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KULR Tech reports 43% revenue drop while exiting Bitcoin mining
After the quarter ended, the company sold 333 Bitcoin to fully repay its $20 million credit facility and expects NDAA-compliant charger shipping by end of 2026.
KULR Technology Group reported that second quarter revenue fell 43% year over year to $2.1 million, with the company posting a gross loss for the period, according to Yahoo Finance. Gross margin swung to negative 31% from positive 20% a year earlier, as supply chain bottlenecks and production delays pushed shipments out of the quarter.
Despite the decline in headline results, KULR used its earnings call to outline changes to its financing and crypto exposure. The company said it made a $20 million debt payoff, fully exited Bitcoin mining, and sold 333 Bitcoin after the quarter closed to repay its credit facility.
KULR also highlighted defense-related orders tied to the US Department of Defense's $1.1 billion Drone Dominance program. Management said roughly 30,000 units are being delivered now, with another 60,000 expected in September, and KULR reported initial defense drone battery orders worth more than $5 million from a US drone maker participating in the program.
In addition, the company expects to begin shipping NDAA-compliant chargers to US customers by the end of 2026. Yahoo Finance also noted that KULR expects to eliminate $2.1 million in remaining mining-related expense commitments for a $150,000 termination fee, and said it issued zero shares through its at-the-market facility during the first half of 2026 while starting the back half with roughly $60 million on the balance sheet and no debt.
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