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The company said it is seeking partnerships to start mining Bitcoin.
KULR Technology Group (KULR) shares jumped 15.7% in extended trading on Thursday after the company’s fourth-quarter revenue topped estimates.
According to FinChat data, the battery solutions firm posted quarterly revenue of $3.37 million, while Wall Street expected it to post $2.87 million.
KULR reported a quarterly net loss of $4.6 million, or $0.02 per share, for the three months ended Dec. 31, compared with a net loss of $5.19 million, or $0.04 per share.
The company attributed the rise in revenue to the scaling up of design and test services from larger customers.
KULR said its product sale customers rose 35% to 53 in 2024, while service revenue customers jumped 100% to 34 last year.
“We expect to at least double our revenue in 2025, as we grow our energy management business and expand into new applications,” CEO Michael Mo said.
As of Dec. 31, 2024, the company had $29.83 million in cash, compared to $1.19 million a year earlier.
The company recently boosted its Bitcoin holdings to about $58.34 million.
KULR’s Bitcoin treasury strategy, first announced in December, allows up to 90% of its surplus cash reserves to be held in Bitcoin.
The company also said it is seeking partnerships to start mining the cryptocurrency.
Retail sentiment on Stocktwits jumped to ‘extremely bullish’ (87/100) territory from ‘bullish’(64/100) a day ago, while retail rose to ‘extremely high.’
One retail trader said the list of achievements included in the earnings report is “truly impressive/Bullish, and the financial performance is reasonable.”
Another user expected the stock to hit double digits by the end of the year.
KULR shares have more than tripled year-to-date (YTD) amid a rally in Bitcoin prices.
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