The following is a summary of the KULR Technology Group, Inc. (KULR) Q1 2024 Earnings Call Transcript:

Financial Performance:

• KULR Technology Group reported Q1 2024 revenue of $1.8 million, with service revenue seeing substantial growth of 769% as compared to the same quarter last year.

• Product revenue saw a decrease due to order delays.

• The gross margin fell to 29% from the previous year's 37% due to non-corresponding expenses for a significant project.

• The company was able to reduce operating expenses by 25% compared to Q1 2023.

• The company's financial position remains strong with over $3 million in hand.

Business Progress:

• KULR achieved substantial growth in its KULR ONE design solutions business and reduced its operational expenses.

• AI-based tools have been introduced for efficient testing and data analysis and the SafeCASE product has obtained permission for battery shipping for recycling.

• New customers increased in Q1 2024 compared to Q1 2023.

• Infrastructure for KULR ONE design solutions has been consolidated in Webster, Texas.

• The new Texas facility will be fully operational in Q3 of this year, promising a substantial increase in revenue from testing services.

• Progress includes repaying the prepaid advance note, significant partnerships with prestigious companies like SpaceX and Blue Origin, launching an online marketplace for direct orders, and expansion in capacity with a larger facility.

More details: KULR Technology IR

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