KULR Technology Group, Inc. (AMEX:KULR) released its third-quarter earnings report after Tuesday's closing bell. Here's a look at the details in the report.
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The Details: KULR reported quarterly losses of 17 cents per share, which missed the analyst estimate for losses of 16 cents.
Quarterly revenue came in at $6.88 million, which beat the analyst consensus estimate of $6 million.
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KULR reported the following data for the third quarter:
- Revenue increased 116% to $6.88 million compared to $3.18 million reported in the same period last year.
- Product sales increased 112%, with revenue of approximately $1.62 million versus approximately $765,000 in the same quarter last year.
- Gross margin was 9% in the third quarter, compared to 71% in the same period last year. The decrease in gross margins was primarily due to increased hours spent on service contracts and an increase in costs related to digital assets mining leases.
“KULR continues to accelerate growth and push forward our innovations,” said KULR CEO Michael Mo.
“With solid Q3 revenue gains and our unlevered Bitcoin holdings, we now have a more resilient balance sheet that allows us to confidently invest in next-generation KULR ONE battery products, deepen our R&D initiatives, and advance the next phase of our expansion,” Mo added.
KULR Stock Price: According to data from Benzinga Pro, KULR stock was up 0.37% at $2.71 in Tuesday's extended trading.
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