KULR Technology Group (KULR) Q4 2025 earnings summary

Executive summary

• 2025 was a challenging year with a significant net loss of $62 million, largely due to one-time and non-cash items, including a $13.8 million to $28.3 million mark-to-market adjustment on Bitcoin holdings and a $6.9 million write-off from an insolvent investment.

• Revenue grew 51% year-over-year to $16.2 million in 2025, reflecting expanded partnerships in energy, transport, and aerospace, with most growth from Bitcoin mining and battery research grants.

• Management emphasized a strategic shift toward scalable, product-led growth, focusing on the core KULR ONE battery platform and targeting high-growth markets such as autonomous platforms, digital infrastructure, and electric transportation.

• 2026 strategy centers on scaling battery platform revenue and improving gross margins through automation and volume production.

Financial highlights

• 2025 revenue reached $16.2 million, up 51% from the prior year, with product revenue increasing 39% and service revenue declining 50%.

• Net loss for 2025 was approximately $62 million, or $1.56 per share, with $33 million in non-cash expenses, including a $14 million to $28.3 million Bitcoin-related mark-to-market loss.

• Battery platform revenue (product sales plus contract services) was $7.3 million.

• Gross margin on product sales was 1%, reflecting early-stage manufacturing ramp and high material costs.

• Full-year 2025 SG&A expenses rose to $27.7 million, and R&D expenses increased 127% to $10.8 million.

Outlook and guidance

• 2026 focus is on scaling KULR ONE battery production, with a baseline of 10,000 packs per month targeted in the second half and automation of production lines expected to improve gross margins and operational efficiency.

• Revenue growth in 2026 will be driven by autonomous platforms (KULR ONE Air), telecom, and energy infrastructure, with AI data center revenue expected in 2027.

• Battery-as-a-service offerings and direct engagements with telecom operators are being developed for recurring revenue.

• Management expressed confidence in long-term shareholder value creation and improving commercial traction.