KULR Reports Third Quarter 2026 Revenue of $7.4 Million, Up 197% Year-Over-Year, as Product Sales Nearly Quadruple
Key Highlights
- ➤Q3 revenue $7.40 million, up 197% year-over-year
- ➤Product sales $6.49 million, up 299%, driven by KULR ONE growth
- ➤KULR sold 1,099.09 BTC for approximately $80.1 million net proceeds
- ➤KULR ended Q3 with $54.5 million cash, no debt and no digital assets
- ➤Workforce reduction expected to generate approximately $4 million in annualized savings
Expert Statements
Michael Mo, Founder and CEO of KULR Technology Group
“In the third quarter, we delivered on the three measures that matter for 2026: product revenue growth, gross margin improvement and cost discipline.”
Michael Mo, Founder and CEO of KULR Technology Group
“Product sales nearly quadrupled year-over-year, and the growth came from our KULR ONE platform.”
Michael Mo, Founder and CEO of KULR Technology Group
“Gross margin returned to positive territory, though it is not yet where this business can run.”
Michael Mo, Founder and CEO of KULR Technology Group
“We completed our exit from Bitcoin, repaid our only debt and ended the quarter with $54.5 million in cash.”
Michael Mo, Founder and CEO of KULR Technology Group
“We have concentrated the Company’s focus on fewer programs and our strategic customers, and in 2027 our goal is to grow revenue while reducing cost.”
Michael Mo, Founder and CEO of KULR Technology Group
“In my June letter to shareholders, I laid out a straightforward strategy: build more batteries, sell more batteries.”
Michael Mo, Founder and CEO of KULR Technology Group
“Our third-quarter results demonstrate that we are executing along that strategy.”
Mike Kimel, Chief Financial Officer of KULR Technology Group
“The investments that drove our 2026 R&D, the compliant electronics, the new battery configurations and the production lines, are built, and our operating expense base has been reset.”
Mike Kimel, Chief Financial Officer of KULR Technology Group
“We expect R&D and SG&A to decline as we scale the product revenue business, and we are focused on improving gross margins as production volume increases and repeat orders replace initial production builds.”
Mike Kimel, Chief Financial Officer of KULR Technology Group
“Our goal is a cost structure that lets KULR scale revenue without a corresponding increase in overhead, on a credible path toward profitability.”
* Third quarter revenue from continuing operations was $7.4 million, up 197% year-over-year. Product sales were $6.5 million, up 299%, and represented 88% of revenue.
* Product-line growth across the KULR ONE platform, including KULR ONE Max (K1M) battery energy storage systems for power-as-a-service deployments in Japan’s open power market.
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