KULR Technology Group sees preliminary 2Q revenue soar over 200% as it sees strong demand for its products

KULR Technology Group Inc (OTCQB:KULR) posted preliminary second-quarter results that saw its revenue jump over 200% year-over-year on the back of new orders for products and engineering services from military and aerospace customers.  For the period ended June 30, 2021, the San Diego-based company, which is a leading developer of next-generation thermal management technologies, reported revenue of $620,000, compared to $201,128 in the second quarter of 2020.  Revenue for the six months ended June 30, 2021, is pegged at $1,030,000, compared with $278,628 for the same period a year earlier.   READ: KULR Technology wins special DoT permit authorizing the transport of damaged, defective, or recalled lithium-ion batteries Gross profit for the quarter is estimated at $180,000, compared with $156,394 for the 2Q of 2020. KULR boosted its cash position to over $12,150,000 as of June 30, 2021, compared with $767,906 on June 30, 2020. The company chalked up the expansion to gross proceeds of around $6.5 million received from a registered direct offering completed on May 20, 2021, and gross proceeds of around $3.7 million received during the quarter from the exercise of warrants to purchase an aggregate of 3 million shares. “We expect strong year-over-year revenue growth for the rest of 2021, as we continue to build out our management team for mass-market applications and scaled-up manufacturing,” said KULR Technology CEO Michael Mo said in a statement. “Our attention to targeting adjacent markets complementary to our established battery safety and thermal management products, such as recycling and end of battery life shipment logistics, is starting to show traction. Since we received the two Department of Transportation special permits towards the end of Q2, we received increasing customer interest in our safe shipping solutions and expect to see increased market penetration in subsequent quarters as a result of obtaining those much-coveted DoT permits.” Mo noted that the company’s cash position is the “strongest in the company’s history”, with virtually no debt. “The entire KULR team is laser-focused on the execution and delivery of the company’s strategic growth initiatives with the goal of significantly increasing shareholder value in the quarters and years to come,” added Mo. The inaugural 2021 KULR Battery Solutions Day virtual event will be held on September 21, 2021, from 1 pm to 2:30 pm ET. KULR develops carbon fiber thermal management technologies for batteries and electronic systems. It leverages its roots in developing breakthrough cooling solutions for NASA space missions and a strong IP portfolio, to enable aerospace, electronics, energy storage, electric car and 5G infrastructure companies make their products cooler, lighter and safer for consumers. Contact the author Uttara Choudhury at uttara@proactiveinvestors.com Follow her on Twitter: @UttaraProactive