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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 18, 2025
KULR TECHNOLOGY GROUP, INC.
(Exact name of the registrant as specified in its charter)
| Delaware | 001-40454 | 81-1004273 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
555 Forge River Road, Suite 100, Webster, Texas 77598
(Address of principle executive offices) (Zip code)
Registrant’s telephone number, including area code: (408) 663-5247
Not Applicable
(Former name or address if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14A-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14D-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class: | Trading Symbol(s) | Name of each exchange on which registered: | ||
| Common Stock | KULR | NYSE American LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
| Item 2.02 | Results of Operations and Financial Condition |
On November 18, 2025, KULR Technology Group, Inc. (the “Company”) issued a press release announcing certain financial results for the third quarter ended September 30, 2025. A copy of the press release is incorporated herein by reference and is furnished as Exhibit 99.1.
The information under this Item 2.02 is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
| Item 7.01 | Regulation FD Disclosure |
In addition to announcing financial results, the press release discussed, among other things, recent operational highlights.
A copy of the press release is attached herewith as Exhibit 99.1.
By filing this Current Report on Form 8-K and furnishing the information contained herein, the Company makes no admission as to the materiality of any information in this report that is required to be disclosed solely by reason of Regulation FD. The Company uses, and will continue to use, its website, press releases, and various social media channels, including its Twitter account (twitter.com/kulrtech), its LinkedIn account (linkedin.com/company/kulr-technology-corporation), its Facebook account (facebook.com/KULRTechnology), its TikTok account (tiktok.com/Kulr_tech), its Instagram account (instagram.com/Kulr_tech), and its YouTube account (youtube.com/channel/UC3wZBPINQd51N6p35Mo5uQg), as additional means of disclosing public information to investors, the media and others interested in the Company. It is possible that certain information that the Company posts on its website, disseminated in press releases and on social media could be deemed to be material information, and the Company encourages investors, the media and others interested in the Company to review the business and financial information that the Company posts on its website, disseminates in press releases and on the social media channels identified above, as such information could be deemed to be material information.
The information in this Item 7.01 disclosure, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section. In addition, the information in this Item 7.01 disclosure, including Exhibits 99.1, shall not be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
| Item 9.01 | Exhibits |
| Exhibit No. |
Description | |
| 99.1 | Press Release dated November 18, 2025. | |
| 104 | Cover Page Interactive Data File - The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on behalf of the undersigned hereunto duly authorized.
| KULR TECHNOLOGY GROUP, INC. | ||
| Date: November 18, 2025 | By: | /s/ Michael Mo |
| Michael Mo | ||
| Chief Executive Officer | ||
Exhibit 99.1
KULR Technology Group Reports Third Quarter 2025 Financial Results
HOUSTON / GLOBENEWSWIRE / November 18, 2025 / KULR Technology Group, Inc. (NYSE American: KULR) (the "Company" or "KULR"), a Bitcoin+ Treasury company that builds a portfolio of frontier technology businesses ranging from high-performance energy systems to AI Robotics, today reported results for the third quarter ended September 30, 2025.
“KULR continues to accelerate growth and push forward our innovations,” said KULR CEO Michael Mo. “With solid Q3 revenue gains and our unlevered Bitcoin holdings, we now have a more resilient balance sheet that allows us to confidently invest in next-generation KULR ONE battery products, deepen our R&D initiatives, and advance the next phase of our expansion.”
Third Quarter 2025 Financial Results
Revenues: In the third quarter that ended September 30, 2025, revenue increased 116% to $6.88 million compared to $3.18 million reported in the same period last year. Product sales increased 112%, with revenue of approximately $1.62 million versus approximately $765,000 in the same quarter last year.
Cash and Accounts Receivable: As of September 30, 2025, the Company had cash and current accounts receivable combined of $24.54 million.
Gross Margins: Gross margin was 9% in the quarter ending September 30, 2025, compared to 71% in the same period last year. The decrease in gross margins was primarily due to increased hours spent on service contracts and an increase in costs related to digital assets mining leases.
Selling, General and Administrative (SG&A) Expenses: SG&A expenses increased to $6.26 million in the third quarter of 2025 from $2.74 million in the same period last year. The increase in SG&A expenses was primarily due to planned investments to support our growth-related activities, including additional advertising and marketing services, professional and consulting fees, and increased salaries and stock-based compensation from new hires and new grants awarded in 2025.
Research and Development (R&D) Expenses: R&D expenses in the third quarter of 2025 increased to $2.32 million from $1.23 million in the same period last year. The higher investment in R&D reflects planned increases in R&D services and new hires in 2025, and an increase in stock-based compensation from additional awards granted in 2025.
Operating Loss: Loss from operations was $8.74 million for the third quarter of 2025, compared to $1.71 million from the same period last year. Higher operating loss in the third quarter was driven by an increase in both SG&A expenses and investment in R&D.
Net Loss: Net loss for the third quarter of 2025 was $6.97 million, or a loss of $0.17 per share, compared to a net loss of $2.00 million, or a loss of $0.08 per share from the same period last year. The net loss in the third quarter was primarily driven by a one-time impairment charge and credit losses on loan and accounts receivable.
“This quarter marks another record revenue quarter,” noted Shawn Canter, KULR’s CFO. He added, “Our product business is gaining traction and priming for more growth.”
Third Quarter 2025 Highlights:
| · | KULR Partners with Amprius and Molicel to Launch KULR ONE Air for Unmanned Aircraft Systems. The Company announced strategic partnerships with Molicel, a subsidiary of publicly traded Taiwan Cement (TWSE: 1101.TW), and Amprius Technologies (NYSE: AMPX) to power its new KULR ONE Air (K1A) product line -- a family of advanced battery systems purpose-built for the rapidly expanding unmanned aircraft systems (UAS) market. Initial sample shipments began in July 2025, with volume production scheduled for Q4 2025. KULR will offer both standard off-the-shelf K1A systems for rapid deployment and customizable configurations to meet specific OEM requirements. The K1A line integrates KULR’s industry-leading thermal management technologies with Amprius’ ultra-high energy density SiCore® cylindrical battery cells and Molicel’s high-power P50B cells. This innovative combination of industry-proven cell technologies delivers superior safety, extended flight times, and enhanced capabilities to support the evolving needs of next-generation UAS missions. |
| · | KULR Technology Group and Soluna Announce 3.3 MW Hosting Partnership at Project Sophie. The Company announced a new hosting partnership with Soluna Holdings, Inc. (“Soluna”) (NASDAQ: SLNH), a developer of green data centers for intensive computing applications. Under this agreement, Soluna will operate approximately 3.3 MW of Bitcoin mining capacity for KULR at its Project Sophie facility in Kentucky. The partnership marks the first time Soluna has partnered with a Bitcoin treasury-focused company, expanding its customer base beyond traditional Bitcoin miners and hyperscalers. Under the partnership, KULR will leverage Soluna’s operational and market expertise to purchase, service, and manage all activities associated with its fleet of mining hardware over the life of the contract. Through this new “Bitcoin Mining Lease” structure, Soluna will deliver guaranteed hashrate and uptime targets to KULR on a daily and monthly basis. |
| · | KULR Technology Group Launches Six New COTS K1S CubeSat Batteries to Expand Existing Portfolio in Space Power Systems. The Company announced the release of six new commercial off-the-shelf (COTS) versions ranging from 100 to 500Wh of its KULR ONE Space (K1S) CubeSat battery line, designed to meet the evolving needs of customers across the space sector. The new K1S batteries are the next evolution, built on KULR’s flight-proven space battery heritage, offering customers enhanced flexibility with designs that prioritize safety, weight efficiency, and mission-specific customization. The six new K1S battery models were developed to serve the wide range of demands from CubeSat and small satellite operators. |
| · | KULR Technology Redefines Battery Safety and Reliability Standards with Next-Gen Battery Management System. The Company announced the launch of its next generation KULR-developed Battery Management System (kBMS) — an advanced solution engineered to set a new industry benchmark for reliability, safety, and energy efficiency. The kBMS is offered in two variants: one tailored for defense and terrestrial mission-critical applications, and another optimized for spacecraft power systems. The space-focused version can be configured in two ways — as a cost-effective system built with commercial chipsets protected from radiation within customer housings, or as a premium build utilizing radiation-tolerant components throughout. This flexibility allows KULR to deliver space-rated BMS solutions at multiple price points, giving integrators new options for balancing budget, safety, and mission assurance. |
Conference Call
The Company has scheduled a conference call for November 18, 2025, at 4:30 p.m. ET to discuss these results. KULR management will provide a business update for the Company followed by a question-and-answer period.
KULR Technology Group Third Quarter 2025 Earnings Call
Date: Tuesday, November 18th, 2025
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
To access the call, please register using the following link: KULR Third Quarter 2025 Earnings Call. After registering, an email will be sent, including dial-in details and a unique conference call access code and PIN required to join the live call. The conference call will be available for replay here via the Investor Relations section on KULR’s website (www.kulr.ai).
About KULR Technology Group, Inc.
KULR Technology Group, Inc. (NYSE American: KULR) is a Bitcoin+ Treasury company that builds a portfolio of frontier technology businesses ranging from high-performance energy systems to AI Robotics. KULR delivers cutting-edge 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. The Company’s 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. Since late 2024, KULR has included bitcoin as a primary asset in its treasury program and committed to allocating up to 90% of its excess cash to the acquisition of bitcoin.
Find KULR: Website | X | Telegram | LinkedIn | Instagram | TikTok | Facebook
Safe Harbor Statement
This release contains certain forward-looking statements based on our current expectations, forecasts and assumptions that involve risks and uncertainties. Forward-looking statements in this release are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business, which include the risk factors disclosed in our Form 10-K filed with the Securities and Exchange Commission on March 31, 2025, as may be amended or supplemented by other reports we file with the Securities and Exchange Commission from time to time. Forward-looking statements include statements regarding our expectations, beliefs, intentions, or strategies regarding the future and can be identified by forward-looking words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” and “would” or similar words. All forecasts are provided by management in this release are based on information available at this time and management expects that internal projections and expectations may change over time. In addition, the forecasts are entirely based on management’s best estimate of our future financial performance given our current contracts, current backlog of opportunities and conversations with new and existing customers about our products and services. We assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise.
Investor Relations:
KULR Technology Group, Inc.
Phone: 858-866-8478 x 847
Email: ir@kulr.ai
KULR Media Relations:
M Group Strategic Communications (on behalf of KULR)
Email: kulr@mgroupsc.com