KULR Technology Group Reports Second Quarter 2024 Financial Results

authorIntellectia.AI2024-08-13
5
KULR.A
Illustration by Intellectia.AI

KULR Technology Group Reports Second Quarter 2024 Financial Results

SAN DIEGO, Aug. 12, 2024 (GLOBE NEWSWIRE) -- KULR Technology Group, Inc. (NYSE: KULR) (the "Company" or "KULR"), a global leader in sustainable energy management, today reported results for the second quarter ended June 30, 2024.

Key Financial Metrics

Metric Q2 2024 Q2 2023 YoY Change Consensus Estimates Beat/Miss
Total Revenue $2.43M $2.70M -10% $2.23M Beat by $0.20M
Earnings Per Share (EPS) -$0.03 -$0.05 -40% -$0.02 Miss by $0.01
Gross Margin % 24% 37% -13pp N/A N/A
SG&A Expenses $4.59M $5.16M -11% N/A N/A
R&D Expenses $1.31M $1.92M -32% N/A N/A
Operating Loss $5.33M $6.08M -12.34% N/A N/A
Net Loss $5.89M $6.33M -6.95% N/A N/A

Interpretation: KULR's Q2 2024 revenue of $2.43 million beat the consensus estimate of $2.23 million but marked a 10% decline year-over-year. The company reported a net loss per share of $0.03, which was slightly worse than the consensus estimate of a $0.02 loss. Despite the revenue beat, the gross margin fell significantly from 37% to 24%. However, operating loss and net loss both saw improvements due to reductions in SG&A and R&D expenses.

Revenue Performance by Major Segments

Segment Q2 2024 Revenue Q2 2023 Revenue YoY Change
Contract Services $1.30M $738K +75.7%

Interpretation: Contract services revenue surged by 75.7% year-over-year to $1.30 million, highlighting KULR's expanding influence in sectors like aerospace and automotive. This robust growth in contract services is a positive indicator for future product revenue.

Key Operational Data

Operational Metric Value
Cash and Accounts Receivable $2.94M

Management Commentary

KULR CFO Shawn Canter noted the company's progress in growing key performance indicators, improving the balance sheet, and streamlining operations. SG&A and R&D expenses both saw double-digit percentage decreases compared to the previous year.

Dividends or Share Repurchase Program

No dividends or share repurchase programs were announced.

Forward Guidance

The company did not provide specific forward guidance in this earnings release.

Stock Price Movement

Following the earnings release, KULR stock experienced a 9.04% increase.

In summary, KULR Technology Group delivered mixed but optimistic financial results for Q2 2024. Despite a year-over-year revenue decline and narrowed gross margins, improvements in operational efficiencies and a promising surge in contract services provide strong potential for future growth.

Share