KULR Technology Group, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>KULR Technology Group, Inc. has filed its 2023 10-K annual report detailing its financial performance and corporate information.</b>

AI Summary

KULR Technology Group, Inc. (KULR) filed a Annual Report (10-K) with the SEC on April 12, 2024. KULR Technology Group, Inc. reported its 2023 fiscal year results. The company's fiscal year ends on December 31st. The filing is a 10-K annual report. The company's principal executive offices are located in San Diego, CA. KULR Technology Group, Inc. was formerly known as KT High-Tech Marketing Inc. and Grant Hill Acquisition Corp.

Why It Matters

For investors and stakeholders tracking KULR Technology Group, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of KULR's financial health, operational performance, and strategic direction for the fiscal year 2023, crucial for investors to assess the company's current standing and future prospects. Understanding the details within this report is essential for stakeholders to evaluate the company's compliance with SEC regulations and its adherence to accounting standards.

Risk Assessment

Risk Level: medium — KULR Technology Group, Inc. shows moderate risk based on this filing. The company has a history of name changes and has been involved in various equity purchase agreements, indicating potential financial restructuring or strategic shifts that warrant close investor attention.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand KULR's financial performance and operational risks.

Financial Highlights

revenue

117820740

eps

0.20

revenue Growth

11.56%

Key Numbers

• 117820740 — Revenue (2023)
• 105655773 — Revenue (2022)
• 0.20 — EPS (2023)
• 0.18 — EPS (2022)

Key Players & Entities

• KULR Technology Group, Inc. (company) — Filer name
• 2023 (date) — Fiscal year
• 2024-04-12 (date) — Filing date
• San Diego, CA (location) — Business address
• KT High-Tech Marketing Inc. (company) — Former company name
• Grant Hill Acquisition Corp (company) — Former company name

FAQ

Industry Context

KULR Technology Group operates in the electronic components and accessories industry, a sector characterized by rapid technological advancements and evolving market demands.

Regulatory Implications

As a publicly traded company, KULR Technology Group is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the annual filing of Form 10-K.

What Investors Should Do

1. Analyze the revenue growth from $105,655,773 in 2022 to $117,820,740 in 2023.
2. Examine the change in Earnings Per Share (EPS) from $0.18 in 2022 to $0.20 in 2023.
3. Review the company's historical name changes and any associated strategic implications.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-04-12: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

The filing indicates a revenue increase from $105,655,773 in 2022 to $117,820,740 in 2023, and an EPS increase from $0.18 to $0.20 over the same period.

Key Financial Figures

• $0.0001 — ch registered Common Stock, par value $0.0001 per share KULR NYSE American LLC
• $0.64 — 1,483,022 based on the closing price of $0.64 as of that date. As of April 9, 2024,
• $210B — storage systems market is to grow from $210B in 2021 to $435B by 3030. Global lithiu
• $435B — market is to grow from $210B in 2021 to $435B by 3030. Global lithium-ion battery rec
• $4.6B — tery recycling industry is to grow from $4.6B in 2021 to $22.8B by 2030, according to
• $22.8B — dustry is to grow from $4.6B in 2021 to $22.8B by 2030, according to Market and Market
• $1,110.8B — orage systems, and is expected to reach $1,110.8B by 2030 according to CoherentMI. The Co
• $24 billion — logies strive to fulfill an addressable $24 billion thermal management systems market (esti
• $24.8 billion — ms market size was projected to grow to $24.8 billion by 2025). E-aviation growth and continu
• $127.2B — e market size that is expected to reach $127.2B by 2032, an increase from $82.7B in 202
• $82.7B — reach $127.2B by 2032, an increase from $82.7B in 2023, according to Precedence Resear
• $6.5 billion — vibration motor market is estimated at $6.5 billion in 2023 and is forecast to reach $24.1
• $24.1 billion — illion in 2023 and is forecast to reach $24.1 billion by 2032, growing at a Compounded Annual
• $21 billion — odel for batteries that will reach over $21 billion by 2025 (estimated based on market data
• $21.04 billion — ycling market size is expected to reach $21.04 billion by 2025). E-mobility KULR is support

Filing Documents

• tmb-20231231x10k.htm (10-K) — 2370KB
• tmb-20231231xex4d1.htm (EX-4.1) — 16KB
• tmb-20231231xex23d1.htm (EX-23.1) — 5KB
• tmb-20231231xex31d1.htm (EX-31.1) — 17KB
• tmb-20231231xex31d2.htm (EX-31.2) — 17KB
• tmb-20231231xex32d1.htm (EX-32.1) — 10KB
• tmb-20231231xex97.htm (EX-97) — 31KB
• tmb-20231231x10k001.jpg (GRAPHIC) — 52KB
• tmb-20231231x10k002.jpg (GRAPHIC) — 60KB
• tmb-20231231x10k003.jpg (GRAPHIC) — 50KB
• 0001410578-24-000454.txt (&nbsp;) — 12423KB
• tmb-20231231.xsd (EX-101.SCH) — 103KB
• tmb-20231231_cal.xml (EX-101.CAL) — 79KB
• tmb-20231231_def.xml (EX-101.DEF) — 406KB
• tmb-20231231_lab.xml (EX-101.LAB) — 814KB
• tmb-20231231_pre.xml (EX-101.PRE) — 626KB
• tmb-20231231x10k_htm.xml (XML) — 2109KB

Business

Business 2 Item 1A

Risk Factors

Risk Factors 11 Item 1B Unresolved Staff Comments 21 Item 1C Cybersecurity 21 Item 2

Properties

Properties 22 Item 3

Legal Proceedings

Legal Proceedings 22 Item 4 Mine Safety Disclosures 22 Part II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 23 Item 6 [Reserved] 23 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operation

Management's Discussion and Analysis of Financial Condition and Results of Operation 24 Item 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 29 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 29 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 30 Item 9A

Controls and Procedures

Controls and Procedures 30 Item 9B Other Information 31 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 31 Part III Item 10 Directors, Executive Officers and Corporate Governance 32 Item 11

Executive Compensation

Executive Compensation 36 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 37 Item 13 Certain Relationships and Related Transactions, and Director Independence 38 Item 14 Principal Accountant Fees and Services 39 Part IV Item 15 Exhibits and Financial Statement Schedules 40 Item 16 Form 10-K Summary 43

Signatures

Signatures 44 Table of Contents In this report, unless the context indicates otherwise, the terms "Company," "we," "us," "our" and similar words refer to KULR Technology Group, Inc. ("KULR"), a Delaware corporation, and its wholly-owned subsidiary, KULR Technology Corporation ("KTC"), a Delaware corporation. SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, or the "Securities Act," and Section 21E of the Securities Exchange Act of 1934 or the "Exchange Act." These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or anticipated results. In some cases, you can identify forward-looking statements by terms such as "may," "intend," "might," "will," "should," "could," "would," "expect," "believe," "anticipate," "estimate," "predict," "potential," or the negative of these terms. These terms and similar expressions are intended to identify forward-looking statements. The forward-looking statements in this report are based upon management's current expectations and beliefs, which management believes are reasonable. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor or combination of factors, or factors we are not aware of, may cause actual results to differ materially from those contained in any forward-looking statements. You are cautioned not to place undue reliance on any forward-looking statements. These statements represent our estimates and assumptions only as of the date of this report. Except to the extent required by federal securities laws, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. You should be aware that our actual results could differ materially from thos

BUSINESS

ITEM 1. 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. Active government initiatives propelled by industry and regulatory tailwinds are increasing demand for energy storage, battery recycling and clean energy, resulting in an expanding total addressable market for KULR's solutions. According to Precedence Research, global energy storage systems market is to grow from $210B in 2021 to $435B by 3030. 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 $24 billion thermal management systems market (estimated based on market data

View Full Filing

View this 10-K filing on SEC EDGAR