KULR Technology Group reported fourth‑quarter 2025 revenue of $2.86 million, a 15% decline from the $3.37 million earned in the same period a year earlier. The quarter ended with a net loss of $44.26 million, or $0.97 per share, compared with a $4.62 million loss ($0.16 per share) in the prior year’s fourth quarter. The loss was driven largely by a $28.26 million mark‑to‑market loss on the company’s Bitcoin holdings, which rose to $93.99 million at year‑end from $20.28 million in 2024.
Full‑year 2025 revenue climbed 51% to $16.17 million from $10.74 million in 2024, but the company posted a net loss of $61.90 million ($1.56 per share) versus a $17.52 million loss ($0.75 per share) in 2024. Operating losses increased to $43.00 million from $15.23 million, reflecting higher SG&A and R&D expenses. Cash on hand fell to $13.30 million from $29.83 million a year earlier, underscoring the company’s accelerated cash burn.
Product revenue grew 39% year‑over‑year, driven by stronger demand for thermal‑management solutions in aerospace, defense, and data‑center markets. However, service revenue fell 50%, and the product‑sales gross margin contracted to 1% in 2025. The low margin reflects early‑stage manufacturing ramp dynamics, higher material pricing, fixed facility costs, and increased engineering and design expenditures.
SG&A expenses surged 77% in Q4 2025 and R&D expenses rose 127% for the full year, contributing to margin compression and cash burn. The company’s focus on scaling its KULR ONE battery platform and expanding its product‑led model has required significant capital outlays, while the Bitcoin strategy has introduced volatility through mark‑to‑market losses.
Management reiterated its commitment to a product‑led strategy, emphasizing the scaling of the KULR ONE battery platform and the expansion of thermal‑management solutions. The company completed a 1‑for‑8 reverse stock split on June 23 2025 and continues to hold a substantial Bitcoin treasury, which remains a key component of its balance sheet but also a source of volatility.
Investors reacted negatively to the earnings release, citing the double miss in earnings per share and revenue, the widening net loss, and the declining cash balance as key concerns. The results highlight the company’s ongoing challenges with margin compression, high operating expenses, and the risks associated with its cryptocurrency holdings.
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