KULR Technology Group reported its financial results for the first quarter ended March 31, 2025, with revenue increasing 40% to $2.45 million compared to $1.75 million in the same period last year. Product sales saw an 88.7% increase, reaching approximately $1.16 million.
Despite revenue growth, gross margin declined to 8% in Q1 2025 from 29% in Q1 2024, primarily due to unanticipated labor hours on technical projects. Operating expenses increased substantially, with SG&A rising to $7.20 million and R&D to $2.45 million, driven by consulting, stock-based compensation, and marketing.
The net loss for Q1 2025 deepened significantly to $18.81 million, or $0.07 per share, compared to a net loss of $5.01 million, or $0.04 per share, in Q1 2024. This higher net loss was largely due to a $9.75 million unrealized loss on Bitcoin holdings from mark-to-market adjustments. The company also announced it would consolidate operations into Webster, Texas, by not renewing its San Diego lease.
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