Monday, November 16, 2020 7:19:36 PM
The San Diego-based company increased its cash balance by over $2 million to $2,809,656 at the end of September, compared to $767,906 on June 30
KULR Technology Group, Inc. - KULR boosts cash balance in 3Q, expects tailwind for its products and solutions as US adopts clean energy
CEO Michael Mo said the firm has focused on solidifying its design and test capabilities, building its network of strategic business partners, and strengthening its balance sheet
KULR Technology Group Inc (OTCQB:KULR), citing a strong balance sheet and available cash, said Friday that it expects the incoming US administration to accelerate a transition to clean energy, “providing a tailwind” for the firm’s products, solutions, and services.
The San Diego, California-based company said it had increased its cash balance by over $2 million to $2,809,656 at the end of September, compared to $767,906 on June 30, 2020.
The firm raised $2,300,000 of gross proceeds through the issuance of notes payable, of which $375,000 was subsequently repaid. It also raised $1,395,000 of gross proceeds through the issuance of common stock.
READ: KULR Technology inks MOU with smartphone component supplier to produce internal short circuit technology
For the third quarter ended September 30, 2020, the company posted revenue of $136,849. The decrease in revenue was “mainly due to a large DOD contract of about $355,000…The customer has pushed the next shipment of product to 2021,” said the company.
"With the recent US election, we believe the incoming administration will most likely accelerate a transition to clean energy and steer the US away from an economy reliant on fossil fuels,” KULR Technology CEO Michael Mo said in a statement.
“We expect to see a strong focus on decarbonization of the electric and transport sectors, which will advance the market penetration of electric mobility, energy storage, clean tech, and battery recycling — all providing tailwind for KULR's products, solutions, and services."
The KULR boss noted that given the challenges presented by the coronavirus (COVID-19) pandemic, the firm has focused on solidifying its design and test capabilities, building its network of strategic business partners, and strengthening its balance sheet.
“During the first half of 2020, we experienced delays with our product development partnerships due to COVID-19. Conditions improved in the third quarter and we're pleased to report that work has resumed on certain key product development projects,” said Mo.
“COVID-19 aside, given the innovative nature of our portfolio of thermal management solutions, the process for designing in to next-generation electronics and battery systems has been lengthy and challenging. However, we anticipate that our work will result in higher volume productions and a more consistent revenue growth in 2021."
Here are some highlights from the third quarter:
Partnered with a global electronics and battery maker to build Internal Short Circuit (ISC) battery testing technology and to license KULR's thermal runaway shield technology to the partner in a commercial phase;
Provided the Federal Aviation Administration with ISC technology to evaluate passenger lithium-ion battery malfunctions that can cause fire, smoke on aircrafts;
Partnered with Airbus Defense and Space for use of KULR's passive propagation resistant (PPR) solutions for research into lithium-ion battery safety;
Signed a dual-use tech development pact with NASA's Marshall Space Flight Center to build 3D-printed battery systems for manned and robotic space applications;
Partnered with Silicon Valley-based Drako Motors to use FTI fiber cooling technology for the Drako GTE, a new ultra-high-performance electric supercar;
Awarded two patents by the US Patent Office;
Signed an agreement with Volta Energy Products for implementation in stationary energy storage modules from the grid; and
Awarded contract to supply NASA with fireproof storage solutions for Microsoft Surface Pro 5 hybrid notebook computers on the International Space Station.
KULR's carbon fiber thermal interface technology, designed for space exploration, allows for the efficient of cooling of batteries and electric components.
Source: https://www.proactiveinvestors.com/companies/news/934089/kulr-boosts-cash-balance-in-3q-expects-tailwind-for-its-products-as-us-adopts-clean-energy-evs-battery-cycling-934089.html
Recent KULR News
- Form 8-K - Current report • Edgar (US Regulatory) • 09/16/2024 12:30:18 PM
- KULR Releases New KULR ONE Space Presentation, CTO to Participate in Upcoming Live Reddit Q&A Discussion • GlobeNewswire Inc. • 09/16/2024 12:30:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/10/2024 12:30:16 PM
- KULR Receives up to $1.5M Satellite Battery Systems Order from South Korea’s Nara Space for Artemis II CubeSat Mission • GlobeNewswire Inc. • 09/10/2024 12:30:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/28/2024 03:01:21 PM
- KULR Releases New Investor Presentation • GlobeNewswire Inc. • 08/28/2024 02:47:49 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/21/2024 12:30:18 PM
- KULR Changes Designation of Principal Executive Office to Texas, Announces Leadership Transition • GlobeNewswire Inc. • 08/21/2024 12:30:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/20/2024 12:30:13 PM
- KULR Partners with Amprius Technologies to Develop Reference Design to Enhance Battery Safety and Performance in Advanced Air Mobility • GlobeNewswire Inc. • 08/20/2024 12:30:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/12/2024 08:56:54 PM
- KULR Technology Group Reports Second Quarter 2024 Financial Results • GlobeNewswire Inc. • 08/12/2024 08:15:00 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/12/2024 08:14:35 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/05/2024 12:30:33 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/08/2024 12:00:20 PM
- KULR Lands Initial $400K NASA Contract for Automated Battery Cell Testing, $2M in Total Orders Anticipated Over Several Quarters • GlobeNewswire Inc. • 07/08/2024 12:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/07/2024 01:30:09 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 06/03/2024 12:00:18 PM
- KULR Announces Expiration of SEPA Facility and Compliance with NYSE Guidelines on Audit Opinion Disclosure • GlobeNewswire Inc. • 06/03/2024 12:00:00 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/31/2024 09:14:04 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/29/2024 12:30:17 PM
- KULR Experiences Fast-Growing Demand for Next-Gen EV Battery Safety and Testing Solutions with Order from Top Japanese Automaker • GlobeNewswire Inc. • 05/29/2024 12:30:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/25/2024 01:30:16 AM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM