KULR Technology Group reported record revenue of $3.19 million for the third quarter ended September 30, 2024, an increase from $3.04 million in the same period last year. The company also achieved a gross margin of 71% in Q3 2024, a significant improvement compared to 44% in the prior year's quarter.
Operating expenses saw a reduction, with Selling, General and Administrative (SG&A) expenses decreasing to $2.74 million from $4.61 million, and Research and Development (R&D) expenses falling to $1.23 million from $1.82 million. These reductions contributed to a lower operating loss of $1.71 million, down from $5.10 million in Q3 2023.
The net loss for the third quarter of 2024 was $2.00 million, or $0.01 per share, a notable improvement from a net loss of $5.56 million, or $0.05 per share, in the same period last year. As of September 30, 2024, the company held $3.60 million in cash and accounts receivable combined.
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