KULR’s shares dropped 5.9% following earnings, reflecting investor disappointment with cautious outlook and ongoing margin pressure despite strong revenue growth and operational improvements.

• Total revenue nearly doubled year-over-year, reaching $4.8 million, driven by 84% growth in product sales to $2.1 million.
• Gross margin improved to 29% from 8% a year ago, though product sales margin remained relatively low at 26%.
• Operating losses narrowed by approximately 22% year-over-year, indicating progress but continued unprofitability.
• Management highlighted ongoing scaling efforts with expanded manufacturing capacity and commitment to battery business capital allocation.
• While customer traction in UAV, defense, and space markets is expanding, the stock reaction indicates skepticism around the pace of profitability and outlook details.