KULR Technology Group Posts Record Revenue in 2024, Prepares for Massive Year Ahead

Checkers
Apr 1
3 min read

KULR Technology Group (NYSE American: KULR) closed 2024 with its strongest results

ever. Revenue hit $10.7 million, Q4 jumped 44% to $3.37 million, and gross margins soared to 64%. On the recent earnings call, management reported holding over $80 million in cash and Bitcoin with zero debt, positioning KULR to aggressively scale into huge growth markets.

Behind these record numbers, KULR is quickly becoming a serious name across multiple billion-dollar sectors including defense, robotics, aerospace, AI, and Bitcoin mining. The company has already secured multiple defense contracts, including work with the U.S. Navy and a major missile program. Its newly expanded Webster, Texas facility just earned AS9100 certification, clearing KULR to design and manufacture aerospace-quality battery systems. This positions the company directly in line for larger defense and aerospace contracts, particularly in markets where battery safety is mission-critical.

Military helicopter in flight against a smoky sky. Camouflage pattern visible, creating a tense, action-packed atmosphere.

Right now, KULR is actively delivering production-ready battery solutions to NASA, designed specifically to meet stringent space-safety standards. A launch of its KULR ONE Space battery is already booked on a future SpaceX rideshare mission through Exolaunch. Management confirmed that pilot production for the U.S. Army’s next-generation military battery packs will begin this fall, and the expanded Texas facility can now handle orders in the thousands of units annually. Given that military battery contracts routinely range into the tens of millions, landing even a single large-scale deal could multiply KULR’s revenue profile significantly in 2025.

Beyond defense and space, KULR’s battery-management systems are gaining traction among drone and robotics companies. Radiation-tolerant, aerospace-certified systems aren’t common, but KULR already has them in place. With robotics, drones, and autonomous systems set to explode into trillion-dollar markets already targeted by giants like NVIDIA, KULR is positioned exactly where demand is strongest. In fact, the company is already integrating with NVIDIA’s Jetson edge AI platform to deliver cooling and vibration solutions for advanced computing systems.

Two gold Bitcoin coins on a digital network background with glowing yellow and orange nodes, radiating a futuristic vibe.

Bitcoin is another major part of KULR’s story. The company now holds 668 BTC, currently valued at over $20 million, making it one of the largest small-cap Bitcoin treasuries. CEO Michael Mo described this Bitcoin investment as a core advantage that gives KULR unique exposure to digital assets without sacrificing cash strength. The board of directors has formally adopted Bitcoin as a primary treasury asset, and the company can now allocate up to 90 percent of its surplus cash to BTC. Management also confirmed KULR is actively exploring Bitcoin mining, aiming to leverage its advanced energy management solutions to reduce mining costs and capture a share of the fast-growing, multi-billion-dollar mining market.

Revenue from licensing surged to $2.7 million last year, proving KULR’s technology can generate strong, repeatable, high-margin income. Even after losing a significant prior-year customer, KULR more than replaced that revenue with new clients across multiple sectors. The customer base grew substantially, concentration risk fell sharply, and profitability increased dramatically.

Robotic arm assembling electronics in a factory. Metallic surfaces shine in the well-lit industrial setting. Focused, efficient atmosphere.

The team also expanded, notably bringing on Qualcomm veteran Josh Steinmann to lead the robotics and physical AI business. Physical AI is becoming a critical sector, with NVIDIA and other tech giants already investing heavily in autonomous machines and intelligent infrastructure. KULR is directly targeting this explosive area, developing next-generation battery and thermal safety products designed specifically for robotics, automation, and intelligent systems.

Nothing about KULR’s growth trajectory suggests a slowdown. The record numbers from 2024 tell the story clearly, but the real excitement lies in the company’s aggressive expansion into massive, fast-growing markets. With defense contracts ramping, aerospace certification in hand, and an expanding position in robotics and Bitcoin mining, KULR is entering 2025 in its strongest position ever.

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