KULR Technology Group Inc (NYSE American: KULR) is an energy storage and thermal management company that designs and produces custom battery systems and thermal control materials for space, defense, aviation, grid, and subsea applications. Revenue comes from product sales, contract engineering services, and IP licensing. Product sales were generated from 47 customers in FY2025, down from 53 in FY2024, with two customers accounting for 28% of Energy Management Platform segment revenue in FY2025. Contract services revenue declined in FY2025 partly due to a large $0.7 million contract earned in FY2024 that did not recur. IP licensing, which generated $2.6 million in FY2024 from royalties on KULR VIBE and CF Cathode Design patents, was a separate revenue stream. The company also holds Bitcoin on its balance sheet and entered a Master Loan Agreement with Coinbase Credit, Inc. on July 1, 2025. KULR has disclosed that it anticipates operating losses for the foreseeable future and will need to raise substantial additional capital to fund operations.

Revenue model

Three revenue streams: product sales of engineered battery systems and thermal materials, contract engineering services customized for specific customers, and IP licensing royalties on patented KULR VIBE vibration mitigation and CF Cathode Design technologies. Licensing contracts include guaranteed minimum royalty amounts. IP licensing generated $2.6 million in FY2024.

Products and services

KULR ONE platform of domain-specific battery systems: KULR ONE Space (K1S) for spacecraft and satellites, KULR ONE Guardian (K1G) for military and defense, and KULR ONE Design Solutions (K1-DS) for custom end-to-end battery engineering and production. Component products include thermal runaway shield (TRS) technology, phase change material (PCM) heatsinks, KULR SafeCases, internal short circuit battery cells and devices, and exoskeleton devices. KULR VIBE is a vibration mitigation technology licensed for use in drones, helicopters, wind turbines, and autonomous systems. Services include cell screening, pack-level qualification, abuse testing, and battery management system integration.

Customers and end markets

47 product sales customers and 34 contract services customers in FY2025. Two customers accounted for 28% of Energy Management Platform segment revenue in FY2025; one customer drove a significant share of product revenue growth. End markets include spacecraft, satellites, deep space missions, military and defense, aviation, grid storage, and subsea applications. Previously supplied materials for NASA applications.

Value-chain role

Vertically integrated designer and manufacturer of custom battery systems and thermal management materials. Supports customers from concept development through certification and recurring production. Sells engineered materials and finished products to other companies for incorporation into their own products.

Source: SEC 10-K, filed 2026-03-31

Industry: Electronic Components & Accessories Peers: /entities/adnh American Superconductor Corp Eos Energy Enterprises Inc Beam Global LSI Industries Inc Sunworks, Inc. NeoVolta Inc Powell Industries Inc