universal modular battery product by combining its PPR technology and CellCheck for E-mobility, enterprise energy storage, data center, and crypto-mining applications may be more than a way to earn diversified market share; IP could allow them to own the billion-dollar spaces they target.

Remember, there may be companies trying to do what KULR does on a singular basis. But, few, if any, can boast of solidifying its market presence and earning as significant a share in as many market applications as KULR. And by manufacturing and licensing next-generation carbon fiber thermal management technologies for batteries and electronic systems, partnering with NASA to create breakthrough cooling solutions for space missions, having a robust intellectual property portfolio enabling leading aerospace, electronics, energy storage, 5G infrastructure, and electric vehicle manufacturers to make their products cooler, lighter and safer for the consumer, it’s a position they will likely maintain.

Thus, is KULR a value investment opportunity too good to ignore? Facts and performance indicate yes. And with plenty of cash in the bank to support and grow its ongoing mission, KULR is doing more than checking all the right boxes. They are positioned better than ever to close a valuation disconnect, which for investors, makes consideration at recent prices a timely and compelling proposition.

Energy Storage 

The U.S. doubled its energy storage capacity in 2021 and is expected to increase 17x by 2030, according to Wood Mackenzie. Lithium-ion batteries are the dominant technology on the market for energy storage because of their cost and availability but do carry well documented safety risks. While rare, cell to cell thermal runaway in lithium-ion batteries can cause a fire or explosion. For example, an explosion at Arizona Public Service’s McMicken battery plant injured four emergency responders in 2019 and overheating caused the 1.2 GWh Moss Landing storage facility in California to go off-line. To reach net zero by mid-century will require an additional 245 GWh of battery capacity each year until 2030, but incidents of the like distill trust in battery technologies and threaten to slow the pace which is needed to achieve decarbonization goals. KULR’s passive propagation resistant (PPR) and thermal runaway shield (TRS) technologies prevent cell to cell thermal runaway propagation and inhibit fire and ejecta of a single cell from exiting the battery enclosure, making battery energy storage packs safe for homes, hospitals, schools, and universities, and more. KULR is partnering with leaders in the energy storage industry such as Volta Energy Products, the subsidiary of Buffalo NY based parent company, Viridi Parente, to increase deployments of safe, reliable, and durable energy storage safety systems to accelerate the broader energy transition.

Battery Recycling and Management 

KULR-Tech Safe_Case provides a safe and cost-effective solution to commercially store and transport lithium batteries, which is increasing in frequency as supply chain challenges and ESG commitments necessitate battery recycling and end-of-lifecycle management. Whether shipping a single battery, a battery-powered device or a load shipment of batteries, KULR’s technology mitigates the impacts of cell-to-cell thermal runaway propagation and ensures a safe journey. KULR’s Thermal Runaway Shield (TRS) technology is trusted by NASA to ship and store astronauts’ laptop batteries on the International Space Station. In addition, KULR combines its Passive Propagation Resistant (PPR) solutions with its new CellCheck intelligent battery management system to extend battery life. The CellCheck modular battery management system platform is KULR’s AI-powered battery safety technology for e-mobility, energy storage and fleet applications. It captures real time and lifetime battery intelligence, sensing adverse electrical, environmental, and physical events to analyze and control for maximum battery safety, reliability, and performance. As commercial industries across the board face greater scrutiny to comply with ESG standards, KULR is serving a total addressable market for a circular economic model for batteries that will reach over $21 billion by 2025 (estimated based on market data projections published by Grand View Research, Inc. stating that the global battery recycling market size is expected to reach $21.04 billion by 2025).


KULR is supporting the shift to electrified transport by enabling safer, lighter, and faster charging lithium-ion batteries for electric vehicles and micro mobility solutions. KULR’s passive propagation resistant (PPR) battery pack solutions increase battery energy capacity while preventing thermal runaway events that can lead to hazardous explosions, helping the transportation industry to address growing public safety concerns around electric vehicles, electric aviation and micro-mobility markets.

Vehicle technology advancements and EV range anxiety requires more battery capacity to expand the range and power of existing platforms while adding new, power-demanding components for advances such as 5G data networks. The additional strain on batteries increases the risk for overheating and serious failures and can damage sensitive chip architecture. In addition, overheating has been a key limiting factor for advancing fast charging battery technology. KULR’s carbon fiber thermal management technologies reduce the thermal resistance inside battery cells while increasing electrical conductivity to dissipate heat more efficiently to enable the safe deployment of fast charging batteries. With KULR, automotive OEMs and battery manufacturers can increase the energy capacity of battery cells so less cells are needed, making for lighter vehicles that drive further before needing to be charged.


KULR’s thermal management solutions enable the defense and aerospace industries to safely deploy electronic technologies that support critical missions and protect national security.Technology in this sector is developing at increasing rates – the space industry alone will be worth nearly $3 trillion in 30 years. The electronic devices being placed into aircrafts, satellites, and missiles are becoming ever smaller and more powerful. Lithium-ion batteries, which are already prone to overheating and propagation, are exposed to harsh thermal environments as well as shock and vibration during aerospace and defense operations. KULR has partnered with Lockheed Martin, Leidos and other prime contractors to develop and supply mission-critical technologies for hypersonic vehicles, high-power magnetic wave, and other defense systems.

High-Powered Computing & 5G 

Demand for improved, cost-effective cooling solutions in the rapidly growing 5G and cloud computing industries is ever-increasing. KULR’s portfolio of thermal management solutions target air and liquid-cooling of high-performance computing applications such as crypto mining, cloud computing, AI, and AR/VR simulations to maximize performance, energy efficiency and safety. KULR’s proprietary carbon fiber-based suite of thermal interface materials leverage advanced carbon fiber based heatsink technology that offers customers highly customizable, lightweight, and cost-effective solutions with industrial-level reliability due to their high thermal conductivity, lightweight, and low contact pressure.

New Battery Cell Development 

KULR started a research and development initiative using carbon fiber structures to produce battery cells with higher energy density and faster charging capabilities. Fast-charging will be the killer app for next-gen batteries. Right now, overheating is a key limiting factor in advancing fast-charging battery technology. There may be a way to solve that problem by using carbon fiber inside the battery cell to reduce thermal and electrical resistance which can dissipate heat more effectively. The R&D initiatives include thicker cathode with higher loading factor, silicon anode, lithium metal anode and solid-state electrolyte development. This is a long-term strategic development for KULR.

Commercial Partnerships

KULR has a long-term technology and developmental partnership with Andretti Technologies (ATEC), the advanced technology arm of racing team Andretti Autosport. The alliance will establish a thermal management testing and design platform for high-performance battery solutions with the highest safety ratings that will be adapted to the technical requirements of Andretti’s racing enterprise with the goal of transferring solutions to mass-market electric vehicle (EV) applications.

New Facility and IT-Systems 

KULR relocated in October 2021 to a new facility located at 4863 Shawline St, San Diego, CA. The facility is 3 times larger than the previous facility with adequate room to support the Company’s new automated battery cell testing capability that will launch in Q322 as well as personnel growth. Additionally, the Company installed independently enclosed areas to support the machine shop, testing lab, battery lab, and Fiber Thermal Interface Material (“FTI”) manufacturing lab. KULR has implemented a 5S standard for the entire facility and will seek ISO 9001 certification in June 2022.

KULR has engaged with Managed Solutions to enhance its IT infrastructure and improve all aspects of Cyber Security. As a sub-contractor for DOD programs, it was vital that KULR have state of the art IT systems and controls. The Company believes the best path based on the current scale of the company is to outsource this activity to a professional IT services organization. The result of this activity was an improvement of our NIST score of over 140 points.

KULR Recent News:

KULR Receives Follow-On Phase Change Material Heat Sink Order from Lockheed Martin 

SAN DIEGO, June 29, Jun 29, 2022 (GLOBE NEWSWIRE via COMTEX) — SAN DIEGO, June 29, 2022 (GLOBE NEWSWIRE) — KULR Technology Group, Inc. (NYSE American: KULR) (the “Company” or “KULR”), a leading developer of next-generation lithium-ion battery safety and thermal management technologies, announced today it received a follow-on order for its space-developed phase change material (“PCM”) heat sink technology from leading aerospace and defense company Lockheed Martin Corporation (NYSE: LMT). 

Phase change material heat sink technology reduces system temperature excursions and extends both the life of key components within the thermal storage process. The solution is most useful for compact and high-performance devices that require bursts of computational power in short time intervals. KULR’s PCM heat sink technology is compact, reliable, and lightweight and has been utilized by leaders in the U.S. aerospace and defense industries.

“Repeat business like this is a testament to our reliable engineering, testing, and design capabilities that meet the stringent requirements of long-range weapon systems,” said Keith Cochran, President & COO of KULR Technology Group, Inc. “Our many years of experience designing lightweight and durable heat sink technologies positions us well to capture additional share of the thermal design market for military precision strike weapons. Lockheed is a valuable customer to us, and we look forward to the continued partnership in providing them the best thermal management technologies for crucial aerospace, defense and other systems.”

KULR Partners with E-One Moli Energy Corporation to Advance its Total Battery Safety and Thermal Management Solutions Strategy 

SAN DIEGO, June 30, Jun 30, 2022 (GLOBE NEWSWIRE via COMTEX) — SAN DIEGO, June 30, 2022 (GLOBE NEWSWIRE) — KULR Technology Group, Inc. (NYSE American: KULR) (the “Company” or “KULR”), a leading developer of next-generation lithium-ion (“Li-ion”) battery safety and thermal management technologies, placed an initial order for over 75 megawatt hours (“MWh”) of Li-ion battery cell capacity from Taiwan’s E-One Moli Energy Corporation (“Molicel”) to design and build battery applications with the highest safety ratings. As part of the strategic relationship, KULR would purchase over 700MWh of battery energy capacity to further accelerate its production and supply chain localization initiatives within North America. 

Molicel, a subsidiary of publicly traded Taiwan Cement(1101.TW), has been a leading innovator in the Li-ion battery industry for more than four decades and is focused on developing the high-power cylindrical cell segment as a top tier global supplier. The company has proven to be a world-class manufacturer of high-performance rechargeable Li-ion cells and battery pack products. Molicel was the first organization in the world to produce high-power Li-Ion cells for high discharge rate applications, producing the world’s first Li-Ion power tool system, and it supplied the first NASA Spacesuit Li-Ion battery on the STS-133 mission.

“Partnering with a battery supplier that has the technical and manufacturing pedigree of Molicel is an important step for our growth strategy,” said KULR CEO Michael Mo. “This collaboration ensures that KULR has access to world-class Li-ion battery capacity – an increasingly scarce resource given today’s global supply chain challenges. As a total battery safety platform solution provider, we will incorporate our core technologies into battery pack design, testing and production to create the safest batteries for high value applications. This is an inflection point for KULR as it positions our thermal safety solutions platform to become better entrenched in the marketplace, ultimately providing us with an opportunity to optimize logistics and to more effectively capture full value for our shareholders. As we described earlier this year, we plan to continue investing in the localization of our production and supply chain to North America. Securing this Molicel battery cell supply accelerates our ability to provide total solutions to high value customer applications with revenue potential that could exceed $350 million.”

Through the partnership with Molicel, KULR will apply a holistic and comprehensive solution to battery safety and thermal energy management with a suite of technologies including its: Passive Propagation Resistant (“PPR”) design and testing, Internal Short Circuit (“ISC”) trigger cells, Fractional Thermal Runaway Calorimeter (“FTRC”) testing and AI-powered CellCheck battery management system, to target the following markets:

Aerospace and defense systems, such as CubeSat batteries meeting JSC 20793 safety requirements and the strategic battery reserve program initiated by NASA

  • Energy storage systems
  • High-performance electric vehicles and electric vertical take-off and landing (“eVOTL”)
  • Premium industrial and consumer electronics

KULR Set to Join Russell Microcap(R) Index 

SAN DIEGO, June 06, Jun 06, 2022 (GLOBE NEWSWIRE via COMTEX) — SAN DIEGO, June 06, 2022 (GLOBE NEWSWIRE) — KULR Technology Group, Inc. (NYSE American: KULR) (the “Company” or “KULR”), a leading developer of next-generation lithium-ion battery safety and thermal management technologies, is set to join the Russell Microcap(R) Index at the conclusion of the 2022 Russell indexes annual reconstitution, effective after the US market opens on June 27, according to a preliminary list of additions posted June 3. 

Membership in the Russell Microcap(R) Index, which remains in place for one year, means automatic inclusion in the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings and style attributes.

“We look forward to joining the well-known Russell Microcap(R) Index, as it will enhance our equity profile and support our efforts in expanding our existing base of institutional investors,” said KULR CEO Michael Mo. “As we just pass the year mark from uplisting to the NYSE, it is truly an honor to be on track to achieve another encouraging milestone in our company’s history. With several exciting initiatives brewing in the pipeline, we look forward to further sharing the KULR story to the broader investment community.”


*** KULR PCM heat sink technology inside the International Space Station (ISS) Nicer telescope. (2016)
*** NASA testing of KULR TRS battery heatsink is best-in-class.  KULR awarded contract in upcoming Mars 2020 Rover mission.  Exclusive worldwide commercial license of NREL ISC testing device. (2017-2018)
*** KULR partners with Lockheed Martin to provide Thermal Management Solution (2018)
*** Product development with world-class partners and start of business expansion with focus on E-mobility and Battery Safety Markets.  (2019)
*** KULR Technology partnership with Leidos to supply NASA with Lithium-ion Battery Storage Solutions for the International Space Station. (2020)

KULR has a compelling chart setup; after trading as high as $3.81 in December the stock has come down and is currently forming a new base over $1.50. KULR has closed green the last 4 sessions in a row and continues green again today on a significant surge of trading volume.

Full-Year 2021 Financial Highlights: 

  • Increased revenue by 287% compared to Full-Year 2020, mainly reflecting expansion in the commercialization roadmap
  • Increased shareholder equity to $16.4 million in the year ended December 31, 2021, from $6.1 million in the year ended December 31, 2020
  • Gross margins decreased to 54% in the year ended December 31, 2021, from 70% in the year ended December 31, 2020, primarily due to a change in product mix from higher margin products to lower margin services

Full-Year 2021 Financial Results Revenues: Revenue increased 287% to $2.4 million in 2021 from $624,000 in 2020. The increase in revenue was mainly due to early success in the energy storage and battery transportation and recycling sectors. The Company continues to build its relationships with a wide range of energy, transport and aerospace partners and has billed 25 customers during the year ended December 31, 2021. These additions reflect management’s commitment to build new customer relationships through a growing pool of referrals and business development leads.

Selling, General and Administrative (SG&A) Expenses: SG&A expenses increased to $11.2 million in 2021 from $2.5 million in 2020. The 349% increase in SG&A expenses consisted primarily of stock-based compensation, marketing and advertising, salaries, payroll taxes and other benefits, accounting and tax, consulting fees, travel and entertainment, rent expense, office expenses, and legal and professional fees.

R&D expenses: R&D expenses in 2021 increased to $1.7 million from $290,000 in 2020, reflecting an increase in employee headcount spent on R&D and three new projects for automation, battery and drone design initiated during 2021.

Operating Loss: Loss from operations was $11.5 million in 2021, compared to $2.3 million in 2020. The increase in operating loss was primarily the result of increased engineering and manufacturing workforce combined with the move and buildout of a larger facility to accommodate continued growth through automation. As of December 31, 2021, the Company had 52 full time employees and 5 contractors compared to 9 employees and 4 consultants on December 31, 2020. Higher SG&A costs offset higher sales while gross margin decreased to 54% in 2021 from 70% in 2020, primarily due to a global increase in cost of materials and from a change in mix between higher margin products and lower margin services.

Net Loss: Net loss for 2021 increased to $11.9 million or a loss of $0.15 per share, compared to a net loss of $2.9 million, or a loss of $0.03 per share in 2020.

Cash Position: The Company reported cash balances of $14.9 million as of December 31, 2021, compared to $8.9 million in the same period last year. KULR believes its cash position provides runway to expand operations, support new business and fund ongoing product development.


SAN DIEGO / GLOBENEWSWIRE / May 16, 2022 / KULR Technology Group, Inc. (NYSE American: KULR) (the “Company” or “KULR”), a leading developer of next-generation lithium-ion battery safety and thermal management technologies, today reported results for the first quarter ended March 31, 2022.

First Quarter 2022 and Recent Operational Highlights:

  • Selected by a multinational technology conglomerate to supply proprietary carbon fiber solution for core component in the sensing of electrical nerve signals to control navigation through virtual environments. This foundational partnership marks KULR’s entry into the Metaverse, where the Company believes it has additional opportunities to support this growing industry.
  • Secured a battery safety contract with NASA to test the Company’s lithium-ion cells for future battery packs designed for the Artemis Program, a series of US-led international human spaceflight programs. KULR is processing up to 10,000 lithium-ion cells per week as well as preparing for tests performed by NASA, the Department of Defense (“DoD”), and others performing manned flighted missions.
  • Awarded three additional contracts with DoD prime contractors to implement the Company’s carbon fiber cathode solution for high-power magnetic and other covert pulse weaponry initiatives.
  • Appointed former NASA Johnson Space Center senior leader Dr. William Walker as Director of Engineering. Dr. Walker will work with the Company’s engineering team on its next generation high-performance computing (“HPC”) and hypersonic vehicle thermal management initiatives.
  • Released a passive propagation resistant (“PPR”) solution in its KULR-Tech Safe Case product family for maritime lithium-ion battery safety. The PPR solution meets the upcoming United States Coast Guard’s new safety requirements for the passenger vessel industry and provides additional battery safety options for the cargo, fishing, and cruise verticals. The Company’s solution prevents cell to cell thermal runaway propagation as well as heat, fire, and explosion from exiting the KULR-Tech Safe Case enclosure.

Subsequent Events On May 13, 2022, KULR entered into separate transactions for both a note and a standby equity purchase agreement, allowing the Company to access up to $55 million in additional capital for procuring battery cell supplies as well as other key materials. The Company is securing inventory allocations in anticipation of ongoing demand from its key end markets. In total, KULR expects to procure lithium-ion battery cells providing up to 500-megawatt hours (“MWh”) of energy capacity, enough to power approximately 40,000 homes using currently available domestic energy storage options. Within applications for the energy storage and e-mobility markets, the battery cell supplies would equate to a revenue opportunity of $250-$350 million. To further control supply chain and manufacturing costs and risks, the Company also intends to use these funds to bring much of its production capabilities to North America.

Additional details regarding the transactions can be found in the Company’s Form 8-K filing with the Securities and Exchange Commission.

Management Commentary “In the first quarter we took demonstrable steps to support our current operations and future-proof our business in the face of ongoing supply chain challenges and mandated COVID-19 lockdowns in China,” said KULR CEO Michael Mo. “During the period we saw significant inventory buildup in China that delayed over $300,000 in revenues, which we expect to report in the coming quarter. In response to these challenges and potential roadblocks going forward, we’ve taken decisive action in solidifying our access to capital and procuring high-value and high-demand battery supplies. Over the coming year, we expect to procure battery cell supplies equaling up to 500 MWh of energy capacity to ensure we can continue to meet the outsized customer demand we are seeing. Longer term, we plan to consolidate many of our production activities to the U.S. as well.

“We are continuing to invest and focus on our core growth segments in energy storage, e-mobility and safe transportation of lithium-ion batteries with the full battery management lifecycle. As we further commercialize these areas, we will leverage our innovative R&D capabilities and products and also reference our partnerships in aerospace, defense, government and regulatory sectors.” First Quarter 2022 Financial Results  Revenues: In the first quarter ended March 31, 2022, revenue decreased to $200,000 from $418,000 reported in the same year-ago period. The decrease in revenue was primarily due to decreased product revenue caused by mandated COVID-19 lockdowns in China, which impacted the Company’s ability to ship finished goods. Lockdown protocols were alleviated in early second quarter of 2022, allowing these products to ship and the Company booked revenue of $325,000 related to the affected sales in Q2 of 2022.

Cash: As of March 31, 2022, the Company had $10.1 million of cash compared to $6.2 million in the same year ago period.

Gross Margins: Gross margin was 39% in the quarter ended March 31, 2022, compared to 34% in the same year ago period.

Selling, General and Administrative (SG&A) Expenses: SG&A expenses increased to $3.5 million in the first quarter of 2022 from $1.5 million in the same year-ago period. The increase in SG&A expenses was due to stock-based compensation issued to employees and consultants, labor costs, and general sales and marketing activities.

R&D expenses: R&D expenses in the first quarter of 2022 increased to $721,000 from $123,000 in the same period last year. The increase was due to increases in new engineering hires, investments in manufacturing automation, new product developments, and research in high-areal capacity battery electrodes and solid-state electrolyte.

Operating Loss: Loss from operations was $4.2 million for the first quarter of 2022, compared to $1.5 million from the same period last year. The increased operating loss was driven by higher SG&A and R&D costs combined with a year-over-year gross profit decrease of 46%, as a result of impacted product revenue caused by COVID-19 lockdowns in China.

Net Loss: Net loss for the first quarter of 2022 increased to $4.1 million, or a loss of $0.04 per share, compared to a net loss of $1.7 million, or a loss of $0.02 per share from the same period last year.



KULR Technology to Present at FAA’s Tenth Triennial International Fire and Cabin Safety Research Conference

on GlobeNewswire

KULR Technology Joins NAATBatt, the Premiere Trade Association for Advanced Battery Technology

on GlobeNewswire

KULR Receives Department of Transportation Special Permit for its SafeCase Solution

on GlobeNewswire

KULR to Present at The Battery Show on September 13, 2022

on GlobeNewswire

KULR Secures Second Order from Fortune 20 E-Commerce and Cloud Computing Customer for Commercial Drone Delivery

on GlobeNewswire


on Edgar Online – (EDG = 10Q, 10K)

KULR Technology Group Reports Second Quarter 2022 Financial Results

on GlobeNewswire

KULR Sets August 2022 Conference Schedule

on GlobeNewswire

KULR Technology Group Sets Second Quarter 2022 Earnings Call for Monday, August 15, 2022 at 4:30 p.m. ET

on GlobeNewswire


Michael Mo CEO –  is a technology entrepreneur and successful investor with over 20 years of experience in technology management, product development and marketing. In 2013, he co-founded KULR and has been serving as its CEO since then. From 2007 to 2015, Mr. Mo served as Senior Director of Business Development at Amlogic, Inc., a California high-tech company. In 2005, Mr. Mo founded Sympeer Technology and served as its CEO until 2008. In 1998, he founded Wish Solutions, and served as its CEO until 2001. Mr. Mo received his Master of Science in Electrical Engineering from the University of California at Santa Barbara in 1995.

Simon Westbrook, Chief Financial Officer – Mr. Westbrook founded and has since served as an officer of Aargo, Inc., a company specializing in financial consulting services to corporations in various tech-related industries. Prior to Aargo, Inc., Mr. Westbrook was CFO of Amber Networks, Inc., and the Chief Financial Officer of Sage, Inc. (NASDAQ: SAGI), a Silicon Valley company specializing in flat panel displays. Before joining Sage, Mr. Westbrook held a number of senior financial positions at Creative Technology (NASDAQ: CREAF), a leading PC multimedia company, and Atari Corp (AMEX: ATC), the video game and home computer company both in the USA and overseas. At various times, he has held positions as an advisory board member of the Silicon Valley Financial Executives Institute, and various technology start-up companies where he has assisted in strategic planning, fund raising and team development. Simon is a Chartered Accountant and holds a Masters in Economics from Trinity College, Cambridge University.

Michael G. Carpenter VP – serves as KULR’s Vice President of Engineering. Mr. Carpenter has been employed by ESLI since December 1983, serving as Director of the PCM Heatsink Group, Quality Manager, Facility Security Officer (FSO) in the Defense Industrial Security Program from 1988 to 1995. He also has been served as Safety Officer since he joined ESLI in 1983. Mr. Carpenter received his B.S. in Applied Mechanics from the University of California, San Diego in 1983.

Dr. Timothy R. Knowles CFO – has over 30 Years of Thermal Management R&D and product development experience for the most challenging space and industrial applications. He conducted research and built building products for various space and industrial customers such as NASA, Boeing, Raytheon, Jet Propulsion Lab, and others. Since 1983, Dr. Knowles has been working as President at ELSI. In addition, in 2013, Dr. Knowles co-founded KULR and has been serving as it CTO since then. From 1977 to 1983, he was a postdoctoral research physicist at Hamburg University. Mr. Knowles received Ph.D. in Physics from University of California San Diego in 1977 and B.S. in Physics from University of Southern California in 1969.



This website/newsletter is a wholly owned subsidiary of One22 Media, LLC, herein referred to as O22, LLC
Our reports/releases are a commercial advertisement and are for general information purposes ONLY. We are engaged in the business of marketing and advertising companies for monetary compensation.  We have been compensated a fee of thirty thousand usd by a third party, Shore Thing Media for a 2 day KULR awareness campaign.  We have previously been compensated a fee of up to ninety five thousand usd for 4 previous awareness campaign regarding KULR by the same third party, Shore Thing Media. Never invest in any stock featured on our site or emails unless you can afford to lose your entire investment. The disclaimer is to be read and fully understood before using our services, joining our site or our email/blog list as well as any social networking platforms we may use.PLEASE NOTE WELL: O22 LLC and its employees are not a Registered Investment Advisor, Broker Dealer or a member of any association for other research providers in any jurisdiction whatsoever.Release of Liability: Through use of this website viewing or using you agree to hold O22, LLC, its operators owners and employees harmless and to completely release them from any and all liability due to any and all loss (monetary or otherwise), damage (monetary or otherwise), or injury (monetary or otherwise) that you may incur. The information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of the available data. O22 LLC encourages readers and investors to supplement the information in these reports with independent research and other professional advice. All information on featured companies is provided by the companies profiled, or is available from public sources and O22, LLC makes no representations, warranties or guarantees as to the accuracy or completeness of the disclosure by the profiled companies. None of the materials or advertisements herein constitute offers or solicitations to purchase or sell securities of the companies profiled herein and any decision to invest in any such company or other financial decisions should not be made based upon the information provided herein. Instead O22, LLC strongly urges you conduct a complete and independent investigation of the respective companies and consideration of all pertinent risks. Readers are advised to review SEC periodic reports: Forms 10-Q, 10K, Form 8-K, insider reports, Forms 3, 4, 5 Schedule 13D.O22, LLC is compliant with the Can Spam Act of 2003. O22, LLC does not offer such advice or analysis, andO22, LLC further urges you to consult your own independent tax, business, financial and investment advisors. Investing in micro-cap and growth securities is highly speculative and carries and extremely high degree of risk. It is possible that an investors investment may be lost or impaired due to the speculative nature of the companies profiled.The Private Securities Litigation Reform Act of 1995 provides investors a safe harbor in regard to forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact may be forward looking statements. Forward looking statements are based on expectations, estimates, and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements in this action may be identified through use of words such as projects, foresee, expects, will, anticipates, estimates, believes, understands, or that by statements indicating certain actions & quote; may, could, or might occur. Understand there is no guarantee past performance will be indicative of future results.In preparing this publication,O22, LLC has relied upon information supplied by its customers, publicly available information and press releases which it believes to be reliable; however, such reliability cannot be guaranteed. Investors should not rely on the information contained in this website. Rather, investors should use the information contained in this website as a starting point for doing additional independent research on the featured companies.  The advertisements in this website are believed to be reliable, however, O22, LLC and its owners, affiliates, subsidiaries, officers, directors, representatives and agents disclaim any liability as to the completeness or accuracy of the information contained in any advertisement and for any omissions of materials facts from such advertisement. O22, LLC is not responsible for any claims made by the companies advertised herein, nor is O22, LLC responsible for any other promotional firm, its program or its structure. 022, LLC is not affiliated with any exchange, electronic quotation system, the Securities Exchange Commission or FINRA.
I agree to have my personal information transfered to iContact ( more information )
Sign up for our next MicroCap Runner ahead of the crowd!
We hate spam. No Hidden Fees. Unsubscribe Anytime.