Q4 2023 KULR Technology Group Inc Earnings Call Transcript
Key Points
- Total revenue increased 146% year over year to reach a record $9.8 million.
- Total number of customers increased from 36 to 53, indicating a growing customer base.
- Product sale revenue increased 161%, showing strong demand for KULR's products.
- Engineering Services revenue increased 17%, demonstrating the company's expertise and value in services.
- KULR has built an industry-leading technology platform for battery safety and thermal management, positioning it well for future growth.
- The company experienced significant shareholder value erosion during equity financing.
- KULR had to reduce its workforce by 15% due to capital access difficulties.
- Gross margin for 2023 was 37% versus 59% in 2022, reflecting a decrease in profitability.
- The company had to manage operations closely with customers and partners due to limited ability to grow the business.
- Revenue in the fourth quarter was down sequentially from the previous quarter, potentially impacted by cash and operational constraints.
Welcome everyone to the full year 2023 earnings call for KULR Technology Group, Incorporated. The company's traded on the New York Stock Exchange, the NYSE under the ticker symbol KULR. I will be joined on the call today by the CEO of the company. That's Michael Mo. And the Chief Financial Officer of the company, Shawn Canter.
The call will proceed as follows. We will get opening statements from both members of the management team. After those opening statements have concluded, we will welcome onto the call, various analysts will also be asking their questions directly to the company at the conclusion of the Q&A portion of this call. We will then wrap up the call with that before the call can begin, please listen to the following statements.
This call does not constitute an offer to sell or solicitation of offers to buy any securities of any entity. This call may contain certain forward-looking statements based on current expectations, forecasts and assumptions that involve risks and uncertainties. Forward-looking statements made on this
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