KULR revenue rises 197% to $7.4 million; operating loss widens to $11.0 million
KULR reported third-quarter 2026 revenue from continuing operations of $7.4 million, up 197% year over year, driven by product sales. Gross margin fell to 4% from 17%, and the operating loss widened to $11.0 million, so the reported net income of $4.5 million came from a $15.8 million non-recurring gain on digital assets rather than operations. The company also said it completed its exit from Bitcoin, has no debt, and ended the quarter with $54.5 million in cash.
Key points
- Revenue was $7.40 million versus $2.49 million a year earlier; product sales were approximately $6.49 million, up 299%
- Gross margin was 4% versus 17% a year earlier, which the company attributed to low-margin initial production builds and losses on several custom battery programs
- Loss from operations was $11.00 million versus $8.74 million a year earlier; net income was $4.47 million, or $0.10 per share, including the $15.8 million non-recurring gain
- A November 2026 reduction in force is expected to yield about $4 million in annualized savings, with severance costs of $0.35 million to $0.65 million
The filing
Written by AI on Nov 10, 2026, 8:25 AM ET, from this filing only.
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