KULR Technology Group (KULR) Q3 2025 earnings summary

Executive summary

• Achieved record Q3 2025 revenue of $6.9 million, up 116% year-over-year and 75% sequentially, marking the strongest quarter to date.

• Fifth consecutive quarter of year-over-year revenue growth, with trailing twelve months revenue at $16.7 million.

• Expanded product portfolio with launches in unmanned aircraft systems, CubeSat batteries, and next-gen battery management systems, targeting UAV, drone, AI data center, and telecom markets.

• Maintains a strong financial position with $20.6 million in cash, $3 million in accounts receivable, $120 million in Bitcoin, and $156 million in total assets, with all debt fully repaid in October 2025.

• Entering a super growth cycle, driven by demand in UAVs, drones, AI data centers, and telecom infrastructure.

Financial highlights

• Q3 2025 revenue reached $6.9 million, a 116% increase year-over-year and 75% sequentially.

• Product revenue grew 112% year-over-year to $1.62 million, while services revenue declined 74%.

• Gross margin declined to 9% from 71% year-over-year, mainly due to higher costs and digital asset mining lease expenses.

• Net loss for Q3 2025 was $7.0 million, or $0.17 per share, compared to $2.0 million, or $0.08 per share, in the prior year.

• Ended Q3 with $20.6 million in cash, $120.5 million in Bitcoin, and $156 million in total assets.

Outlook and guidance

• Expects energy storage and management business to grow tenfold over the next three years.

• Anticipates scaling production to 50,000 battery packs per month by mid-2026, with readiness to double if demand accelerates.

• Texas facility expansion to over 100,000 square feet and automated production line for KULR ONE AIR scheduled for 2026.

• Sees material revenue growth in 2026, driven by expansion into AI data centers, telecom, and autonomous systems.

• Management expects continued increases in R&D and SG&A expenses to support growth.