KULR Technology Group Inc (OTCQB:KULR) posted first-quarter results that saw its revenue jump 439% year-over-year on the back of new orders for products and engineering services from military and aerospace customers.
For the period ended March 31, 2021, the San Diego, California-based company reported revenue of $417,905, compared to $77,500 in the first quarter of 2020. The company chalked up the bump in revenue to “new orders received for products and engineering services for military and aerospace customers.”
“The company continues to build its relationships with a wide range of energy, transport and aerospace partners and actively served 13 customers in the quarter,” said KULR.
KULR’s R&D expenses grew 10% to $122,983 from $111,713 in the first of 2020, reflecting a combination of headcount and process improvements implemented during the start of the year.
The well-funded company reported a cash balance of $6.2 million on March 31, 2021, compared to $8.9 million on December 31, 2020. Subsequently, on May 20, 2021, the company raised an additional $6.5 million in a preferred convertible financing agreement.
“This funding leaves us well positioned to expand operations, support new business, and fund ongoing product development despite the difficult coronavirus (COVID-19) inspired trading conditions experienced through the latest quarter,” noted the company.
KULR said the new investment “validates the value” investors see in the company’s ability to commercialize within additional e-mobility markets. “This funding will significantly strengthen our balance sheet and further advance KULR’s up listing process to a senior US exchange,” said the company.
The company’s business model is evolving as it focuses on near-term commercialization opportunities for its technology in the energy storage, electrical transportation, and battery transportation markets.
“We recently announced our first new smart battery product for the commercial drone market,” said the company. “This is the opening step of KULR’s overall strategy to target adjacent markets complimentary to our established battery safety and thermal management products to expand into additional e-mobility markets in 2021.”
In April, KULR announced a launch in June of a new product line of high-capacity lithium battery packs targeting the $127 billion commercial drone market. KULR recently won a top commercial drone maker as a customer and expects to win additional customers.
“Additionally, we have targeted using our carbon fiber technology inside battery cells to make lighter and safer batteries with fast charge capability,” said the company.
Separately, KULR became the thermal management and battery safety technical partner for Andretti Technologies, the advanced tech arm of Andretti Autosport, founded by Michael Andretti. As part of the alliance, KULR will create a thermal management testing and design platform for high performance battery solutions, specially adapted to the rigorous technical requirements of Andretti’s global racing enterprise.
“Both partners will also focus on co-developing and co-marketing motorsports’ battery and safety technologies to automotive partners for mass market EV applications,” said the company.
Meanwhile, the company reported a net loss for the first quarter of $1.7 million, or a loss of $0.02 per share, compared with a net loss of $550,253, or $0.01 per share for the first quarter of 2020. Higher selling, and admin costs offset higher sales, explained the company.
During the quarter, KULR announced it was expanding its manufacturing presence to a “new, larger facility” in San Diego to accommodate “business growth.”
Contact the author Uttara Choudhury at [email protected]
Follow her on Twitter: @UttaraProactive
Story by ProactiveInvestors
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