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KULR Technology | 8-K: Current report

SEC announcement · Apr 12 16:19

KULR +2.35%

Summary by Moomoo AI

On April 12, 2024, KULR Technology Group, Inc., a Delaware-incorporated company listed on the NYSE American under the symbol KULR, released its financial results for the fourth quarter and full year ended December 31, 2023. The company reported a significant increase in annual revenue, up 146% to $9.83 million in 2023 from $3.99 million in 2022, attributed to early successes in the energy storage, battery transportation, and recycling sectors. KULR billed 53 customers in 2023, a 47% increase from the previous year. However, the company also saw an increase in Selling, General and Administrative (SG&A) expenses by 21% and Research and Development (R&D) expenses, reflecting investments in capacity building and future revenue growth initiatives. The net loss widened to $23.69 million, or $0.20 per share, compared to $19.44 million, or $0.18 per share in 2022. The cash position decreased to $1.19 million as of December 31, 2023, from $10.33 million the previous year. KULR also highlighted several operational achievements, including securing contracts with H55 Inc., Nanoracks, Lockheed Martin, and a leading U.S. automaker, as well as collaboration with a prominent space travel company. The company has scheduled a conference call to discuss these results and provide a business update.

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