KULR Technology Group (KULR) Q4 2024 earnings summary

Executive summary

• Achieved record Q4 2024 revenue of $3.37 million, up 44% year-over-year, and full-year revenue of $10.74 million, up 9% from 2023.

• Gross margin improved to 64% in Q4 2024 from 29% in Q4 2023; full-year gross margin rose to 51% from 37% in 2023.

• Operating loss decreased by 29% year-over-year in Q4 2024; full-year net loss improved to $17.52M ($0.09/share) from $23.69M ($0.20/share), and EPS improved 55%.

• Ended 2024 with $29.83M in cash and $20.28M in Bitcoin; as of March 2025, over $80M in cash and Bitcoin, with no debt.

• Expanded customer base to 71 paying customers in 2024, with product and service customers both increasing significantly.

Financial highlights

• Q4 2024 revenue up 44% year-over-year and 6% sequentially from Q3 2024.

• Product revenue for 2024 was $3.6M (down 47% year-over-year); service revenue was $4.4M (up 51%); licensing revenue introduced with $2.69M.

• Q4 net loss improved to $4.62M ($0.02/share) from $5.19M ($0.04/share) year-over-year.

• Total assets at year-end 2024 were $63M, up 479% from 2023; liabilities down 58% to $5.5M.

• Revenue per employee increased 20% year-over-year.

Outlook and guidance

• Expecting to at least double revenue in 2025, driven by growth in energy management, AI, robotics, and expansion into new applications.

• Entering production stage for KULR ONE Space and Guardian products in 2025.

• Ongoing collaboration with U.S. Army and expansion into Taiwan's AI supply chain expected to drive additional revenue streams.