EXCLUSIVE: KULR Technology Reports Q4 Results, Revenue Grows 267%

KULR Technology Group, Inc. KULR reported fourth-quarter revenue growth of 267% year-over-year to $766 thousand, beating the consensus of $680 thousand
EPS declined to $(0.04) from $(0.01) a year ago, missing the consensus of $(0.03).
The increase in revenue was due to the scaling up of design and test services from larger customers. The company billed 25 customers during the year ended December 31, 2021.
The Gross margin declined to 70% for the quarter from 76% a year ago.
KULR reported a loss from operations of $(4) million in the quarter versus $(677) thousand in Q20.
SG&A expenses increased to $3.8 million from $768,000 in 4Q20, and R&D expenses increased to $705 thousand from $68 thousand.
KULR held $14.9 million of cash as of December 31, 2021, compared to $8.9 million in the same year-ago period.
KULR received a three-year multi-million-dollar deployment order for its PPR solution suite from Volta Energy Products, a subsidiary of Viridi Parente, Inc. The company also received an initial order totaling ~$500 thousand for its PPR battery systems from the Lockheed Martin Corporation LMT.
“As we look to further commercialize our product lines this year, legacy products and partnerships in the aerospace, defense, government, and regulatory sectors will remain an essential cornerstone of our business. We will invest further into operations as we prepare for continued growth this year and beyond,” commented KULR CEO Michael Mo.
Price Action: KULR shares closed higher by 10.10% at $2.40 on Thursday.

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