Full-Year 2023 Revenue Up 146% Year-Over-Year
Full-Year 2023 Financial Results:
Revenues: Revenue increased 146% to
Selling, General and Administrative (SG&A) Expenses: SG&A expenses increased to
R&D expenses: R&D expenses in 2023 increased to
As of
Net Loss: Net loss for 2023 increased to
Cash Position: The Company reported cash balances of
Recent Corporate Highlights:
- Revenue has grown at a compound annual growth rate of 102% from 2021 through 2023.
- Secured a commitment exceeding
$1 million withH55 Inc. , a pioneer and global leader in electric propulsion. H55 will employKULR's unique Thermal Runaway Shield within its propulsion systems that equip fleets of industry behemoths such asPratt & Whitney and CAE Inc. EmbeddingKULR's TRS into H55's Electrical Propulsion System (“EPS”) is critical for aligning with theEuropean Union Aviation Safety Agency (“EASA”) safety protocols. - Secured a pivotal contract exceeding
$865,000 from Nanoracks (now part of Voyager Space’s Exploration Segment). Based inWebster, Texas , Voyager’s Exploration team is a prominent provider of commercial space services, specializing in satellite deployment, space station research, and the development of space habitats. The contract underscoresKULR's role in spearheading the accelerated development, testing and early production of a specialized space battery, aimed at enhancing Voyager’s CubeSat applications. - Received a six-figure contract from Lockheed Martin for developing phase change material heat sinks that are pivotal for the thermal regulation of essential electronics within long-range precision missiles. This achievement follows a series of successful evaluations that showcased the efficiency of
KULR's solutions in cooling critical onboard systems. - Received an initial purchase order from one of the world’s largest privately held space exploration companies for enhanced battery safety testing solutions, using the Company’s KULR ONE Design Solutions (“K1-DS”) platform. The proprietary K1-DS platform incorporates the most comprehensive design and testing methodology for battery safety. Though specific terms of the contract remain confidential, the customer has publicly forecasted a substantial ramp-up in its planned space missions as it continues to scale its satellite deployment throughout 2024.
- Confirmed collaboration with a leading
U.S. automaker focusing on mitigating thermal runaway risks in EV battery modules throughKULR's advanced SafeCASE™ technology. This project underscoresKULR's commitment to safety and innovation in the rapidly growing electric vehicle market. - Engaged by one of the few global leaders in space travel to design, develop, and deliver battery systems tailored for the rigorous demands of space travel. These batteries will power the dramatically growing commercial space business for KULR’s partner for its immediate needs and into the future. The commercial, economic, and mission-critical requirement for on-time delivery of consistently safe, reliable, and efficient battery power solutions coupled with the complex demands of space travel led this customer to
KULR . While the program is already underway, upon achieving anticipated milestones, bothKULR and its partner anticipate follow-on orders supporting a significant increase in the frequency and scale of planned space missions. - Secured new special permits from the
United States Department of Transportation related to its patented SafeX product suite, including SafeCASE™ and SafeSLEEVE™. The recently granted Special Permit 21693 and Special Permit 21704 cover transportation of damaged, defective, or recalled (“DDR”) batteries as well as end-of-life batteries to include the critical area of battery disposal and recycling, paving the way for safer and more sustainable battery recovery and reuse practices. The new special permits are expected to generate additional opportunities forKULR with both existing and new customers in various industries.
Conference Call
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Date:
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About
Safe Harbor Statement
This press release does not constitute an offer to sell or a solicitation of offers to buy any securities of any entity. This release contains certain forward-looking statements based on our current expectations, forecasts and assumptions that involve risks and uncertainties. Forward-looking statements in this release are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business, which include the risk factors disclosed in our Form 10-K filed with the
Investor Relations:
Phone: 858-866-8478 x 847
Email: ir@kulrtechnology.com
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2024 GlobeNewswire, Inc., source