KULR Technology Group cuts losses, reports triple-digit revenue rise in second quarter

KULR Technology Group Inc (OTCQB:KULR) cut its losses by almost half in the second quarter of its current year, alongside a triple-digit jump in revenues. For the three months ended June 30, 2020, the company reported an operating loss of US$323,141, a 48% improvement on the same period a year ago, while revenues surged by 257% to US$201,128 driven by what the group said was a two-fold increase in customer transactions. READ: KULR Technology wins US patent for compressible thermal interface material KULR said it had sales transactions with ten customers in the second quarter of 2020, more than double the number a year ago, which it said reflected management's commitment to building new customer relationships through a growing pool of referrals and business development leads. In a statement, KULR chief executive Michael Mo said: "We are pleased to have built a solid and extensive network of strategic business partnerships that are integral in the long-term value proposition of our business. These government, military and corporate partners have the resources, budgets and depth of business interests that we believe will be resilient against this current business environment. Given the challenges presented by the [coronavirus] pandemic, we are pleased to report a strong quarter of revenue growth and remain cautiously optimistic about our opportunities for growth in the coming year.” "We are well-positioned to grow in 2020 despite the current economic climate. Today, we are engaged in contracts with strategic customers including NASA, Department of Transportation, U.S. Air Force, and other government agencies in projects that are critical to national interest and which have a high degree of funding commitments that do not otherwise exist in today's isolated business marketplace. During the last three months we have gained significant awareness of our activities and the value our advanced carbon fiber cooling solutions bring to the E-mobility and energy storage industries. We will continue this momentum going forward to create value for our shareholders", he added. KULR develops, manufactures and licenses next-generation carbon fiber thermal management technologies for batteries and electronic systems. The company’s products aim to enable aerospace, electronics, energy storage, 5G infrastructure, and electric vehicle manufacturers to make their products cooler, lighter and safer for the consumer. Contact the author at calum@proactiveinvestors.com Follow him on Twitter at @Cal_Proac