"KULR continues to accelerate growth and push forward our innovations," said KULR CEO Michael Mo. "With solid Q3 revenue gains and our unlevered Bitcoin holdings, we now have a more resilient balance sheet that allows us to confidently invest in next-generation KULR ONE battery products, deepen our R&D initiatives, and advance the next phase of our expansion."
Third Quarter 2025 Financial Results
Revenues: In the third quarter that ended September 30, 2025, revenue increased 116% to $6.88 million compared to $3.18 million reported in the same period last year. Product sales increased 112%, with revenue of approximately $1.62 million versus approximately $765,000 in the same quarter last year.
Cash and Accounts Receivable: As of September 30, 2025, the Company had cash and current accounts receivable combined of $24.54 million.
Gross Margins: Gross margin was 9% in the quarter ending September 30, 2025, compared to 71% in the same period last year. The decrease in gross margins was primarily due to increased hours spent on service contracts and an increase in costs related to digital assets mining leases.
Selling, General and Administrative (SG&A) Expenses: SG&A expenses increased to $6.26 million in the third quarter of 2025 from $2.74 million in the same period last year. The increase in SG&A expenses was primarily due to planned investments to support our growth-related activities, including additional advertising and marketing services, professional and consulting fees, and increased salaries and stock-based compensation from new hires and new grants awarded in 2025.
Research and Development (R&D) Expenses: R&D expenses in the third quarter of 2025 increased to $2.32 million from $1.23 million in the same period last year. The higher investment in R&D reflects planned increases in R&D services and new hires in 2025, and an increase in stock-based compensation from additional awards granted in 2025.
Operating Loss: Loss from operations was $8.74 million for the third quarter of 2025, compared to $1.71 million from the same period last year. Higher operating loss in the third quarter was driven by an increase in both SG&A expenses and investment in R&D.
Net Loss: Net loss for the third quarter of 2025 was $6.97 million, or a loss of $0.17 per share, compared to a net loss of $2.00 million, or a loss of $0.08 per share from the same period last year. The net loss in the third quarter was primarily driven by a one-time impairment charge and credit losses on loan and accounts receivable.
"This quarter marks another record revenue quarter," noted Shawn Canter, KULR's CFO. He added, "Our product business ...
