KULR Know-how Group, Inc.
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SAN DIEGO, Nov. 09, 2022 (GLOBE NEWSWIRE) — KULR Know-how Group, Inc. (NYSE American: KULR) (the “Firm” or “KULR”), a number one vitality administration platform firm accelerating the worldwide transition to a sustainable electrification economic system, right this moment reported outcomes for the third quarter ended September 30, 2022.
Third Quarter 2022 Monetary Outcomes
Revenues: Within the third quarter ended September 30, 2022, income elevated to $1.Four million from $0.6 million reported in the identical interval final yr. The rise in income was primarily because of a rise in contract providers and product gross sales revenues within the quarter.
Money: As of September 30, 2022, the Firm had $16.2 million of money in comparison with $14.9 million as of December 31, 2021.
Gross Margins: Gross margin was 33% within the quarter ended September 30, 2022, in comparison with 74% in the identical interval final yr. The lower was primarily because of elevated labor prices to provide completed items, prices to acquire personalized completed items and element materials for a brand new product line, and transport prices from the Firm’s contract producer.
Promoting, Basic and Administrative (SG&A) Bills: SG&A bills elevated to $4.Three million within the third quarter of 2022 from $3.1 million in the identical interval final yr. The rise in SG&A bills was primarily because of a rise in advertising and marketing and promoting bills in addition to a rise in labor prices to construct future capability for deliberate income development.
Analysis and Growth (R&D) Bills: R&D bills within the third quarter of 2022 elevated to $1.1 million from $0.5 million in the identical interval final yr. The rise was primarily because of deliberate will increase in headcount with a view to construct future capability, and different R&D initiatives designed to construct future income development.
Working Loss: Loss from operations was $5.Zero million for the third quarter of 2022, in comparison with $3.1 million from the identical interval final yr. The rise in working loss was primarily pushed by will increase in R&D and SG&A bills.
Web Loss: Web loss for the third quarter of 2022 elevated to $5.6 million, or a lack of $0.05 per share, in comparison with a internet lack of $3.1 million, or a lack of $0.03 per share from the identical interval final yr.
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Administration Commentary
“The third quarter was an inflection level for KULR as we achieved document income outcomes and started transitioning to the following chapter of our development story,” stated KULR CEO Michael Mo. “The strategic investments made within the earlier quarters into our workers, R&D, and gross sales & advertising and marketing initiatives, have successfully laid the groundwork to speed up our enlargement efforts. These investments will average going ahead, and we count on to proceed producing a powerful ROI that may translate to prime line development. Moreover, there shall be a fluctuation in gross margins within the brief time period because of conducting enterprise with totally different clients for a variety of services and products. With a powerful money place, a sturdy gross sales pipeline, and a transparent pathway for achievement, we stay laser centered on executing the sport plan over the approaching quarters and past to manifest our development plans.”
Third Quarter 2022 and Latest Operational Highlights:
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Commenced Section 2 growth of passive propagation resistant (“PPR”) battery methods for the Lockheed Martin Company, following a profitable Section 1 trial.
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Secured deployment order totaling over $500,000 from a number one Division of Protection (“DoD”) contractor, with future concerns as much as the multi-million-dollar quantity over the following yr.
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Secured two orders from a number one Fortune 20 e-commerce and cloud computing firm for its subsequent era Li-ion battery powered industrial drone supply fleet.
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Obtained an order from a number one Fortune 500 industrial aviation firm for KULR’s suite of battery design and security options within the growth of its new electrical vertical takeoff and touchdown plane (“eVTOL”).
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Introduced a manufacturing protype order from a top-tier energy instrument producer for KULR SafeCase, a reusable, protected, and high-energy battery transportation and storage resolution.
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Obtained approval from the Division of Transportation (“DoT”) to extend the vitality ranges in three particular permits from 2.1 kWh to 2.5 kWh, increasing utilization for the SafeCase product.
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Launched KULR VIBE, an AI pushed vibration discount resolution, by means of its acquisition of VibeTech. KULR VIBE makes use of proprietary sensor processes with superior studying algorithms to each obtain precision balancing options, and efficiently predict element failure primarily based on its complete database of vibration signatures. Its enhanced AI studying algorithms pinpoint areas the place extra vibrations trigger a lack of vitality that may result in system malfunctions, weakened efficiency, and upkeep points.
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Offered on the Federal Aviation Administration’s (“FAA”) Tenth Triennial Worldwide Hearth and Cabin Security Analysis Convention on the requirements of a holistic battery security technique for electrical aviation.
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Joined NAATBatt Worldwide, the premiere commerce affiliation of builders, producers, suppliers and customers of battery expertise in North America, as a platinum member.
Convention Name
The Firm has scheduled a convention name for November 9, 2022, at 4:30 p.m. ET to debate these outcomes. Michael Mo, KULR’s CEO; Keith Cochran, President & COO, and Simon Westbrook, CFO, will present a enterprise replace for the Firm adopted by a question-and-answer interval.
To entry the decision:
Dial-In Quantity: 855-459-0165
Entry Code: 361411
Please name the convention phone quantity 10 minutes previous to the beginning time. If in case you have any issue connecting with the convention name, please contact Gateway Investor Relations at 949-574-3860.
The convention name shall be obtainable for replay right here and by way of the Investor Relations part of KULR’s web site.
About KULR Know-how Group Inc.
KULR Know-how Group Inc. (NYSE American: KULR) is a number one vitality administration platform providing confirmed options that play a vital function in accelerating the electrification of the round economic system. Leveraging a basis in creating, manufacturing, and licensing next-generation carbon fiber thermal administration applied sciences for batteries and digital methods, KULR has advanced its holistic suite of services and products to allow its clients throughout disciplines to function with effectivity and sustainability in thoughts. For extra data, please go to https://www.kulrtechnology.com/.
Secure Harbor Assertion
This launch doesn’t represent a proposal to promote or a solicitation of affords to purchase any securities of any entity. This launch accommodates sure forward-looking statements primarily based on our present expectations, forecasts and assumptions that contain dangers and uncertainties. Ahead-looking statements on this launch are primarily based on data obtainable to us as of the date hereof. Our precise outcomes could differ materially from these said or implied in such forward-looking statements, because of dangers and uncertainties related to our enterprise, which embrace the danger elements disclosed in our Kind 10-Okay filed with the Securities and Trade Fee on March 28, 2022. Ahead-looking statements embrace statements concerning our expectations, beliefs, intentions, or methods concerning the long run and may be recognized by forward-looking phrases reminiscent of “anticipate,” “consider,” “might,” “estimate,” “count on,” “intend,” “could,” “ought to,” and “would” or comparable phrases. All forecasts are supplied by administration on this launch are primarily based on data obtainable at the moment and administration expects that inner projections and expectations could change over time. As well as, the forecasts are totally on administration’s greatest estimate of our future monetary efficiency given our present contracts, present backlog of alternatives and conversations with new and current clients about our services and products. We assume no obligation to replace the knowledge included on this press launch, whether or not because of new data, future occasions or in any other case.
Investor Relations:
Tom Colton or John Yi
Gateway Investor Relations
Primary: (949) 574-3860
KULR@gatewayir.com
Public Relations:
Robert Collins / Zach Kadletz / Anna Rutter
Gateway Group
Primary: (949) 574-3860
KULR@gatewayir.com
Brokers and Analysts:
Chesapeake Group
Primary: (410) 825-3930
information@chesapeakegp.com
A video accompanying this announcement is offered at https://www.globenewswire.com/NewsRoom/AttachmentNg/3a8642a7-7577-402b-b660-d3d0f2d6df55
