Executive Summary

Q1 2025 revenue was $2.45M, up 40% year over year, but down sequentially from Q4 2024 ($3.37M); gross margin compressed to 8% vs 64% in Q4, primarily due to unanticipated labor hours on technical projects .
EPS context is mixed: the company reported a net loss of $18.81M or $0.07 per share; S&P Global Primary EPS actual records –$0.4928 versus a consensus of –$0.12 and revenue $2.4486M versus a consensus of $2.85M, implying a revenue miss and a larger EPS loss than expected* .
Management highlighted balance sheet strength and strategic pivots: Bitcoin holdings increased to 716 BTC by May 10 and subsequently to 800.3 BTC on May 20; the company launched blockchain supply chain tracking and entered AI-driven robotics via German Bionic partnerships .
CFO reiterated operational consolidation (exiting San Diego, consolidating to Webster, TX) to improve efficiency; prior guidance to at least double 2025 revenue was reaffirmed on the Q1 call .
Near-term stock catalysts: execution on space batteries (AstroForge K1S 500Wh), Texas Space Commission $6.7M grant, robotics commercialization, and Bitcoin Treasury expansion driving narrative exposure .

What Went Well and What Went Wrong

What Went Well

Revenue grew 40% YoY to $2.45M; product sales up 88.7% to ~$1.16M YoY, and first Bitcoin mining revenue of $250K recognized .
Strategic wins: $6.7M award from Texas Space Commission to advance cold-temperature KULR ONE Space batteries; AstroForge partnership on a 500Wh K1S pack; launch of blockchain-secured supply chain .
Quote: “We extended our streak of record trailing-twelve-months revenue, and we continue to demonstrate our leadership as a bitcoin treasury company.” — CFO Shawn Canter .

What Went Wrong

Gross margin fell to 8% from 29% YoY and 64% in Q4; management attributed the decline to unanticipated labor hours on technical projects .
Operating loss increased to $9.44M vs $3.54M in Q4; SG&A rose to $7.20M and R&D to $2.45M reflecting higher marketing and stock-based comp and planned R&D consulting .
Net loss widened to $18.81M (–$0.07/share), primarily driven by mark-to-market accounting of Bitcoin holdings; S&P’s Primary EPS actual indicates a much larger loss than consensus, highlighting modeling and metric differences* .

Financial Results

Summary P&L and Margins (Oldest → Newest)

Metric	Q3 2024	Q4 2024	Q1 2025
Revenue ($USD Millions)	$3.19	$3.37	$2.45
Gross Margin (%)	71%	64%	8%
Operating Loss ($USD Millions)	$(1.71)	$(3.54)	$(9.44)
Net Loss ($USD Millions)	$(2.00)	$(4.62)	$(18.81)
SG&A ($USD Millions)	$2.74	$4.44	$7.20
R&D ($USD Millions)	$1.23	$1.25	$2.45
EPS ($USD)	$(0.01)	$(0.02)	$(0.07)

Segment and KPIs

Metric	Q3 2024	Q4 2024	Q1 2025
Product Sales ($USD Millions)	$0.77	N/A	~$1.16
Service Revenue YoY Change (%)	+22%	N/A	–8%
Bitcoin Mining Revenue ($USD Millions)	N/A	N/A	$0.25
Cash (Period-End) ($USD Millions)	N/A	$29.83	$24.00
Accounts Receivable ($USD Millions)	N/A	$2.60	$2.90
Bitcoin Holdings ($USD Millions or BTC)	N/A	$20.28	670 BTC EOP; 716 BTC by 5/10
Total Assets ($USD Millions)	N/A	$63	$94

Actuals vs S&P Global Consensus (Q1 2025)

Metric	Consensus	Actual
Revenue ($USD)	2,850,000*	2,448,606*
Primary EPS ($USD)	–0.12*	–0.4928*

Values marked with * retrieved from S&P Global.

Notes:

Company-reported Q1 2025 net loss per share was –$0.07; S&P Primary EPS actual was –$0.4928. This reflects metric differences (company-reported EPS vs S&P “Primary EPS” framework). We anchor estimate comparisons to S&P data and note the discrepancy .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY 2025	“At least double in 2025” (from Q4 call)	Reaffirmed on Q1 call	Maintained
Operations/Facilities	2025	N/A	Consolidate San Diego into Webster, TX by November 2025	Operational efficiency action

No formal numeric ranges (revenue/GM/OpEx) were issued in the Q1 2025 press release or call beyond directional commentary .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q3 2024, Q4 2024)	Current Period (Q1 2025)	Trend
Space Batteries (KULR ONE Space)	Building 100/200/400Wh platforms; NASA 20793 focus; expanded Army DEVCOM work	AstroForge 500Wh K1S partnership; Texas Space Commission $6.7M award; continued NASA JSC alignment	Expanding engagements and funding
AI/Data Centers & Xero Vibe	KXV licensing deal; data center cooling opportunity	Continued AI focus; broader platform narrative; no new KXV financials this quarter	Narrative continuing; monetization cadence TBD
Robotics/Physical AI	Previewed strategic move forthcoming	German Bionic Apogee ULTRA partnership; exclusive NA distribution; business unit formation	Entered robotics, execution phase
Bitcoin Treasury	Initiated; ~668 BTC by late March; long-term holding stance	716 BTC by May 10; 800.3 BTC by May 20; BTC Yield KPI disclosed	Rapid accumulation; treasury centrality
Supply Chain/Blockchain	N/A	Blockchain-secured supply chain; Base L2 rollup; NFT-based custody tracking	New initiative; digital ops
Facilities/Operations	HQ expansion; Webster TX designation	Consolidation: exit San Diego lease; move ops to Webster	Cost/efficiency focus
EV Batteries Strategy	Testing services exposure; avoided EV pack manufacturing due to margins	Reiterated staying away from EV pack provision; focus on testing/services	Consistent stance

Management Commentary

CEO framing: “2025 is a transformational year… With over $100M in cash and Bitcoin holdings… we are well capitalized to grow our battery and AI Robotics businesses,” underscoring BTC-first strategy and dual focus on batteries and robotics .
CFO on earnings quality: “We extended our streak of record trailing-twelve-months revenue… While our earnings saw the impact of a non-cash mark-to-market non-operational expense… We remain steadfast in our BTC treasury strategy” .
Operations: “We will consolidate operations into Webster, Texas… aligns with our ongoing efficiency and productivity improvement efforts” — CFO Shawn Canter .
Strategic positioning: accelerated battery development cycles and a 31,000 sq ft facility doubling production capacity .

Q&A Highlights

Revenue outlook: Prior statement that revenue would at least double in 2025 reaffirmed on Q1 call .
Facilities: Decision not to renew San Diego lease; consolidate into Webster, TX by November .
EV batteries: Company avoids EV battery pack manufacturing due to razor-thin margins; continues extensive testing services for major OEMs .
Partnerships: Continued pursuit of UPS SafeCase deal; design partnerships with Amprius for space/DoD/drones/robotics .
Launch plans: Paid SpaceX rideshare with CubeSat and battery planned (timing reference in Q&A indicates 2027 for that mission), tying to low-temperature program and SafeStax platform .

Estimates Context

Q1 2025 S&P Global consensus: Revenue $2.85M vs actual $2.4486M (miss); Primary EPS –$0.12 vs actual –$0.4928 (larger loss than expected)*.
Company-reported EPS was –$0.07/share; differences reflect S&P’s “Primary EPS” methodology versus company-reported metrics. Analysts may need to reconcile basis differences and the non-cash digital asset mark-to-market effect when updating models .
Values marked with * retrieved from S&P Global.

Key Takeaways for Investors

Margin compression and higher OpEx overshadowed YoY revenue growth; watch near-term gross margin recovery as labor normalization and project mix improve .
Strong pipeline and funding in space batteries (Texas grant, AstroForge) and new robotics entry provide diversified growth vectors beyond legacy battery services .
Bitcoin Treasury is central to the equity narrative; marked-to-market volatility can materially swing GAAP earnings, affecting EPS comparability vs consensus frameworks .
Execution milestones to monitor: NASA 20793 certification progress, robotics commercialization (Apogee ULTRA deployment and leasing/sales model in North America), blockchain supply chain adoption by key customers .
2025 revenue “at least double” guidance was reaffirmed; delivery depends on scaling KULR ONE platforms, licensing monetization cadence (KXV and other IP), and BTC strategy optics .
Operational consolidation (San Diego to Webster) should support cost discipline; track SG&A normalization and productivity gains in H2’25 .
For trading: catalysts include additional BTC acquisition updates, Russell 3000 addition, contract wins in space/DoD/robotics, and margin stabilization; risks include BTC price volatility’s non-cash P&L impact and execution timing on new initiatives .

Citations: Press release and 8-K Q1 2025 ; Earnings call transcripts Q1 2025 ; Prior quarters’ releases/calls Q3 2024 -; Q4 2024 - -; BTC expansion PR ; Blockchain PR ; AstroForge PR ; Texas Space Commission grant . Values retrieved from S&P Global: Q1 2025 consensus and actuals for Primary EPS and Revenue (table marked with *).

KULR Technology Group, Inc. (KULR)·Q1 2025 Earnings Summary