KULR Technology Group Inc (AMEX: KULR) reported fourth-quarter monetary outcomes after the bell. Here’s a take a look at the important thing highlights from the quarter.

What To Know: KULR Technology Group stated fourth-quarter income elevated 137% year-over-year to $1.8 million, which beat common analyst estimates of $1.5 million, based on Benzinga Pro.

The power administration platform firm reported a quarterly internet lack of 4 cents per share, which beat consensus estimates for a lack of 5 cents per share.

Gross margins got here in at 92%, up from 70% in comparison with the identical quarter within the earlier 12 months.

KULR ended the quarter with $10.3 million in money, down from $14.9 million year-over-year.

Other key highlights from the quarter embrace the initiation of Phase 2 battery testing for Lockheed Martin Corp (NYSE: LMT), an settlement to supply battery security and machine testing for “the largest automotive manufacturer” within the U.S., and a manufacturing prototype order from a “top-tier power tool manufacturer.”

“Often upfront costs are required to secure exponential future growth – over the course of 2022, KULR was able to maintain gross margins while scaling revenues and adding significant resources to both R&D and buildout of the Company’s technology roadmap,” stated Michael Mo, CEO of KULR Technology Group.

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“We continue to capitalize and expand our organization across all facets, as we stated we would do last year, regardless of less-than-ideal macroeconomic factors affecting most public companies.”

KULR stated it continues to place the corporate to capitalize on “exponential global growth” that it sees within the business in 2023 and past.

The firm will maintain a convention name to debate these outcomes at 4:30 p.m. ET.

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KULR Price Action: KULR has a 52-week excessive of $2.60 and a 52-week low of 90 cents.

The inventory closed Thursday up 1.3% at 91 cents, based on Benzinga Pro.

Photo: courtesy of KULR Technology Group.

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This article KULR Technology Group Q4 Highlights: Revenue Jumps 137% Exceeding Estimates, Company Eyes ‘Exponential’ Growth initially appeared on Benzinga.com

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