KULR Technology Group Inc

KULR Technology Group reported second quarter revenue of $2.1 million with a gross loss, and said it has exited Bitcoin mining and repaid its $20 million credit facility in full using proceeds from Bitcoin sales. CEO Michael Mo said the Texas facility is expected to be operational in the third quarter, and the company expects to be shipping NDA-compliant chargers to U.S. customers by the end of 2026. CFO Michael Kimel said the company used proceeds from the sale of 333 Bitcoin to repay the Coinbase loan, releasing 565 Bitcoin pledged as collateral, and terminated its mining services agreement for a $150,000 fee. The company reported approximately $60 million on its balance sheet with no debt, and said first half net loss of about $51 million included a $31.4 million noncash mark-to-market change in digital asset holdings.

KULR Technology Group has extended the pause of its at-the-market equity offering program with Cantor Fitzgerald and Craig-Hallum through September 30, 2026, as part of its non-dilutive growth strategy. The company expects its existing liquidity and disciplined balance-sheet management to support planned operations and growth initiatives. Rather than issuing equity under the ATM at current levels, KULR may sell its Bitcoin holdings from time to time to fund priorities including scaling its KULR ONE Space architecture, ramping production of KULR ONE Air products for military and commercial drones, and advancing KULR ONE MAX battery backup solutions for AI data centers and telecommunications. Founder and CEO Michael Mo stated that the company does not intend to issue equity at these levels when it has more disciplined ways to fund growth, and that keeping the ATM paused protects shareholders from dilution.

KULR Technology Group Chairman and CEO Michael Mo released a shareholder letter outlining the company's vision to become the energy infrastructure platform for physical AI. Mo argues that battery systems are the foundational infrastructure for autonomous machines, and that KULR's KULR ONE platform is built to solve the power-density and thermal-management constraints shared across space, defense, drones, AI data centers, and robotics. The letter highlights first-quarter progress with revenue nearly doubling year-over-year, product sales growing sharply, and gross margin expanding, while operating expenses declined. Mo details five end markets: space and defense autonomous systems, the low altitude economy projected by Bank of America Global Research to reach roughly $210 billion by 2045, AI data center backup in a roughly $255 billion inference market by 2030, Energy as a Service for recurring revenue, and robotics where McKinsey projects a roughly $370 billion market by 2040. The company is expanding its vertically integrated Texas facility and plans to introduce the KULR ONE Charger in 2026 as its first in-house power conversion product.