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KULR Technology Group Inc. (KULR-2.73%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details KULR's operations, focusing on thermal management technologies for batteries and electronics. The company reported annual revenues of $10.7 million for 2024, compared to $9.8 million in 2023.
KULR's revenue sources include product sales, contract services, and IP licensing. Product sales decreased by 47% to $3.6 million, while contract services increased by 51% to $4.4 million. IP licensing contributed $2.7 million, a new revenue stream in 2024.
The company reported a net loss of $17.5 million for 2024, compared to a net loss of $23.7 million in 2023. The loss is attributed to operating expenses, including research and development costs of $4.7 million and selling, general, and administrative expenses of $16 million.
KULR has invested in Bitcoin as part of its treasury strategy, holding 217.18 bitcoins valued at approximately $20.3 million as of December 31, 2024.
The company entered into a new lease agreement for office space in Webster, Texas, with a lease term of 63 months. This move is part of KULR's expansion to support its growing customer base.
KULR's recent developments include a licensing agreement for its KULR VIBE technology and a ten-year agreement for its CF Cathode Design technology, contributing to its IP licensing revenue.
The filing also highlights KULR's focus on expanding its product offerings and market reach, including efforts to integrate AI technologies into its products.
KULR's stock is listed on the NYSE American under the symbol 'KULR'. The company has faced challenges in maintaining compliance with NYSE American's listing standards but has taken steps to address these issues.
The company does not anticipate paying dividends in the foreseeable future, as it intends to reinvest available funds into business growth and development.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the KULR Technology Group Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.