KULR pivots from Bitcoin accumulation to operations, revenue up 98% on grant funding

Filed May 14, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 15, 2025 · ~2 min read

Key Changes

• high

  Company paused Bitcoin purchases indefinitely to prioritize operating business growth; borrowed $5M against 125 BTC via Coinbase facility, marking first material use of treasury as collateral for liquidity.

  MD&A: Bitcoin Strategy verify on EDGAR →
• high

  Revenue grew 98% to $4.8M driven by $1.4M in new grant revenue (100% margin) from Texas Space Commission lunar/Martian battery R&D award; product sales up 84% but gross margin compressed from 36% to 22%.

  MD&A: Revenue verify on EDGAR →
• high

  Bitcoin holdings increased 62% to 1,083 BTC but fair value per coin fell 17% to $68,228, generating $20.8M unrealized loss that widened net loss despite operational improvements.

  MD&A: Digital Assets verify on EDGAR →