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KULR Technology | 10-K: Annual report

SEC announcement ·  Apr 12 16:39
Summary by Moomoo AI
KULR Technology, a developer of high-performance thermal management technologies, reported a significant increase in annual revenues, reaching $9.8 million in 2023, up from $4.0 million in 2022. The company's financial growth is attributed to an expanded customer base and increased product sales, including its carbon fiber velvet thermal management solution and internal short circuit battery cells and devices. Despite the revenue growth, KULR has not yet achieved profitability and anticipates continued cash outflows from operations. To support its growth, KULR completed two public offerings in 2023, raising a net total of approximately $3.06 million. The company also repaid all remaining principal and interest on its prepaid advance liability post-2023. KULR's business development has been focused on providing total solutions for battery safety and...Show More
KULR Technology, a developer of high-performance thermal management technologies, reported a significant increase in annual revenues, reaching $9.8 million in 2023, up from $4.0 million in 2022. The company's financial growth is attributed to an expanded customer base and increased product sales, including its carbon fiber velvet thermal management solution and internal short circuit battery cells and devices. Despite the revenue growth, KULR has not yet achieved profitability and anticipates continued cash outflows from operations. To support its growth, KULR completed two public offerings in 2023, raising a net total of approximately $3.06 million. The company also repaid all remaining principal and interest on its prepaid advance liability post-2023. KULR's business development has been focused on providing total solutions for battery safety and sustainability, targeting both aerospace and commercial applications. The company plans to scale up as a systems provider by seeking strategic partnerships and leveraging its thermal design technology. KULR's future plans include addressing market needs in Li-ion battery energy storage and recycling, battery cell design and safety testing, and advanced thermal management systems. The company also highlighted its cyber risk management program and the absence of material adverse effects from prior cybersecurity incidents. KULR's stock trades on the NYSE American LLC Exchange under the symbol 'KULR'.

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