Operational cash flow remains deeply negative, evidenced by a $8.7 million outflow in 2026Q1 and a concerning OCF/NI ratio of 0.31, indicating a structural disconnect between reported earnings and actual cash generation.
| Cash from Operations | -43.82M | -44.88M | -17.34M | -11.97M | -17.35M | -6.81M | -2.73M | -1.19M | -1.36M | -1.01M | -31.2K | -510.59K |
| Operating CF Margin % | - | -277.57% | -161.51% | -121.72% | -434.44% | -282.06% | -437.57% | -143.1% | -106.68% | -426.92% | -452.16% | -15472.42% |
| Operating CF Growth % | -483.13% | -158.82% | -44.93% | 31.05% | -154.99% | -149.27% | -129.75% | 12.57% | -35.13% | -3123.69% | 93.89% | - |
| Net Income | -71.21M | -61.9M | -17.52M | -23.69M | -19.44M | -11.91M | -2.85M | -1.98M | -2.06M | -2.42M | -35.02K | -674.56K |
| Depreciation & Amortization | 814.33K | 82.88K | 1.8M | 2.21M | 259.4K | 67.72K | 15.75K | 17.27K | 15.31K | 8.8K | 656 | 610 |
| Stock-Based Compensation | 6.34M | 6.52M | 2.69M | 3.5M | 4.18M | 4.2M | 343.85K | 220.63K | 457.71K | 598.2K | 35.91K | 29.98K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 933 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 28.7M | 18.69M | 2.56M | 1.13M | 999.69K | 403.15K | 504.4K | 90 | -20K | 727.38K | 9.11K | 0 |
| Working Capital Changes | -8.46M | -8.28M | -6.87M | 4.89M | -3.35M | 434.52K | -745.09K | 553.42K | 246.1K | 811.75K | -5.29K | 133.38K |
| Change in Receivables | -3.94M | -3.1M | -3.19M | 623.47K | -1.42M | -80.83K | -26.32K | 82.12K | 39.58K | -144.9K | -5.75K | -3.3K |
| Change in Inventory | -705.25K | -875.33K | 631.08K | 519.05K | -1.77M | -135.86K | -28.36K | -17.59K | 0 | -835 | 7.41K | 3.87K |
| Change in Payables | 431.62K | 1.11M | -708.27K | 754.06K | 658.72K | 385.34K | -297.7K | 230.92K | 80.97K | 0 | 0 | 0 |
| Cash from Investing | -45.91M | -89.08M | -21.6M | -1.05M | -4.65M | -2.74M | -46.09K | 0 | -16.61K | 1.89M | -85K | 0 |
| Capital Expenditures | -3.12M | -2.99M | -573.44K | -911.11K | -4.65M | -2.54M | -46.09K | 0 | -16.61K | -51.83K | 0 | 0 |
| CapEx % of Revenue | 16.79% | 18.47% | 5.34% | 9.27% | 116.36% | 105.15% | 7.39% | - | 1.3% | 22% | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.86M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 27.11M | -86.1M | -22.74K | -135K | 0 | -200K | 0 | 0 | 0 | 85K | -85K | 0 |
| Cash from Financing | 72.95M | 117.44M | 67.57M | 3.87M | 17.47M | 15.53M | 11.55M | 1.07M | 709.86K | 0 | 244.38K | 0 |
| Debt Issued (Net) | 4.01M | -1.57M | -613.05K | 250K | 3.75M | -2.45M | 3.11M | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 71.54M | 123.1M | 70.52M | 3.68M | 250K | 6.5M | 9.5M | 1.08M | 709.86K | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -97.52K | -97.52K | -500K | -229.25K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -2.59M | -4.09M | -2.33M | -58.05K | 13.47M | 11.48M | -1.06M | -15K | 0 | 0 | 550K | 0 |
| Net Change in Cash | -16.77M | -16.53M | 28.64M | -9.14M | -4.53M | 5.98M | 8.77M | -121.04K | -665.87K | 886.67K | 74.43K | -510.59K |
| Free Cash Flow | -46.93M | -47.87M | -17.94M | -13.01M | -22M | -9.54M | -2.78M | -1.19M | -1.38M | -1.06M | -31.2K | -510.59K |
| FCF Margin % | -252.76% | -296.04% | -167.06% | -132.36% | -550.79% | -395.5% | -444.95% | -143.1% | -107.98% | -448.92% | -452.16% | -15472.42% |
| FCF Growth % | -95.69% | -166.87% | -37.86% | 40.86% | -130.56% | -243.72% | -133.63% | 13.62% | -30.08% | -3289.81% | 93.89% | - |
| FCF per Share | -1.01 | -1.20 | -0.10 | -0.11 | -0.21 | -0.10 | -0.03 | -0.01 | -0.02 | -0.01 | -0.00 | -0.01 |
| FCF Conversion (FCF/Net Income) | 0.66x | 0.73x | 0.99x | 0.51x | 0.89x | 0.57x | 0.96x | 0.60x | 0.66x | 0.41x | 0.89x | 125.73x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 888 | 2.96K | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.4K | 2.4K | 0 | 0 |
Persistent operating cash burn
According to the latest quarterly data, KULR's operating cash flow consistently trails net income, with an OCF/NI ratio of 0.31 in 2026Q1, suggesting that reported earnings are significantly decoupled from the actual cash-generating capacity of the company's core industrial operations.
The persistent gap between net income and operating cash flow indicates that the company's accounting earnings are heavily influenced by non-cash items or accruals that do not translate into liquidity. Investors should monitor this divergence, as it suggests that the business model is not yet generating the cash required to support its own operational footprint.
As reported in financial statements, KULR's free cash flow remains deeply negative, reaching -$8.9 million in 2026Q1, which highlights a structural inability to fund operations through internal cash generation despite the company's ongoing efforts to scale its thermal management and battery testing services.
The consistent negative FCF margins across the observed ten-quarter period imply that the company is in a perpetual state of cash consumption. This trajectory warrants further investigation into whether the current revenue growth is sufficient to eventually reach a cash-flow-positive state or if the business model requires fundamental restructuring.
Based on KULR's reported figures, working capital changes have been a consistent drain on cash, including a $3.0 million outflow in 2026Q1, which appears to reflect the challenges of managing inventory and receivables within a project-based, high-touch government and aerospace contract environment.
The recurring negative impact of working capital changes suggests that the company is struggling to optimize its cash conversion cycle. This inefficiency likely exacerbates the existing cash burn, forcing the company to rely on external financing to bridge the gap between project initiation and final payment collection.
Data from recent filings indicates that stock-based compensation remains a significant non-cash adjustment, totaling $1.5 million in 2026Q1, which effectively masks the true extent of the company's cash-based operational losses and complicates the assessment of underlying shareholder dilution.
While stock-based compensation is a standard tool for talent retention in technology firms, its magnitude relative to the company's cash position is concerning. Analysts should interpret these figures as a form of hidden cost that, while not impacting immediate cash flow, significantly dilutes the value of existing equity over time.
Quick answers to the most common questions about buying KULR stock.
KULR Technology Group, Inc. (KULR) generated $-44.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
KULR Technology Group, Inc. (KULR) reported negative free cash flow of $47.9M in 2025, indicating capital requirements exceeded cash from operations.
KULR Technology Group, Inc. (KULR) spent $3.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, KULR Technology Group, Inc. (KULR) spent $0.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.