KULR Technology estimates 400% year-over-year revenue increase in preliminary 1Q results

KULR Technology Group Inc (OTCQB:KULR) has announced its unaudited preliminary financial results for the first quarter of 2021, revealing revenue that surged 400% year-over-year.

Revenue for the three months ended March 31, 2021, is estimated to be $410,000, a surge from $77,509 in the same period of 2020. Gross profit, meanwhile, is estimated to be $140,000 in the quarter, which would be an increase of more than 170% from $51,574 last year.

“We expect strong revenue growth in the first quarter and throughout 2021, as we continue to build out our management team for mass-market applications and scaled-up manufacturing,” CEO Michael Mo said in a statement.

READ: KULR Technology poised to launch high capacity lithium battery packs targeting commercial drone market in June

“Our focus on expanding application areas for our technologies is showing results. In April, we broadened our product offering by launching high-capacity lithium battery packs targeting the $127-billion commercial drone market. The announcement was a first step in KULR’s overall strategy of targeting adjacent markets complementary to our established battery safety and thermal management products. KULR intends to expand into additional e-mobility markets in the coming year,” the CEO added.

During the quarter, NASA’s Perseverance rover, with KULR thermal technology on board, landed on Mars.

“The contribution our technology brought to the Mars 2020 mission Perseverance rover, which successfully landed on Mars in February, was an extremely rewarding corporate milestone,” Mo said. “Our space-proven technology is now being applied to develop thermal management testing and design platform for high-performance electric vehicle motorsports with our recently announced partnership with Andretti Technologies, the technology arm of Andretti Autosport. This partnership will also focus on developing peak performance and high-safety-rating battery products for mass-market EV applications.”

Additionally, KULR issued a reminder that Mo and COO Keith Cochran will participate in the Water Tower Research Fireside Chat event at 2 pm ET on Wednesday, May 5. The fireside chat is open to all investors and interested parties, and registration can be done here.

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

Story by ProactiveInvestors