KULR Q2 2025: Bitcoin Gains Drive $8.14M Net Income Despite Wider Operating Loss
KULR Technology Group booked a net income of $8.14 million in the second quarter of 2025, fueled mainly by gains from its bitcoin holdings.
KULR Leverages Bitcoin for $8.14M Gain; Revenue up 63% in Q2
KULR, which joined the Russell 3000 Index in June, builds energy storage solutions for extreme environments and uses bitcoin (BTC) as a key treasury asset.
Revenue jumped 63% year-over-year to $3.97 million for the quarter ending June 30, the company told Bitcoin.com News this week. Product sales climbed 74% to $1.98 million, while combined cash and accounts receivable stood at $24.73 million as of June 30.
Earnings of $8.14 million, or $0.22 per share, marked a sharp turnaround from last year’s $5.89 million loss. The boost came largely from a mark-to-market lift in the value of its bitcoin holdings since March 31, 2025. KULR held 1,021 bitcoin, boasting a year-to-date bitcoin yield of 291.2%.
On the operational front, KULR expanded active bitcoin mining power to 750 petahash per second (PH/s) and is targeting 1.25 exahash per second (EH/s) by late summer. The firm secured a $20 million credit facility from Coinbase Credit for additional bitcoin purchases and completed a 1-for-8 reverse stock split effective June 23.
Despite the top-line growth, operating losses widened to $9.45 million from $5.33 million a year earlier. Gross margin slipped to 18% from 24% due to unexpected labor costs. Selling, general, and administrative expenses reached $6.94 million, while research and development spending rose to $2.44 million.
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