KULR Technology Group, Inc. (AMEX:KULR) shares are trading higher on Friday after the company reported better-than-expected second quarter financial results on Thursday after the market closed.
What To Know: KULR reported earnings per share of 22 cents, beating the consensus estimate of a 16 cent-loss. In addition, the company reported sales of $3.97 million, beating the consensus estimate of $3.50 million.
KULR ended the quarter with $24.73 million in combined cash and accounts receivable. The company reported a net income of $8.14 million, driven primarily by a mark-to-market gain on its bitcoin holdings.
KULR's Bitcoin holdings expanded to 1,021 BTC with a year-to-date yield of 291.2%. The company also secured a $20 million credit facility with Coinbase to support future bitcoin acquisitions and scaled its mining capacity to 750 PH/s, targeting 1.25 EH/s later this summer.
Recent operational highlights also include joining the Russell 3000 Index, delivering its K1S 500 XLT energy storage system for the private space sector and releasing the 7th Generation EXIA exoskeleton in partnership with German Bionic.
“KULR is in its strongest financial position to accelerate its growth and continue its innovations,” said KULR CEO Michael Mo.
“Alongside the increased revenue in Q2, our Bitcoin holdings provide a solid financial balance sheet that enables us to invest confidently in developing new KULR ONE battery products, expand our R&D efforts, and drive towards the next phase of our growth.”
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KULR Price Action: At the time of writing, KULR shares are trading 5.7% higher at $5.58, according to data from Benzinga Pro.
This illustration was generated using artificial intelligence via Midjourney.
