KULR Technology Group Reports Second Quarter 2024 Financial Results
Intellectia.AI2024-08-13
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.
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