Q2 2026 KULR Technology Group Inc Earnings Call Transcript
Key Points
- KULR Technology Group Inc (KULR) secured initial defense drone battery orders from a US drone maker in the drone dominance initiative, with a customer opportunity exceeding $5 million.
- The company was selected by Oracle Space as battery provider for its orbital transport mission, expanding its space program footprint.
- KULR Technology Group Inc (KULR) demonstrated KULR ONE Air with next-generation solid-state cells at over 350 watt-hour per kilogram, showcasing technological advancement.
- The company repaid its $20 million credit facility in full without issuing any shares through the ATM in the first half of 2026, strengthening its balance sheet with approximately $60 million and no debt.
- KULR Technology Group Inc (KULR) reduced SG&A spending by about 9% year-over-year in Q2 and 5% in the first half, reflecting early cost discipline progress.
- The new Texas facility and automated production lines are expected to be operational in Q3, increasing manufacturing capacity for cylindrical and pouch cells.
- The company is expanding its product ecosystem with NDA-compliant chargers, including an 18S charger prototype, expected to ship by end of 2026.
- Raw materials inventory increased roughly fivefold since end of 2025, positioning the company to meet anticipated demand in the second half.
- KULR Technology Group Inc (KULR) reported Q2 revenue of $2.1 million, down significantly from both prior year and Q1, with a gross loss, falling short of expectations.
- Supply chain issues, including long lead times for new parts, delayed production and delivery of battery products in Q2.
- The company is carrying more customer programs than its resources can execute, impacting speed and quality, and costing the company in Q2.
- Board and management changes during the quarter consumed significant management bandwidth and slowed decision-making.
- The new Texas facility was not yet contributing in Q2, and production capacity was limited.
- The company exited Bitcoin mining and began divesting its Bitcoin treasury, incurring a $150,000 termination fee and eliminating about $2.1 million in remaining operating expense commitments.
- First half net loss was approximately $51 million, with about $31.4 million from noncash mark-to-market changes in digital asset holdings, adding volatility to reported results.
- The company is undergoing a company-wide operating review, which may cause temporary disruptions as it standardizes data and workflows.
Welcome, everyone, to the KULR Technology Group second quarter 2026 earnings call. In just a moment, I will be joined by the CEO of the company, Michael Mo; and the CFO of the company, Mike Kimel. Before we can get started, please listen to the following safe harbor statement covering this call. This call may contain certain forward-looking statements based on the company's current expectations, intentions and assumptions that involve risks and uncertainties. Forward-looking statements made on this call are based on the information available to management as of the date hereof.
KULR Technology Group's actual results may differ materially from those stated or implied in such forward-looking statements. Due to risks and uncertainties associated with their business, which include the risk factors disclosed in their Form 10-K filed with the Securities and Exchange Commission on March 31, 2026, as may be amended or supplemented by other reports filed by the company with the Securities and Exchange Commission from time to time.
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