KULR Technology Group Inc (OTCQB:KULR) reported a 298% surge in its 4Q 2020 revenue to $208,488, which the company attributed mainly to new orders received for products and engineering services for military and aerospace customers.
KULR also said it ended the quarter with $8,880,140 in cash on its books as of December 31, having raised $8 million in gross proceeds from the sale of its common stock and warrants.
It added that its current funding leaves it well positioned to expand operations, support new business and fund ongoing product development in spite of the pandemic-related difficulties.
READ: KULR Technology partners with Andretti Technologies to develop thermal management tech for EV motorsports
Perhaps most notably, the company improved its gross margins to 80% in 4Q from 48% during the same period in 2019.
As well, KULR increased its shareholder equity from a $525,612 deficit on September 30 to a surplus of $6,118,552 by the end of the quarter ended December 31.
The company also saw its net loss increase slightly to $858,599 from $525,110 a year earlier, although on a per-share basis it remained the same at $0.01.
KULR noted that the next step of its evolution is to provide total systems solutions to address market thermal management needs.
To that end, the company said it will actively seek partners for joint venture, technology licensing and other strategic partnership models in order to scale up as a systems provider more quickly and efficiently in the energy storage, as well as the electric vehicle (EV) transportations and hypersonic vehicle thermal management markets.
KULR added that its goal is to leverage its thermal design technology expertise to create market-leading products, which the company will take to market directly to capture more value for its shareholders.
KULR also announced that it has scheduled a shareholder update call for March 29 at 12pm EDT, in which the company’s CEO, COO, and CFO will provide a business update and answer questions submitted in advance.
To access the call:
Dial-In Number: 1-857-232-0157
Access Code: 422095
Interested parties may submit questions prior to the call to Stuart Smith at SmallCapVoice.Com, Inc. via email: ssmith@smallcapvoice.com by 11 PM EDT on March 23.
For those unable to participate in the live conference call, a replay will be available at https://www.smallcapvoice.com/kulr/ shortly after the call has concluded. An archived version of the webcast will also be available at https://kulrtechnology.com/category/presentations/
Contact Sean at sean@proactiveinvestors.com