Rankings Grid & electrical equipment KULR Technology

KULR Technology

Grid & electrical equipment · United StatesRank 575 of 829Prices 2 Nov 2026Model 1.4

The model found several serious problems. That does not mean the stock will fall.

Biggest deductions

  • Margin−13
  • Capital allocation−8
  • Quality of growth−6

Strengths

  • Debt-free balance sheet+2
  • Orders from defence/space+1

How the score is built

From 100 to 48, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.

100Start
48Score

Hover or select a step to see what drove it. Steps with findings open them below.

Key numbers

As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.

Price
1.66 USD
Median analyst target
–
Upside to median
–
Analysts
none
Target range
–
52-week change
−57%
P/E (trailing)
n/a
Forward P/E
n/a
PEG
n/a

Findings

Every deduction and every plus, with its source. Open a step to read them.

Business

Is the company getting stronger, not just bigger? · 4 findings
−30 of −30
  • Margin
    The gross margin was −31% in Q2 2026 (+20% a year earlier) and −15% TTM. The operating loss is USD 44m TTM on revenue of 16.1m (operating margin about −270%).
    −13
  • Quality of growth
    Revenue fell 43% in Q2 (2.08m vs 3.65m) due to delayed deliveries. H1 2026 was 6.0m vs 6.1m, i.e. no growth. Revenue is project-based and swings a lot.
    −6
  • Capital allocation
    The bitcoin treasury strategy from 2025 (financed with ATM issues of USD 123m) has been abandoned: mining has stopped, and all BTC were sold at USD 64,500–76,600 after large losses (net loss 102m TTM, of which about 31m in H1 alone from BTC price falls). The share count is +43% in a year.
    −8
  • Moat
    Thermal management and battery safety technology with NASA heritage and qualification for space and defence. The assembly of battery cells into packs itself is, however, competitive (EaglePicher, Saft, Amprius and many drone suppliers), and gross margin shows no pricing power.
    −3

Price

Today's multiples against the company's own history and its peers. · 2 findings
−4 of −35
  • Multiples vs own history
    EV/Sales is about 3.9 after the BTC sale (market cap 122.6m - about 60m cash) vs 7.4 in 2025, 79 in 2024 and 3.0 in 2023. P/B 1.7 vs 1.1 at the end of 2025. In the middle of the range, not cheap for a company with negative gross margin.
    −2
  • Peers and absolute level
    Loss-making battery small caps like Flux Power trade at under 1x sales; KULR pays a premium for the drone/defence theme at about 4x sales.
    −2

Cracks

Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings
−15 of −35
  • Execution
    Q2 was hit by supply chain delays, resource shortages and management focus on the board change. The Texas factory (25,000 sq ft) was not operating at Q2 and was only to start in Q3 2026. The H2 improvement rests on deliveries that have already slipped.
    −6
  • Management and board change
    CFO Shawn Canter stepped down in May 2026, and the audit committee chair, Michael Kimel, became CFO on 9/6-2026. The board was replaced in April–June 2026.
    −3
  • Dilution
    The share count has risen 43% over a year and from about 17m at the end of 2023 to 46m. With spending of about USD 40m a year, the cash is used up in about 1.5 years, after which the ATM program must be used again.
    −4
  • Customer concentration
    The largest new sales lift is orders of more than USD 5m from one American drone manufacturer, and the rest are defence and space projects with uncertain timing depending on budgets.
    −2

Plus

Only documented strengths. · 2 findings
+3 of +15
  • Debt-free balance sheet
    The Coinbase loan of USD 20m has been repaid, the pledged BTC released, and the bitcoin exposure is completely gone (last sale 11/9-2026 for 58.6m). Cash is about 60m with no financial debt.
    +2
  • Orders from defence/space
    First orders for drone batteries of over 5 m USD from a US drone manufacturer and chosen as battery supplier for Oracle Space (orbital transport).
    +1

Caveats

What the score does not capture, or where the data is weak.
Listed on NYSE American. Cash after the sale of all bitcoin (completed 11/9-2026) is an estimate: USD 12.8m at 30/6 + 21.5m from 333 BTC in July - 20m loan to Coinbase + 58.6m from the remaining BTC - Q3 spending ≈ USD 60m, in line with management's 'about 60m in cash and no debt'. Stockanalysis' balance sheet (cash 12.8, debt 22.8) predates the sale. Market cap USD 122.6m (≈DKK 807m). Industry: battery packs and thermal management for defense/space fit closest under 'Power grid & electrical equipment'. No analysts at stockanalysis (forecast 404). Insider trades not reviewed.

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