KULR Technology Group, Inc. (KULR): Business Model Canvas [Dec-2025 Updated]

You're trying to make sense of KULR Technology Group, Inc.'s strategy, and frankly, it's not a simple one-trick pony anymore; it's a dual-engine machine balancing frontier thermal technology with a Bitcoin treasury move. As of late 2025, the core business is scaling that patented KULR ONE platform, which generated $6.88 million in revenue for Q3 2025, all while the company sits on a $140 million cash and digital asset reserve. To be fair, you need to watch the operational burn-that quarter saw $6.26 million in SG&A and $2.32 million in R&D, keeping the gross margin lean at just 9%-but the key is understanding how partnerships with NASA, the DoD, and even Soluna for mining tie into their value proposition. Dive into this Business Model Canvas to see precisely how KULR Technology Group, Inc. is structuring its resources and channels to support this unique hybrid growth story.

KULR Technology Group, Inc. (KULR) - Canvas Business Model: Key Partnerships

You're looking at the core relationships KULR Technology Group, Inc. relies on to execute its strategy across energy, defense, and new ventures like AI robotics and digital assets. These aren't just handshake agreements; they involve specific technology integration and market access points, backed by tangible figures.

NASA and Department of Defense (DoD) for Battery Safety and Testing

KULR Technology Group maintains foundational relationships with government agencies, leveraging its thermal management expertise for high-reliability applications. The company actively works with NASA to expand America's Strategic Battery Reserve, focusing on making 20793-compliant cell formats more accessible for aerospace and defense needs. KULR's NASA-certified M35A battery cells boast an energy density of 214 watt-hours per kilogram at C/20 and -20°C. This technology is being integrated into KULR's 400 watt-hour K1 Space battery, which is set for NASA safety board review. Furthermore, KULR Technology Group secured a $6.7 million grant from the Texas Space Commission to support development aligned with NASA's Artemis program goals, focusing on lithium-ion cells for Lunar and Martian missions. For the DoD, the company has been contracted by the US Navy to develop high-temperature internal short circuit (ISC) cells to enhance battery safety for aviation. The financial context of this segment's growth is set against KULR Technology Group's Q1 2025 results, which showed total revenue of $2.45M, indicating the scale of the product business supporting these high-value sectors.

German Bionic for Exclusive North American Distribution of AI Exoskeletons

In April 2025, KULR Technology Group entered a strategic partnership with German Bionic, gaining exclusive marketing and distribution rights for its robotic exoskeletons in North America. This move establishes KULR as the primary provider for German Bionic's products, including the Apogee ULTRA exoskeleton, across all industries. KULR plans to localize manufacturing and assembly of future generations within the United States. This collaboration targets the rapidly expanding wearable robotic exoskeleton market, which is expected to reach $41.5 billion by 2033, according to Spherical Insights. KULR is forming a dedicated unit, KULR AI & Robotics, to drive this segment.

Worksport for Joint Battery Pack Development and Thermal Integration

The collaboration with Worksport Ltd., announced in February 2025, centers on advancing battery technology and strengthening domestic manufacturing for portable energy storage. KULR Technology Group is using its KULR ONE Design Solutions (K1-DS) platform to evaluate the performance and cost efficiency of integrated battery solutions for Worksport's COR Battery Pack System. The partnership specifically focuses on integrating KULR's patented thermal runaway protection technology. Worksport demonstrated strong market traction prior to this, with revenue surging over 450% from 2023 to 2024, achieving a monthly run rate exceeding $1 million. The first generation of Worksport's SOLIS and COR products, incorporating this joint development, is scheduled for release in the second half of 2025.

Amprius and Molicel for High-Energy Density Cell Supply for KULR ONE Air

KULR Technology Group announced strategic partnerships in August 2025 with Amprius Technologies and Molicel to power its new KULR ONE Air (K1A) product line, specifically for the unmanned aircraft systems (UAS) market. The K1A line integrates KULR's thermal management with Amprius' ultra-high energy density SiCore® cylindrical battery cells and Molicel's high-power P50B cells. Initial sample shipments for K1A began in July 2025, with volume production targeted for Q4 2025. This positions KULR Technology Group to capitalize on the global drone battery market, projected to grow from $9.5 billion in 2025 to $49.6 billion by 2035. Amprius' technology offers third-party validation of 500 Wh/kg energy density.

Soluna for a 3.3 MW Hosting Partnership for Bitcoin Mining Operations

In October 2025, KULR Technology Group announced a hosting partnership with Soluna Holdings, Inc. to operate approximately 3.3 MW of Bitcoin mining capacity at Soluna's Project Sophie facility in Kentucky. This falls under KULR Technology Group's Bitcoin Treasury Accumulation Strategy, which commits up to 90% of surplus cash to Bitcoin. Soluna will manage KULR's mining fleet under a "Bitcoin Mining Lease," delivering guaranteed hashrate and uptime targets daily and monthly, with operations expected to commence in Q4 2025. This move is set against the backdrop of the global Battery Backup Unit (BBU) Market, which is forecast to grow from $29.22 Billion USD in 2025 to $43.64 Billion USD by 2034. KULR Technology Group reported Q3 2025 revenue of $6.88 million.

Here's a quick look at the scope of these key external relationships:

Partner	Primary Focus Area	Key Metric/Timeline	Market Context Number
NASA/DoD	Battery Safety & Testing (M35A Cells)	$6.7 million Texas Space Commission Grant; 214 Wh/kg energy density	Alignment with Artemis objectives
German Bionic	Exclusive North American Exoskeleton Distribution	Apogee ULTRA; Localization planned	Market expected to reach $41.5 billion by 2033
Worksport	Joint Battery Pack Development (COR System)	Product release in H2 2025; Worksport 2024 revenue growth over 450%	Targeting $20bn-plus portable energy market
Amprius & Molicel	KULR ONE Air (K1A) Cell Supply	Volume production in Q4 2025; Amprius 500 Wh/kg validated	Global drone battery market to reach $49.6 billion by 2035
Soluna	3.3 MW Bitcoin Mining Hosting Lease	Operations start in Q4 2025; KULR commits up to 90% of surplus cash to BTC	BBU Market forecast: $29.22 Billion USD in 2025

The company's Q1 2025 financial performance showed revenue growth of 40% year-over-year to $2.45M, though net losses widened to $18.81M.

These partnerships enable KULR Technology Group to:

• Secure immediate revenue streams from existing defense/space contracts.
• Gain entry into the robotics sector with a projected market size of $41.5 billion by 2033.
• Leverage partner growth, such as Worksport's $1 million monthly run rate.
• Position KULR ONE Air for the UAS market projected to hit $49.6 billion by 2035.
• Support its treasury strategy with a guaranteed 3.3 MW hosted mining capacity.

KULR Technology Group, Inc. (KULR) - Canvas Business Model: Key Activities

You're looking at the core engine of KULR Technology Group, Inc. as of late 2025. This is where the real work gets done, turning R&D into revenue and managing that unique treasury strategy. Honestly, the numbers tell a clear story about where the focus is right now.

Manufacturing and scaling KULR ONE battery product lines

Scaling production is a major activity, supported by significant product revenue acceleration. KULR Technology Group, Inc. reported product sales in the third quarter ended September 30, 2025, reached approximately $1.62 million, marking a 112% year-over-year increase. This followed product sales of approximately $1.98 million in the second quarter of 2025. The KULR ONE Air battery SKUs have grown to over 150, giving them one of the largest made-in-USA battery portfolios in the market. Management is targeting production of more than 50,000 packs per month by mid-2026, with the capacity to scale to 100,000 packs monthly if demand accelerates. The company projects its energy storage and management business to grow tenfold over the next 3 years.

Here's a quick look at the product revenue growth:

Period Ending	Product Revenue (Approx.)	Product Sales Y/Y Growth
September 30, 2025 (Q3)	$1.62 million	112%
June 30, 2025 (Q2)	$1.98 million	74%
March 31, 2025 (Q1)	$1.16 million	88.7%

Also, they rapidly developed a next-generation 400V battery system for Counter-UAS Directed Energy Systems, delivering a complete design package and prototype build in just five weeks.

Research and Development (R&D) of advanced thermal management solutions

Investment in R&D is clearly stepping up to support the product roadmap. R&D expenses in the third quarter of 2025 were $2.32 million, up from $1.23 million in the same period last year. This follows R&D spending of $2.44 million in Q2 2025 and $2.45 million in Q1 2025. Key R&D outputs include the launch of the next-gen kBMS for mission-critical and space applications, and the release of six new commercial off-the-shelf (COTS) versions of its K1S CubeSat battery line.

Strategic acquisition and management of Bitcoin treasury assets

This is a defining activity for KULR Technology Group, Inc. As of July 10, 2025, the company held 1,021 BTC, with total bitcoin acquisitions reaching approximately $101 million. The company's BTC Yield year-to-date as of July 10, 2025, was 291.2%. The strategy involves allocating up to 90% of surplus cash reserves to Bitcoin. The balance sheet strength is notable; as of September 30, 2025, total cash and digital assets stood at $140 million, with no debt reported after repaying an $8 million Coinbase loan. Furthermore, KULR Technology Group entered a partnership to operate approximately 3.3 MW of Bitcoin mining capacity.

The treasury evolution looks like this:

• Total Bitcoin Holdings (July 2025): 1,021 BTC
• Total Bitcoin Acquisition Value (July 2025): Approx. $101 million
• Average Acquisition Price (June 2025): $98,760 per bitcoin
• Secured Credit Facility (July 2025): $20 million
• Cash & A/R (Sept 30, 2025): $24.54 million

North American sales and distribution of AI-powered exoskeletons

KULR Technology Group, Inc. builds a portfolio that includes AI Robotics businesses. While specific exoskeleton sales figures aren't broken out, the company's overall revenue growth reflects activity across its segments. Total revenue for Q3 2025 was approximately $6.88 million, a 116% increase year-over-year. The trailing 12-month revenue reached a record of $16.7 million as of the third quarter of 2025.

Providing specialized battery safety testing and design services

Services remain a core activity, though the company is pivoting to a product-led model. In Q3 2025, services revenue was the larger contributor to the total revenue of $6.88 million, even as product revenue grew 112% year-over-year. The execution of these technical projects has impacted margins; the gross margin for Q3 2025 was 9%, down significantly from 71% in the same period last year. This margin pressure was attributed partly to increased hours spent on service contracts.

Here are the quarterly gross margin figures:

• Q3 2025 Gross Margin: 9%
• Q2 2025 Gross Margin: 18%
• Q1 2025 Gross Margin: 8%

The total revenue for the second quarter ended June 30, 2025, was $3.97 million.

KULR Technology Group, Inc. (KULR) - Canvas Business Model: Key Resources

You're looking at the core assets KULR Technology Group, Inc. (KULR) relies on to execute its strategy as of late 2025. These aren't just line items; they are the tangible and intangible foundations supporting their thermal management and energy storage pivot.

Financial Foundation and Digital Assets

The balance sheet strength is a key resource, especially given the operational losses reported in Q3 2025. KULR Technology Group, Inc. reported approximately $140 million in cash and digital assets at the end of the third quarter of 2025. This figure reflects a significant strategic shift, as the company also confirmed the full repayment of the $8 million Coinbase loan. To be fair, that $140 million total is a blend of traditional cash and their digital asset holdings, primarily Bitcoin.

Here's the quick math on that balance sheet as of September 30, 2025:

Asset Category	Approximate Amount (USD)
Total Cash and Digital Assets	$140 million
Cash and Current Accounts Receivable (Combined)	$24.54 million
Fair Value of Bitcoin Holdings	$120.5 million
Total Assets	Approximately $156.1 million

This substantial digital asset position, funded in part by $107.3 million from at-the-market equity issuance during the nine-month period, provides optionality for near-term investment in production capabilities.

Proprietary Technology and Platforms

The intellectual property is centered around their patented carbon fiber thermal management technology. This core IP underpins their product line, most notably the KULR ONE platform. This platform is central to their stated pivot toward a product-driven model.

The KULR ONE ecosystem is seeing tangible product expansion:

• KULR ONE Air launched with over 150 SKUs.
• Management targets production of 50,000 packs per month by mid-2026.
• Next-generation kBMS for mission-critical and space applications is launched.

Also, KULR Technology Group, Inc. is actively developing a next-generation 400V battery system for a Counter-UAS Directed Energy System, aiming for a complete design package and prototype build in just 5 weeks.

Manufacturing and Defense Credentials

Physical assets and quality certifications are critical for securing high-value defense and aerospace contracts. KULR Technology Group, Inc.'s manufacturing facility in Webster, Texas, is an established key resource.

The facility achieved the globally recognized AS9100 certification on February 20, 2025. This standard is required for organizations designing, developing, or providing aerospace, defense, and aviation products and services. This certification directly enhances existing partnerships, such as their work with NASA, whose Johnson Space Center is located near the Webster headquarters facility.

The intellectual property portfolio is further validated by specific program involvement:

• M35A battery cells are part of NASA's Artemis II mission.
• The company is positioned as a trusted partner for mission-critical defense applications.
• The AS9100 framework demonstrates advanced safety and reliability for defense contractors.

These credentials open doors to future growth in demanding sectors; that's the real value here.

Finance: draft 13-week cash view by Friday.

KULR Technology Group, Inc. (KULR) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose KULR Technology Group, Inc. (KULR) over the competition, especially as they pivot hard into a product-led model. Here's the quick math on what they are delivering right now, based on their late 2025 positioning.

Enhanced battery safety and thermal runaway mitigation for high-risk applications

KULR Technology Group, Inc. offers safety architecture that is central to their value. This is critical for high-risk sectors like defense and space, where failure is not an option. You see this commitment reflected in their product standards and contract wins.

• The KULR ONE family of battery packs addresses the critical need for safe and reliable energy storage across aerospace, defense, and grid applications.
• NASA-certified M35A battery cells offer a proven energy density of 214 watt-hours per kilogram at C/20 and -20°C, making them suited for demanding space missions.
• The company is advancing the KULR ONE Guardian for military applications.

Rapid and cost-effective custom energy storage systems (KULR ONE Space/Air)

The value here is speed and customization, especially in the booming Unmanned Aircraft Systems (UAS) market. They are moving fast to meet demand, which is why product revenue is accelerating.

• The KULR ONE Air platform launched with over 150+ SKUs.
• Management is targeting production scale of 50,000 packs/month by mid-2026.
• The company secured a $6,703,500 award from the Texas Space Commission in Q1 2025 to advance their cold-temperature KULR ONE Space battery platform.
• Their offering allows delivery of commercial-off-the-shelf and custom next-generation energy storage systems in rapid timelines for a fraction of the cost compared to traditional programs.

High-performance, lightweight battery solutions for extreme environments

For you, this translates to performance where it matters most-think space or high-altitude drones. The integration of high-energy density cells is key to this value proposition.

KULR Technology Group, Inc. is integrating cells from partners like Amprius and Molicel into the KULR ONE Air line to deliver superior safety and extended flight times for next-generation UAS missions. The KULR ONE Space architecture is designed to meet NASA's rigorous 20793 standards.

AI-powered human-centered robotic technologies (exoskeletons) for industrial use

While the energy systems are the current revenue driver, KULR Technology Group, Inc. is building out its AI Robotics portfolio, positioning itself for future industrial and logistics applications.

• KULR Technology Group, Inc. builds a portfolio that includes AI Robotics.
• The company aims to be the primary provider of products spanning all industries for next-generation AI-powered, human-centered robotic technologies serving delivery logistics, manufacturing, construction, and healthcare.

Financial stability and capital access via a Bitcoin-Plus Treasury model

This is a major differentiator for you as an analyst. The Bitcoin Treasury model provides a unique form of balance sheet resilience, allowing them to fund R&D and expansion without relying solely on operating cash flow or debt. As of Q3 2025, they had no debt after repaying an $8 million Coinbase loan.

The company reported cash and current accounts receivable combined of $24.54 million as of September 30, 2025. Their total cash and digital assets were reported around $140 million in Q3 2025. The strategy is to allocate up to 90% of surplus cash reserves into Bitcoin.

Here's a snapshot of the financial metrics underpinning this strategy as of late 2025:

Metric	Value (as of Q3 2025 or latest report)	Context
Q3 2025 Revenue	$6.88 million	116% increase year-over-year
Product Revenue (Q3 2025)	~$1.62 million	More than doubled year-over-year
Cash & Accounts Receivable (9/30/2025)	$24.54 million	Balance sheet strength
Total Cash & Digital Assets (Approx.)	$140 million	Includes Bitcoin holdings
Reported Bitcoin Holdings (Approx.)	1,021 BTC	As of July 2025 reports
BTC Yield (YTD as of July 2025)	291.2%	KPI for Bitcoin acquisition strategy effectiveness
Target Production Capacity	50,000 packs/month	By mid-2026

The company's focus on product revenue growth, which was up 112% year-over-year to ~$1.62 million in Q3 2025, shows traction in their pivot away from services. Still, you have to note the gross margin was only 9% in Q3 2025, down from 71% the prior year, which management tied to service contract hours and digital asset mining costs.

KULR Technology Group, Inc. (KULR) - Canvas Business Model: Customer Relationships

You're looking at how KULR Technology Group, Inc. manages its connections with the customers driving its growth in late 2025. It's a mix of deep technical partnerships and a pivot toward product sales.

Strategic, long-term technical collaboration with key partners (e.g., AstroForge)

KULR Technology Group, Inc. engages in strategic technical collaborations to validate and deploy its advanced energy solutions in demanding sectors like space.

• Announced a strategic collaboration with AstroForge on April 24, 2025, to develop a custom 500 watt-hour (Wh) KULR ONE Space (K1S) battery pack.
• This partnership targets the space battery market, projected to grow from $3.9 billion to $6.35 billion by 2030.
• The KULR ONE Space (K1S) platform is built on technology compliant with NASA safety standards.
• The KULR ONE Space (K1S) 400 successfully passed NASA's 20793 certification process in the second quarter of 2025, with final certification for the Artemis mission pending in 2026.
• KULR Technology Group, Inc. also announced a hosting partnership with Soluna Holdings, Inc. ("Soluna") to operate approximately 3.3 MW of Bitcoin mining capacity at Project Sophie.

Direct sales and engineering support for custom battery solutions

The relationship is shifting from being primarily a service provider to a product-focused entity, though custom engineering remains key to securing high-value contracts.

Here's a look at the revenue split, showing the growth in product sales supporting this direct sales effort:

Metric	Q1 2025 (Ended 3/31/25)	Q2 2025 (Ended 6/30/25)	Q3 2025 (Ended 9/30/25)
Total Revenue	$2.45 million	$3.97 million	$6.88 million
Product Sales Revenue	Approx. $1.16 million (up 88.7% YoY)	Approx. $1.98 million (up 74% YoY)	Approx. $1.62 million (up 112% YoY)
Service Revenue Change	N/A	Down 57% YoY	N/A

KULR Technology Group, Inc. completed delivery of a Pressure-Tolerant Subsea Battery to a key strategic partner in the second quarter of 2025. The company expects to launch the KULR ONE Air (K1A) for unmanned aircraft systems, with initial sample shipments in July 2025 and volume production scheduled for Q4 2025. The K1A line has grown to over 150 SKUs.

Dedicated technical service for battery testing and certification

While the focus shifts to products, the foundational technical service remains a relationship driver, especially for high-reliability customers.

• Service revenue customers doubled in the fourth quarter of 2024.
• The gross margin in the second quarter of 2025 was 18%, down from 24% in the same period last year, partly due to unanticipated labor hours needed to complete technical projects.
• The company's offering includes a comprehensive cell and battery testing suite.

Exclusive distribution agreements for robotics products in North America

KULR Technology Group, Inc. established an exclusive channel relationship to enter the robotics market.

• KULR Technology Group, Inc. holds exclusive marketing and distribution rights for North America for German Bionic ("GB") robotic exoskeletons, including the Apogee ULTRA.
• GB's existing customer base includes global logistics companies, large retailers, hospitals, and major international airports.
• KULR plans to localize the manufacturing and assembly of future generation exoskeletons within the United States.

Finance: draft 13-week cash view by Friday.

KULR Technology Group, Inc. (KULR) - Canvas Business Model: Channels

You're looking at how KULR Technology Group, Inc. gets its advanced energy storage and robotics offerings into the hands of customers as of late 2025. The strategy clearly leans heavily on product sales now, moving away from services.

Direct sales force targeting aerospace, defense, and enterprise customers

KULR Technology Group, Inc. continues to serve its core aerospace and defense base through direct engagement, leveraging existing trust with entities like NASA and the U.S. Department of Defense for its flight-proven energy solutions.

• KULR Technology Group, Inc. is positioning its energy storage and management business for a tenfold increase over the next three years, targeting sectors including AI data centers and telecom infrastructure.
• The company's direct sales efforts support its high-performance battery modules and specialized safety materials used in space and datacentre cooling applications.

Exclusive North American distribution network for German Bionic products

The channel for the AI & Robotics segment is anchored by a major distribution agreement. KULR Technology Group, Inc. secured exclusive marketing and distribution rights for North America for German Bionic's products, specifically the Apogee ULTRA exoskeleton.

This channel targets enterprise customers in logistics, retail, and healthcare, with existing users of the exoskeleton including Dachser Intelligent Logistics, GXO, and Canadian Tire. KULR Technology Group, Inc. plans to localize manufacturing and assembly of future generation exoskeletons within the United States.

Direct product sales of Commercial Off-The-Shelf (COTS) K1S CubeSat batteries

Direct sales of specialized batteries are a key driver, as evidenced by the financial results showing a clear pivot to product revenue. The KULR ONE Space (K1S) line is immediately available for commercial orders from its facility in Webster, Texas.

The expansion of this product line directly serves the space sector channel:

• KULR Technology Group, Inc. announced the release of six new COTS versions of its KULR ONE Space (K1S) CubeSat battery line on September 9, 2025.
• These new models offer energy capacities ranging from 100 to 500Wh.
• The K1S line includes Passive Propagation Resistant (PPR) Series models designed for maximum safety in orbital and deep-space missions, leveraging NASA-proven architecture.

Here's how product sales contributed to the overall revenue picture as of the third quarter ended September 30, 2025:

Metric	Q3 2025 Value	Year-over-Year Change
Total Revenue	$6.88 million	116% increase
Product Sales Revenue	Approximately $1.62 million	112% increase
Services Revenue	Not explicitly stated	74% decline

Strategic partnerships for technology integration into third-party products

KULR Technology Group, Inc. uses strategic alliances to embed its battery technology into high-growth third-party platforms, most notably in the Unmanned Aircraft Systems (UAS) market.

The launch of the KULR ONE Air (K1A) product line is a direct result of channel-enabling partnerships:

• Partnerships were announced with Molicel (a subsidiary of Taiwan Cement) and Amprius Technologies (NYSE: AMPX) to power the K1A line.
• The KULR ONE Air platform has expanded to over 150 commercial-ready SKUs.
• Management targets scaling K1A production from a few thousand packs per month to more than 50,000 packs/month by mid-2026, with scalability up to 100,000+.
• This channel addresses the UAS market, projected to grow from roughly $1.5 billion in 2025 to over $2.4 billion by 2030.

KULR Technology Group, Inc. (KULR) - Canvas Business Model: Customer Segments

You're looking at KULR Technology Group, Inc. (KULR) and seeing a company actively pivoting its customer base, moving from a heavy services focus to one driven by product sales across several high-growth verticals. The Q3 2025 revenue of approximately $6.9 million, up 116% year-over-year, shows this customer acquisition strategy is gaining traction, though product revenue growth was a more impressive 112% in that same quarter.

Aerospace and Defense contractors (NASA, DoD)

This segment is foundational, relying on high-reliability, mission-critical thermal management and battery safety solutions. KULR Technology Group, Inc. has solidified its position here through specific contract wins and technology validation.

• Received a pivotal contract for a specialized Phase-Change Material (PCM) heat sink for a major missile program (announced November 2024).
• Secured a follow-on Department of Defense (DoD) contractor contract for advanced thermal management systems in a next-generation air-to-air missile program, with an estimated total value to KULR of over $8 million (announced November 2023).
• Awarded a U.S. Navy contract to advance its Internal Short Circuit (ISC) technology for enhanced battery safety (announced November 2024).
• The ISC devices were originally developed in collaboration with NASA and the National Renewable Energy Laboratory (NREL).
• The KULR ONE Space (K1S) 400 battery successfully passed NASA's acceptance process for the 20793 certification in support of the Artemis program, with final certification pending for the 2026 mission.

Private Space Sector and CubeSat manufacturers

The private space sector is targeted with flight-proven, customizable energy storage. The company is leveraging government/NASA validation to accelerate commercial adoption.

• Received a $6.7 million grant from the Texas Space Commission to develop lithium-ion cells capable of functioning down to -60°C for Lunar and Martian missions, in collaboration with NASA Johnson Space Center.
• Released six new commercial off-the-shelf (COTS) KULR ONE Space (K1S) CubeSat batteries, with capacities ranging from 100 to 500Wh.
• Secured a contract with a leading private U.S. space company in Q1 2025.

Unmanned Aircraft Systems (UAS) and Drone OEMs

This is a key growth engine, marked by the launch of a dedicated product line and strategic component partnerships. Management projects the energy storage business to grow tenfold over the next 3 years, driven partly by UAV demand.

Product Line	Key Partners/Suppliers	Status/Volume Indicator (as of late 2025)
KULR ONE Air (K1A)	Amprius Technologies, Molicel (subsidiary of Taiwan Cement)	Initial sample shipments began July 2025; volume production scheduled for Q4 2025.
KULR ONE Air (K1A) SKUs	N/A	Grown to over 150 SKUs.
Counter-UAS System	N/A	Rapidly developed a Directed Energy Battery System (announced November 2025).

AI Data Centers and Telecom Infrastructure for Battery Backup Units

KULR Technology Group, Inc. is explicitly targeting the power stability needs of intensive computing and communication infrastructure with new battery backup units. A previous licensing instance with a single data center customer demonstrated a minimum of $1 million in licensing revenue alone.

• Announced the launch of battery backup units for industrial, telecom, and data center applications, set for later in 2025.
• Formed a 3.3 MW hosting partnership with Soluna Holdings for Bitcoin mining operations at Project Sophie in Kentucky, indicating engagement in the intensive computing/data center space.

Industrial, Logistics, and Healthcare sectors for AI Robotics

The AI Robotics segment is a strategic focus, leveraging the company's Exia product and partnerships in the wearable robotics space. The global market for wearable robotics is projected to hit $42 billion by 2033.

• Announced a strategic partnership with German Bionic for AI-powered exoskeletons in Q1 2025.
• The Exia product is being introduced to customers across North America, with revenue contribution expected starting in Q3 2025.
• Online sales partnership with Safeware Inc. places SafeX products for li-ion battery storage accessibility to small businesses, which touches logistics and industrial safety.

KULR Technology Group, Inc. (KULR) - Canvas Business Model: Cost Structure

You're looking at the core expenditures driving KULR Technology Group, Inc. (KULR) operations as of late 2025. The cost structure reflects a company balancing significant investment in future technology with the operational realities of scaling production and managing newer revenue streams like digital asset activities.

The third quarter ended September 30, 2025, showed substantial operating expenses as KULR Technology Group, Inc. pushed forward its growth initiatives. Here's a quick look at the major reported expenses for that period:

Expense Category	Q3 2025 Amount	Comparison to Prior Year (Q3 2024)
Selling, General and Administrative (SG&A) Expenses	$6.26 million	Increased from $2.74 million
Research and Development (R&D) Expenses	$2.32 million	Increased from $1.23 million
Total Revenue	$6.88 million	Increased 116% from $3.18 million

The $6.26 million in Selling, General and Administrative (SG&A) expenses for Q3 2025 represented planned investments to support growth activities. This included outlays for additional advertising and marketing services, professional and consulting fees, and higher salaries plus stock-based compensation for new hires and grants issued in 2025.

Investment in the future is clear in the Research and Development (R&D) spending, which reached $2.32 million in Q3 2025. This higher investment reflects planned increases in R&D services and new hires during 2025, along with increased stock-based compensation from new awards.

The gross margin performance in Q3 2025 was notably compressed at just 9%, a significant drop from 71% in the same quarter last year. This margin pressure is directly tied to specific cost elements within the business model.

Costs associated with digital assets mining leases and operations were a direct factor in the margin compression. Lease costs related to the digital asset mining operation are recorded as cost of revenue, putting direct pressure on the gross margin.

Labor and overhead for service contracts also played a major role in the lower gross margin. The company specifically cited increased hours spent on service contracts as a primary reason for the margin falling to 9%.

Manufacturing costs for scaling KULR ONE product production are an emerging cost center as the company shifts focus. Product sales, which include KULR ONE, grew to approximately $1.62 million in the quarter, up 112% year-over-year, indicating that costs associated with scaling this production are increasing alongside revenue.

You can see the cost impact broken down by the key drivers affecting gross profit:

• Costs related to digital assets mining leases.
• Increased hours spent on service contracts (labor and overhead).
• Inventory costs capitalized for products like safe cases, stated at the lower of cost or net realizable value using the first-in, first-out method.

Finance: draft 13-week cash view by Friday.

KULR Technology Group, Inc. (KULR) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of KULR Technology Group, Inc. (KULR) as of late 2025, and the story is one of massive top-line growth driven by a strategic pivot. Honestly, the numbers from the third quarter show a company rapidly scaling its product business while its service component is contracting. Here's the quick math: Total Q3 2025 revenue was $6.88 million, a 116% year-over-year increase from the $3.18 million reported in Q3 2024.

The core of the product sales engine is clearly gaining momentum. Product sales, which include the KULR ONE battery systems and thermal solutions, more than doubled year-over-year. Specifically, product revenue hit $1.62 million in Q3 2025, up 112% from the $765,000 seen in the third quarter of 2024. This shift aligns with management's stated goal of moving toward a product-driven model to benefit from economies of scale.

Service revenue from battery safety testing and design consultation, while historically a key component, appears to be shrinking as the company focuses resources elsewhere. In Q3 2025, services revenue was down 74% compared to the same period last year. This contrasts with Q2 2025, where service revenue had declined by 57% year-over-year, indicating a continuing trend of deprioritization for this segment.

The digital asset revenue stream, stemming from the company's Bitcoin treasury and mining operations, is a significant, albeit less traditional, contributor. KULR Technology Group, Inc. is operating as a Bitcoin+ Treasury company, leveraging its holdings. While specific digital asset revenue for Q3 2025 isn't broken out in the same detail as product sales, the company recognized its first mining revenue in Q1 2025, which amounted to $250,000. Furthermore, the gross margin decline in Q3 2025 was partly attributed to increased costs related to digital assets mining leases, confirming ongoing activity in this area. As of the end of Q3 2025, the company held Bitcoin worth approximately $120 million.

Licensing revenue from intellectual property is another stated stream, though concrete financial figures for this segment in Q3 2025 were not explicitly detailed in the available earnings summaries. The company is also introducing new product lines, like the KULR ONE Air for unmanned aircraft systems, which will feed into the product sales stream.

Here is a look at the known revenue components for the third quarter ended September 30, 2025:

Revenue Stream Component	Q3 2025 Amount (USD)	Comparative Data Point
Total Revenue	$6.88 million	116% year-over-year increase
Product sales of KULR ONE battery systems and thermal solutions	$1.62 million	112% increase versus Q3 2024
Service revenue from testing and consultation	Not explicitly stated for Q3 2025	Down 74% year-over-year in Q3 2025
Digital asset revenue from Bitcoin mining operations	Not explicitly stated for Q3 2025	First recorded mining revenue was $250,000 in Q1 2025
Licensing revenue from intellectual property	Not explicitly stated for Q3 2025	No specific Q3 2025 figure available

The overall revenue composition for Q3 2025 shows that the product segment accounted for a smaller portion of the total revenue compared to the combined services and digital asset/other revenue, given the figures:

• Product Sales: $1.62 million
• Implied Services, Digital Assets, and Licensing Revenue: $5.26 million ($6.88 million total - $1.62 million product sales)
• KULR Technology Group, Inc. mining operations produced Bitcoin at an all-in cost of approximately $102,000 per coin in Q3 2025.
• The company's gross margin for Q3 2025 was 9%, a significant drop from 71% in Q3 2024.
• As of September 30, 2025, cash and current accounts receivable combined stood at $24.54 million.

Finance: draft Q4 2025 revenue projection model by next Tuesday.