1 week Ago By [email protected] (MENAFN)
Fourth Quarter 2024 Financial Highlights: Fourth Quarter 2024 and Recent Operational Highlights: Fourth Quarter 2024 Financial Results: Revenues: Revenue increased 44% to $3,370,594 in the fourth quarter ended December 31, 2024, from $2,333,851 reported in the same year-ago period. The increase in revenue was mainly due to the scaling up of design and test services from larger customers. Selling, General and Administrative (SG&A) Expenses: SG&A expenses were nearly flat at $4,437,032 in the fourth quarter of 2024 from $4,364,205 in the corresponding period last year.
R&D expenses: R&D expenses in the fourth quarter of 2024 decreased to $1,246,161 from $1,292,841 in the same period last year. Operating Loss: Loss from operations was $3,540,864 for the fourth quarter of 2024, compared to $4,974,220 from the same period last year. Net Loss: Net loss for the fourth quarter of 2024 decreased to $4,620,461, or a loss of $0.
02 per share, compared to a net loss of $5,193,429, or a loss of $0.04 per share from the same period last year. Full-Year 2024 Financial Results: Revenues: Revenue increased 9% to $10,737,481 in 2024 from $9,830,166 in 2023.
The Company continues to build its relationships with a wide range of energy, transport and aerospace partners and has billed 71 customers during the year ended December 31, 2024. These additions reflect management's commitment to build new customer relationships through a growing pool of referrals and business development leads. Selling, General and Administrative (SG&A) Expenses: SG&A expenses decreased to $15,979,852 in 2024 from $18,942,350 in 2023.
The 16% decrease was due to ongoing efforts to reduce costs and improve efficiency. R&D expenses: R&D expenses in 2024 decreased to $4,738,305 from $7,135,452 in 2023, reflecting continuing attention to optimize between business development and revenue generating activity. Operating Loss: Loss from operations was $15,234,959 in 2024, compared to $22,411,946 from the same period last year.
Net Loss: Net loss for 2024 decreased to $17,523,629 or a loss of $0.09 per share, compared to a net loss of $23,693,556, or a loss of $0.20 per share in 2023.
Cash Position: The Company reported cash balances of $29,831,858 as of December 31, 2024, compared to $1,194,764 as of December 31, 2023. In addition, the Company had $20,281,184 of Bitcoin holdings as of December 31, 2024, compared to none as of December 31, 2023. KULR Technology Group Fourth Quarter and Full-Year 2024 Earnings Call Date: Thursday, March 27 th , 2025 Time: 4:30 p.
m. Eastern time (1:30 p.m.
Pacific time) To access the call, please register using the following link: KULR Fourth Quarter and Full-Year 2024 Earnings Call . After registering, an email will be sent, including dial-in details and a unique conference call access code and PIN required to join the live call. The conference call will be available for replay here via the Investor Relations section on KULR's website ( ).
About KULR Technology Group Inc. KULR Technology Group Inc. (NYSE American: KULR) delivers cutting edge energy storage solutions for space, aerospace, and defense by leveraging a foundation of in-house battery design expertise, comprehensive cell and battery testing suite, and battery fabrication and production capabilities.
The Company's holistic offering allows delivery of commercial-off-the-shelf and custom next generation energy storage systems in rapid timelines for a fraction of the cost compared to traditional programs. On December 4, 2024, KULR announced that its Board of Directors has agreed to include bitcoin as a primary asset in its treasury program and committed to allocating up to 90% of its surplus cash to the acquisition of bitcoin. For more information, please visit .
Safe Harbor Statement This release contains certain forward-looking statements based on our current expectations, forecasts and assumptions that involve risks and uncertainties. Forward-looking statements in this release are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business, which include the risk factors disclosed in our Form 10-K filed with the Securities and Exchange Commission on April 12, 2024, as may be amended or supplemented by other reports we file with the Securities and Exchange Commission from time to time.
Forward-looking statements include statements regarding our expectations, beliefs, intentions, or strategies regarding the future and can be identified by forward-looking words such as“anticipate,”“believe,”“could,”“estimate,”“expect,”“intend,”“may,”“should,” and“would” or similar words. All forecasts are provided by management in this release are based on information available at this time and management expects that internal projections and expectations may change over time. In addition, the forecasts are entirely based on management's best estimate of our future financial performance given our current contracts, current backlog of opportunities and conversations with new and existing customers about our products and services.
We assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise. Investor Relations: KULR Technology Group, Inc. Phone: 858-866-8478 x 847 Email: .
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