Summary by Moomoo AI
On May 15, 2024, KULR Technology Group, Inc., a sustainable energy management company, reported its financial results for the first quarter ending March 31, 2024. The company announced flat revenues of $1.75 million, consistent with the previous year's $1.76 million. A significant increase in Contract Services revenue was noted, rising 769% to approximately $1.13 million. KULR also reported a combined cash and accounts receivable total of $1.78 million. Gross margins decreased to 29% from 37% year-over-year, while Selling, General and Administrative expenses saw a reduction to $4.21 million from $5.10 million, attributed to decreased outsourced services and stock-based compensation. Research and Development expenses also declined to $955 thousand from $1.81 million, reflecting a strategic reduction in consulting services. The company's operating loss improved to $4.66 million from $6.26 million, and net loss...Show More