KULR Reports a 441 Percent Increase in 2018 Revenue

KULR Technology (OTCQG:KUTB) announced year-end 2018 financial results. The company, whose principal operations are energy and thermal management for industries including aerospace, transportation and defense. For fiscal 2018, KULR reported a 441 percent increase in revenue to over US$1.2 million and a 73 percent gross margin.

As quoted in the press release:

We believe the growth of the E-Mobility market will continue to create significant new opportunities for the application of our technology and intellectual property (“IP”). The E-Mobility market consists of electrification of power trains with lithium ion batteries, vehicle management systems and the communications infrastructure to support the vehicles. These new opportunities will be further driven by certain behavioral changes we’ve observed in younger generations who seem to increasingly cope with higher population densities and prefer sharing services instead of ownership of products. We believe these technology and demographic trends will lead to new E-Mobility products and services in the future.

KULR will continue leveraging its heritage and expertise in high performance space energy management technology to develop solutions for E-Mobility applications. Our focus is to provide safety and energy management solutions for lithium-ion batteries in E-Mobility vehicles. We believe we are well positioned to serve customer specific needs and intend to expand our business through partnerships, IP licensing and acquisitions. In the case of acquisitions, we seek to acquire businesses that are synergistic and complimentary to our existing technologies, operations and management experience.

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