KULR

KULR grew revenue 50.6% to a record $16.2M in FY2025, but that is where the good news ends. Gross profit collapsed 85.9% to just $771K — a 4.8% gross margin — meaning the top-line 'record' generated almost no product profit. The company lost $61.9M net (a -382.8% net margin, EPS -$1.56) and burned $44.9M in operating cash against only $13.3M of remaining cash. This is a business that does not yet cover its own cost of goods, let alone its $10.8M R&D or its operating overhead, and it is running on external capital, not operations.

The balance sheet is dominated by a bet, not by the battery business. The MD&A discloses KULR bought 783.81 BTC for $79.7M at an average $101,683 each and added BTC mining in March 2025 — so the reported $122M of stockholders' equity is largely a bitcoin position funded by heavy share issuance (the share-count and total-asset XBRL tags here are internally inconsistent — total assets of $2.90M and zero liabilities cannot coexist with $25.6M current assets and an $80M BTC stack — so treat the reported balance-sheet tags as unreliable). Practically, KULR now trades as a leveraged bitcoin proxy with a money-losing thermal/battery operation attached; its equity value swings with a crypto price the operating business has no control over. That is 'unknowable risk' by the rubric, not a fundamentals story.