The 98% revenue growth and 21-point gross margin expansion signal improving product-market traction, but the bitcoin-driven net loss and lack of guidance keep the stock binary. Monitor the Q2 2026 10-Q for operating leverage trajectory and any bitcoin position changes.
Price Chart
Executive Summary
KULR Technology Group reported Q1 2026 revenue of $4.85M (+98% YoY) and a GAAP net loss of $28.1M (-$0.61/share), which included a $20.8M non-cash mark-to-market loss on bitcoin holdings. Operating loss improved 22% to $7.4M and gross margin expanded from 8% to 29%, but the headline net loss widened sharply from -$0.54/share a year ago. No guidance was provided, and no consensus estimates were available for comparison.
Key Financial Metrics
Key Facts
- Revenue increased 98% YoY to $4,846,430 from $2,448,606
- Gross margin improved to 29% from 8% in the prior-year period
- Operating loss decreased 22% to $7,385,177 from $9,443,805
- Net loss widened to $28,119,844 (-$0.61/share) from $18,806,658 (-$0.54/share), driven by a $20,767,713 mark-to-market loss on bitcoin holdings
- SG&A expenses fell 9% to $6,531,969; R&D expenses fell 28% to $1,770,500
- Cash balance of $19.0 million as of May 13, 2026
- No guidance or forward-looking financial targets provided in the release
Financial Impact
Revenue nearly doubled YoY to $4.85M; operating loss narrowed 22% to $7.4M; net loss ballooned to $28.1M due to bitcoin MTM
Risk Factors
- Bitcoin mark-to-market volatility could continue to distort reported net income
- No guidance provided limits forward visibility on revenue trajectory or profitability timeline
- Cash balance of $19M may require additional capital if operating losses persist at current levels
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-061192 |
| Document: tm2614693d1_ex99-1.htm | 0001104659-26-061192 |
| Document: 0001104659-26-061192-index-headers.html | 0001104659-26-061192 |
| Document: 0001104659-26-061192-index.html | 0001104659-26-061192 |
| Document: 0001104659-26-061192.txt | 0001104659-26-061192 |
| 8-K Data (Synthetic) | 0001104659-26-061192 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 24, 2026 13w ago | 8-K | $2.52 $1.80 | ▼ −28.57% | ▼ −32.30% | $1.54 (−38.89%) |
Jun 26, 2026 17w ago | 8-K | $3.99 $2.44 | ▼ −38.85% | ▼ −43.23% | $1.54 (−61.40%) |
Jun 24, 2026 17w ago | 8-K | $3.74 $2.37 | ▼ −36.63% | ▼ −40.36% | $1.54 (−58.82%) |
Jun 9, 2026 19w ago | 8-K | $3.70 $2.49 | ▼ −32.70% | ▼ −36.52% | $1.54 (−58.38%) |
Jun 2, 2026 20w ago | Press Release | $5.23 $2.67 | ▼ −48.95% | ▼ −50.07% | $1.54 (−70.55%) |
May 29, 2026 21w ago | 144 | $4.78 $2.58 | ▼ −46.03% | ▼ −47.21% | $1.54 (−67.78%) |
May 14, 2026 23w ago | 8-K | $3.60 $2.80 | ▼ −22.22% | ▼ −26.74% | $1.54 (−57.22%) |
May 8, 2026 24w ago | Press Release | $3.33 $2.75 | ▼ −17.42% | ▼ −21.81% | $1.54 (−53.75%) |
Apr 28, 2026 25w ago | 8-K | $2.43 $2.77 | ▲ +13.99% | ▲ +10.00% | $1.54 (−36.63%) |
Mar 26, 2026 30w ago | Press Release | $2.24 $3.61 | ▲ +61.02% | ▲ +44.95% | $1.54 (−31.25%) |
US Market Status
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