KULR Technology Group (KULR) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue was $2.1 million, down 43% year-over-year, with a six-month total of $6.03 million, nearly flat from the prior year.

• Net loss for Q2 2026 was $22.0 million, or $0.47 per share, compared to net income of $8.1 million in Q2 2025; six-month net loss was $51.0 million.

• Four main challenges impacted Q2: supply chain delays, resource constraints, management transitions, and production capacity ramp-up.

• The company exited Bitcoin mining, repaid its $20 million Coinbase loan post-quarter by selling BTC, and is focusing on scaling its core energy platform.

• Leadership and board realignment completed, with a company-wide operating review underway to improve workflows and operational visibility.

Financial highlights

• Q2 2026 gross loss was $0.6 million, with a negative gross margin of 31%; six-month gross loss was $0.1 million.

• Product sales fell 67% year-over-year in Q2, mainly due to supply chain disruptions.

• SG&A expenses decreased 9% to $6.31 million; R&D expenses increased 23% to $2.99 million.

• First half net loss was $51 million, with $31.4 million due to non-cash mark-to-market changes in digital asset holdings.

• Cash balance stood at $12.8 million as of June 30, 2026, with $60 million in cash and no debt post-repayment.

Outlook and guidance

• Delayed Q2 shipments expected to recover in the second half as the new Texas facility becomes operational.

• Focus areas include scaling KULR ONE Space, ramping KULR ONE Air for drones, and advancing KULR ONE MAX for AI/data centers.

• Management reiterates focus on product revenue growth, gross margin improvement, and cost discipline.

• No shares issued through ATM during the first half of 2026, reflecting disciplined capital management.

• No specific revenue or earnings guidance provided.