KULR Technology Group, Inc.

Key Points
KULR Technology Group reported a swing to profitability for Q2 2025, with GAAP EPS of $0.22 versus a loss in the prior year.
Revenue (GAAP) was $3.97 million for Q2 2025, up 63% year over year and above estimates, driven by record product sales and Bitcoin-related gains.
Gross margin (GAAP) declined to 18% in Q2 2025, and operating losses widened despite the strong top-line growth.
KULR Technology Group (NYSEMKT:KULR), a developer of next-generation battery safety and thermal management solutions, released its Q2 2025 earnings on August 14, 2025. The standout highlight was a marked swing to profitability, as the company reported GAAP earnings per share of $0.22, far outpacing analyst expectations of a $0.16 per-share loss. Revenue (GAAP) was $3.97 million, exceeding the consensus estimate of $3.5 million and reflecting a 63% year-over-year increase. The company attributed its net profit mainly to gains from the revaluation of its Bitcoin (CRYPTO:BTC) holdings. However, gross margin (GAAP) shrank to 18% from 24% in the prior year, and operating losses widened, pointing to rising costs.
The period was notable for robust product sales and aggressive expansion into Bitcoin mining and treasury activities. Overall, KULR posted headline financial gains but also saw key cost metrics move higher.
Metric
Q2 2025
Q2 2025 Estimate
Q2 2024
Y/Y Change
EPS (GAAP)
$0.22
($0.16)
($0.26)
$0.48
Revenue (GAAP)
$3.97 million
$3.5 million
$2.43 million
63 %
Gross Margin
18 %
24 %
(6 pp)
SG&A Expenses
$6.94 million
$4.59 million
51.2 %
Operating Loss
($9.45 million)
($5.33 million)
N/A
Business Overview and Strategic Focus
KULR Technology Group specializes in advanced battery safety, energy storage, and thermal management products. It provides solutions for space, defense, robotics, and industrial sectors. Its business leverages expertise in lithium-ion battery safety and develops products engineered for harsh environments, such as space or deep-sea applications.
In recent quarters, the company has concentrated on expanding its energy storage offerings, integrating artificial intelligence (AI) into battery management, and pursuing strategic partnerships in robotics and exoskeletons. A new emphasis on a Bitcoin treasury strategy has also emerged, with the company now counting digital assets as a critical balance sheet pillar. The company's key success factors include scaling sales in energy storage, strengthening verticals in aerospace and robotics, and managing the risks and volatility of substantial Bitcoin holdings.
Quarter Highlights: Financials, Operations, and New Ventures
Total revenue (GAAP) surged 63% year-over-year, beating analyst estimates by over $470,000 (GAAP). Growth was propelled by record product sales and expanding product lines. However, gross margin (GAAP) fell to 18%, down 6 points from Q2 2024. The company cited unanticipated labor costs as the main driver of this margin compression. Research and development expenses jumped 86% to $2.44 million compared to the same period last year. These higher costs contributed to a wider operating loss of $9.45 million.
KULR's profit was primarily due to unrealized gains on Bitcoin holdings. It reported possessing 1,021 Bitcoin as of July 10, 2025, and spent approximately $101 million on acquisitions year to date. It uses an internally defined "BTC yield" metric to track performance, which showed 291.2% growth year to date. The Bitcoin-driven profit, though substantial for headline earnings, is considered non-operating income and is highly volatile. The company also secured a $20 million credit line and ongoing share sales to fund further Bitcoin purchases. Operating results from the core business remained loss-making.
Key operational achievements centered on new product launches in the battery and robotics verticals. In energy storage, KULR shipped the K1S 500 XLT, a lightweight, compact space sector battery using advanced lithium-ion cells and a next-generation battery management system (BMS). In aerospace and defense, it completed demonstrations for its K1G Ballistic Proof Battery and delivered a pressure-tolerant subsea battery to a major partner. The company's M35A battery cells, certified by NASA, were also selected by a prominent private U.S. space firm for new missions. These products are built to handle harsh environments, emphasizing reliability, safety, and performance for mission-critical applications.
KULR moved further into robotics by launching a partnership to distribute and co-develop German Bionic's Exoskeleton products in North America. These wearable robotic exoskeletons are designed to augment industrial and healthcare workers, offering AI-powered physical support for lifting and repetitive tasks. The initiative targets the global wearable robotics market, projected to exceed $41.5 billion by 2033. This segment is early in commercialization, but leadership described strong initial feedback and a dedicated business unit called KULR AI & Robotics.
On its Bitcoin strategy, KULR continued to accumulate coins as a treasury asset and reported major achievements in its in-house mining operations. Mining capacity reached 750 petahash per second, with a stated target of 1.25 exahash per second by late summer. The combination of direct acquisitions and mining positions Bitcoin as a central component of the company's balance sheet, but management and filings repeatedly caution that unrealized crypto gains do not reflect improvements in the operational business. Additionally, a 1-for-8 reverse stock split was completed.
Looking Ahead
Management did not issue formal guidance for revenue or earnings for the next quarter or the remainder of fiscal 2025. Previous commentary suggested a goal to double revenue by year-end, but this target was not reiterated with the Q2 2025 results.
Investors should watch closely how KULR manages gross margins and controls operating costs, especially as it accelerates investment in new markets and innovative product lines. The company continues to fund operations and expansion through a combination of credit facilities, equity sales, and digital asset strategies. KULR does not currently pay a dividend.
Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

KULR Tech Q2 Profits Boosted by Bitcoin

(RTTNews) - At 7:40 a.m. ET on Friday, premarket trading is seeing notable activity in several stocks, with early price movements signaling potential opportunities before the opening bell.
For active traders, premarket trading offers a head start in spotting potential breakouts, reversals, or sharp price swings. These early moves often indicate where momentum may carry into the regular session, making premarket analysis a key part of the trading day.
In the Green - Premarket Gainers
The following stocks are trading higher in Friday's premarket session, recording significant percentage increases:
Perfect Moment Ltd. (PMNT) - up 96% at $0.57
Pioneer Power Solutions, Inc (PPSI) - up 69% at $5.26
Dragonfly Energy Holdings Corp (DFLI) - up 55% at $0.41
Oriental Rise Holdings Limited (ORIS) - up 31% at $0.13
KULR Technology Group Inc (KULR) - up 24% at $6.52
BitFuFu Inc (FUFU) - up 39% at $5.51
Enlivex Therapeutics Ltd (ENLV) - up 10% at $1.96
Heritage Distilling Holding Company Inc (CASK) - up 19% at $0.59
Nano Labs Ltd (NA) - up 15% at $5.51
Replimune Group Inc (REPL) - up 14% at $6.08
Healthcare Triangle, Inc. (HCTI) - up 12% at $3.74
T1 Energy Inc (TE) - up 12% at $1.41
In the Red - Premarket Losers
The following stocks are trading lower in Friday's premarket session, showing notable percentage declines:
Origin Materials Inc (ORGN) - down 35% at $0.54
Onemednet Corp (ONMD) - down 27% at $0.70
Inspire Veterinary Partners Inc (IVP) - down 22% at $0.89
TPI Composites Inc (TPIC) - down 12% at $0.26
Chanson International Holding (CHSN) - down 15% at $0.04
Bolt Projects Holdings Inc (BSLK) - down 15% at $7.08
Applied Materials Inc (AMAT) - down 14% at $162.03
Tivic Health Systems Inc (TIVC) - down 14% at $3.00
Globant SA (GLOB) - down 11% at $69.24
Forward Industries Inc (FORD) - down 12% at $0.26
Sonoma Pharmaceuticals Inc (SNOA) - down 12% at $4.64
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Moving Premarket: PMNT, KULR, ENLV, ORGN, And Other Gainers & Losers

KULR Technology Group announces a 1-for-8 reverse stock split effective June 23, 2025, to enhance institutional investor appeal.
Quiver AI Summary
KULR Technology Group, Inc. announced a 1-for-8 reverse stock split of its outstanding common stock, effective June 23, 2025. This move aims to optimize market dynamics, broaden investor appeal, and align the stock's trading conditions with investors' best interests, particularly as the company considers potential inclusion in institutional portfolios during the upcoming Russell 3000® Index reconstitution. CEO Michael Mo emphasized that the split is intended to enhance institutional participation and long-term shareholder value. After the split, the number of shares will decrease from approximately 300 million to less than 40 million, with no fractional shares issued. The company’s stock will continue to trade under the symbol "KULR" on the NYSE-American Market.
Potential Positives
KULR Technology Group is undergoing a 1-for-8 reverse stock split to optimize market dynamics and broaden investor appeal, enhancing its position for institutional participation.
The reverse stock split is aimed at increasing the share price, potentially allowing for inclusion in institutional portfolios and trading platforms with minimum price thresholds.
The action is expected to reduce the number of outstanding shares significantly, from approximately 300 million to less than 40 million, which may improve the stock's perceived value.
KULR's strategic focus on bitcoin as a primary asset in its treasury program aligns with current market trends, potentially increasing investor interest and support for the company.
Potential Negatives
A reverse stock split may signal underlying issues with the company's stock price, potentially leading to concerns among investors about overall company health.
The decision to engage in a reverse stock split could be interpreted as a strategy to artificially inflate share price, which may undermine investor confidence.
The announcement does not provide clear assurances of improved performance or growth following the split, which could lead to skepticism regarding future value creation.
FAQ
What is a 1-for-8 reverse stock split?
A 1-for-8 reverse stock split means every 8 shares will be consolidated into 1 share, increasing the share price.
When will the reverse stock split take effect?
The reverse stock split will take effect on June 23, 2025, for trading purposes.
Why is KULR implementing a reverse stock split?
KULR aims to broaden investor appeal and align share price with institutional buying criteria.
Will existing shareholders be affected by the stock split?
Yes, the stock split will affect all shareholders, but their overall ownership percentage will remain the same.
How will the reverse stock split impact trading on NYSE?
KULR will continue trading under the symbol “KULR” on NYSE American with a new CUSIP number post-split.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$KULR Hedge Fund Activity
We have seen 71 institutional investors add shares of $KULR stock to their portfolio, and 33 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
MILLENNIUM MANAGEMENT LLC added 1,524,032 shares (+611.5%) to their portfolio in Q1 2025, for an estimated $2,011,722
SUSQUEHANNA INTERNATIONAL GROUP, LLP added 996,197 shares (+161.3%) to their portfolio in Q1 2025, for an estimated $1,314,980
MARSHALL WACE, LLP added 773,787 shares (+1391.7%) to their portfolio in Q1 2025, for an estimated $1,021,398
SQUAREPOINT OPS LLC added 698,598 shares (+3610.5%) to their portfolio in Q1 2025, for an estimated $922,149
CETERA INVESTMENT ADVISERS added 563,549 shares (+inf%) to their portfolio in Q1 2025, for an estimated $743,884
ENZI WEALTH removed 500,000 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $1,775,000
PEAK6 LLC added 440,400 shares (+inf%) to their portfolio in Q1 2025, for an estimated $581,328
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
HOUSTON, June 13, 2025 (GLOBE NEWSWIRE) --
KULR Technology Group, Inc.
(NYSE American: KULR) (the "Company" or "KULR"), a Bitcoin First Company and global leader in sustainable energy management, announced today that it will effect a 1-for-8 reverse stock split of its outstanding common stock. This will be effective for trading purposes as of the commencement of trading on June 23, 2025. KULR’s common stock will continue to trade on the NYSE-American Market under the symbol “KULR” and under a new CUSIP number.
The noncompulsory decision to implement this stock split reflects the Company’s aim to optimize market dynamics, broaden investor appeal and accessibility, and align the stock’s trading conditions with the best interests of its investors.
KULR CEO Michael Mo commented, “KULR is implementing a reverse stock split to better position itself for broader institutional participation and long-term shareholder value. While our shares already trade with ample liquidity, we believe that a higher share price will allow us to take advantage of potential inclusion in institutional portfolios and trading platforms that have minimum price thresholds, particularly as we approach the upcoming
Russell 3000
®
Index reconstitution
later this month. We think this action optimizes alignment with preferred institutional buying parameters with the goal of broadening our shareholder base.”
As a result of the reverse stock split, every 8 pre-split shares of common stock outstanding will become one share of common stock. The par value of KULR’s common stock will remain unchanged at $0.0001 per share after the reverse stock split. The reverse stock split will not change the authorized number of shares of KULR’s common stock. The reverse stock split will affect all stockholders uniformly and will not alter any stockholder's percentage interest in KULR’s equity, except to the extent that the reverse stock split results in some stockholders owning a fractional share. No fractional shares will be issued in connection with the reverse stock split. Instead, in lieu of any fractional shares to which a stockholder of record would otherwise be entitled as a result of the reverse stock split, the Company will issue to such stockholder, at the participant level, such additional fraction of a share as is necessary to increase such resulting fractional share to a full share of common stock. The reverse stock split will also apply to common stock issuable upon the exercise of the Company’s outstanding warrants and stock options, with a proportionate adjustment to the exercise prices thereof, and under KULR’s equity incentive plan.
The reverse stock split will reduce the number of shares of common stock issued and outstanding from approximately 300 million to approximately less than 40 million.
Vstock Transfer
is acting as the exchange agent and transfer agent for the reverse stock split. Stockholders holding their shares in book-entry form or in brokerage accounts need not take any action in connection with the reverse stock split. Beneficial holders are encouraged to contact their bank, broker or custodian with any procedural questions.
About KULR Technology Group Inc.
KULR Technology Group Inc. (NYSE American: KULR) is a Bitcoin First Company that delivers cutting edge energy storage solutions for space, aerospace, and defense by leveraging a foundation of in-house battery design expertise, comprehensive cell and battery testing suite, and battery fabrication and production capabilities. The Company’s holistic offering allows delivery of commercial-off-the-shelf and custom next generation energy storage systems in rapid timelines for a fraction of the cost compared to traditional programs. Since late 2024, KULR has included bitcoin as a primary asset in its treasury program and committed to allocating up to 90% of its cash to the acquisition of bitcoin.
Find KULR:
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Safe Harbor Statement
This release contains certain forward-looking statements based on our current expectations, forecasts and assumptions that involve risks and uncertainties. Forward-looking statements in this release are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business, which include the risk factors disclosed in our Form 10-K filed with the Securities and Exchange Commission on March 31, 2025, as may be amended or supplemented by other reports we file with the Securities and Exchange Commission from time to time. Forward-looking statements include statements regarding our expectations, beliefs, intentions, or strategies regarding the future and can be identified by forward-looking words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” and “would” or similar words. All forecasts are provided by management in this release are based on information available at this time and management expects that internal projections and expectations may change over time. In addition, the forecasts are entirely based on management’s best estimate of our future financial performance given our current contracts, current backlog of opportunities and conversations with new and existing customers about our products and services. We assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise.
Investor Relations:
KULR Technology Group, Inc.
Phone: 858-866-8478 x 847
Email:
ir@kulr.ai
KULR Media Relations:
M Group Strategic Communications (on behalf of KULR)
Email:
kulr@mgroupsc.com
This article was originally published on Quiver News, read the full story.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

KULR Technology Group, Inc. Announces 1-for-8 Reverse Stock Split Effective June 23, 2025

The following companies are expected to report earnings after hours on 03/27/2025. Visit our Earnings Calendar for a full list of expected earnings releases.
lululemon athletica inc. (LULU)is reporting for the quarter ending January 31, 2025. The textile company's consensus earnings per share forecast from the 15 analysts that follow the stock is $5.85. This value represents a 10.59% increase compared to the same quarter last year. In the past year LULU has beat the expectations every quarter. The highest one was in the 4th calendar quarter where they beat the consensus by 6.69%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for LULU is 23.49 vs. an industry ratio of 14.90, implying that they will have a higher earnings growth than their competitors in the same industry.
Braze, Inc. (BRZE)is reporting for the quarter ending January 31, 2025. The internet software company's consensus earnings per share forecast from the 7 analysts that follow the stock is $-0.21. This value represents a 27.59% increase compared to the same quarter last year. In the past year BRZE has beat the expectations every quarter. The highest one was in the 4th calendar quarter where they beat the consensus by 10.71%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for BRZE is -38.09 vs. an industry ratio of -52.20, implying that they will have a higher earnings growth than their competitors in the same industry.
AAR Corp. (AIR)is reporting for the quarter ending February 28, 2025. The aerospace and defense company's consensus earnings per share forecast from the 3 analysts that follow the stock is $0.96. This value represents a 12.94% increase compared to the same quarter last year. In the past year AIR has beat the expectations every quarter. The highest one was in the 4th calendar quarter where they beat the consensus by 8.43%. Zacks Investment Research reports that the 2025 Price to Earnings ratio for AIR is 18.49 vs. an industry ratio of 35.40.
Oxford Industries, Inc. (OXM)is reporting for the quarter ending January 31, 2025. The textile company's consensus earnings per share forecast from the 1 analyst that follows the stock is $1.28. This value represents a 32.63% decrease compared to the same quarter last year. Zacks Investment Research reports that the 2025 Price to Earnings ratio for OXM is 9.33 vs. an industry ratio of 14.90.
Abacus Global Management, Inc. (ABL)is reporting for the quarter ending December 31, 2024. The life insurance company's consensus earnings per share forecast from the 3 analysts that follow the stock is $0.13. This value represents a 230.00% increase compared to the same quarter last year. In the past year ABL and beat the expectations the other two quarters. Zacks Investment Research reports that the 2024 Price to Earnings ratio for ABL is 11.63 vs. an industry ratio of 10.00, implying that they will have a higher earnings growth than their competitors in the same industry.
TMC the metals company Inc. (TMC)is reporting for the quarter ending December 31, 2024. The mining company's consensus earnings per share forecast from the 1 analyst that follows the stock is $-0.06. This value represents a 45.45% increase compared to the same quarter last year. The days to cover, as reported in the 3/14/2025 short interest update, increased 131.42% from previous report on 2/28/2025. Zacks Investment Research reports that the 2024 Price to Earnings ratio for TMC is -7.55 vs. an industry ratio of -13.00, implying that they will have a higher earnings growth than their competitors in the same industry.
Sky Harbour Group Corporation (SKYH)is reporting for the quarter ending December 31, 2024. The aerospace and defense company's consensus earnings per share forecast from the 3 analysts that follow the stock is $-0.11. This value represents a 81.97% increase compared to the same quarter last year. Zacks Investment Research reports that the 2024 Price to Earnings ratio for SKYH is -130.40 vs. an industry ratio of 35.40.
KULR Technology Group, Inc. (KULR)is reporting for the quarter ending December 31, 2024. The consensus earnings per share forecast from the 2 analysts that follow the stock is $-0.02. KULR reported earnings of $-0.04 per share for the same quarter a year ago; representing a a decrease of -50.00%.Gevo, Inc. (GEVO)is reporting for the quarter ending December 31, 2024. The alternative energy company's consensus earnings per share forecast from the 2 analysts that follow the stock is $-0.11. This value represents a 37.50% decrease compared to the same quarter last year. Zacks Investment Research reports that the 2024 Price to Earnings ratio for GEVO is -2.93 vs. an industry ratio of 40.60.
HireQuest, Inc. (HQI)is reporting for the quarter ending December 31, 2024. The staffing company's consensus earnings per share forecast from the 1 analyst that follows the stock is $0.17. This value represents a 466.67% increase compared to the same quarter last year. HQI missed the consensus earnings per share in the 1st calendar quarter of 2024 by -14.29%. INmune Bio Inc. (INMB)is reporting for the quarter ending December 31, 2024. The biomedical (gene) company's consensus earnings per share forecast from the 1 analyst that follows the stock is $-0.53. This value represents a 12.77% decrease compared to the same quarter last year. The "days to cover" for this stock exceeds 26 days. Zacks Investment Research reports that the 2024 Price to Earnings ratio for INMB is -3.45 vs. an industry ratio of -5.40, implying that they will have a higher earnings growth than their competitors in the same industry.
FitLife Brands, Inc. (FTLF)is reporting for the quarter ending December 31, 2024. The medical products company's consensus earnings per share forecast from the 1 analyst that follows the stock is $0.23. This value represents a 53.33% increase compared to the same quarter last year. Zacks Investment Research reports that the 2024 Price to Earnings ratio for FTLF is 14.81 vs. an industry ratio of -2.00, implying that they will have a higher earnings growth than their competitors in the same industry.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

After-Hours Earnings Report for March 27, 2025 : LULU, BRZE, AIR, OXM, ABL, TMC, SKYH, KULR, GEVO, HQI, INMB, FTLF

KULR Technology Group's (NYSEMKT: KULR) stock soared over 1,000% over the past two months. The energy solutions company impressed the market by gaining more commercial and government contracts. It also attracted more attention from crypto investors with its plans to build a "Bitcoin Treasury" by spending 90% of its surplus cash on Bitcoin.
KULR carved out a niche with its fiber-based heat management products for lithium-ion batteries, which were originally developed for NASA more than a decade ago. It now sells those products to a wide range of government, tech, and aerospace customers. Analysts expect its revenue to grow at a compound annual growth rate (CAGR) of 73% from 2023 to 2026.
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But with an enterprise value of $730 million, KULR now trades at 55 times next year's sales. That nosebleed valuation could set it up for a steep drawdown if the market crashes. So instead of chasing KULR, investors should consider buying these cheaper potential millionaire makers: Intuitive Machines (NASDAQ: LUNR) and Nio (NYSE: NIO).
An undervalued lunar exploration play
Intuitive Machines develops lunar exploration and landing vehicles for NASA. It signed three major contracts with NASA in 2021, and it originally planned to launch its first Nova-C lunar lander that same year. That closely watched project was repeatedly postponed, but NASA finally launched its lunar lander to the moon in February 2024.
That marked the first successful U.S. moon landing since 1972, and it convinced NASA to award the company a new lunar terrain vehicle (LTV) contract in April, a new commercial lunar payload services (CLPS) contract in August, and an exclusive near-space network (NSN) contract worth up to $4.8 billion in September. The company's quarterly backlog hit a record of $316 million at the end of the third quarter of 2024.
Intuitive expects its revenue to grow from $80 million in 2023 to between $215 million and $235 million in 2024 as it recognizes more revenue from its NASA contracts, gains more non-NASA contracts, and expands its lunar "ride-sharing" business for sending third-party payloads to the moon. From 2024 to 2026, analysts expect its revenue to more than double from $228 million to $497 million. It's still in the red, but analysts expect to turn profitable on a generally accepted accounting principles (GAAP) basis in 2026.
With an enterprise value of $1.5 billion, Intuitive Machines still looks reasonably valued at 4 times next year's sales. So if the lunar exploration race heats up again, it could be poised to generate multibagger gains over the next decade.
An underappreciated Chinese EV maker
Nio is a leading manufacturer of electric vehicles (EVs) in China. It produces a wide range of sedans and SUVs, but it differentiates itself from its competitors with its swappable batteries. These batteries can be quickly switched at its battery-swapping stations as a faster alternative to traditional chargers. It locks in those drivers with sticky subscriptions.
Nio's deliveries more than doubled in 2020 and 2021, but slowed to 34% growth in 2022 and 31% growth in 2023. That deceleration was caused by China's slowing economic growth, the cooling EV market, tough competition, and adverse weather conditions in certain regions. A price war also halved its vehicle margin from 20.2% in 2021 to 9.5% in 2023.
But for 2024, Nio expects its deliveries to rise 51% to 53% as it sells more premium ET-series sedans and cheaper Onvo smart vehicles in China. It also continues to expand in Europe even as it grapples with higher tariffs on Chinese EVs. From 2023 to 2026, analysts expect its revenue to grow at a CAGR of 29%. It's also expected to gradually narrow its GAAP losses with the support of government subsidies.
With an enterprise value of 64.8 billion yuan ($8.9 billion), Nio's stock looks like a bargain at a P/S ratio of less than 1. Its valuations could still be squeezed by concerns about higher tariffs and competitive threats in China, but it could generate millionaire-making gains if it successfully scales up its business.
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Leo Sun has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Should You Forget KULR and Buy These 2 Millionaire-Maker Stocks Instead?

MicroStrategy (NASDAQ: MSTR) and KULR Technology (NYSEMKT: KULR) both recently generated a lot of buzz with their big investments in Bitcoin (CRYPTO: BTC). Microstrategy, which started buying Bitcoin in 2020, had accumulated 279,420 Bitcoins as of Nov. 10. Those holdings are worth $26.2 billion, or 35% of its enterprise value of $75.3 billion, and have largely overshadowed its core software business.
KULR, a developer of thermal management solutions for lithium-ion batteries, plans to spend 90% of its surplus cash on Bitcoin. It made its first purchase of 217.18 Bitcoins on Dec. 6. Those holdings are worth $20.4 million and equivalent to 2% of its enterprise value of $851 million.
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During the past 12 months, MicroStrategy's stock rose 380% as KULR's stock skyrocketed almost 1,800%. Let's see why KULR outperformed MicroStrategy -- and whether it will remain the better investment over the next few years.
MicroStrategy is an all-in bet on Bitcoin
MicroStrategy went public back in 1998, and it was considered a slow-growth developer of analytics software during most of the following two decades. It initially grew by locking in big customers including McDonald's, but its growth cooled off as it saturated its market and faced tough competition from cloud-based competitors including Salesforce, Amazon, and Microsoft.
That's why it abruptly shifted gears four years ago and started hoarding Bitcoin. That strategy has paid off so far -- it spent only $11.9 billion, or an average of $42,692 per Bitcoin, for its current holdings. Bitcoin trades at about $94,000 now.
But MicroStrategy's core software business is still struggling to grow. Its revenue dipped 1% in 2023, and analysts expect another 5% drop for 2024 as it faced tough macro headwinds. In 2025, analysts expect its revenue to grow 2% as the macro environment warms up, it expands its cloud-based subscriptions, and it rolls out more generative AI services.
On the bottom line, the company is not expected to report profit for the foreseeable future as its Bitcoin costs gobble up revenue. It's also increased its number of shares outstanding by more than 120% over the past five years to fund its Bitcoin purchases. The bulls hope the growth of its Bitcoin holdings gradually make its software business irrelevant, but it's still an all-in bet on Bitcoin that could face serious problems if Bitcoin's price pulls back.
KULR's core business still has a bright future
KULR's recent bet on Bitcoin isn't generating any unrealized profits yet. It paid about $21 million, or an average price of $96,557, for its current Bitcoin holdings.
Yet KULR's core business arguably has a lot more growth potential than MicroStrategy's aging software business. Its fiber-based products dissipate the heat of lithium-ion batteries with thermal interface materials, lightweight heat exchangers, and other ways to stop damaging overheating.
KULR initially developed those technologies for NASA before expanding across the aerospace and defense sectors. Its current partners and customers include SpaceX, Tesla, Meta Platforms, Boeing, and General Motors. Its products are customizable for a wide range of configurations, which makes them well suited for tiny spaces with strict size and weight limitations. It went public as an OTC stock back in 2018, but it grew rapidly and was eventually listed on the New York Stock Exchange in 2021.
KULR's revenue soared 146% to $9.8 million in 2023, but analysts expect it to take a breather and grow just 4% to $10.2 million in 2024. In 2025, they expect its revenue to jump 77% to $18.1 million as it narrows its net loss from $15.5 million to $12.9 million. That growth should be mainly driven by its new government contracts. KULR isn't an all-in bet on Bitcoin like MicroStrategy, but it's also increased its share count by more than 160% during the past five years to fund its expansion.
The better buy: KULR
Neither of these stocks is a bargain right now. With an enterprise value of $75.3 billion, MicroStrategy trades at 120 times sales. KULR, which has an enterprise value of $851 million, trades at 59 times sales.
If I had to pick one of these Bitcoin-driven stocks over the other, I'd buy KULR because its core business is growing faster, it's better diversified, and it looks more reasonably valued relative to its long-term growth. MicroStrategy's stock could soar if Bitcoin hits fresh highs, but it might be smarter to simply buy Bitcoin instead of investing in its unbalanced business.
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Better Bitcoin Stock: MicroStrategy vs. KULR Technology

In trading on Tuesday, electronic equipment & products shares were relative laggards, down on the day by about 1.2%. Helping drag down the group were shares of KULR Technology Group, off about 21.1% and shares of SES off about 16.1% on the day.
Also lagging the market Tuesday are computers shares, down on the day by about 1% as a group, led down by Quantum, trading lower by about 11.6% and Neonode, trading lower by about 3.4%.
VIDEO: Tuesday Sector Laggards: Electronic Equipment & Products, Computers
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Tuesday Sector Laggards: Electronic Equipment & Products, Computers

KULR Technology (NYSEMKT: KULR), a provider of energy storage solutions, saw its stock rally about 1,610% over the past two months. It had been languishing as a penny stock since early 2023, but it abruptly skyrocketed and transformed into a hypergrowth stock after it secured new contracts, regained compliance with the NYSE American's listing standards, and made a big Bitcoin purchase to launch its own Bitcoin treasury.
But should you buy, sell, or hold KULR's stock after that breathtaking rally? Let's review its business model, growth rates, valuations, and potential catalysts to decide.
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What does KULR Technology do?
KULR develops energy storage solutions for the aerospace and defense industries. Its integrated products dissipate the heat of lithium-ion batteries with thermal interface materials, lightweight heat exchangers, and other safeguards against runaway heating.
Its solutions can be customized across a wide range of power and electronic configurations, which makes them ideal for tiny spaces with size and weight limitations.
KULR was founded in 2013, and it initially developed fiber-based thermal management technologies for NASA and other aerospace applications. Those heat-dissipating technologies became the foundation of its current business, and it went public as an over-the-counter (OTC) stock in 2018 before being uplisted to the New York Stock Exchange in 2021.
How fast has KULR been growing?
KULR's revenue rose 285% to $2.4 million in 2021, 66% to $4 million in 2022, and 146% to $9.8 million in 2023. That expansion was driven by its growing list of partners and customers, which includes SpaceX, Tesla, Meta Platforms, Boeing, and General Motors.
Over the past three months, KULR expanded its existing U.S. Army battery contract, signed a new high-temperature battery-testing contract with the U.S. Navy, won a defense contract for a major missile program, and announced a plan to launch its KULR ONE Space (K1S) battery to a satellite via SpaceX's rideshare program in 2026.
Analysts expect KULR's revenue to only grow 4% to $10.2 million in 2024, but they expect that figure to grow at a two-year compound annual growth rate (CAGR) of 123% to $50.8 million in 2026 as it recognizes more revenue from its contracts. They also expect it to narrow its net losses and squeeze out a net profit of $2.9 million in 2026.
As KULR scales up its business, it plans to spend 90% of its surplus cash on Bitcoin purchases to build up a Bitcoin treasury. It recently made its first purchase of 217.18 Bitcoins for $21 million at an average price of $96,556.53.
That strategy seems similar to MicroStrategy's Bitcoin buying frenzy over the past four years, but MicroStrategy holds a lot more Bitcoin ($11.9 billion) as of Nov. 10 with a much lower average purchase price of $42,692.
Can KULR justify its meme stock valuations?
The bulls claim that KULR has carved out a defensible niche and can continue to scale up its energy solutions business as it accumulates more Bitcoin. The bears will point out that with an enterprise value of $1.15 billion, KULR is overvalued at 115 times this year's sales and 23 times its projected sales for 2026.
They'll also point out KULR has increased its number of shares by 164% over the past five years, yet its insiders sold more than 50% as many shares as they sold over the past 12 months. They also didn't buy a single share over the past three months.
So for now, KULR looks more like a meme stock than a sustainable growth stock. It's generating quite a buzz with its thermal technology, expanding customer base, and Bitcoin purchases, but it simply isn't bringing in enough revenue to support its sky-high valuations. Therefore, it's smarter to sell KULR's stock than to buy a new position or hold it in anticipation of bigger gains.
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Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to Meta Platforms CEO Mark Zuckerberg, is a member of The Motley Fool's board of directors. Leo Sun has positions in Meta Platforms. The Motley Fool has positions in and recommends Bitcoin, Meta Platforms, and Tesla. The Motley Fool recommends General Motors and recommends the following options: long January 2025 $25 calls on General Motors. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

KULR Technology Stock: Buy, Sell, or Hold?

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News & Insights

Hewlett Packard Enterprise (HPE) came out with quarterly earnings of $0.48 per share, beating the Zacks Consensus Estimate of $0.45 per share. This compares to earnings of $0.63 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of 6.67%. A quarter ago, it was expected that this information technology products and services provider would post earnings of $0.50 per share when it actually produced earnings of $0.52, delivering a surprise of 4%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Hewlett Packard Enterprise, which belongs to the Zacks Computer - Integrated Systems industry, posted revenues of $6.76 billion for the quarter ended January 2024, missing the Zacks Consensus Estimate by 4.33%. This compares to year-ago revenues of $7.81 billion. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Hewlett Packard Enterprise shares have lost about 12.5% since the beginning of the year versus the S&P 500's gain of 6.3%.
What's Next for Hewlett Packard Enterprise?
While Hewlett Packard Enterprise has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Hewlett Packard Enterprise: mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $0.44 on $7.08 billion in revenues for the coming quarter and $1.92 on $29.55 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Computer - Integrated Systems is currently in the top 39% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the broader Zacks Computer and Technology sector, KULR Technology Group, Inc. (KULR), has yet to report results for the quarter ended December 2023.
This company is expected to post quarterly loss of $0.04 per share in its upcoming report, which represents no change from the year-ago quarter. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
KULR Technology Group, Inc.'s revenues are expected to be $3.5 million, up 93.4% from the year-ago quarter.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

KULR Technology Group, Inc.

Price history and volume

Shares 360

Investment risk — medium

Investment potential — medium

Security parameters