ADDED
As of March 27, 2026, there were 46,239,034 shares of the issuer s common stock, par value $0.0001 per share, issued and outstanding.
All references to share and per share amounts (excluding authorized shares), as well as option and warrant amounts and exercise prices, including the condensed consolidated financial statements and accompanying notes, have also been restated to give retroactive effect to the Reverse Stock Split.
This annual report on Form 10-K includes statistical and other industry and market data that we obtained from industry publications and research, surveys and studies conducted by third parties.
BUSINESS Overview Overview KULR designs and builds advanced battery systems for autonomous platforms, digital infrastructure, e-mobility and Space sold as a product or delivered as service subscription.
The Company addresses two primary constraints in electrification: thermal management and safety.
As energy and power density increase across aerospace, autonomous machines, digital infrastructure and industrial applications, managing heat generation, current density, and propagation risk becomes essential to system reliability and survivability.
KULR is establishing a fully integrated battery energy storage system design and production infrastructure in Houston, Texas.
KULR brings battery pack design, prototyping, testing, certification, and manufacturing; as well as battery management system software and electronics design capabilities together under one roof.
This full-stack approach enables faster development cycles and rapid transition from prototype to cost-effective volume production.
The facility is designed to build high-power and high-energy battery packs that require advanced thermal, mechanical, and safety engineering.
REMOVED
As of March 27, 2025, there were 284,389,637 shares of the issuer s common stock, par value $0.0001 per share, issued and outstanding.
Other risks and uncertainties include such factors, among others, as market acceptance and market demand for our products and services, pricing, the changing regulatory environment, the effect of our accounting policies, potential seasonality, industry trends, adequacy of our financial resources to execute our business plan, our ability to attract, retain and motivate key technical, marketing and management personnel, and other risks described from time to time in periodic and current reports we file with the United States Securities and Exchange Commission, or the SEC.
BUSINESS Overview and Market Opportunities KULR Technology Group, Inc., through our wholly owned subsidiary KULR Technology Corporation, maintains expertise in three key technology domain areas: (1) energy storage systems and recycling, (2) thermal management solutions, and (3) rotary system vibration reduction.
Historically, KULR, focused on thermal energy management solutions for space and Department of Defense (DoD) applications, with recent expansion into energy storage and vibration reduction markets as the logical next step.
Combined, this energy management platform consists of high-performance thermal management technologies for batteries and electronics, AI-powered battery management and vibration mitigation software solutions, and reusable energy storage modules.
Our mission is to advance and apply these technologies to make our world more sustainable by using less energy; using energy more efficiently; making energy consumption safer and cooler; using less materials to achieve these goals; and completing the circular economy through recycling.
According to Precedence Research, global energy storage systems market is to grow from $210B in 2021 to $435B by 2030.
Global lithium-ion battery recycling industry is to grow from $4.6B in 2021 to $22.8B by 2030, according to Market and Markets Research.
Additionally, the domain driving the growth of KULR s battery design and production capabilities is the private space exploration market sector, which requires highly custom, safe, and reliable energy storage systems, and is expected to reach $1,110.8B by 2030 according to CoherentMI.
The Company s disruptive technologies strive to fulfill an addressable $40 billion thermal management market (estimated based on market data projections published by Precedence Research stating that the thermal management market size was projected to grow to $40 billion by 2034).