{"id":709319,"date":"2022-11-09T17:19:11","date_gmt":"2022-11-09T22:19:11","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/kulr-technology-group-reports-record-third-quarter-2022-financial-results\/"},"modified":"2022-11-09T17:19:11","modified_gmt":"2022-11-09T22:19:11","slug":"kulr-technology-group-reports-record-third-quarter-2022-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/kulr-technology-group-reports-record-third-quarter-2022-financial-results\/","title":{"rendered":"KULR Technology Group Reports Record Third Quarter 2022 Financial Results"},"content":{"rendered":"
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SAN DIEGO, Nov. 09, 2022 (GLOBE NEWSWIRE) — \u00a0<\/strong>KULR Technology Group, Inc.<\/strong><\/a> (NYSE American: KULR) (the “Company” or “KULR”), a leading energy management platform company accelerating the global transition to a sustainable electrification economy, today reported results for the third quarter ended September 30, 2022.<\/p>\n

\n Third Quarter 2022 Financial Results\u00a0<\/strong><\/p>\n

Revenues:<\/strong>\u00a0In the third quarter ended September 30, 2022, revenue increased to $1.4 million from $0.6 million reported in the same period last year. The increase in revenue was primarily due to an increase in contract services and product sales revenues in the quarter.<\/p>\n

\n Cash: <\/strong>As of September 30, 2022, the Company had $16.2 million of cash compared to $14.9 million as of December 31, 2021.<\/p>\n

\n Gross Margins:<\/strong> Gross margin was 33% in the quarter ended September 30, 2022, compared to 74% in the same period last year. The decrease was primarily due to increased labor costs to produce finished goods, costs to procure customized finished goods and component material for a new product line, and shipping costs from the Company\u2019s contract manufacturer.<\/p>\n

Selling, General and Administrative (SG&A) Expenses:\u00a0<\/strong>SG&A expenses increased to $4.3 million in the third quarter of 2022 from $3.1 million in the same period last year. The increase in SG&A expenses was primarily due to an increase in marketing and advertising expenses as well as an increase in labor costs to build future capacity for planned revenue growth.<\/p>\n

Research and Development (R&D) Expenses:<\/strong>\u00a0R&D expenses in the third quarter of 2022 increased to $1.1 million from $0.5 million in the same period last year. The increase was primarily due to planned increases in headcount in order to build future capacity, and other R&D initiatives designed to build future revenue growth. <\/p>\n

Operating Loss:<\/strong>\u00a0Loss from operations was $5.0 million for the third quarter of 2022, compared to $3.1 million from the same period last year. The increase in operating loss was primarily driven by increases in R&D and SG&A expenses.<\/p>\n

Net Loss:\u00a0<\/strong>Net loss for the third quarter of 2022 increased to $5.6 million, or a loss of $0.05 per share, compared to a net loss of $3.1 million, or a loss of $0.03 per share from the same period last year.<\/p>\n

\n Management Commentary<\/strong>\n <\/p>\n

\u201cThe third quarter was an inflection point for KULR as we achieved record revenue results and began transitioning to the next chapter of our growth story,\u201d said KULR CEO Michael Mo. \u201cThe strategic investments made in the previous quarters into our employees, R&D, and sales & marketing initiatives, have effectively laid the groundwork to accelerate our expansion efforts. These investments will moderate going forward, and we expect to continue generating a strong ROI that will translate to top line growth. Additionally, there will be a fluctuation in gross margins in the short term as a result of conducting business with different customers for a wide range of products and services. With a strong cash position, a robust sales pipeline, and a clear pathway for success, we remain laser focused on executing the game plan over the coming quarters and beyond to manifest our growth plans.\u201d<\/p>\n

\n Third Quarter 2022 and Recent Operational Highlights:<\/strong>\n <\/p>\n