Houston – November 13, 2024 (Investorideas.com Newswire) KULR Know-how Group, Inc. (NYSE American: KULR) (the “Firm” or “KULR”), a worldwide chief in sustainable vitality administration, right now reported outcomes for the third quarter ended September 30, 2024.
This information is paid commercial/ information disseminated on behalf of/issued on behalf of KULR Know-how Group, Inc.
Third Quarter 2024 Monetary Outcomes
Revenues: Within the third quarter that ended September 30, 2024, income was $3.19 million in comparison with $3.04 million reported in the identical interval final yr.
Money and Accounts Receivable: As of September 30, 2024, the Firm had money and accounts receivable mixed of $3.60 million.
Gross Margins: Gross margin was 71% within the quarter ending September 30, 2024, in comparison with 44% in the identical interval final yr.
Promoting, Basic and Administrative (SG&A) Bills: SG&A bills decreased to $2.74 million within the third quarter of 2024 from $4.61 million in the identical interval final yr.
Analysis and Growth (R&D) Bills: R&D bills within the third quarter of 2024 decreased to $1.23 million from $1.82 million in the identical interval final yr.
Working Loss: Loss from operations was $1.71 million for the third quarter of 2024, in comparison with $5.10 million from the identical interval final yr. Decrease working loss within the third quarter was pushed by a lower in each SG&A bills and funding in R&D.
Web Loss: Web loss for the third quarter of 2024 was $2.00 million, or a lack of $0.01 per share, in comparison with a internet lack of $5.56 million, or a lack of $0.05 per share from the identical interval final yr.
Administration Commentary
KULR Chief Monetary Officer Shawn Canter famous, “We’re proud to announce one other file income quarter so meaningfully the results of our whole crew’s focus and dedication. The introduced license settlement for KULR Xero Vibe represents a brand new enterprise mannequin that may increase the methods we develop KULR. Our current first “Open Home” in Webster was a smashing success with many shoppers, potential prospects, insurance coverage, fireplace – together with the FDNY – and hazmat specialists, public officers, and buyers in attendance. I feel we are going to do extra of these varieties of occasions to ask an increasing number of folks to see and expertise the mission important nature of our work for thus many purposes.”
Mr. Canter continued, “The work we do is absolutely a part of the “picks and shovels” of the area financial system, the broader adoption of electrification of the worldwide aerospace and protection sectors, and the evolution towards an increasing number of electrical purposes like planes, drones, autos, industrial and business tools. Who is not going to wish secure, dependable, clear energy in typically inconvenient environments?”
Close to KULR Xero Vibe, Mr. Canter supplied, “By meaningfully bettering cooling effectivity, KXV is addressing the excessive working prices of excessive depth, energy hungry purposes like AI and crypto forex servers. Once more, our proprietary expertise provides quite a lot of sectors important “picks and shovels” for them to proceed to develop and flourish. Our purpose is to have KXV expertise used throughout these and different use instances to decrease their working prices and thus promote their expanded use.”
Third Quarter 2024 and Current Company Highlights:
KULR’s Xero Vibe Know-how Lands Licensing Partnership with $2.35M Deal. The Firm introduced a licensing settlement for its proprietary vibration discount expertise named KULR Xero Vibe (“KXV”). The $2.35M landmark deal features a $1.1M minimal assured license and royalty payment, a novel alternative for the licensee to buy proprietary balancing tools straight from KULR and extra income upside to KULR primarily based on quantity and expertise upgrades.
KULR Secures Expanded U.S. Military Battery Contract to $2.4M, Paving Means for KULR ONE Guardian Battery Manufacturing in 2025. The Firm introduced that it was on monitor to efficiently full its preliminary engagement with the US Military in Q3 2024 and constructing on the momentum of this ongoing partnership, the Military would increase its battery contract with the Firm to $2.4M.
KULR Releases New Investor Presentation. The Firm unveiled a brand new investor presentation on its web site. This new presentation supplies an outline of the Firm and options refreshed and up to date info, together with: up to date record of shoppers and companions, overview of the Firm’s core engineering expertise domains with an emphasis on diversified product and repair choices for its varied market alternatives, info on KULR’s buyer engagement mannequin, and monetary updates and up to date operational progress The investor presentation is accessible by means of the “Shows” part on KULR’s web site.
Convention Name
The Firm has scheduled a convention name for November 13, 2024, at 4:30 p.m. ET to debate these outcomes. KULR administration will present a enterprise replace for the Firm adopted by a question-and-answer interval.
To entry the decision, please register utilizing the next hyperlink: KULR Third Quarter 2024 Earnings Name. After registering, an electronic mail can be despatched, together with dial-in particulars with a convention name entry code required to hitch the decision. The convention name can be out there for replay right here by way of the Investor Relations part on KULR’s web site (www.kulrtechnology.com).
About KULR Know-how Group, Inc.
KULR Know-how Group Inc. (NYSE American: KULR) delivers leading edge vitality storage options for area, aerospace, and protection by leveraging a basis of in-house battery design experience, complete cell and battery testing suite, and battery fabrication and manufacturing capabilities. The Firm’s holistic providing permits supply of commercial-off-the-shelf and customized subsequent era vitality storage programs in speedy timelines for a fraction of the associated fee in comparison with conventional applications. For extra info, please go to www.kulrtechnology.com.
Protected Harbor Assertion
This press launch doesn’t represent a suggestion to promote or a solicitation of provides to purchase any securities of any entity. This launch accommodates sure forward-looking statements primarily based on our present expectations, forecasts and assumptions that contain dangers and uncertainties. Ahead-looking statements on this launch are primarily based on info out there to us as of the date hereof. Our precise outcomes could differ materially from these said or implied in such forward-looking statements, as a consequence of dangers and uncertainties related to our enterprise, which embody the danger components disclosed in our Type 10-Ok filed with the Securities and Change Fee on April 12, 2024, as could also be amended or supplemented by different studies we file with the Securities and Change Fee now and again. Ahead-looking statements embody statements concerning our expectations, beliefs, intentions, or methods concerning the long run and could be recognized by forward-looking phrases akin to “anticipate,” “consider,” “might,” “estimate,” “count on,” “intend,” “could,” “ought to,” and “would” or comparable phrases. All forecasts are offered by administration on this launch are primarily based on info out there at the moment and administration expects that inside projections and expectations could change over time. As well as, the forecasts are totally on administration’s finest estimate of our future monetary efficiency given our present contracts, present backlog of alternatives and conversations with new and present prospects about our services and products. We assume no obligation to replace the knowledge included on this press launch, whether or not due to new info, future occasions or in any other case.
Investor Relations:
KULR Know-how Group, Inc.
Telephone: 858-866-8478 x 847
Electronic mail: ir@kulrtechnology.com
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