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Kulr Technology Group, Inc. (KULR) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

Kulr Technology Group, Inc.

CIK: 1662684 Ticker: KULR

Exhibit 99.1

 

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Description automatically generated with medium confidence

 

KULR Technology Group Reports First Quarter 2022 Financial Results

 

SAN DIEGO / GLOBENEWSWIRE / May 16, 2022 /

KULR Technology Group, Inc. (NYSE American: KULR) (the "Company" or "KULR"), a leading developer of next-generation lithium-ion battery safety and thermal management technologies, today reported results for the first quarter ended March 31, 2022.

 

First Quarter 2022 and Recent Operational Highlights:

Selected by a multinational technology conglomerate to supply proprietary carbon fiber solution for core component in the sensing of electrical nerve signals to control navigation through virtual environments. This foundational partnership marks KULR’s entry into the Metaverse, where the Company believes it has additional opportunities to support this growing industry.
Secured a battery safety contract with NASA to test the Company’s lithium-ion cells for future battery packs designed for the Artemis Program, a series of US-led international human spaceflight programs. KULR is processing up to 10,000 lithium-ion cells per week as well as preparing for tests performed by NASA, the Department of Defense (“DoD”), and others performing manned flighted missions.
Awarded three additional contracts with DoD prime contractors to implement the Company’s carbon fiber cathode solution for high-power magnetic and other covert pulse weaponry initiatives.
Appointed former NASA Johnson Space Center senior leader Dr. William Walker as Director of Engineering. Dr. Walker will work with the Company’s engineering team on its next generation high-performance computing (“HPC”) and hypersonic vehicle thermal management initiatives.
Released a passive propagation resistant (“PPR”) solution in its KULR-Tech Safe Case product family for maritime lithium-ion battery safety. The PPR solution meets the upcoming United States Coast Guard’s new safety requirements for the passenger vessel industry and provides additional battery safety options for the cargo, fishing, and cruise verticals. The Company’s solution prevents cell to cell thermal runaway propagation as well as heat, fire, and explosion from exiting the KULR-Tech Safe Case enclosure.

 

Subsequent Events

On May 13, 2022, KULR entered into separate transactions for both a note and a standby equity purchase agreement, allowing the Company to access up to $55 million in additional capital for procuring battery cell supplies as well as other key materials. The Company is securing inventory allocations in anticipation of ongoing demand from its key end markets. In total, KULR expects to procure lithium-ion battery cells providing up to 500-megawatt hours (“MWh”) of energy capacity, enough to power approximately 40,000 homes using currently available domestic energy storage options. Within applications for the energy storage and e-mobility markets, the battery cell supplies would equate to a revenue opportunity of $250-$350 million. To further control supply chain and manufacturing costs and risks, the Company also intends to use these funds to bring much of its production capabilities to North America.

 

Additional details regarding the transactions can be found in the Company’s Form 8-K filing with the Securities and Exchange Commission.

 


The following information was filed by Kulr Technology Group, Inc. (KULR) on Monday, May 16, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Kulr Technology Group, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Changes In Stockholders' Equity
Condensed Consolidated Statements Of Operations
Accrued Expenses And Other Current Liabilities
Accrued Expenses And Other Current Liabilities (Details)
Accrued Expenses And Other Current Liabilities (Tables)
Accrued Issuable Equity
Accrued Issuable Equity (Details)
Accrued Issuable Equity (Tables)
Accrued Issuable Equity - Additional Information (Details)
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Commitments And Contingencies (Details)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Maturity (Details)
Leases - Supplemental Cash Flow Information Related To Lease (Details)
Organization, Nature Of Operations And Risks And Uncertanties
Prepaid Expenses And Other Current Assets
Prepaid Expenses And Other Current Assets (Details)
Prepaid Expenses And Other Current Assets (Tables)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Additional Information (Details)
Stockholders' Equity - Market-Based Awards (Details)
Stockholders' Equity - Option Pricing Model (Details)
Stockholders' Equity - Outstanding And Exercisable Warrants (Details)
Stockholders' Equity - Restricted Common Stock (Details)
Stockholders' Equity - Stock Activity (Details)
Stockholders' Equity - Stock Options (Details)
Stockholders' Equity - Stock-Based Compensation (Details)
Stockholders' Equity - Summary Of Warrants Activity (Details)
Subsequent Events
Subsequent Events (Details)
Subsequent Events - Standy Equity Purchase Agreement (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Additional Information (Details)
Summary Of Significant Accounting Policies - Consolidated Statements Of Operations: (Details)
Summary Of Significant Accounting Policies - Customer Concentrations (Details)
Summary Of Significant Accounting Policies - Inventory (Details)
Summary Of Significant Accounting Policies - Schedule Of Basic And Diluted Net Loss Per Common Share (Details)
Summary Of Significant Accounting Policies - Weighted Average Dilutive Common Shares (Details)
Vendor Deposits
Vendor Deposits (Details)

Material Contracts, Statements, Certifications & more

Kulr Technology Group, Inc. provided additional information to their SEC Filing as exhibits

Ticker: KULR
CIK: 1662684
Form Type: 10-Q Quarterly Report
Accession Number: 0001410578-22-001697
Submitted to the SEC: Mon May 16 2022 4:42:02 PM EST
Accepted by the SEC: Mon May 16 2022
Period: Thursday, March 31, 2022
Industry: Electronic Components And Accessories

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