KULR Technology Group (KULR) Registration Filing summary

Company overview and business model

• Develops and commercializes high-performance thermal management technologies for batteries, electronics, and aerospace applications, focusing on battery safety and sustainability for both commercial and defense sectors.

• Proprietary carbon fiber material enables superior thermal conductivity and heat dissipation, with solutions used in electric vehicles, energy storage, recycling, and advanced aerospace systems.

• Evolving from component supplier to systems provider, seeking joint ventures and strategic partnerships to scale in battery energy storage, recycling, and advanced thermal management.

• Adopted bitcoin as primary treasury reserve asset, using excess cash flows and capital raises to acquire and hold bitcoin, and engaging in bitcoin mining operations.

Financial performance and metrics

• Not yet profitable and expects continued cash outflows from operations, requiring significant revenue growth to achieve profitability.

• Raised $51.2 million in Q1 2025 and $29.4 million from April 1 to May 23, 2025 through at-the-market (ATM) equity offerings.

• Purchased 449.45 bitcoin in Q1 2025 at an average cost of $99,008 per bitcoin, and 188.29 bitcoin from April 1 to May 23, 2025 at $102,784 per bitcoin.

• Engaged in bitcoin mining leases, operating up to 3,000 mining machines, earning 7.92 bitcoin through May 23, 2025.

Use of proceeds and capital allocation

• Net proceeds from securities sales will be used for general corporate purposes, including working capital, R&D, capital expenditures, potential acquisitions, and bitcoin purchases.

• Management retains broad discretion over allocation of proceeds, with no specific amounts earmarked for any purpose.