KULR Technology Group Inc (AMEX:KULR) reported better-than-expected financial results for the second quarter after the close on Thursday, and shares are moving higher. Here’s what you need to know from the report.
KULR stock is racing ahead of the pack after-hours. See the trading setup here.
Q2 Earnings: KULR Technology reported second-quarter revenue of $3.97 million, beating estimates of $3.5 million, according to Benzinga Pro. The company said total revenue increased 63% year-over-year as product sales jumped 74%.
KULR Technology reported second-quarter earnings of 22 cents per share, beating estimates for a loss of 16 cents per share. The positive earnings results were primarily driven by a mark-to-market of the company’s Bitcoin (CRYPTO: BTC) holdings. KULR Technology said it now holds more than 1,035 Bitcoin.
“We continue to invest for KULR’s long-term growth and scalability. In parallel, we are executing on our Bitcoin treasury strategy. We hold over 1,035 BTC and a yield approaching 300%. We remain confident in our ability to build shareholder value through our energy management, exoskeleton and BTC strategies,” said Shawn Canter, CFO of KULR Technology Group.
KULR Technology executives are currently discussing the quarter on an earnings call that kicked off at 4:30 p.m. ET.
KULR Price Action: KULR Technology shares were up 15.94% after-hours, trading at $6.11 at the time of publication on Thursday, according to Benzinga Pro.
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