Q2 2024 KULR Technology Group Inc Earnings Call Transcript
Key Points
- KULR Technology Group Inc (KULR) achieved a 39% sequential revenue growth in Q2 2024, reaching $2.43 million.
- Engineering service revenue increased by 76% year-over-year, marking a record full quarter.
- The company expanded its capabilities with a new 17,500 square foot facility in Webster, Texas, enhancing its battery design and testing services.
- KULR secured a contract with a top Japanese automaker for testing high-energy battery cells for next-generation electric vehicles.
- The company is strategically investing in its production capabilities to support future growth, particularly in the space economy, which is projected to reach $1.8 trillion by 2035.
- KULR's stock value has declined since reaching a high in November 2021, despite significant revenue growth.
- The company faces challenges in becoming an industry standard, particularly in the automotive sector.
- KULR has not yet found significant success with its KULR Vibe software solution, which could be a low-cost revenue generator.
- There is uncertainty regarding the impact of future mass production of solid-state batteries on KULR's business.
- The company is under non-disclosure agreements, limiting its ability to disclose specific customer names and contract values, which may affect investor transparency.
Welcome everyone to the KULR Technology Group, second quarter 2024 earnings call. KULR technology group is traded on the New York Stock Exchange under the ticker symbol KULR in just a moment, I will be joined by the CEO of the company, Michael Mo, as well as by the CFO of the company, Shawn Canter.
As usual, like the calls in the past, today's call will cover opening comments from both Michael Mo and Shawn Canter, and then it will be followed by a Q&A session where the company representatives will answer questions that were e-mailed in to the company for this call.
Now before we get started on the call, we do need to cover the Safe Harbor statements, this call does not constitute an offer to sell or solicit solicitation of offers to buy any securities of any entity. This call contains certain forward-looking statements based on the company's current expectations, forecasts and assumptions that involve risks and uncertainties.
Forward looking statements made on this call are based on information available to the company as of the date hereof. The
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