KULR Q1 revenue flat at $1.75M; net loss narrows to $5.01M; board appoints new independent director

KULR Technology Group, Inc.

2024-Q1 EPS reported -$0.04 revenue$1,749,104

Q1 revenue $1.75M (flat YoY); net loss $5.01M ($0.04 loss per share) vs $6.6M loss ($0.06 loss per share) prior year.
Gross margin 29% vs 37%; contract services revenue surged 769% to $1.13M.
Operating loss improved to $4.66M from $6.26M; SG&A and R&D expenses both declined.
Appointed Donna H. Grier as independent director; she will chair Audit Committee.
Notable new contracts: UPS battery shipping, U.S. Army custom battery, and initial eVTOL SafeCASE award.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

KULR Technology Group, Inc. reported the first quarter ended March 31, 2024 results: revenue $1.75 million, net income $5.01 million, EPS loss of $0.04 per share.

Period: the first quarter ended March 31, 2024
Revenue: $1.75 million
Net income: $5.01 million
EPS: loss of $0.04 per share
Result: reported results

Exact text from the filing

First Quarter 2024 Financial Results Revenues: In the first quarter that ended March 31, 2024, revenue was flat at $1.75 million compared to $1.76 million reported in the same period last year. Contract Services revenue increased 769%, with revenue of approximately $1.13 million versus approximately $131 thousand in the same quarter last year. Cash and Accounts Receivable: As of March 31, 2024, the Company had cash and accounts receivable combined of $1.78 million. Gross Margins: Gross margin was 29% in the quarter ending March 31, 2024, compared to 37% in the same period last year. Selling, General and Administrative (SG&A) Expenses: SG&A expenses decreased to $4.21 million in the first quarter of 2024 from $5.10 million in the same period last year. The decrease in SG&A expenses was primarily due to decreases in outsourced services and stock-based compensation. Research and Development (R&D) Expenses: R&D expenses in the first quarter of 2024 decreased to $955 thousand from $1.81 mil

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Source: SEC EDGAR

accession 0001104659-24-061939

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