KULR · KULR Technology Group, Inc.

KULR Technology Group reported mixed financial results for the fourth quarter and full year ended December 31, 2025, characterized by strong annual revenue growth overshadowed by significant bottom-line volatility. Full-year revenue rose 51% to $16.2 million, driven by expanding relationships with energy, transport, and aerospace partners. Management highlighted a 39% increase in product revenue, signaling a strategic shift toward a scalable product-led model. However, fourth-quarter revenue declined 15% year-over-year to $2.86 million, indicating potential quarterly variability in contract timing.

The most material development was the substantial widening of net losses. The fourth-quarter net loss expanded to $44.3 million, or $0.97 per share, compared to a $4.6 million loss in the prior-year period. Management attributed the surge primarily to a $28.3 million mark-to-market loss on the Company’s Bitcoin holdings, reflecting the volatility of its digital asset treasury strategy. Excluding this non-cash charge, the operational performance still showed pressure, with operating losses increasing year-over-year due to aggressive strategic investments.

Operating expenses rose sharply across both SG&A and R&D. Full-year SG&A increased to $27.7 million from $16.0 million, attributed to business development activities. R&D expenses more than doubled to $10.8 million, funding third-party engineering, testing equipment, and manufacturing expansion. CFO Shawn Canter emphasized that these investments are intended to build a foundation for long-term scale. The balance sheet reflects a shift in liquidity composition, with cash decreasing to $13.3 million while Bitcoin holdings increased to approximately $94 million, underscoring the Company's commitment to its cryptocurrency treasury policy.