KULR Technology Group Inc announced its 2Q results showing year-over-year revenue growth of over 200% as the company secured new sales contracts for its next-generation lithium-ion battery technologies.
Revenue for the quarter came in at $0.6 million for the quarter ended June 30, 2021 compared to revenue of $0.2 million in the same year-ago period.
In a statement, San Diego-based KULR attributed the revenue growth to its business development efforts, saying that the results reflected the firm’s efforts to develop new and existing customer relationships.
READ: KULR sees preliminary 2Q revenue soar over 200% as it sees strong demand for its products
Net loss for 2Q came in at $3 million compared to $0.4 million in the same period last year due to several factors like payroll costs and research and development expenses.
A major highlight during the quarter was KULR’s listing on the New York Stock Exchange. It also received three US Department of Transportation special permits or the safe transportation of recycled, prototype and damaged or defective lithium-ion batteries respectively.
“As KULR accelerates its investments in new technology developments in smart battery platform, battery cell screen and testing automation and fast charging battery architecture, it continues to grow sales in its foundational aerospace and defense businesses,” the company wrote in a statement.
“KULR's business model continues to evolve as the company focuses on near-term commercialization opportunities for its technology in battery transportation and energy storage products. The company’s goal is to provide total battery safety solutions for more efficient battery systems, increased sustainability, and end-of-life battery management, making KULR a key technology solutions provider in the migration to a global circular economy.”
KULR ended the quarter with over $12 million in cash.
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