James Richardson
KULR Technology Group, a NYSE-listed energy solutions company, delivered a powerful first-quarter update on Thursday, revealing significant steps toward becoming a Bitcoin-first corporate treasury leader. The firm not only grew its revenue by 40% year-over-year to $2.45 million, but also reported its first-ever bitcoin mining income and launched a blockchain-powered supply chain initiative.
Despite this growth, net losses deepened to $18.81 million, largely due to mark-to-market adjustments on its BTC holdings under newly adopted accounting standards.
As of May 15, KULR disclosed it had boosted its Bitcoin holdings to 716.2 BTC, valued at around $74.4 million, following a $4 million acquisition at an average price of $94,403 per bitcoin. This marked an increase from the 668.3 BTC the company held in late March.
KULR has invested a total of $69 million into its Bitcoin reserves, resulting in a paper profit of $5.4 million. The firm’s internal BTC Yield, which measures bitcoin holdings relative to fully diluted shares, climbed 197.5% year-to-date, supported by excess cash flow and its at-the-market equity offering.
“2025 is shaping up to be a transformational year for KULR,” said CEO Michael Mo. “With over $100 million in combined cash and bitcoin, and minimal debt, we’re strategically positioned to scale our battery and AI robotics businesses while expanding our BTC-first strategy.”
KULR Joins the Ranks of Corporate Bitcoin Treasuries
Following the lead of companies like MicroStrategy, Semler Scientific, and Metaplanet, KULR is building a robust corporate treasury centered on Bitcoin. CFO Shawn Canter emphasized that while the latest quarter included non-operational, non-cash accounting expenses, the company remains committed to long-term BTC accumulation.
“We’ve extended our record of trailing twelve-months revenue,” Canter said. “And while earnings were affected by daily BTC price volatility, we are focused on our multi-year strategy—not quarter-to-quarter fluctuations.”
Bitcoin Mining Revenue Hits $250K in Debut Quarter
In a milestone development, KULR reported $250,000 in bitcoin mining revenue—its first quarter entering the mining space.
“We’re leaning into strategic mining as a cost-effective way to accumulate more BTC,” Mo explained during the earnings call. “We expect bitcoin’s price to rise, and our mining setup gives us long-term exposure without heavy dilution.”
Product revenue grew 89% year-over-year, while service revenue dipped by 8%. The mining initiative is now a third revenue stream that supports KULR’s broader BTC and blockchain ecosystem strategy.
Launch of Blockchain-Based Supply Chain for Product Integrity
During the same quarter, KULR introduced a blockchain-based supply chain system designed to enhance transparency, traceability, and security. The system leverages NFTs minted on Base, an Ethereum Layer 2 protocol backed by Coinbase, to record product metadata and testing outcomes on a distributed ledger.
“Our lithium-ion batteries will be among the first products tracked on-chain,” Mo said. “It ensures end-to-end visibility and verifiable ownership through the entire product lifecycle.”
Other Strategic Wins: Space Tech Grant, Robotics Expansion, and NASA Partnerships
Outside its bitcoin-focused initiatives, KULR secured a $6.7 million government grant for space technology, launched into the U.S. robotics sector via a partnership with German Bionic, and continued to grow its aerospace presence with NASA-grade battery solutions and a collaboration with AstroForge on asteroid mining missions.
