From Investing.com: 2024-05-18 19:21:39

KULR Technology Group (NYSE: KULR) saw a strong Q1 2024 performance, with a 760% growth in KULR ONE design solutions business. Cash use decreased by 23% and total operating expenses by 25%. A new Texas facility focusing on battery design is set to boost operations by Q3 2024. Despite a product revenue decrease, service revenue surged by 769%. Gross margin was 29% in Q1 2024, with expectations to return to historical levels in the upper 30s to low 40s. KULR holds a solid financial position with over $3 million in cash reserves and strengthens its balance sheet.Key highlights include strong Q1 growth, reduced cash use, the new Texas facility, and potential for future product sales.Service revenue growth reflects positive business outlook, with a focus on innovation and efficiency. The company is well-positioned to capitalize on the growing demand for advanced battery solutions. Investors are advised to consider a broader financial context and potential market reactions, with additional insights available through InvestingPro.KULR Technology Group’s Q1 2024 performance underlines strategic expansion and strong financial health. The company’s growth in service revenue and customer base expansion are positive indicators for future success. The upcoming Texas facility, repayment of debts, and focus on advanced battery solutions position KULR well for growth in the space economy and beyond.



Read more at Investing.com: KULR Technology Group reports robust growth in Q1 2024 By Investing.com