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 IncKULR exited Bitcoin mining, repaid debt, and holds $60M with no debt, improving financial position.
Coinbase Global Inc