Detailed financial statements for KULR Technology Group, Inc. (KULR): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
KULR Technology Group, Inc., through its subsidiary, KULR Technology Corporation, designs and builds advanced battery systems for autonomous platforms, digital infrastructure, and e-mobility and space. It provides battery production, internal short circuit battery cells and devices, patented thermal runaway shield technology (“TRS”), phase change material (“PCM”) heatsinks, and KULR SafeCases, and exoskeleton devices.
Analysis Summary
Trailing-twelve-month margins: gross margin 3.8%, operating margin -258.4%, net margin -6.1%.
At the current price of $2.28, KULR has negative trailing earnings (P/E not meaningful) and an ROE of -92.81%. Market capitalisation stands at $105M.
Balance sheet quality for KULR: current ratio of 4.1, net cash position of $11.9M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $213181 | $895761 | $229896 | $108857 | $8.9M | $14.9M | $10.3M | $1.2M | $29.8M | $13.3M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $26034 | $151802 | $112224 | $30101 | $55492 | $136326 | $1.5M | $904055 | $2.7M | $6.0M |
| Inventory | $12932 | $13767 | $9594 | $27091 | $55452 | $191311 | $2.2M | $1.1M | $545467 | $581156 |
| Total Current Assets | $268215 | $1.2M | $406316 | $209250 | $9.1M | $15.8M | $15.7M | $3.9M | $34.2M | $25.6M |
| Property, Plant & Equipment | $462 | $43493 | $44791 | $27516 | $57857 | $1.0M | $3.5M | $6.2M | $4.9M | $6.8M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | $216952 | $720768 | $719395 | $577099 | $370925 |
| Total Assets | $268215 | $1.2M | $451107 | $236766 | $9.2M | $19.2M | $23.6M | $10.9M | $62.9M | $129.0M |
| Accounts Payable | 0 | $37024 | $117995 | $348913 | $66537 | $454507 | $1.4M | $2.8M | $2.1M | $3.2M |
| Short-term Debt | 0 | 0 | 0 | 0 | $2.3M | $417605 | $5.7M | 0 | $516547 | 0 |
| Total Current Liabilities | $13494 | $480310 | $576244 | $1.0M | $2.9M | $2.5M | $9.7M | $6.9M | $4.7M | $6.3M |
| Long-term Debt | 0 | 0 | 0 | 0 | $142290 | 0 | $3.2M | $250000 | $10966 | $1.1M |
| Total Liabilities | $237494 | $480310 | $576244 | $1.0M | $3.1M | $2.9M | $13.1M | $13.0M | $5.5M | $7.4M |
| Retained Earnings | -$39078 | -$4.4M | -$6.4M | -$8.4M | -$11.2M | -$23.2M | -$42.6M | -$66.3M | -$83.8M | -$145.7M |
| Total Equity | $30721 | $739706 | -$125137 | -$796965 | $6.1M | $16.4M | $10.5M | -$2.2M | $57.4M | $121.6M |
| Total Debt | $9521 | 0 | 0 | 0 | $2.5M | $1.1M | $9.2M | $352186 | $1.8M | $1.4M |
| Net Debt | -$203660 | -$895761 | -$229896 | -$108857 | -$6.4M | -$13.8M | -$1.2M | -$842578 | -$28.0M | -$11.9M |
| Working Capital | $254721 | $696213 | -$169928 | -$824481 | $6.2M | $13.3M | $6.1M | -$3.0M | $29.5M | $19.3M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$35016 | -$2.4M | -$2.1M | -$2.0M | -$2.9M | -$11.9M | -$19.4M | -$23.7M | -$17.5M | -$61.9M |
| Depreciation & Amortization | $656 | $8797 | $15311 | $17275 | $15746 | $67715 | $259399 | $2.2M | $1.8M | $82878 |
| Stock-based Compensation | $35915 | $598204 | $457713 | $220625 | $343854 | $4.2M | $4.2M | $3.5M | $2.7M | $6.5M |
| Change in Working Capital | -$5290 | $811750 | $246103 | $553424 | -$745086 | $434522 | -$3.4M | $4.9M | -$6.9M | -$8.3M |
| Operating Cash Flow | -$31199 | -$1.0M | -$1.4M | -$1.2M | -$2.7M | -$6.8M | -$17.4M | -$12.0M | -$17.3M | -$44.9M |
| Capital Expenditure | 0 | -$51828 | -$16609 | 0 | -$46087 | -$2.5M | -$4.6M | -$1.0M | -$596182 | -$3.0M |
| Acquisitions | 0 | $1.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$229249 | -$500000 | -$97522 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$31199 | -$1.1M | -$1.4M | -$1.2M | -$2.8M | -$9.3M | -$22.0M | -$13.0M | -$17.9M | -$47.9M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | -92.81% |
| Return on Invested Capital | -45.19% |
| Return on Assets | -101.25% |
| Gross Margin | 3.77% |
| Operating Margin | -258.40% |
| Net Margin | -607.64% |
Financial Health
| Debt / Equity | 0.31 |
| Current Ratio | 3.38 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -24000.00 | -383.39 | -784.91 | -485.83 | -337.93 | -147.20 | -53.33 | -7.40 | -302.45 | -1.90 |
| P/B | 30249.02 | 1256.28 | -12905.50 | -1206.42 | 157.67 | 131.83 | 96.66 | -79.89 | 92.28 | 0.97 |
| P/S | 134678.26 | 3944.58 | 1267.60 | 1157.85 | 1546.08 | 894.12 | 253.91 | 17.74 | 493.54 | 7.27 |
| Gross Margin | -12.3% | 33.5% | 73.6% | 72.7% | 69.9% | 54.3% | 59.2% | 37.3% | 51.1% | 4.8% |
| Operating Margin | -11937.8% | -1024.2% | -163.4% | -238.4% | -375.1% | -477.2% | -457.8% | -228.0% | -141.9% | -260.0% |
| Net Margin | -507.5% | -1029.1% | -161.6% | -238.7% | -456.8% | -493.7% | -486.6% | -241.0% | -163.2% | -382.8% |
Explore sector: Industrials · Industrial - Machinery
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