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KULR Technology Group Reports Second Quarter 2022 Financials

SAN DIEGO, August 15, 2022 (GLOBE NEWSWIRE) — KULR Technology Group Co., Ltd. (NYSE American: KULR) (the “Company” or “KULR”), a leading developer of next-generation lithium-ion (“Li-ion”) battery safety and thermal management technology, closed today in June We reported our second quarter results. March 30, 2022.

Q2 2022 and recent operational highlights:

  • With the support of leading recycling partners, KULR has obtained United Parcel Service (“UPS”) shipping authorization, gaining immediate and open access to commercial partners and customers. This will enable shipment of batteries utilizing his KULR Safe Case products through UPS’s vast shipping network. This permit allows US Department of Transportation (“DoT”) compliant safe cases to be used as safe, reusable shipping containers for shipping lithium-ion batteries up to 2.1KWh (“kilowatt hours”). We offer our leading recycling partners. A safe shipping container capable of handling batteries in excess of 300Wh (“Watt Hours”).
  • We have completed licensing and started building FTRC (Fractional Thermal Runaway Calorimetry). Multiple customer contracts are already in the queue. Also, in September 2022, he expects to complete three purchase orders.
  • Secured four major commercial accounts for KULR Safe Case products that are in ongoing deployment trials. Forecasts cover multi-million dollar recurring commitments over the next 18 months.
  • Aerospace and defense giant Lockheed Martin Corporation has just received a follow-up order for space-developed Phase Change Material (“PCM”) heat sink technology.
  • Continued iteration of biosensing solutions for the company’s Fortune 50 Metaverse customers. A recently revised engineering design provides greater flexibility, better conductivity, and better softness against the skin. The next shipment to customers is scheduled for late August 2022, with customer testing scheduled shortly thereafter.
  • Announcing a partnership with E-One Moli Energy Corporation (“Molicel”) to advance KULR’s comprehensive battery safety and thermal management solutions strategy.
  • In support of NASA’s manned flight specification EP-WI-037, we have begun installing a fully automated battery test program with an initial capacity of approximately 500,000 18650/21700 Lithium Ion cells per year. Installation of the system will be completed in Q3 2022 and full feature processing will begin in Q4 2022. Screened cell capacity is allocated to internal requirements related to NASA and US Department of Defense (“DoD”) battery cell deployments and KULR certified commercial cell deployments. .
  • Together with our development partners, we have filed two provisional patents for high energy cathodes and high energy density anodes incorporating our carbon fiber substrate materials.
  • We continue to develop general purpose modular battery products by combining PPR technology with CellCheck for e-mobility, enterprise energy storage, data center and cryptocurrency mining applications.

Management commentary
KULR CEO Michael Mo said: “These strategic investments have created a holistic battery safety platform that has enabled us to offer our customers a wide range of solutions to achieve battery sustainability within their respective ecosystems. OR plans to expand its go-to-market efforts by upselling and cross-selling individual components of the comprehensive platform to existing and new customers through a subscription model.

“The diversity of our overall platform allows us to tap into several different sectors and markets. More specifically, energy storage, battery recycling, electric aviation, industrial and power tool equipment. , e-mobility, etc., have generated significant customer interest in several industries, such as the sales pipeline, from a revenue perspective over the next few quarters barring unpredictable challenges around supply chains and other macroeconomic factors. We believe that an increase in sales volume is inevitable as we begin to recognize these customer engagements.We are encouraged by the momentum we are seeing and will continue to make KULR a sustainable future for the circular electrified economy. We are committed to transforming ourselves into a leading platform company that makes it possible.”

Second Quarter 2022 Results
Earnings: Revenue for the second quarter ended June 30, 2022 decreased slightly to $588,000 from $628,000 in the same period last year. The decrease in revenue was primarily due to lower contract services and product sales revenue in the current quarter.

cash: As of June 30, 2022, the company had $13 million in cash and as of December 31, 2021, it was $14.9 million.

Gross profit: Gross margin was 28% for the quarter ended June 30, 2022, compared with 30% in the same period last year.

Selling, general and administrative expenses (SG&A): SG&A expenses increased to $4.3 million in the second quarter of 2022 from $2.7 million a year ago. The increase in selling, general and administrative expenses was mainly due to higher personnel expenses due to new hires and higher marketing and advertising expenses.

Research and development (R&D) expenses: Research and development expenses in the second quarter of 2022 increased to $999,000 from $353,000 in the same period last year. This increase is mainly due to an increase in the number of employees devoted to R&D and his three new projects in automation, battery and drone design, which will start in 2021.

Operating loss: Operating loss for the second quarter of 2022 was $5.2 million, compared to $2.9 million in the year-ago quarter. The increase in operating loss was mainly due to an increase in R&D expenses and SG&A expenses.

Net loss: Net loss for the second quarter of 2022 increased to $5.3 million, or a loss of $0.05 per share, compared with a net loss of $3 million, or $0.06 per share, in the same period last year.

Conference call
The company has scheduled a conference call on August 15, 2022 at 4:30 PM ET to discuss these results. Michael Mo, CEO of KULR. Keith Cochran, President and COO, and his CFO, Simon Westbrook, will provide an update on the company’s business, followed by a Q&A.

To access your calls:
Dial-in number: 855-459-0165
Access Code: 361411

Please call the meeting phone number 10 minutes before the start time. If you are unable to connect to the conference call, please contact Gateway Investor Relations at 949-574-3860.

The conference call can be replayed here and from the Investor Relations section of KULR’s website.

About KULR Technology Group
KULR Technology Group Inc. (NYSE American: KULR) develops, manufactures and licenses next-generation carbon fiber thermal management technology for batteries and electronic systems. Leveraging the company’s roots in developing groundbreaking cooling solutions for NASA space missions and backed by a strong intellectual property portfolio, KULR is a leading aerospace, electronics, energy storage, 5G infrastructure, and electric vehicle manufacturers to make their products cooler, lighter and safer. consumer. For more information, please visit

safe harbor declaration
This release does not constitute an offer to sell or a solicitation of an offer to buy securities of any entity. This release contains certain forward-looking statements that are based on our current expectations, forecasts and assumptions that involve risks and uncertainties. Forward-looking statements in this release are based on information available as of the date of the announcement. Our actual results are subject to risks and uncertainties related to our business, including risk factors disclosed on Form 10-K filed with the U.S. Securities and Exchange Commission on March 28, and such They may differ materially from those stated or implied by forward-looking statements. , 2022. Forward-looking statements include statements regarding our expectations, beliefs, intentions or strategies for the future and include statements such as “expect,” “believe,” “may,” “estimate,” It can be identified in terms of outlook. Expect, “intend,” “may,” “should,” and “would,” or similar words. All projections provided by management in this release are based on information available as of the date hereof, and management anticipates that internal projections and expectations may change over time. In addition, forecasts are based entirely on management’s best estimate of future financial performance, taking into account current contracts, current unprocessed opportunities, and conversations with new and existing customers about our products and services. I’m here. We undertake no obligation to update any information contained in this press release, whether as a result of new information, future events or otherwise.

Investor Relations:
Tom Colton or Matt Glover
Gateway Investor Relations
Representative: (949) 574-3860