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KULR Technology Group, Inc.(KULR), a leading provider of thermal m anagement solutions for electronics and battery safety technologies, has released its unaudited financial statements for the first half of 2023. The company reported a net loss of $12.9 million, accompanied by a surge in revenue to $4.5 million, indicating significant activity and expansion in its business operations.
Net Loss of $12.9 Million
The financial data reveals that KULR Technology Group, Inc. experienced a net loss of $12.9 million for the first six months of 2023. This marked decline from the previous year's performance can be attributed to various factors, including operating expenses and other financial commitments.
Despite the net loss, KULR Technology Group, Inc. managed to achieve substantial growth in its revenue. The company's revenue for the first half of 2023 reached $4.5 million, demonstrating a significant increase compared to the same period in the previous year. This revenue growth underscores the company's efforts to expand its customer base and enhance its product offerings.
Condensed Consolidated Balance Sheets
The unaudited condensed consolidated balance sheets as of June 30, 2023, highlight the company's total assets amounting to $15.3 million, a decrease from the previous year's total of $23.6 million. Current assets, including cash, accounts receivable, and inventory, were reported at $7.1 million, reflecting a considerable decline compared to $15.7 million in 2022. Property and equipment, net of depreciation, increased to $5.5 million from $3.2 million in the same period.
Condensed Consolidated Statements of Operations
The unaudited condensed consolidated statements of operations for the three and six months ended June 30, 2023, revealed that KULR Technology Group, Inc. generated revenue of $2.7 million and $4.5 million, respectively. The cost of revenue for these periods was reported at $1.7 million and $2.8 million, resulting in a gross profit of $1 million and $1.6 million for the respective periods.
The unaudited condensed consolidated statements of changes in stockholders' equity provide insights into the changes in the company's equity structure. The data indicates fluctuations in common stock, additional paid-in capital, treasury stock, and accumulated deficit. These changes reflect various activities, including the issuance and repurchase of common stock, stock-based compensation, and the impact of the company's financial performance.
Condensed Consolidated Statements of Cash Flows
The unaudited condensed consolidated statements of cash flows outline the company's cash flows from operating, investing, and financing activities for the six months ended June 30, 2023. The data shows that KULR Technology Group, Inc. used cash primarily for operating activities, with a net cash outflow of approximately $9.9 million. Additionally, the company engaged in financing activities that provided a net cash inflow of approximately $1.7 million, and investing activities that resulted in a net cash outflow of approximately $895,000.
KULR Technology Group, Inc.'s unaudited financial statements for the first half of 2023 reveal a challenging period characterized by a net loss of $12.9 million. Despite this, the company managed to achieve revenue growth, reaching $4.5 million. The detailed breakdown of the company's financial performance provides insights into the factors contributing to these results and the company's strategic direction moving forward.