KULR sees Q1 revenue boost amid bitcoin mining debut, blockchain rollout, and expanding BTC treasury

NYSE-listed energy management solutions firm KULR Technology reported its first-quarter results on Thursday — a quarter that saw the company significantly expand its Strategy-esque corporate bitcoin treasury, unveil its own blockchain, and register its first bitcoin mining revenue.

KULR's revenue rose 40% year-over-year to $2.45 million, driven by strong product sales. However, the firm's net losses widened significantly to $18.81 million compared to $5 million during the same period last year — primarily due to mark-to-market adjustments on its bitcoin holdings compared to Dec. 31, according to a release.

KULR announced on May 15 it had expanded its bitcoin holdings to 716.2 BTC ($74.4 million) after its latest $4 million purchase at an average price of $94,403, building on its 668.3 BTC total as of March 25. KULR's total holdings were acquired at a cumulative cost of $69 million, implying a paper gain of $5.4 million. Year to date, the company reported a 197.5% BTC Yield — a metric it uses to track bitcoin growth relative to fully diluted shares, funded through surplus cash and its at-the-market equity program.

"2025 is a transformational year for KULR and the transformation is well on its way," KULR CEO Michael Mo said in the statement. "With over $100 million in cash and bitcoin holdings on our balance sheet as of the present day and virtually no debt, we are well capitalized to grow our battery and AI Robotics businesses, while our capital market activities in the foreseeable future are geared to turbocharge our bitcoin acquisition strategy, establishing KULR as a pioneer BTC-First Bitcoin Treasury Company."

KULR is among an increasing number of firms looking to emulate Strategy's (formerly MicroStrategy) bitcoin acquisition playbook, alongside Semler Scientific, Metaplanet, Twenty One, and Nakamoto, among others.

"We are proud to put up another same quarter over quarter positive beat. We extended our streak of record trailing-twelve-months revenue, and we continue to demonstrate our leadership as a bitcoin treasury company," KULR Chief Financial Officer Shawn Canter added. "While our earnings saw the impact of a non-cash mark-to-market non-operational expense, this is just a function of timing, daily market fluctuations, and the new accounting rules which we adopted early. We remain steadfast in our BTC treasury strategy and look past these short-term changes in price."

KULR's first bitcoin mining revenue and its own blockchain-based supply chain initiative

What largely went under the radar, however, was KULR's entry into bitcoin mining opportunities — recognizing its first mining revenue in the quarter, Canter confirmed during KULR's earnings call.

"For the first quarter of 2025 versus the first quarter of 2024, product revenue was up 89%, service revenue was down 8%, and we recognized our first bitcoin mining revenue of $250,000," he said.

"We're getting ever more entrenched into the Bitcoin and blockchain ecosystems," Mo said on the call. "We're entering into strategic bitcoin mining opportunities because we expect BTC pricing to be higher in the future. We expect our share prices to appreciate with our bitcoin treasury strategy and our growing businesses. Our mining arrangement is another way to accumulate BTC at a favorable cost basis with less dilutive capital market activities into the future. We expect to increase our BTC yield and returns."

KULR also unveiled its blockchain-based supply chain initiative in the first quarter — aiming to enhance transparency and security by recording product data and test results on a distributed ledger. Each product's metadata will be minted as an NFT on a custom rollup to the Coinbase-incubated Ethereum Layer 2 network Base, enabling verifiable ownership transfers and secure tracking throughout the supply chain.

"We have launched a blockchain-secured supply chain initiative to save our product data to our customers," Mo added. "One of the initial products that will be recorded on the blockchain will include lithium-ion batteries."

Outside of its bitcoin and blockchain strategies, KULR also won a $6.7 million space tech grant, entered the U.S. robotics market with German Bionic, and expanded its aerospace footprint with new NASA-compliant battery deployments and a partnership with AstroForge on its asteroid mining missions during the first quarter.

KULR's stock is trading down around 10% on Friday at $1.33, according to TradingView.