Houston – November 13, 2024 (Investorideas.com Newswire) KULR Expertise Group, Inc. (NYSE American: KULR) (the “Firm” or “KULR”), a worldwide chief in sustainable vitality administration, at the moment reported outcomes for the third quarter ended September 30, 2024.
This information is paid commercial/ information disseminated on behalf of/issued on behalf of KULR Expertise Group, Inc.
Third Quarter 2024 Monetary Outcomes
Revenues: Within the third quarter that ended September 30, 2024, income was $3.19 million in comparison with $3.04 million reported in the identical interval final yr.
Money and Accounts Receivable: As of September 30, 2024, the Firm had money and accounts receivable mixed of $3.60 million.
Gross Margins: Gross margin was 71% within the quarter ending September 30, 2024, in comparison with 44% in the identical interval final yr.
Promoting, Basic and Administrative (SG&A) Bills: SG&A bills decreased to $2.74 million within the third quarter of 2024 from $4.61 million in the identical interval final yr.
Analysis and Improvement (R&D) Bills: R&D bills within the third quarter of 2024 decreased to $1.23 million from $1.82 million in the identical interval final yr.
Working Loss: Loss from operations was $1.71 million for the third quarter of 2024, in comparison with $5.10 million from the identical interval final yr. Decrease working loss within the third quarter was pushed by a lower in each SG&A bills and funding in R&D.
Web Loss: Web loss for the third quarter of 2024 was $2.00 million, or a lack of $0.01 per share, in comparison with a web lack of $5.56 million, or a lack of $0.05 per share from the identical interval final yr.
Administration Commentary
KULR Chief Monetary Officer Shawn Canter famous, “We’re proud to announce one other document income quarter so meaningfully the results of our total crew’s focus and dedication. The introduced license settlement for KULR Xero Vibe represents a brand new enterprise mannequin that may broaden the methods we develop KULR. Our current first “Open Home” in Webster was a smashing success with many purchasers, potential prospects, insurance coverage, fireplace – together with the FDNY – and hazmat specialists, public officers, and traders in attendance. I feel we’ll do extra of these forms of occasions to ask an increasing number of folks to see and expertise the mission essential nature of our work for thus many purposes.”
Mr. Canter continued, “The work we do is actually a part of the “picks and shovels” of the house financial system, the broader adoption of electrification of the worldwide aerospace and protection sectors, and the evolution towards an increasing number of electrical purposes like planes, drones, automobiles, industrial and industrial tools. Who is not going to want secure, dependable, clear energy in usually inconvenient environments?”
Close to KULR Xero Vibe, Mr. Canter supplied, “By meaningfully bettering cooling effectivity, KXV is addressing the excessive working prices of excessive depth, energy hungry purposes like AI and crypto forex servers. Once more, our proprietary expertise gives quite a lot of sectors essential “picks and shovels” for them to proceed to develop and flourish. Our objective is to have KXV expertise used throughout these and different use instances to decrease their working prices and thus promote their expanded use.”
Third Quarter 2024 and Latest Company Highlights:
KULR’s Xero Vibe Expertise Lands Licensing Partnership with $2.35M Deal. The Firm introduced a licensing settlement for its proprietary vibration discount expertise named KULR Xero Vibe (“KXV”). The $2.35M landmark deal features a $1.1M minimal assured license and royalty payment, a singular alternative for the licensee to buy proprietary balancing tools straight from KULR and extra income upside to KULR based mostly on quantity and expertise upgrades.
KULR Secures Expanded U.S. Military Battery Contract to $2.4M, Paving Method for KULR ONE Guardian Battery Manufacturing in 2025. The Firm introduced that it was on observe to efficiently full its preliminary engagement with the US Military in Q3 2024 and constructing on the momentum of this ongoing partnership, the Military would broaden its battery contract with the Firm to $2.4M.
KULR Releases New Investor Presentation. The Firm unveiled a brand new investor presentation on its web site. This new presentation offers an summary of the Firm and options refreshed and up to date data, together with: up to date listing of shoppers and companions, overview of the Firm’s core engineering expertise domains with an emphasis on diversified product and repair choices for its numerous market alternatives, data on KULR’s buyer engagement mannequin, and monetary updates and up to date operational progress The investor presentation is accessible via the “Shows” part on KULR’s web site.
Convention Name
The Firm has scheduled a convention name for November 13, 2024, at 4:30 p.m. ET to debate these outcomes. KULR administration will present a enterprise replace for the Firm adopted by a question-and-answer interval.
To entry the decision, please register utilizing the next hyperlink: KULR Third Quarter 2024 Earnings Name. After registering, an e mail can be despatched, together with dial-in particulars with a convention name entry code required to affix the decision. The convention name can be out there for replay right here through the Investor Relations part on KULR’s web site (www.kulrtechnology.com).
About KULR Expertise Group, Inc.
KULR Expertise Group Inc. (NYSE American: KULR) delivers leading edge vitality storage options for house, aerospace, and protection by leveraging a basis of in-house battery design experience, complete cell and battery testing suite, and battery fabrication and manufacturing capabilities. The Firm’s holistic providing permits supply of commercial-off-the-shelf and customized subsequent technology vitality storage methods in fast timelines for a fraction of the associated fee in comparison with conventional packages. For extra data, please go to www.kulrtechnology.com.
Secure Harbor Assertion
This press launch doesn’t represent a suggestion to promote or a solicitation of gives to purchase any securities of any entity. This launch incorporates sure forward-looking statements based mostly on our present expectations, forecasts and assumptions that contain dangers and uncertainties. Ahead-looking statements on this launch are based mostly on data out there to us as of the date hereof. Our precise outcomes could differ materially from these acknowledged or implied in such forward-looking statements, on account of dangers and uncertainties related to our enterprise, which embody the chance components disclosed in our Kind 10-Ok filed with the Securities and Alternate Fee on April 12, 2024, as could also be amended or supplemented by different stories we file with the Securities and Alternate Fee every now and then. Ahead-looking statements embody statements relating to our expectations, beliefs, intentions, or methods relating to the long run and might be recognized by forward-looking phrases akin to “anticipate,” “consider,” “might,” “estimate,” “count on,” “intend,” “could,” “ought to,” and “would” or comparable phrases. All forecasts are offered by administration on this launch are based mostly on data out there at the moment and administration expects that inner projections and expectations could change over time. As well as, the forecasts are solely on administration’s greatest estimate of our future monetary efficiency given our present contracts, present backlog of alternatives and conversations with new and present prospects about our services. We assume no obligation to replace the data included on this press launch, whether or not due to new data, future occasions or in any other case.
Investor Relations:
KULR Expertise Group, Inc.
Telephone: 858-866-8478 x 847
E mail: ir@kulrtechnology.com
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