First Quarter 2024 Financial Results
Revenues: In the first quarter that ended
Cash and Accounts Receivable: As of
Gross Margins: Gross margin was 29% in the quarter ending
Selling, General and Administrative (SG&A) Expenses: SG&A expenses decreased to
Research and Development (R&D) Expenses: R&D expenses in the first quarter of 2024 decreased to
Operating Loss: Loss from operations was
Net Loss: Net loss for the first quarter of 2024 was
Management Commentary
First Quarter 2024 and Recent Corporate Highlights:
- KULR Technology Successfully Completes 200 Amp-Hour Battery Fractional Thermal Runaway Calorimetry Test for EV Customer. The Company successfully completed large format fractional thermal runaway calorimeter (“L-FTRC”) tests for 200 Amp-hour (Ah) high energy Nickel Manganese Cobalt (NMC) prismatic format lithium-ion cells for its global automotive OEM customer. As the exclusive licensee of the L-FTRC technology from NASA,
KULR is uniquely positioned to service customers in electric vehicles, grid energy storage and industrial applications with L-FTRC testing of their batteries in the global cell testing market estimated to reach USD$7 billion by 2030. - KULR Adds United Parcel Service to its Battery Safety Shipping Platform,
Forms Strategic Partnership with Safeware forOnline Marketplace . The Company announced the launch of theKULR Online Marketplace . This innovative platform is now live and features the Safe-X product line, including SafeCASE models and SafeSLEEVE products, available for purchase both on KULR’s online marketplace and through Safewareinc.com, a premier distributor for Hazmat and fire safety equipment. The KULR SafeCASE and SafeSLEEVE have receivedUnited States Department of Transportation (DoT) approval under a special permit and are accepted by United Parcel Service for transporting batteries, with each individual battery up to 300Wh (Watt-hours). - KULR Delivers Immediate Power Cell Battery Deployment Order for AI-Enabled Drone Missions in
Ukraine . The Company announced it had delivered on an immediate basis, a power cell battery deployment order for AI-enabled drone and advanced air mobility missions inUkraine . The Ukrainian contractor will employ the Company's high-power battery cells to sustain its ongoing drone operations inEastern Europe . This initial deployment order necessitated immediate delivery, with full pre-payment before shipment. Further details on the transaction were withheld due to the sensitive nature of the project. - KULR Technology Group Delivers Customized Battery Solution for
U.S. Army , Enhancing Tactical Command Operations. The Company announced the successful delivery of its custom designed KULR ONE battery packs to theUnited States Army , a crucial step in bolstering the longevity and efficiency ofUninterruptible Power Supplies ("UPS") in tactical command settings. Under a multi-year contract,KULR achieved a significant milestone by tailoring its KULR ONE battery pack specifically for the Army’s effort to modernize future command posts. This specialized pack combines high-performance 21700 power cells with state-of-the-art thermal management technology to enhance propagation resistance while minimizing size and weight. The customization has resulted in an impressive 80% improvement inUPS run times, providing a strategic edge in tactical command operations. - KULR Technology Group Expands SafeCASE Application to Transform Battery Storage in eVTOL Manufacturing. In a landmark development,
KULR received an initial award to supply SafeCASES to a leading electric vertical take-off and landing ("eVTOL") company. This partnership underscores the versatility and efficacy of SafeCASE in ensuring the safe handling and transport of batteries across sophisticated production facilities. The contract with this eVTOL manufacturer not only signifies a pivotal shift towards innovative applications of SafeCASE, but also marksKULR's organic growth trajectory through the burgeoning electric aviation sector. Initially developed for the safe transport of damaged, defective, and recalled batteries to recyclers, SafeCASE is now set to transform and facilitate how batteries are stored during the engineering and production processes in large commercial manufacturing settings. - KULR Technology Group Lends Battery Production Infrastructure for Rapid Support of
NASA's R5 Program. The Company recently leveraged its battery production capabilities at its newly institutedWebster, Texas facility to support NASA with rapid technical aid and production assistance to help prepare the administration’s R5 flight battery for its quickly approaching Firefly mission. R5, or “Realizing Rapid, Reduced-cost high-Risk Research”, refers to CubeSats designed to operate in Low Earth Orbit (“LEO”) at an affordable cost. - KULR Technology Group Announces Appointment of
Donna H. Grier to its Board of Directors. The Company announced the appointment of new independent director,Donna H. Grier , to the Company's Board of Directors (the “Board”).Ms. Grier will serve as Chair of the Audit Committee and a member of both the Nominating and Corporate Governance and Compensation Committees of the Board.Ms. Grier is a seasoned SEC-Qualified Financial Expert with extensive Audit Committee experience. She has held two Executive Finance leadership positions: Vice President-Treasurer and Vice President-General Auditor & Chief Ethics and Compliance Officer withE. I. DuPont de Nemours (NYSE: DD).Ms. Grier currently serves as Board Director and Audit & Risk Management Committee Chair forGlobal Advanced Metals , a privately held tantalum producer and, Board Director and Audit Committee Chair for 4BMining, a privately held iron ore producer. She previously served as Board Director and Audit Committee Chair of Pyxus International, a global agricultural company. She also serves as Chair of the Board of Trustees forWashington & Jefferson College .Ms. Grier earned her MBA from theBooth School of Business at theUniversity of Chicago and a BA in Economics and Psychology fromWashington & Jefferson College .
Conference Call
The Company has scheduled a conference call for
To access the call, please register using the following link: KULR First Quarter 2024 Earnings Call. After registering, an email will be sent, including dial-in details with a conference call access code required to join the live call. The conference call will be available for replay here via the Investor Relations section on KULR’s website (www.kulrtechnology.com).
About
Safe Harbor Statement
This press release does not constitute an offer to sell or a solicitation of offers to buy any securities of any entity. This release contains certain forward-looking statements based on our current expectations, forecasts and assumptions that involve risks and uncertainties. Forward-looking statements in this release are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business, which include the risk factors disclosed in our Form 10-K filed with the
Investor Relations:
Phone: 858-866-8478 x 847
Email: ir@kulrtechnology.com
Source:
2024 GlobeNewswire, Inc., source