KULR Technology Group announces “strong” preliminary 4Q revenue of up to $250,000

KULR Technology Group Inc (OTCQB:KULR) said it expects “strong”  revenue growth during 4Q 2020, with preliminary unaudited results estimated to be in the range of $200,000 to $250,000, compared to $52,954 during 4Q 2019. The company added that its full year 2020 revenue is anticipated to be in the range of $620,000 to $670,000. “Our fourth-quarter results are better than expected,” said KULR CFO Technology Simon Westbrook in a statement. He added: “With this performance some green shoots are emerging that could fuel optimism that the tailwinds of battery safety and electric mobility are starting to converge, with KULR well positioned at the nexus.” READ: KULR Technology emerges as leading provider of NASA-grade electronics and lithium-ion battery safety solutions KULR also announced the completion of an $8 million registered direct offering, which the company expects will be used to execute its growth initiatives, fulfill projects yet to be announced, and to advance KULR’s uplisting process to a national securities exchange. “This financing reflects steady confidence by institutional investors in our technology and long-term direction,” said KULR Technology CEO Michael Mo. He added: “We have allocated the net proceeds to expand KULR’s product portfolio, pursue commercial growth opportunities, and repay short-term debt obligations. More importantly, with increased shareholder equity and float, we expect the financing will help advance our up-listing objective, applications for which are currently underway. "If approved, up listing could increase awareness of KULR in the investment community, broaden our base of institutional investors, and provide KULR shareholders with increased liquidity.” KULR, a San Diego-based technology firm, develops, manufactures and licenses next-generation carbon fiber thermal management technologies for batteries and electronic systems. The company developed its cooling technology with help from NASA for regulating extreme temperatures of sensitive components in space. The company has also manufactured custom-designed heat sinks and thermal management products for two NASA Jet Propulsion Laboratory space missions — the Mars Perseverance Rover, and the return to the Moon in 2025. Shares of KULR Technology climbed 17% to $1.62 in early Wednesday trading. Contact Sean at sean@proactiveinvestors.com