KULR Technology Group Inc (KULR) Q2 2024 Earnings Call Highlights: Record Revenue Growth and ...

GuruFocus News
4 min read

In This Article:

  • Revenue: $2.43 million in Q2 2024, up 39% sequentially from Q1.

  • Engineering Service Revenue: Increased 76% year-over-year to approximately $1.3 million.

  • Total Paying Customers: Increased 42% year-over-year.

  • Service Revenue Customers: Increased 100% year-over-year.

  • Product Revenue Customers: Increased 25% year-over-year.

  • Cash Used from Operating Activities: Down 7% comparing the six months ending June 2023 and 2024.

  • Cash Used in Investing Activities: Down 82% comparing the six months ending June 2023 and 2024.

  • Cash Plus Accounts Receivable: Up 40% comparing the end of 2023 to the end of June 2024.

  • Liabilities: Down 42% comparing the end of 2023 to the end of June 2024.

Release Date: August 12, 2024

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

  • KULR Technology Group Inc (KULR) achieved a 39% sequential revenue growth in Q2 2024, reaching $2.43 million.

  • Engineering service revenue increased by 76% year-over-year, marking a record full quarter.

  • The company expanded its capabilities with a new 17,500 square foot facility in Webster, Texas, enhancing its battery design and testing services.

  • KULR secured a contract with a top Japanese automaker for testing high-energy battery cells for next-generation electric vehicles.

  • The company is strategically investing in its production capabilities to support future growth, particularly in the space economy, which is projected to reach $1.8 trillion by 2035.

Negative Points

  • KULR's stock value has declined since reaching a high in November 2021, despite significant revenue growth.

  • The company faces challenges in becoming an industry standard, particularly in the automotive sector.

  • KULR has not yet found significant success with its KULR Vibe software solution, which could be a low-cost revenue generator.

  • There is uncertainty regarding the impact of future mass production of solid-state batteries on KULR's business.

  • The company is under non-disclosure agreements, limiting its ability to disclose specific customer names and contract values, which may affect investor transparency.

Q & A Highlights

Q: Can you provide information regarding bills HR 1797 and S.1008, and whether KULR is a top candidate for these? Also, is KULR building the new cathode for Tesla in the Cybertruck? A: Michael Mo, CEO: We have engaged with various stakeholders, offering expertise on thermal runaway mitigation. We provide battery packs with built-in thermal runaway protection and SafeCase for safe storage and transportation. We hope the legislation continues its efforts, but specific details are not fully released yet. We cannot comment on the new cathode development for Tesla Cybertruck.

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