Revenue growth remains highly erratic, swinging from a 15.0% contraction in 2025Q4 to a 97.9% expansion in 2026Q1, while gross margins remain unstable, fluctuating between a negative 27.2% and 70.9% over the last ten quarters.
| Sales/Revenue | 18.57M | 16.17M | 10.74M | 9.83M | 3.99M | 2.41M | 623.97K | 830.4K | 1.27M | 235.58K | 6.9K | 3.3K |
| Revenue Growth % | 62.35% | 50.6% | 9.23% | 146.08% | 65.56% | 286.7% | -24.86% | -34.82% | 440.8% | 3314.26% | 109.09% | - |
| Cost of Goods Sold | 16.59M | 15.4M | 5.25M | 6.16M | 1.63M | 1.1M | 187.9K | 226.5K | 336.65K | 156.61K | 7.75K | 2.58K |
| COGS % of Revenue | - | 95.23% | 48.93% | 62.71% | 40.82% | 45.67% | 30.11% | 27.28% | 26.42% | 66.48% | 112.3% | 78.27% |
| Gross Profit | 1.98M | 770.97K | 5.48M | 3.67M | 2.36M | 1.31M | 436.06K | 603.89K | 937.37K | 78.97K | -849 | 717 |
| Gross Margin % | 10.67% | 4.77% | 51.07% | 37.29% | 59.18% | 54.33% | 69.89% | 72.72% | 73.58% | 33.52% | -12.3% | 21.73% |
| Gross Profit Growth % | - | -85.94% | 49.57% | 55.06% | 80.35% | 200.61% | -27.79% | -35.58% | 1086.92% | 9402.12% | -218.41% | - |
| Operating Expenses | 42.53M | 42.81M | 20.72M | 26.08M | 20.65M | 12.82M | 2.78M | 2.58M | 3.02M | 2.49M | 35.02K | 4.06K |
| OpEx % of Revenue | - | 264.74% | 192.95% | 265.28% | 516.95% | 531.49% | 444.98% | 311.08% | 236.96% | 1057.68% | 507.54% | 123.09% |
| Selling, General & Admin | 27.6M | 27.7M | 15.98M | 19.88M | 16.45M | 11.16M | 2.49M | 2.08M | 2.51M | 1.69M | 398.13K | 4.06K |
| SG&A % of Revenue | - | 171.28% | 148.82% | 202.26% | 411.9% | 462.61% | 398.54% | 250.6% | 197.08% | 717.99% | 5770% | 123.09% |
| Research & Development | 10.08M | 10.76M | 4.74M | 6.2M | 4.2M | 1.66M | 289.77K | 502.23K | 508.14K | 801.05K | 424.73K | 383.12K |
| R&D % of Revenue | - | 66.51% | 44.13% | 63.02% | 105.05% | 68.89% | 46.44% | 60.48% | 39.88% | 340.03% | 6155.45% | 11609.73% |
| Other Operating Expenses | 2.28M | 4.36M | 0 | 0 | 0 | 0 | 0 | 1.1K | 24.18K | 0 | 35.02K | 0 |
| Operating Income | -40.55M | -42.04M | -15.23M | -22.41M | -18.29M | -11.51M | -2.34M | -1.98M | -2.08M | -2.41M | -823.71K | -4.06K |
| Operating Margin % | -218.38% | -259.98% | -141.89% | -227.99% | -457.76% | -477.17% | -375.09% | -238.35% | -163.39% | -1024.16% | -11937.75% | -123.03% |
| Operating Income Growth % | - | -175.94% | 32.02% | -22.56% | -58.82% | -391.94% | -18.25% | 4.92% | 13.73% | -192.91% | -20188.3% | - |
| EBITDA | -39.14M | -40.64M | -13.43M | -20.2M | -18.03M | -11.45M | -2.32M | -1.96M | -2.07M | -2.4M | -823.05K | -3.45K |
| EBITDA Margin % | -210.78% | -251.33% | -125.11% | -205.47% | -451.27% | -474.36% | -372.57% | -236.27% | -162.18% | -1020.42% | -11928.25% | -104.55% |
| EBITDA Growth % | -110.42% | -202.52% | 33.49% | -12.04% | -57.5% | -392.35% | -18.49% | 5.05% | 14.05% | -192.08% | -23756.49% | - |
| D&A (Non-Cash Add-back) | 1.41M | 1.4M | 1.8M | 2.21M | 259.4K | 67.72K | 15.75K | 17.27K | 15.31K | 8.8K | 656 | 610 |
| EBIT | -50.33M | -61.66M | -16.16M | -22.24M | -17.99M | -11.78M | -2.34M | -1.98M | -2.06M | -2.41M | -821.53K | -4.06K |
| Net Interest Income | 278.35K | 320.45K | -1.35M | -1.45M | -1.45M | -131.53K | -507.07K | -1.58K | -826 | -10.96K | 2.18K | 114 |
| Interest Income | 433.33K | 563.27K | 10.57K | 0 | 0 | 0 | 0 | 0 | 0 | 1.59K | 2.18K | 114 |
| Interest Expense | 154.99K | 242.82K | 1.36M | 1.45M | 1.45M | 131.53K | 507.07K | 1.58K | 826 | 12.56K | 0 | 0 |
| Other Income/Expense | -30.66M | -19.86M | -2.29M | -1.28M | -1.15M | -397.74K | -509.66K | -480 | 23.35K | -10.96K | -785.66K | 0 |
| Pretax Income | -71.21M | -61.9M | -17.52M | -23.69M | -19.44M | -11.91M | -2.85M | -1.98M | -2.06M | -2.42M | -821.53K | -4.06K |
| Pretax Margin % | -383.52% | -382.8% | -163.2% | -241.03% | -486.56% | -493.65% | -456.77% | -238.41% | -161.55% | -1028.81% | -11906.2% | -123.06% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 800 | 800 | 800 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.03% | -0.1% | -19.7% |
| Net Income | -71.21M | -61.9M | -17.52M | -23.69M | -19.44M | -11.91M | -2.85M | -1.98M | -2.06M | -2.42M | -35.02K | -4.06K |
| Net Margin % | -383.52% | -382.8% | -163.2% | -241.03% | -486.56% | -493.65% | -456.77% | -238.73% | -161.55% | -1029.15% | -507.48% | -123.06% |
| Net Income Growth % | -127.36% | -253.24% | 26.04% | -21.9% | -63.18% | -317.92% | -43.77% | 3.68% | 15.11% | -6824.01% | -762.25% | - |
| Net Income (Continuing) | -71.21M | -61.9M | -17.52M | -23.69M | -19.44M | -11.91M | -2.85M | -1.98M | -2.06M | -2.42M | -822.33K | -4.06K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.54 | -1.56 | -0.09 | -0.20 | -0.18 | -0.15 | -0.03 | -0.02 | -0.03 | -0.03 | -0.15 | -0.00 |
| EPS Growth % | -811.27% | -1561.34% | 53.05% | -11.11% | -20% | -331.03% | -40.89% | 6.79% | 15.34% | 79.13% | - | - |
| EPS (Basic) | - | -1.56 | -0.09 | -0.20 | -0.18 | -0.15 | -0.03 | -0.02 | -0.03 | -0.03 | -0.00 | -0.00 |
| Diluted Shares Outstanding | 46.25M | 39.73M | 186.6M | 117.82M | 105.66M | 97.71M | 82.03M | 80.12M | 77.64M | 77.44M | 77.44M | 77.44M |
| Basic Shares Outstanding | 46.25M | 39.73M | 186.6M | 117.82M | 105.66M | 97.71M | 82.03M | 80.12M | 77.64M | 77.44M | 77.44M | 77.44M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - |
Persistent operating cash burn
According to recent quarterly filings, KULR's revenue growth has exhibited significant volatility, swinging from a 15.0% contraction in 2025Q4 to a 116.1% expansion in 2025Q3, suggesting that the company's top-line trajectory remains highly dependent on the timing of lumpy, project-based government and aerospace contract deliveries.
The lack of consistent sequential growth indicates that KULR has yet to establish a predictable commercial baseline for its thermal management products. Investors should monitor whether the recent 97.9% growth in 2026Q1 represents a sustainable shift toward higher volume or merely the recognition of delayed project milestones.
As reported in financial statements, KULR's gross margin has fluctuated wildly, ranging from a high of 70.9% in 2024Q3 to a negative 27.2% in 2025Q4, highlighting the company's inability to maintain consistent pricing power or control unit production costs in its current scaling phase.
This extreme margin variance suggests that the company's cost structure is highly sensitive to production inefficiencies and the specific mix of low-margin engineering services versus higher-margin product sales. The inability to stabilize gross margins implies that KULR lacks the economies of scale necessary to compete effectively with larger, more established thermal management providers.
Based on KULR's reported figures, operating expenses consistently outpace gross profit generation, with SG&A costs reaching $6.5 million in 2026Q1 alone, which underscores a fundamental disconnect between the company's current revenue scale and its fixed-cost base required to support ongoing R&D and administrative operations.
The persistent operating losses indicate that the company is not yet achieving the necessary operating leverage to move toward profitability. Without a significant increase in revenue volume to absorb these fixed costs, the company appears likely to remain dependent on external financing to sustain its current operational footprint.
Financial disclosures reveal that KULR's net income is frequently impacted by significant stock-based compensation, which totaled $1.5 million in 2026Q1, further obscuring the underlying operational performance and contributing to the substantial net losses reported across the majority of the observed ten-quarter period.
The reliance on equity-based incentives in a loss-making environment suggests that management is prioritizing talent retention over immediate bottom-line preservation. Investors should be wary of how these non-cash charges and potential warrant revaluations mask the true cash-generating capability of the core business, which remains deeply negative.
Data from recent income statements suggests that KULR's business model is currently reliant on continuous capital infusions, as evidenced by the $28.1 million net loss in 2026Q1, which raises serious questions regarding the company's long-term viability without a fundamental shift in its current cash burn trajectory.
Short-term observers may focus on the risk that the company's cash reserves will be exhausted before it can achieve a self-sustaining operational scale. The recurring need for dilutive financing to cover operating deficits warrants further investigation into the company's ability to secure non-dilutive funding or reach a break-even point in the near term.
Quick answers to the most common questions about buying KULR stock.
For fiscal year 2025, KULR Technology Group, Inc. (KULR) reported total revenue of $16.2M. This represents a 489912.2% increase compared to $0.0M in 2015.
KULR Technology Group, Inc. (KULR) reported a net loss of $61.9M for the fiscal year ending 2025.
KULR Technology Group, Inc. (KULR) reported an operating income of $-42.0M, resulting in an operating profit margin of -260.0%. This margin reflects the operational efficiency of the business before interest and taxes.
KULR Technology Group, Inc. (KULR) generated $0.8M in gross profit for the year, representing a gross profit margin of 4.8%. This demonstrates the company's core pricing power and production efficiency.