NYSE: KULR

KULR ONE® Platform

KULR ONE® is the Company’s modular, cell-agnostic battery architecture platform. It standardizes thermal management, mechanical containment, current path engineering, and propagation resistance across multiple end markets while allowing configuration-specific customization.

Through the KULR ONE® platform, KULR delivers custom, domain-specific battery systems across space, defense, aviation, grid, and subsea applications. In addition to complete battery systems, KULR provides cell screening and characterization, pack-level qualification and abuse testing, battery management system integration, and both low-volume and scalable production capabilities. Through our vertically integrated engineering and manufacturing infrastructure, KULR supports customers from concept development through certification and recurring production. Our focus remains the delivery of safe, high-performance, and scalable energy storage systems engineered for applications where thermal management, current density, and propagation control are critical to operational success.

The KULR ONE® ecosystem consists of domain-specific battery platforms and design solutions:

●KULR ONE® Space (K1S) – Flight-ready battery systems designed to meet the extreme demands of spacecraft, satellites and deep space missions. Architectures are modular, configurable to meet mission-specific electrical, thermal, and mechanical requirements, including passive propagation resistance, and designed to reduce development time, qualification risk and mission cost.

●KULR ONE® Guardian (K1G) – Mission-specific, ruggedized battery systems engineered for military and defense applications. Guardian systems are bespoke battery architectures, engineered to meet stringent military-grade standards and designed to withstand extreme service-specific shock, vibration, thermal and ballistic conditions. Guardian batteries typically integrate KULR’s passive propagation-resistant cell architecture, flame arresting thermal materials, and MIL-compliant electrical/mechanical design and are fully customizable, enabling rapid adaptation to any Department of War (“DoW”) application.

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●KULR ONE® Air (K1A) – Purpose-built aviation battery systems engineered for both unmanned and manned platforms, including UAS, tactical drones, and eVTOL aircraft. K1A architectures focus on low-resistance current paths, controlled interconnect temperatures, and propagation risk mitigation, enabling sustained high-discharge performance while supporting appropriate safety and certification pathways based on platform class. Variations of K1A are being developed for eVTOL aircraft, designed to maintain KULR’s emphasis on precise current path engineering, lightweight structural elements, and compatibility with aerospace-grade certification pathways without sacrificing safety or thermal stability.

●KULR ONE® Max (K1M) – High-capacity battery systems for grid storage, UPS systems, data center backup, and large-scale power infrastructure. K1M applies containment and propagation control strategies at module, rack, and system scale and is engineered to deliver space-level safety and reliability to mission-critical and grid-level applications and meet global safety standards.

●KULR ONE® Tritan (K1T) – Subsea and marine battery systems designed for pressure-tolerant, corrosion-resistant operation in underwater environments, applying KULR’s thermal and safety methodologies to subsea applications where reliability and containment are critical.

●KULR Battery Management System (kBMS) – Modular battery management system architecture adapted for DoW and industrial applications, focused on maintaining core safety principles while supporting higher power profiles, faster telemetry, and integration with loitering munitions, unmanned systems, ground vehicles, and stationary power units. kBMS is cell-agnostic and designed to interface directly with KULR ONE® systems, providing precise balancing, state-of-charge estimation, and standard safety provisions.

●KULR ONE® Design Solutions (K1-DS) – End-to-end battery system engineering, development and production for custom architectures or mission-specific adaptations, integrating concept design, modeling, analysis, and rapid prototyping with a level of safety and performance rigor typically reserved for aerospace and defense programs. The K1-DS framework provides a holistic approach to battery system development, supported by our vertically integrated capabilities, and is strategically structured to support long-term recurring production engagements within our manufacturing infrastructure.

KULR VIBE Solution

Overview

KULR VIBE, our vibration mitigation technology, uses proprietary algorithms to identify and reduce the vibration signatures of rotary and spinning components found in, for example, helicopters, drones, performance vehicles, wind turbines, and other electric and autonomous systems. This transformative and scalable technology has applications across transportation; renewable energy, such as wind farms; industrial manufacturing; performance racing; and autonomous aerial applications, such as drones.

KULR VIBE addresses one of the most challenging issues of energy loss: excessive vibrations that are destructive to the machinery and its performance. It uses existing track and balance hardware to facilitate its vibration reduction technologies, achieving increased energy productivity and reduced mechanical failures, thereby extending platform life.

KULR Xero Vibe Fan

Key challenges for server and data centers are the cooling of components, power consumption, and acoustics. KULR leveraged the KULR VIBE software, developed initially for helicopter balancing applications, to develop the Xero Vibe fan. The unprecedented low vibration levels of the Xero Vibe fan provide increased cooling efficiency, higher fan RPM, and decreased power consumption. KULR is working actively to finalize the qualification of the Xero Vibe fan and automate the balancing techniques to facilitate enough meaningful throughput to be able to provide solution for the server and data center industry.

Battery Recycling and Management

KULR’s SafeCASE technology provides a safe and cost-effective solution to commercially store and transport lithium batteries, which is increasing in frequency as supply chain challenges necessitate battery recycling and end-of-lifecycle management. Whether shipping a single battery, a battery-powered device or a load shipment of batteries, KULR’s technology mitigates the impacts of cell-to-cell thermal runaway propagation and ensures a safe journey. KULR’s Thermal Runaway Shield (TRS) technology is trusted by NASA to ship and store astronauts’ laptop batteries on the International Space Station.

Aerospace/Defense

KULR’s thermal management solutions enable the defense and aerospace industries to safely deploy electronic technologies that support critical missions and protect national security. We believe technology in this sector is developing at increasing rates – the space industry alone is projected to expand from $626.4 billion in 2025 to $1.01 trillion by 2034. The electronic devices being placed into aircrafts, satellites, and missiles are becoming ever smaller and more powerful. Lithium-ion batteries, which are already prone to overheating and cell failure, are exposed to harsh thermal environments as well as shock and vibration during aerospace and defense operations. The Company has partnered with Lockheed Martin, Leidos and other prime contractors to develop and supply mission-critical technologies for hypersonic vehicles, high-power magnetic wave, and other defense systems.

Facilities and IT-Systems

KULR currently maintains one facility of operations in Webster, TX, which facility provides 31,095 ft2 of operational and office space. The facility is conveniently located approximately two miles from NASA Johnson Space Center and is surrounded by a large number of KULR’s existing and targeted customers. The facility supports research and development related activities for lithium-ion battery systems and serves as our principal executive offices. This facility provides room for additional personnel office space, an engineering design and prototyping sandbox, expansive shop area for 3D printing, CNCs, laser cutting systems and other equipment, production space for low volume battery assembly and tab welding, and infrastructure for volume scale TRS manufacturing and additional storage areas.

KULR has engaged with consultants and with subject matter experts to enhance our IT infrastructure and improve all aspects of cybersecurity. As a sub-contractor for DoW programs, it is vital that KULR has state-of-the-art IT systems and controls. Additionally, KULR has further increased its cybersecurity initiatives by hiring FRSecure to act as a VCISO and provide continuous cyber threat training to our personnel. They also audit our current level of threat sophistication and ensure any weak link is addressed immediately. See Item 1C - Cybersecurity for additional information.

Available Information

Our principal executive offices are located at 555 Forge River Road, Suite 100, Webster, Texas 77598, and our telephone number at that location is (408) 663-5247. Our website address is https://kulr.ai. The information on or obtainable through our website is not incorporated into this Annual Report.

Sales, Marketing and Communications Strategy

The Company employs a multi-faceted approach to market and sell its innovative products and solutions, leveraging both direct sales and partnerships with representatives and strategic allies. By establishing direct relationships with key accounts, we facilitate deeper technical collaborations, quicker turnaround times, and real-time feedback to drive continuous product improvement and marketing effectiveness.

To ensure target customers fully understand the distinct advantages of our offerings, we organize technology showcases and innovation days that demonstrate the value of our solutions in real-world applications. Our marketing and communication strategies include leveraging employee and partner networks, maintaining a dynamic and resource-rich website, attending high-profile industry conferences, commissioning impartial white papers and technical papers, participating in industry events as attendees, sponsors, and guest speakers, and performing in-depth market research to identify new opportunities and refine our approach.

We work closely with a public relations consultant who oversees our press releases and media relations, ensuring we maintain a positive media presence. We utilize several social media platforms, including LinkedIn, YouTube, X, Instagram, and Facebook, and leverage our strong reputation within the thermal management and lithium-ion battery safety communities to spread positive feedback through word-of-mouth.

Looking ahead, we are aggressively expanding our direct sales and marketing teams to deepen key account coverage while supporting a robust and growing network of representatives and distributors. These efforts are aligned with our overarching strategy to drive sustainable growth, broaden our market reach, and reinforce KULR’s position as a leader in energy management solutions.

Industry Overview

Active government initiatives propelled by industry and regulatory tailwinds are increasing demand for energy storage, battery recycling and clean energy, resulting in an expanding total addressable market for KULR’s solutions.

As companies and governments around the world pledge to meet net zero emissions over the next few decades, KULR is uniquely positioned to accelerate the adoption of clean energy solutions and sustainable products and facilitate the migration to a global circular economy. The Company’s goal is to provide total battery safety solutions for more efficient battery systems, increased sustainability, and battery life-cycle management, making KULR a key technology solutions provider in the migration to a global circular economy.

Competition

The markets in which we operate are highly competitive and include a range of established and emerging companies that offer battery systems, thermal management solutions, and battery safety technologies. Our competitors include large, well-capitalized manufacturers as well as specialized providers focused on particular applications or components.

We believe that we compete primarily on the basis of safety, reliability, performance, and the ability to deliver integrated energy storage solutions tailored to mission-critical applications, bolstered through a combination of our proprietary technology, engineering expertise, customization capabilities, certifications and strong customer relationships. Our experience supporting aerospace and defense customers enables us to address complex technical and operational requirements, which we believe differentiates us within our target markets.

Many of our competitors have greater financial, manufacturing and marketing resources than we do and may be able to respond more quickly to market changes. However, we believe our focus on safety-critical applications and disciplined execution positions us competitively within our target markets.

Governmental Regulation and Environmental Compliance

Certain substances we use in our manufacturing process are subject to federal governmental regulations (such as Environmental Protect Agency regulations). We believe we are in material compliance with all applicable governmental regulations, and that the cost and effect of compliance with environmental laws is not material. As a small generator of hazardous substances, we are subject to local governmental regulations relating to the storage, discharge, handling, emission, generation, manufacture and disposal of toxic or other hazardous substances, such as acetone that is used in very small quantities to manufacture our products. We believe we are currently in compliance with these regulations. Most new materials sold in the U.S. or in many other countries are regulated by government authorities. Some countries also have registration requirements with which we comply to the best of our ability.

Employees

As of December 31, 2025, we had 47 full-time employees and 28 contractors. We believe that we maintain a good working relationship with our employees, and we have not experienced any significant labor disputes. In addition, KULR leverages outsource partners for IT management, software development, battery cell research and development, and machine automation.

Intellectual Property

Our intellectual property strategy includes pursuing patent protection for new innovations in core carbon fiber architecture development, application development, acquisition of intellectual property, and licensing of third-party patents and intellectual property. We seek to establish and maintain our proprietary rights in our technology and products through the use of patents, copyright, trademarks and trade secrets. We have, and will continue to, file applications for and/or obtain patents, copyrights and trademarks in the United States and selected foreign countries where we believe filing for such protection is appropriate. We also seek to maintain our trade secrets and confidential information by implementing organizational nondisclosure policies and through the use of appropriate confidentiality agreements.

As of March 11, 2026, KULR held five U.S. patents and one non-provisional pending U.S. patent applications with expiration dates ranging from 2037 to 2041. KULR also has 17 pending trademarks and 5 registered trademarks. In addition, KULR has exclusive license on five patents and a non-exclusive license to one patent from its partnerships. KULR has provided an exclusive license to a third-party licensee to certain KULR intellectual property for a specific territory. There can be no assurance, however, that the rights obtained can be successfully enforced against infringing products in every jurisdiction. While our patents, copyrights, trademarks, and trade secrets provide some advantage and protection, we believe our competitive position and future success is largely determined by the following factors: system and application knowledge; innovative skills; technological expertise; management ability and experience of our personnel; the range and success of new products being developed by us; our market brand recognition and ongoing marketing efforts; and customer service and technical support. We also have trademarks that are used in the conduct of our business to distinguish genuine KULR products and services; KULR has been granted trademarks for Classes 9, 17, and 42 applications.

Our Bitcoin Treasury Strategy

We have adopted bitcoin as one of our primary treasury reserve assets on an ongoing basis, subject to market conditions and our anticipated cash needs. Our strategy includes acquiring and/or holding bitcoin, using cash flows that exceed working capital requirements, and from time to time, subject to market conditions, issuing equity or debt securities or engaging in other capital raising transactions with the objective of using a portion of the proceeds to purchase bitcoin. We view our bitcoin holdings as long term holdings and will continue to assess the merits of accumulating additional bitcoin. We have not set any specific target for the amount of bitcoin we seek to hold, and we will continue to monitor market conditions to determine whether to engage in additional bitcoin purchases. This overall strategy also contemplates that we may periodically sell bitcoin for general corporate purposes or in connection with strategies that generate tax benefits in accordance with applicable law, enter into additional capital raising transactions, including those that could be collateralized by our bitcoin holdings, and consider pursuing strategies to create income streams or otherwise generate funds using our bitcoin holdings. We may from time to time engage in hedging strategies as part of our treasury management operations if deemed appropriate. We reserve the right to update and alter our treasury strategy from time to time.

We believe that bitcoin is a reliable store of value and a compelling investment given its unique characteristics as a scarce and finite asset that can serve as a reasonable inflation hedge and safe haven amid global instability, currency devaluation and shifts in monetary policy. We believe that a substantial portion of bitcoin’s historical value appreciation is attributable to the view that bitcoin is or will become a reliable store of value. Like gold, bitcoin is also viewed as a scarce asset; the ultimate supply of bitcoin is limited to 21 million coins, and approximately 95% of its supply already exists. We believe that bitcoin’s finite, digital and decentralized nature as well as its architectural resilience make it a compelling investment. We believe that the growing global acceptance and “institutionalization” of bitcoin supports our view that bitcoin is a reliable store of value. We believe that bitcoin’s unique attributes discussed above not only differentiate it from fiat money, but also from other cryptocurrency assets, and for that reason, we have no plans to purchase or hold cryptocurrency assets other than bitcoin.

We are encouraged by the growing global acceptance and “institutionalization” of bitcoin reflected by the Securities and Exchange Commission’s approval of bitcoin exchange-traded funds. These funds have reported billions of dollars of net inflows, with investments from a large number of institutions, including global banks, pensions, endowments and registered investment advisors.

Our Bitcoin Holdings

As of December 31, 2025, we held a total of 1,000.99 bitcoins that were acquired at an aggregate purchase price of approximately $100.7 million for an average purchase price of approximately $100,600 per bitcoin, inclusive of fees and expenses. We did not sell any bitcoin during 2025. During the period January 1, 2026 and March 27, 2026, we did not purchase any bitcoin. See Note 3-Digital Assets to our consolidated financial statements included in Part IV Item 15 of this Annual Report in Form 10-K for further information regarding our bitcoin purchases.

As of March 27, 2026, we held approximately 1,000.99 bitcoins that were acquired at an aggregate purchase price of $100.7 million and an average purchase price of approximately $100,600 per bitcoin, inclusive of fees and expenses. Additionally, 81.72 bitcoins acquired by us were through mining operations that we have leased. The per bitcoin price for each such coin mined was approximately $103,545. For details of the lease, please see Section “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Recent Developments—Bitcoin Strategy”. As of March 27, 2026, the market price of one bitcoin was $65,995.

Our Bitcoin Mining Acquisition Strategy

Beginning in March 2025, the Company expanded its bitcoin treasury strategy to include BTC mining operations. Management determined that participating in mining activities could (i) increase BTC holdings through internally generated production, (ii) provide potential exposure to favorable mining economics, and (iii) enhance long-term treasury value through vertical participation in the bitcoin ecosystem. The Company’s mining activities are conducted pursuant to fixed-term machine lease agreements. The Company leases digital asset mining equipment, which provides hash to a mining pool operator. The Company derives a portion of its revenue from its digital asset mining activities by providing hash as part of transaction verification services within the digital currency networks of cryptocurrencies, such as BTC, commonly termed “cryptocurrency mining.” In consideration for these services, the Company receives digital rewards which are recorded as revenue, based on the daily amount of BTC earned.

Execution of Bitcoin Transactions

We have purchased bitcoin through multiple bitcoin trade orders executed on the Coinbase exchange. We may also in the future acquire or dispose of bitcoin or implement hedging or income generating strategies via multiple trade executions, or liquidity providers, who may also serve as custodians of our bitcoin. Our liquidity providers and custodians, or our BTC Service Providers, are regulated and licensed entities that operate under high security, regulatory, audit and governance standards. We may transact with multiple BTC Service Providers for trade execution, hedging strategies, income generating strategies and custodial services to spread our risk and to limit our exposure to any single service provider or counterparty.

In selecting our liquidity providers, we evaluated regulatory status, pricing, annual trading volume, security and customer service. Our current agreement with our liquidity provider is non-exclusive, may be terminated by us at any time, does not impose any requirements for minimum purchases or volumes with such provider, and generally provides that we are responsible for the costs associated with transfers of bitcoin.

Custody of our Bitcoin

We currently hold and intend to continue to hold all of our bitcoin in a custodial account at a U.S. based, institutional-grade custodian (who may hold our bitcoin in the United States or other territories) that has demonstrated records of regulatory compliance and information security. Our custodian may also serve as a liquidity provider. We have entered into a custodial agreement with Coinbase, Inc., acting for itself and on behalf of Coinbase Custody Trust Company, LLC, Coinbase Custody International Ltd., and Coinbase Credit, Inc., or Coinbase. We carefully selected our custodian after undertaking a due diligence process pursuant to which we evaluated, among other things, the quality of their security protocols, including the multifactor and other authentication procedures designed to safekeep our bitcoin that they may employ, as well as other security, regulatory, audit and governance standards. As we further execute on our strategy, we may include additional custodians. For a discussion of risks relating to the custody of our bitcoin, see