KULR Technology Group, Inc. (KULR): History, Ownership, Mission, How It Works & Makes Money

How does a company pivot from a thermal management specialist for space missions to a key player in AI data centers and a Bitcoin+ Treasury company? KULR Technology Group, Inc. just reported a record Q3 2025 revenue of approximately $6.9 million, a 116% year-over-year surge, which shows their strategic shift toward a product-driven model is defintely gaining traction, but the net loss of $6.97 million for the same quarter tells a more complex story about their growth investments. This dual focus-on cutting-edge energy solutions like the KULR ONE Air platform for Unmanned Aircraft Systems (UAS) and on maintaining a robust balance sheet with approximately $140 million in cash and digital assets-is what makes KULR's structure so unique right now. So, if you are trying to understand how a company navigates the high-growth, high-risk intersection of battery safety, AI infrastructure, and digital asset finance, you need to see exactly how KULR works and makes money.

KULR Technology Group, Inc. (KULR) History

You're looking for the backstory on KULR Technology Group, Inc., and the core takeaway is this: the company has fundamentally shifted from a niche thermal management component supplier for NASA and defense to a product-focused, vertically integrated energy systems company with a unique Bitcoin-Plus Treasury strategy. This pivot is driving their record-breaking revenue in 2025.

Given Company's Founding Timeline

The company's origin is rooted in aerospace technology, aiming to commercialize materials developed over decades for extreme environments. That's how you get from a component business to advanced battery packs.

Year established

2013

Original location

San Diego, California, United States

Founding team members

Timothy Knowles and Michael Mo, who now serves as the Co-Founder, Chairman, and CEO.

Initial capital/funding

The company raised its first funding round, a Seed round, of $1 million in March 2016.

Given Company's Evolution Milestones

The milestones show a clear evolution from a materials-science focus to a full-stack energy system provider, culminating in the major financial and strategic shifts of 2025.

Given Company's Transformative Moments

The biggest change wasn't just a new product; it was two strategic decisions that completely redefined the company's business model and balance sheet.

The first transformative moment was the decision to shift from a design and testing service company to a product-focused company, centered around the KULR ONE platform. This pivot is defintely paying off, as seen in the Q3 2025 results where product revenue more than doubled, driving the total quarterly revenue to approximately $6.9 million.

The second, and perhaps most unique, shift was the adoption of the Bitcoin-Plus Treasury strategy in late 2024. Here's the quick math on the impact:

• As of Q3 2025, the company reported approximately $140 million in cash and digital assets, with zero debt.
• This financial strength allows them to confidently invest in R&D and manufacturing expansion, like the planned growth of their Texas headquarters to over 100,000 square feet in 2026.
• They are leveraging this balance sheet to accelerate growth in new product lines, such as KULR ONE Air for Unmanned Aircraft Systems (UAS) and battery backup units for AI data centers.

This dual strategy-product-led growth funded by a fortified, non-traditional balance sheet-is the core of their current trajectory. To be fair, this estimate of financial strength hides the volatility inherent in their Bitcoin holdings, but it clearly gives them capital leverage. You can dive deeper into the ownership structure and market perception by Exploring KULR Technology Group, Inc. (KULR) Investor Profile: Who's Buying and Why?

KULR Technology Group, Inc. (KULR) Ownership Structure

KULR Technology Group, Inc. is controlled by a mix of institutional investment firms, company insiders, and a substantial public float, with the CEO holding a significant individual stake that anchors the insider position.

Given Company's Current Status

KULR Technology Group, Inc. operates as a publicly traded company on the NYSE American exchange under the ticker symbol KULR. This status means its shares are freely bought and sold on the open market, but the company must adhere to stringent U.S. Securities and Exchange Commission (SEC) reporting requirements and governance standards, ensuring a high degree of transparency.

The company's governance is directed by its Board of Directors, which oversees the strategic direction and risk management. For a deeper dive into the company's core values, you can check out Mission Statement, Vision, & Core Values of KULR Technology Group, Inc. (KULR).

Given Company's Ownership Breakdown

As of November 2025, the ownership structure shows a balanced distribution, though it is notable for the relatively high percentage held by retail and other public investors compared to many large-cap peers. Here's the quick math on the approximate breakdown of the total shares outstanding:

What this estimate hides is the concentration within the insider group. For example, CEO Michael Mo is reported to be the largest individual shareholder, holding a significant portion of the insider total.

This structure means institutional buying can defintely move the share price, but the large public float keeps the stock liquid. Still, the alignment of management's interests with shareholders is strong, given the over 12% insider ownership.

Given Company's Leadership

The company is steered by a management team with deep experience in technology, finance, and engineering, which is crucial for a business focused on thermal management and battery safety solutions.

• Michael Mo: Co-Founder, Chairman, and Chief Executive Officer (CEO). He has over two decades of experience in technology management and product development, setting the long-term vision.
• Shawn Canter: Chief Financial Officer (CFO). He brings significant financial and transactional experience, having served in M&A roles at major investment banks like Goldman Sachs and Bank of America.
• Dr. William Walker: Chief Technology Officer (CTO). His expertise is vital, especially given the company's focus on high-performance applications for aerospace and defense.

This leadership team recently oversaw a record-setting quarter, reporting approximately $6.9 million in revenue for Q3 2025, a 116% year-over-year increase, showing their transition to a product-driven company is working.

KULR Technology Group, Inc. (KULR) Mission and Values

KULR Technology Group's core purpose is to accelerate the global shift to electrification by making energy systems safer and more efficient. Their mission is a practical commitment to solving the critical thermal management problems that underpin the next generation of technology, from deep space to AI data centers.

KULR Technology Group's Core Purpose

Honestly, a company's mission is just noise until you see where they put their capital. KULR's mission is backed by real investment, like the $2.32 million in Research and Development (R&D) expenses reported in Q3 2025, showing they are serious about innovation, even with a quarterly net loss of $6.97 million as they invest for future growth.

Official mission statement

The company's mission is explicitly focused on empowering innovation through safety and efficiency. They are not just selling a component; they are selling the confidence to push boundaries.

• Empower pioneers: Build safe, smart energy systems that turn great ambitions into action.
• Advance and apply: Use proprietary technologies to make the world more sustainable by using less energy, increasing efficiency, and making consumption safer.
• Foremost innovator: Be the leading source of mission-critical carbon fiber solutions for customers.

This is a company that understands that if your battery system is not safe, your product is dead in the water. That's the simple truth.

Vision statement

KULR's vision maps directly to the fastest-growing, most demanding technology sectors, positioning them as the essential partner for high-stakes applications. They are looking past the near-term to where the biggest power and heat problems will be.

• Trusted Partner: Be the reliable source for innovative, efficient thermal products tailored for evolving customer needs.
• Next Generation: Be at the forefront of pioneering the next generation of safe energy solutions across all sectors.
• Market Focus: Serve critical industries like aerospace, defense, electric vehicles, and industrial electronics, where thermal failure is not an option.

The strategic move to hold approximately $140 million in cash and digital assets as of Q3 2025 gives them the balance sheet strength to be that trusted partner and fund this long-term vision. If you want to dive deeper into the players funding this vision, check out Exploring KULR Technology Group, Inc. (KULR) Investor Profile: Who's Buying and Why?

KULR Technology Group slogan/tagline

A good tagline cuts right to the value proposition, and KULR's is a clear statement on the relationship between safety and innovation.

• The safer the system, the bolder the leap.

This isn't just marketing; it's a business model. Their Passive Propagation Resistant (PPR) solutions, for example, directly enable bolder designs in electric aviation. The growth is evident in their Q3 2025 revenue of $6.88 million, a 116% year-over-year jump, even as they navigate the lower Q3 gross margin of 9% due to service hour and mining lease costs. They are trading short-term margin for long-term market share in a defintely high-growth cycle.

KULR Technology Group, Inc. (KULR) How It Works

KULR Technology Group, Inc. operates by commercializing proprietary thermal management and battery safety technologies into high-performance energy solutions for demanding sectors like aerospace, defense, and AI data centers, while simultaneously leveraging a 'Bitcoin+ Treasury' strategy to fund its rapid product-led growth.

The company is fundamentally shifting from a service-oriented business to a product-driven one, monetizing its core expertise in mitigating thermal runaway (a catastrophic battery failure) through its KULR ONE platform.

KULR Technology Group, Inc.'s Product/Service Portfolio

The company's growth is driven by its modular KULR ONE platform, which allows for the rapid development of commercial-off-the-shelf (COTS) and custom battery systems. In Q3 2025, product sales surged 112% year-over-year, reaching approximately $1.62 million, underscoring this strategic pivot.

KULR Technology Group, Inc.'s Operational Framework

The operational process is designed for speed and quality, integrating in-house design, testing, and fabrication to move from concept to commercial product quickly-a process that is often a fraction of the cost of traditional defense programs.

• Consolidation & Scaling: Operations are consolidating into a single facility in Webster, Texas, with plans to expand the footprint to over 100,000 square feet in 2026 to support increased production.
• R&D Investment: Research and Development expenses were deliberately increased to $2.32 million in Q3 2025 to accelerate the launch of new products, including the next-generation Battery Management System (kBMS).
• Value Creation: Value is created by combining proprietary thermal technologies, like the Passive Propagation Resistant (PPR) cell technology, with high-energy-density cells from partners, then packaging them into certified, reliable systems for mission-critical applications.
• Financial Strategy: The company operates as a Bitcoin+ Treasury company, holding approximately $120 million in Bitcoin as of Q3 2025. This strategy provides a non-dilutive capital base to fund core technology growth and R&D.

Here's the quick math: Q3 2025 revenue hit a record $6.88 million, up 116%, but the gross margin dropped to 9%, primarily due to costs associated with scaling manufacturing and digital asset mining, showing the growing pains of a company in a rapid transition.

KULR Technology Group, Inc.'s Strategic Advantages

KULR's market success is built on a few clear, technical, and financial advantages that create a high barrier to entry for competitors.

• Proprietary Thermal Safety: The core competitive edge is its patented thermal management technology, which prevents thermal runaway in lithium-ion batteries. This is a non-negotiable requirement for high-reliability customers like NASA and the Department of Defense.
• NASA Validation: Achieving acceptance for the KULR ONE Space K1S 400 under NASA's 20793 certification is a powerful validation, positioning the company as a trusted, America's Trusted Energy Source for the burgeoning space economy.
• Financial Resilience: The balance sheet is robust, with approximately $140 million in cash and digital assets and virtually no debt as of Q3 2025, giving them a distinct advantage to invest aggressively in expansion and R&D without being dependent on traditional debt markets.
• 'Made-in-USA' Focus: The KULR ONE Air product line offers over 150 SKUs of "Made-in-USA" battery packs, which is a critical differentiator for government, defense, and supply-chain-sensitive industrial customers.

This focus on safety and domestic supply chain is defintely a key moat. You can read more about their long-term goals here: Mission Statement, Vision, & Core Values of KULR Technology Group, Inc. (KULR).

What this estimate hides is the volatility of the Bitcoin treasury, which can cause large swings in reported quarterly net income, such as the $6.97 million net loss in Q3 2025.

KULR Technology Group, Inc. (KULR) How It Makes Money

KULR Technology Group, Inc. generates revenue primarily through two distinct, high-growth channels: the sale of its advanced thermal management and energy storage products, and its strategic, high-volume digital asset mining operations.

The company is intentionally shifting its financial engine from a service-based model to a product-led strategy, leveraging its proprietary thermal solutions-like the Fiber Thermal Management (FTM) material-to capture market share in aerospace, defense, and electric vehicle battery safety. This product focus is backed by a substantial 'Bitcoin+ Treasury' strategy, where digital asset mining and holdings provide a capital buffer to fund aggressive research and development (R&D) and production scaling.

KULR Technology Group, Inc.'s Revenue Breakdown

In the third quarter ended September 30, 2025, KULR reported record total revenue of approximately $6.88 million, marking a significant 116% year-over-year increase. The revenue mix clearly shows the impact of the company's pivot and its Bitcoin-plus treasury strategy.

Here's the quick math: Product Sales were approximately $1.62 million, and Digital Asset Mining revenue was around $4.4 million, combining to account for over 87% of the total revenue. Product sales alone more than doubled, increasing by 112% year-over-year.

Business Economics

The economic fundamentals of KULR's business are complex, driven by two very different operating segments: high-tech manufacturing and digital asset mining. The key challenge right now is managing cost of revenue as the company scales its operations and integrates its new mining leases.

• Gross Margin Volatility: The consolidated gross margin for Q3 2025 was just 9%, a sharp drop from 71% in the prior year period. This collapse was due to increased costs related to digital assets mining leases and higher hours spent on service contracts. You need to watch this number defintely, as a low gross margin makes the path to profitability much harder.
• Pricing Strategy: The 'Energy Management Platform' products, like the KULR ONE Air battery packs, are priced on a value-based model, reflecting their superior safety and performance from NASA-grade technology. The high-margin potential here is currently masked by the heavy investment in scaling production to an anticipated 50,000 packs per month by mid-2026.
• Digital Asset Economics: The mining segment provides a non-dilutive source of capital, but it introduces commodity risk. The all-in cost for KULR's Bitcoin mining operations is approximately $102,000 per coin, which means the segment's profitability is highly sensitive to the volatile market price of Bitcoin.
• Customer Concentration Risk: A significant portion of the business relies on a few large clients. For Q3 2025, a single customer, 'Customer A,' accounted for a massive 69% of the total revenue. A loss or delay from this one client would severely impact the top line.

KULR Technology Group, Inc.'s Financial Performance

While the top-line revenue growth is strong, the company is in an aggressive investment phase, which is reflected in its current profitability metrics. The balance sheet, however, remains exceptionally strong due to its treasury strategy.

• Net Loss: The company reported a net loss of $6.97 million, or a loss of $0.17 per share, for Q3 2025. This loss was primarily driven by a one-time impairment charge and credit losses, alongside increased operating expenses.
• Operating Expenses: Both Selling, General, and Administrative (SG&A) expenses and Research and Development (R&D) expenses saw significant increases to support growth. SG&A rose to $6.26 million, and R&D increased to $2.32 million in Q3 2025. The higher operating loss of $8.74 million shows the cost of this expansion.
• Balance Sheet Strength: The company exited Q3 2025 in a very solid liquidity position, holding approximately $140 million in cash and digital assets, with no debt. This includes about $120 million in Bitcoin holdings. This unlevered balance sheet is the primary mechanism funding the current high-cost growth phase.
• Liquidity: As of September 30, 2025, the combined cash and current accounts receivable stood at $24.54 million. The company is not cash-constrained, which is a major positive for a growth-stage business.

If you want to understand the capital structure behind this growth, you should read more in Exploring KULR Technology Group, Inc. (KULR) Investor Profile: Who's Buying and Why?

KULR Technology Group, Inc. (KULR) Market Position & Future Outlook

KULR Technology Group, Inc. is currently a small-cap company in a transformational phase, aggressively transitioning from a thermal management service provider to a product-driven energy management and Bitcoin treasury company. The company's future is tied to its ability to convert its space-grade battery safety technology into commercial-scale revenue in the high-growth AI and electric vehicle (EV) battery markets, while managing the volatility and capital needs of its Bitcoin-first treasury strategy.

Competitive Landscape

In the thermal management and battery safety industry, KULR operates in a highly fragmented market, competing both on specialized materials and end-to-end battery systems. The company's core competitive advantage is its proprietary carbon fiber thermal material, which is a passive, lightweight solution for thermal runaway mitigation (TRM).

Opportunities & Challenges

The company's strategic focus on high-power applications, like AI data centers, presents a massive opportunity, but the concurrent investment in Bitcoin mining introduces significant financial complexity and risk.

Industry Position

KULR is positioned as a high-tech, mission-critical component supplier, a small player with a unique advantage in a massive, growing market. The global thermal management market is projected to be worth $12.87 billion in 2025, so KULR's trailing twelve-month revenue of $16.7 million (as of Q3 2025) shows it's a niche specialist, not a market leader.

• Defense and Space Heritage: The company's technology is flight-proven by NASA and the Department of Defense, lending a critical trust factor for high-reliability applications like KULR ONE Space.
• Passive Safety Focus: KULR specializes in passive thermal management, which uses materials like its Fiber Thermal Interface (FTI) to prevent thermal runaway (a battery fire) without active cooling systems, a key differentiator for lightweight systems.
• Product Transition: The 112% product sales growth to $1.62 million in Q3 2025 indicates the shift from low-margin services to product sales is defintely underway, but core product revenue remains a small fraction of total revenue.
• Energy Storage Ecosystem: The move into AI data centers and telecom BESS/BBUs aligns KULR with the fastest-growing energy markets, where its space-grade safety architecture is a premium selling point against legacy pack manufacturers.

For a deeper dive into the numbers underpinning this strategy, you should check out Breaking Down KULR Technology Group, Inc. (KULR) Financial Health: Key Insights for Investors. It will help you map the cash flow against these ambitious growth projects.