What's Going On With KULR Technology Stock Today?

KULR Technology Group, Inc KULR stock is up Thursday after the company reported preliminary second-quarter financial results.

The company expects second-quarter revenue of $2.5 million - $2.8 million, up by over 300% year-on-year vs. consensus $2.06 million.

It expects a gross margin of 30% - 40% vs. 28% last year.

Also Read: KULR and Cirba Solutions Collaborate Over Recycling Program for Lithium-Ion Battery and Battery Materials Packaging

The company has won an initial $1.13 million U.S. Army contract to develop next-generation high-energy battery packs employing the KULR ONE Design Solutions ("K1-DS") platform. 

KULR partnered with a leading provider of drone-powered package delivery services to develop high-capacity lithium battery packs for use in last-mile delivery.

The company also won an additional development contract from a branch within the U.S. Armed Forces to develop high-energy battery packs for uninterruptible power supplies to mobile command centers. 

KULR provided safe battery testing solutions to a top 5 global manufacturer in the electric vertical take-off and landing ("eVTOL") sector.

The company announced the expansion of its SafeCASE product line for electric bikes and the overall consumer e-mobility market.

"For the 4th straight quarter, KULR has posted record trailing twelve months revenue. As the results indicate, we continue to satisfy growing customer demand from both within our existing customer base and with new customers," said KULR CFO Shawn Canter. "In the first half of 2023, our preliminary estimates suggest KULR has already generated more revenue than all of 2022."

KULR Chair and CEO Michael Mo is due to speak at the Benzinga Virtual Events conference today.

Price Action: KULR shares traded higher by 0.97% at $0.78 premarket on the last check Thursday.