KULR Technology Group Inc

XMUN:7FA0

Missed quarter: Management said Q2 was below expectations, with revenue of $2.1 million and a gross loss, driven by supply chain delays, execution issues, leadership transition and the Texas facility not yet contributing.

Focus shift: The company is tightening its focus on the core battery business, especially KULR ONE, while cutting back on non-core activities and being more selective on customer programs.

Balance sheet reset: KULR exited Bitcoin mining, began selling Bitcoin, repaid its $20 million credit facility, and said it now has about $60 million on the balance sheet with no debt.

Second-half setup: Management expects delayed shipments to recover, the Texas facility to become operational in Q3, and production and shipments to improve in the second half of 2026.

Demand thesis: The company said demand remains strong, especially in drones, defense, space, telecom, robotics and critical infrastructure, and highlighted new orders and an opportunity that exceeds $5 million.