Kulr Technology

KULR sold $11M of stuff and still posted a -141.9% operating margin.

If you own KULR, your problem is simple: sales are tiny, and profits are negative.

kulr

technology · energy management small cap updated mar 20, 2026
$2.88
market cap ~$126M · 52-week range $2–$15
xvary composite: 47 / 100 · below average
our overall rating — combines growth, value, risk, and momentum
Start here if you're new
what it is
KULR sells cooling, battery, and vibration-control tech for electronics, batteries, space, and defense.
how it gets paid
Last year Kulr Technology made $11M in revenue. Thermal management solutions was the main engine at $4.8M, or 44% of sales.
what just happened
KULR posted $13M in quarterly revenue while EPS landed at -$0.47.
At a glance
B balance sheet — gets the job done, barely
-$0.72 fy2024 eps est
$2M fy2026 rev est
n/a operating margin
1.85 beta
xvary composite: 47/100 — below average
What they do
KULR sells cooling, battery, and vibration-control tech for electronics, batteries, space, and defense.
KULR is not a giant. It has 3 domain areas and 52 employees. That is weak against scale, but strong for niche engineering. You are buying specialized gear, so a customer redesign is painful and slow.
utilities small-cap thermal-management battery-tech hardware
How they make money
$11M annual revenue
Thermal management solutions
$4.8M
flat
Energy storage systems and recycling
$2.9M
up
Rotary system vibration reduction
$1.6M
up
AI battery management software
$1.1M
up
Reusable energy storage modules
$0.6M
up
The products that matter
5-year battery supply agreement
Caban Battery Pact
$30M contract · starts in 2026
it represents nearly three times the roughly $11M revenue base shown here. if it ramps on schedule, the company looks larger fast. if it slips, the bull case loses its main support beam.
thesis driver
battery safety platform
Passive Propagation Shield
core thermal platform
this is tied to KULR's battery-safety niche. it matters because thermal management already accounts for $8.6M, or 78% of the mix shown in this page.
core business
non-core revenue stream
Bitcoin Mining Leases
$2.4M · 22% of mix
this business brought in $2.4M. for a company this small, that matters. for your investment case, it muddies the story because investors came for battery safety, not mining-adjacent revenue.
narrative risk
Key numbers
$11M
annual revenue
This is the size of the business. Small revenue leaves little room to hide mistakes.
-141.9%
operating margin
For every $1 of sales, KULR lost $1.42. That is not lean. That is expensive.
$1M
long debt
Debt is only 1% of capital, so leverage is not the problem. Earnings are.
1.85
beta
A 1.0 stock moves with the market. This one tends to swing 85% harder.
Financial health
B
strength
  • balance sheet grade B — adequate — nothing special
  • risk rank 3 — safer than 50% of stocks
  • price stability 5 / 100
  • long-term debt $1M (1% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market

Return history isn't available for KULR right now.

same standard. no invented return math.

source: institutional data · return history unavailable
What just happened
missed estimates
KULR posted $13M in quarterly revenue while EPS landed at -$0.47.
Revenue rose 93% vs. prior year. Gross margin was 11.6%, which leaves very little room after costs.
$13M
revenue
-$0.47
eps
11.6%
gross margin
the number that mattered
11.6% gross margin matters because it shows how little of each sales dollar reaches the bottom line.
source: company earnings report, 2025

Get this snapshot in your inbox

This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.

weekly updates earnings alerts plain english no spam
What could go wrong

the #1 risk is the Caban battery agreement failing to show up as meaningful 2026 revenue.

!
high
Execution on the $30M contract
The growth case leans on a 5-year, $30M agreement that starts in 2026. That single contract is nearly three times the roughly $11M revenue base shown here. If the rollout slips, the scale story slips with it.
The growth case leans on a 5-year, $30M agreement that starts in 2026. That single contract is nearly three times the roughly $11M revenue base shown here. If the rollout slips, the scale story slips with it.
!
high
Thin gross margin
An 11.6% gross margin means KULR keeps less than 12 cents of each revenue dollar after direct costs. On a business this small, weak margin turns delays and cost overruns into financing pressure fast.
An 11.6% gross margin means KULR keeps less than 12 cents of each revenue dollar after direct costs. On a business this small, weak margin turns delays and cost overruns into financing pressure fast.
∘
med
Non-core mining lease revenue clouds the core story
Bitcoin mining leases contributed $2.4M, or 22% of the current mix. That is useful revenue, but it makes it harder for you to judge how much of recent growth belongs to the core thermal-management business.
Bitcoin mining leases contributed $2.4M, or 22% of the current mix. That is useful revenue, but it makes it harder for you to judge how much of recent growth belongs to the core thermal-management business.
∘
med
Volatility can overpower operating progress
A 1.85 beta and a 5 / 100 price stability score tell you this trades like a small-cap speculation. The 80% drop over the last 12 months is proof. Even good execution does not guarantee a smooth stock.
A 1.85 beta and a 5 / 100 price stability score tell you this trades like a small-cap speculation. The 80% drop over the last 12 months is proof. Even good execution does not guarantee a smooth stock.
A delayed contract would hit the main growth bridge, 11.6% gross margin leaves little buffer, and 22% of the current mix comes from non-core mining leases. You are underwriting execution quality more than present-day balance sheet grade.
source: institutional data · regulatory filings · risk analysis
Pay attention to
2026 ramp
First real revenue from the Caban agreement
This is the big one. A $30M deal for a company with roughly $11M in revenue should show up clearly once execution starts.
gross margin
Whether 11.6% starts moving up
Revenue growth gets attention. Margin decides whether that growth creates a business or just a busier income statement.
business mix
Thermal management versus bitcoin leases
You want the 78% core thermal share to keep rising and the 22% mining lease contribution to fade into the background.
trading behavior
Whether volatility starts calming down
A 1.85 beta and 5 / 100 price stability score can drown out operating progress. If the stock keeps trading like pure speculation, fundamentals may stay secondary.
Analyst rankings
risk profile
average
risk rank 3 — typical risk profile — neither especially safe nor risky.
chart momentum
below average
momentum rank 4 — analysts see underperformance risk in the near term.
source: institutional data
Institutional activity

institutional ownership data for KULR is being compiled.

source: institutional data
source: institutional data
Price targets
3-5 year target range
n/a n/a
$3 current price
n/a target midpoint · n/a from current
target data not available

Want the deeper analysis?

The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.

see plans from $5/mo
The deep dive
KULR
xvary deep dive
kulr
the full analysis is in the works.
what you'll get
dcf valuation model
bull / base / bear scenarios
competitive moat breakdown
quarterly earnings tracker
operating model projections
risk matrix with kill criteria
original price target + conviction
updated with every earnings
free · no spam · you'll be first to read it