KULR Technology Group, Inc. reported a record annual revenue of $10.7 million for the fiscal year ending December 31, 2024, marking a 9% increase from the previous year's revenue of $9.8 million. The revenue growth was driven by a significant rise in contract services, which increased by 51% to $4.4 million, while product sales saw a decline of 47% to $3.6 million. The company attributed the drop in product sales to delays in expected orders, which management anticipates will be fulfilled in future periods. Additionally, KULR generated $2.7 million in revenue from intellectual property licensing, a new revenue stream for the company.
In terms of operational changes, KULR has made strategic moves to enhance its market position, including the adoption of Bitcoin as a primary asset in its treasury strategy. The company completed its initial acquisition of 217.18 Bitcoin at an average price of approximately $96,696 per Bitcoin, totaling around $21 million. Following this, KULR purchased an additional 449.45 Bitcoin at an average cost of $99,008 per Bitcoin, bringing its total Bitcoin holdings to approximately 666.63 Bitcoin valued at around $58 million as of March 27, 2025. This strategy reflects KULR's intent to leverage Bitcoin as a long-term asset while also exploring opportunities in Bitcoin mining.
KULR's workforce has expanded, with the company reporting 52 full-time employees and 3 contractors as of December 31, 2024. The company has also relocated its Texas facility to a larger space to accommodate growth and enhance its operational capabilities. The new facility is strategically located near NASA's Johnson Space Center, which is expected to facilitate closer collaboration with key clients in the aerospace sector.
The company has also engaged in significant financing activities, raising $61.9 million through an "at-the-market" offering during 2024. This capital has been crucial for funding operations and supporting the company's growth initiatives. KULR's cash balance increased to $29.8 million by the end of 2024, compared to $1.2 million at the end of 2023, reflecting a strong liquidity position that supports its ongoing operations and strategic investments.
Looking ahead, KULR aims to continue its focus on expanding its product offerings and market reach, particularly in the energy management and battery safety sectors. The company plans to leverage its technological expertise to develop innovative solutions that meet the growing demand for sustainable energy applications, while also navigating the complexities of the digital asset market as it integrates Bitcoin into its financial strategy.
About KULR Technology Group, Inc.
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