KULR Technology Group (KULR) Q2 2025 earnings summary

Executive summary

• Achieved record Q2 2025 revenue of $4 million, up 63% year-over-year, and first quarterly profit of $0.22 per share, primarily due to Bitcoin treasury strategy and product sales.

• Net income reached $8.14 million, reversing a net loss last year, mainly from a $17.4 million unrealized gain on Bitcoin holdings.

• Balance sheet strengthened to about $140 million in cash and Bitcoin, with no material debt.

• Transitioned to a product-focused model, launching new platforms in space, defense, subsea, and exoskeleton markets, with strong customer feedback and new certifications.

• Expanded Bitcoin holdings to 1,035 BTC as of August 2025, with mining operations diversified across multiple sites.

Financial highlights

• Q2 2025 revenue grew 63% year-over-year to $4 million, the highest quarterly revenue to date; product revenue up 74%, service revenue down 57%.

• Gross margin for Q2 was 18%, down from 24% year-over-year, impacted by higher labor and mining costs.

• Net income for Q2 2025 was $8.1 million, reversing a net loss of $5.9 million in Q2 2024.

• Ended Q2 with $20 million in cash, $100 million in Bitcoin (928–1,021 BTC), and total assets of $141 million.

• SG&A and R&D expenses rose significantly to support growth and new hires.

Outlook and guidance

• 2025 revenue expected to double from 2024, with continued growth projected into 2026, driven by KULR ONE, Exia exoskeletons, and Bitcoin mining.

• K1DS testing services division on track to become an $8–$10 million annual business.

• Management remains confident in long-term growth, scalability, and shareholder value.