KULR Technology Group Inc KULR

IndustrialsMachinery, Tools, Heavy Vehicles, Trains & ShipsUnited States of America

Last close 1.64 USD on Nov 1, 2026, −44.6% year to date

Quant rating

Quant rating D Rank 468 of 486 in Industrials

Growth C 200 of 486
Valuation D 387 of 486
Quality D 464 of 486
Revisions D 424 of 486
Momentum D 467 of 486

Wall Street consensus Buy (2.00)Average target 7.00 USD +326.8%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 76M
Enterprise value: 83M
52-week range: 1.52 – 5.41
3-year range: 0.94 – 38.40
Dividend yield: –
Beta (5 years): 2.27
Shares outstanding: 46.3M
Next earnings: Nov 16, 2026

About the company

KULR Technology Group, Inc. is a Bitcoin+ Treasury company that builds a portfolio of technology businesses ranging from high-performance energy systems to artificial intelligence (AI) robotics. It delivers energy storage solutions for space, aerospace, and defense by leveraging a foundation of in-house battery design expertise, comprehensive cell and battery testing suite, and battery fabrication and production capabilities. Its offering allows delivery of commercial-off-the-shelf and custom energy storage systems. Its segments include Energy Management Platform and Mining of Digital Assets. Its products and solutions include KULR ONE Space Batteries, KULR ONE Air Batteries, Battery Solutions, Thermal Solutions, Testing Solutions and Xero Vibe Fan. It also specializes in the industrial robotics and AI sectors through the distribution of the Exia exoskeleton systems. The Exia is a wearable exoskeleton designed to reduce strain and prevent injuries, especially in the lower back.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	16.2	10.7	9.8	4.0	2.4	–
Revenue growth	50.6%	9.2%	146.1%	65.6%	286.7%	91.7%
EPS (basic, normalized)	−1.09	−0.72	−1.60	−1.44	−1.20	–
EPS growth	–	–	–	–	–	–
Gross margin	4.8%	51.1%	40.3%	59.2%	54.3%	41.9%
Net margin	−382.8%	−163.2%	−241.0%	−486.6%	−602.4%	−375.2%
ROE	−69.1%	−63.4%	−570.2%	−144.7%	−106.0%	−190.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	12.8
Current ratio	3.38x
Long-term debt (mil)	0
Net debt (mil)	7.2
Total equity (mil)	72.6
Net debt / equity	0.10x
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	16.2	+50.6%	5.1x	–	–	–	−1.09	−51.4%	−1.5x
2026	10.9	−32.4%	7.6x	–	–	–	−1.42	−30.3%	−1.2x
2027	22.0	+101.3%	3.8x	–	–	–	−0.53	+62.7%	−3.1x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	10.9	0.0%	−69.2%	−69.2%	−1.42	0.0%	−158.2%	−158.2%
2027	22.0	0.0%	−62.1%	−62.1%	−0.53	0.0%	−82.8%	−82.8%
2028	–	–	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	FQ-4	Sep 2025	Dec 2025	FQ-1	FQ0
Sales reported (mil)	1.7	2.4	3.2	3.4	2.4	4.0	6.9	2.9	–	–
Sales mean (mil)	4.6	2.2	2.4	2.9	2.9	–	–	–	–	–
Surprise	−61.8%	+9.2%	+32.1%	+16.2%	−14.1%	–	–	–	–	–
EPS reported	−0.32	−0.24	−0.08	−0.16	−0.24	–	−0.03	−0.35	–	–
EPS mean	−0.16	−0.20	−0.19	−0.16	−0.12	–	–	–	–	–
Surprise	−100.0%	−20.0%	+57.1%	0.0%	−100.0%	–	–	–	–	–

Peer comparison Machinery, Tools, Heavy Vehicles, Trains & Ships

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
KULR KULR Technology Group Inc	76M	–	−382.8%	1.05x	−1.2x	−3.1x	–	–
LGRDY Legrand SA	38.4B	–	13.1%	4.58x	–	–	–	–
ADSE ADS-TEC Energy PLC	739M	–	−174.9%	85.28x	–	–	–	–
HYLN Hyliion Holdings Corp	580M	1.08x	−1,645.7%	3.42x	−11.4x	−10.9x	−11.0x	−9.8x
SES SES AI Corporation	281M	2.25x	−347.8%	1.57x	−4.2x	−4.3x	−2.2x	−2.5x
NEOV NeoVolta Inc	128M	1.65x	−161.0%	3.18x	−5.6x	9.1x	−7.4x	1.7x
Mean		1.66x	−449.8%	16.51x	−5.6x	−2.3x	−6.9x	−3.5x
Median		1.65x	−261.3%	3.30x	−4.9x	−3.7x	−7.4x	−2.5x

Technical analysis

1M−33.1%
3M−35.2%
1Y−57.3%
3Y−38.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, KULR Technology Group Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	16.2	10.7	9.8	4.0	2.4	0.6
Cost of revenue	15.4	5.3	5.9	1.6	1.1	0.2
Gross profit	0.8	5.5	4.0	2.4	1.3	0.5
Selling, general & administrative expenses	29.9	16.0	19.9	16.7	11.2	2.5
Research & development	10.8	4.7	6.2	4.0	1.7	0.3
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	6.4	0	0.3	−0.2	0.1	–
Other operating expenses	0	0	0	0	0	0
Operating income	−46.3	−15.2	−22.4	−18.1	−11.7	−2.3
Net interest income (expense)	0.3	−1.6	−1.3	−1.3	−0.3	−0.5
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−15.9	−0.7	0	0	0	0
Net income before taxes	−61.9	−17.5	−23.7	−19.4	−11.9	−2.9
Provision for taxes	0	0	0	0	0	0
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−61.9	−17.5	−23.7	−19.4	−11.9	−2.9
Extraordinary items	–	–	–	–	–	–
Net income	−61.9	−17.5	−23.7	−19.4	−11.9	−2.9
EBIT, normalized	−39.9	−15.2	−22.1	−18.3	−11.5	−2.3
EBITDA, normalized	−38.5	−13.4	−19.9	−18.0	−11.4	−2.3
Basic EPS, normalized	−1.09	−0.72	−1.60	−1.44	−1.20	–

Balance sheet in millions of USD, fiscal years

Balance sheet, KULR Technology Group Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	13.3	29.8	1.2	10.3	14.9	8.9
Receivables	4.0	2.7	0.9	1.5	0.1	0.1
Total inventory	0.6	0.5	1.1	2.0	0.2	0.1
Prepaid expenses	1.0	0.7	0.5	1.5	0.5	0.1
Other current assets	6.7	0.5	0.2	0.4	0	0
Total current assets	25.6	34.2	3.9	15.7	15.8	9.2
Property, plant & equipment	6.8	4.9	4.8	3.5	1.0	0.1
Goodwill	–	–	–	–	–	–
Intangibles	0.4	0.6	0.7	0.7	0.2	–
Long-term investments	–	–	–	–	–	–
Note receivable	1.0	1.4	–	–	–	–
Other long-term assets	95.2	21.8	1.4	3.6	2.2	0
Total assets	129	62.9	10.9	23.6	19.2	9.2
Liabilities
Accounts payable	3.2	2.1	2.8	1.4	0.5	0.1
Payable/accrued	–	–	–	–	–	–
Accrued expenses	3.0	2.0	3.4	2.3	1.4	0.5
Short-term debt	0	0	0	5.7	0	2.3
Current portion of long-term debt	–	0.5	–	0.2	0.4	0
Other current liabilities	0.1	0.1	0.7	0.1	0.2	0.1
Total current liabilities	6.3	4.7	6.9	9.7	2.5	2.9
Long-term debt	0	0	6.1	3.2	0	0.1
Minority interest	–	–	–	–	–	–
Other liabilities	1.1	0.8	0	0.3	0.4	0
Total liabilities	7.4	5.5	13.0	13.1	2.9	3.1
Shareholders' equity
Preferred stock	0	0	0	0	0	0
Common stock	0	0	0	0	0	0
Additional paid-in capital	268	142	64.4	53.4	39.5	17.4
Retained earnings (accumulated deficit)	−146	−83.8	−66.3	−42.6	−23.2	−11.2
Treasury stock	−0.4	−0.3	−0.3	−0.3	–	–
Other equity	0	0	0	0	0	0
Total equity	122	57.4	−2.2	10.5	16.4	6.1
Total liabilities & shareholders' equity	129	62.9	10.9	23.6	19.2	9.2

Cash flow statement in millions of USD, fiscal years

Cash flow statement, KULR Technology Group Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−61.9	−17.5	−23.7	−19.4	−11.9	−2.9
Depreciation, depletion & amortization	1.4	1.8	2.2	0.3	0.1	0
Deferred taxes	–	–	–	–	–	–
Non-cash items	23.9	5.3	4.6	5.2	4.6	0.8
Changes in working capital	−8.3	−6.9	4.9	−3.4	0.4	−0.7
Cash from operations	−44.9	−17.3	−12.0	−17.4	−6.8	−2.7
Investing activities
Capital expenditures	−3.9	−0.6	−1.0	−4.6	−2.7	0
Other investing cash flows	−85.2	−21.0	0	0	0	0
Cash from investing	−89.1	−21.6	−1.0	−4.6	−2.7	0
Financing activities
Financing cash flow items	119	59.6	1.9	−0.2	−0.4	−1.1
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−1.7	8.0	2.0	17.6	15.9	12.6
Cash from financing	117	67.6	3.9	17.5	15.5	11.5
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−16.5	28.6	−9.1	−4.5	6.0	8.8
Free cash flow	−48.8	−17.9	−13.0	−22.0	−9.5	−2.8

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.