Frontier technology firm posts strong top-line growth, boosts BTC portfolio, and advances R&D in energy systems and robotics
KULR Technology Group (KULR) announced a 63% year-over-year revenue jump in the second quarter of 2025, reaching $3.97 million compared to $2.43 million a year ago. Product sales climbed 74% to $1.98 million, marking the highest quarterly revenue in the company’s history. CEO Michael Mo credited the growth to expanding product demand and the strategic strength provided by KULR’s Bitcoin holdings, which support investment in new KULR ONE battery products and R&D initiatives.
The company ended the quarter with $24.73 million in cash and receivables. Gross margin declined to 18% from 24% due to higher labor costs on technical projects. SG&A expenses rose to $6.94 million from $4.59 million, driven by increased marketing and stock-based compensation. R&D spending grew to $2.44 million, reflecting greater investment in consulting services. KULR posted an operating loss of $9.45 million but reported net income of $8.14 million, largely from a mark-to-market gain on its bitcoin portfolio.
CFO Shawn Canter highlighted the company’s 1,035 BTC holdings and nearly 300% yield, positioning Bitcoin as a core treasury asset. During the quarter, KULR expanded its BTC portfolio to 1,021 coins through $10 million in acquisitions at an average price of $108,884 per bitcoin.
Operational highlights included joining the Russell 3000® Index, shipping its K1S 500 XLT battery platform for private space sector use, and deploying 3,570 Bitcoin miners in Paraguay, increasing capacity to 750 PH/s with a target of 1.25 EH/s by late summer. The company also advanced its partnership with German Bionic, releasing the 7th-generation EXIA exoskeleton, delivered ballistic-proof and subsea batteries, and secured a $20 million credit facility with Coinbase to fund further BTC accumulation.
In June, KULR completed a 1-for-8 reverse stock split, reducing outstanding shares to approximately 40 million to enhance market positioning and investor appeal.
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