KULR Technology Group Inc KULR reported fourth-quarter financial results after the bell. Here’s a look at the key highlights from the quarter.
What To Know: KULR Technology Group said fourth-quarter revenue increased 137% year-over-year to $1.8 million, which beat average analyst estimates of $1.5 million, according to Benzinga Pro.
The energy management platform company reported a quarterly net loss of 4 cents per share, which beat consensus estimates for a loss of 5 cents per share.
Gross margins came in at 92%, up from 70% compared to the same quarter in the previous year.
KULR ended the quarter with $10.3 million in cash, down from $14.9 million year-over-year.
Other key highlights from the quarter include the initiation of Phase 2 battery testing for Lockheed Martin Corp LMT, an agreement to provide battery safety and device testing for “the largest automotive manufacturer” in the U.S., and a production prototype order from a “top-tier power tool manufacturer.”
“Often upfront costs are required to secure exponential future growth - over the course of 2022, KULR was able to maintain gross margins while scaling revenues and adding significant resources to both R&D and buildout of the Company’s technology roadmap,” said Michael Mo, CEO of KULR Technology Group.
“We continue to capitalize and expand our organization across all facets, as we stated we would do last year, regardless of less-than-ideal macroeconomic factors affecting most public companies.”
KULR said it continues to position the company to capitalize on “exponential global growth” that it sees in the industry in 2023 and beyond.
The company will hold a conference call to discuss these results at 4:30 p.m. ET.
Check This Out: Benzinga’s Earnings Calendar
KULR Price Action: KULR has a 52-week high of $2.60 and a 52-week low of 90 cents.
The stock closed Thursday up 1.3% at 91 cents, according to Benzinga Pro.
Photo: courtesy of KULR Technology Group.
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