NYSE-listed KULR Technology, a company specializing in energy management solutions, unveiled its Q1 results on Thursday. The first quarter was a significant one for the company as it considerably grew its bitcoin treasury, launched its blockchain, and recorded its initial bitcoin mining earnings.
Revenue for KULR increased by 40% year-on-year to reach $2.45 million, a rise largely attributed to robust product sales. However, net losses escalated to $18.81 million from $5 million in the same quarter of the previous year. This was mainly due to mark-to-market adjustments on its bitcoin holdings since the end of December, as per the company’s statement.
On May 15, KULR announced that it had grown its bitcoin holdings to 716.2 BTC ($74.4 million) after its latest purchase of $4 million at an average price of $94,403. This was an increase from its total of 668.3 BTC as of March 25. The company’s total holdings were obtained at a cumulative cost of $69 million, indicating a paper gain of $5.4 million. So far this year, the company reported a 197.5% BTC Yield, a measure it uses to monitor bitcoin growth relative to fully diluted shares, funded via surplus cash and its at-the-market equity program.
“2025 is a transformational year for KULR, and the transformation is well on its way,” said Michael Mo, KULR CEO. “With over $100 million in cash and bitcoin holdings on our balance sheet at present and virtually no debt, we are well capitalized to grow our battery and AI Robotics businesses. Our future capital market activities are geared towards turbocharging our bitcoin acquisition strategy, thereby establishing KULR as a pioneering BTC-First Bitcoin Treasury Company.”
More and more firms are attempting to mimic Strategy’s (formerly MicroStrategy) bitcoin acquisition playbook, including Semler Scientific, Metaplanet, Twenty One, and Nakamoto, among others.
Shawn Canter, KULR Chief Financial Officer, added, “We are proud to put up another same quarter over quarter positive beat. We extended our streak of record trailing-twelve-months revenue, and we continue to demonstrate our leadership as a bitcoin treasury company.”
Despite these developments, KULR’s entry into bitcoin mining and its blockchain-based supply chain initiative went largely unnoticed. The company recognized its first mining revenue in the quarter, Canter confirmed during KULR’s earnings call.
“For the first quarter of 2025 versus the first quarter of 2024, product revenue was up 89%, service revenue was down 8%, and we recognized our first bitcoin mining revenue of $250,000,” he said.
Mo added, “We are getting increasingly entrenched into the Bitcoin and blockchain ecosystems. We expect our share prices to appreciate with our bitcoin treasury strategy and our growing businesses. Our mining arrangement is another way to accumulate BTC at a favorable cost basis with less dilutive capital market activities in the future. We expect to increase our BTC yield and returns.”
KULR also unveiled its blockchain-based supply chain initiative in the first quarter. The initiative aims to enhance transparency and security by recording product data and test results on a distributed ledger. Each product’s metadata will be minted as an NFT on a custom rollup to the Coinbase-incubated Ethereum Layer 2 network Base, enabling verifiable ownership transfers and secure tracking throughout the supply chain.
Apart from its bitcoin and blockchain strategies, KULR also secured a $6.7 million space tech grant, entered the U.S. robotics market with German Bionic, and expanded its aerospace footprint with new NASA-compliant battery deployments and a partnership with AstroForge on its asteroid mining missions during the first quarter.
According to TradingView, KULR’s stock is currently trading down around 10% on Friday at $1.33.
