The company's financial position appears increasingly vulnerable, with an accumulated deficit reaching $173.8 million as of 2026Q1 and a cash balance that has dwindled to $7.7 million from $24.4 million in 2025Q1.
| Total Current Assets | 16.81M | 25.56M | 34.16M | 3.9M | 15.74M | 15.76M | 9.14M | 209.25K | 406.32K | 1.18M | 268.21K | 202.86K |
| Cash & Short-Term Investments | 7.68M | 13.3M | 29.83M | 1.19M | 10.33M | 14.86M | 8.88M | 108.86K | 229.9K | 895.76K | 213.18K | 138.75K |
| Cash Only | 7.68M | 13.3M | 29.83M | 1.19M | 10.33M | 14.86M | 8.88M | 108.86K | 229.9K | 895.76K | 213.18K | 138.75K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 3M | 6.02M | 2.7M | 904.05K | 1.54M | 136.33K | 55.49K | 30.1K | 112.22K | 151.8K | 26.03K | 3.3K |
| Days Sales Outstanding | 91.78 | 135.99 | 91.72 | 33.57 | 140.91 | 20.62 | 32.46 | 13.23 | 32.15 | 235.19 | 1.38K | 365 |
| Inventory | 1.4M | 581.16K | 545.47K | 1.15M | 2.25M | 0 | 55.45K | 27.09K | 9.59K | 13.77K | 12.93K | 20.34K |
| Days Inventory Outstanding | 20.55 | 13.77 | 37.89 | 68.04 | 503.07 | - | 107.72 | 43.66 | 10.4 | 32.09 | 609.13 | 2.87K |
| Other Current Assets | 4.73M | 5.65M | 690.46K | 69.92K | 923.92K | 115.4K | 72.58K | 19.38K | 27.57K | 8.73K | 122.8K | 40.47K |
| Total Non-Current Assets | 88.7M | 103.41M | 28.76M | 6.96M | 7.89M | 3.47M | 66.58K | 27.52K | 44.79K | 43.49K | 462 | 1.12K |
| Property, Plant & Equipment | 6.7M | 6.82M | 4.9M | 6.16M | 3.52M | 1.04M | 57.86K | 27.52K | 44.79K | 43.49K | 462 | 1.12K |
| Fixed Asset Turnover | 3.14x | 2.37x | 2.19x | 1.60x | 1.13x | 2.32x | 10.78x | 30.18x | 28.44x | 5.42x | 14.94x | 2.95x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 342.25K | 370.93K | 577.1K | 719.39K | 720.77K | 216.95K | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 217.84M | 94M | 20.28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 81.66M | 2.22M | 3.01M | 80.83K | 3.65M | 2.21M | 8.73K | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 105.51M | 128.97M | 62.93M | 10.86M | 23.63M | 19.23M | 9.21M | 236.77K | 451.11K | 1.22M | 268.21K | 203.98K |
| Asset Turnover | 0.14x | 0.13x | 0.17x | 0.90x | 0.17x | 0.13x | 0.07x | 3.51x | 2.82x | 0.19x | 0.03x | 0.02x |
| Asset Growth % | 2422.33% | 104.95% | 479.21% | -54.02% | 22.85% | 108.85% | 3789.13% | -47.51% | -63.02% | 354.86% | 31.49% | - |
| Total Current Liabilities | 9.96M | 6.28M | 4.67M | 6.9M | 9.68M | 2.46M | 2.95M | 1.03M | 576.24K | 480.31K | 13.49K | 3.75K |
| Accounts Payable | 1.64M | 3.17M | 2.06M | 2.77M | 1.41M | 454.51K | 66.54K | 348.91K | 118K | 37.02K | 0 | 0 |
| Days Payables Outstanding | 43.29 | 75.23 | 143.19 | 163.99 | 315.19 | 150.53 | 129.25 | 562.25 | 127.93 | 86.29 | - | - |
| Short-Term Debt | 379.92K | 366.94K | 516.55K | 0 | 5.66M | 417.61K | 2.33M | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 131.54K | 107.27K | 32.77K | 551.02K | 0 | 132.3K | 20K | 15K | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 7.93M | 1.85M | 25.64K | 285.75K | 296.21K | 843.79K | 36.68K | 134.23K | 10.83K | 8.69K | 0 | 0 |
| Current Ratio | 1.69x | 4.07x | 7.32x | 0.57x | 1.63x | 6.41x | 3.10x | 0.20x | 0.71x | 2.45x | 19.88x | 54.10x |
| Quick Ratio | 1.55x | 3.98x | 7.21x | 0.40x | 1.39x | 6.41x | 3.08x | 0.18x | 0.69x | 2.42x | 18.92x | 48.67x |
| Cash Conversion Cycle | 69.04 | 74.53 | -13.58 | -62.38 | 328.78 | - | 10.93 | -505.37 | -85.38 | 180.99 | - | - |
| Total Non-Current Liabilities | 977.75K | 1.08M | 833.57K | 6.15M | 3.45M | 407.9K | 142.29K | 0 | 118K | 0 | 224K | 0 |
| Long-Term Debt | 977.75K | 1.08M | 10.97K | 250K | 3.2M | 0 | 142.29K | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 2.45M | 0 | 822.6K | 0 | 97.96K | 407.9K | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 5.9M | 157.05K | 0 | 0 | 0 | 0 | 0 | 224K | 0 |
| Total Liabilities | 10.93M | 7.36M | 5.5M | 13.05M | 13.13M | 2.87M | 3.09M | 1.03M | 576.24K | 480.31K | 237.49K | 3.75K |
| Total Debt | 1.36M | 1.45M | 1.85M | 352.19K | 9.17M | 1.09M | 2.48M | 0 | 0 | 0 | 9.52K | 0 |
| Net Debt | -6.32M | -11.85M | -27.99M | -842.58K | -1.16M | -13.78M | -6.4M | -108.86K | -229.9K | -895.76K | -203.66K | -138.75K |
| Debt / Equity | 0.01x | 0.01x | 0.03x | - | 0.87x | 0.07x | 0.40x | - | - | - | 0.31x | - |
| Debt / EBITDA | -0.03x | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.16x | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -324.73x | -253.92x | -11.87x | -15.36x | -12.43x | -89.56x | -4.62x | -1252.01x | -2490.81x | -192.22x | - | - |
| Total Equity | 94.58M | 121.61M | 57.43M | -2.18M | 10.49M | 16.37M | 6.12M | -796.97K | -125.14K | 739.71K | 30.72K | -3.75K |
| Equity Growth % | 6334.77% | 111.76% | 2731.06% | -120.8% | -35.88% | 167.47% | 867.73% | -536.87% | -116.92% | 2307.82% | 919.23% | - |
| Book Value per Share | 2.05 | 3.06 | 0.31 | -0.02 | 0.10 | 0.17 | 0.07 | -0.01 | -0.00 | 0.01 | 0.00 | -0.00 |
| Total Shareholders' Equity | 94.58M | 121.61M | 57.43M | -2.18M | 10.49M | 16.37M | 6.12M | -796.97K | -125.14K | 739.71K | 30.72K | -3.75K |
| Common Stock | 4.63K | 4.61K | 26.48K | 13.4K | 11.32K | 10.48K | 8.99K | 8.11K | 7.87K | 7.74K | 386 | 2.15K |
| Retained Earnings | -173.83M | -145.71M | -83.81M | -66.29M | -42.59M | -23.16M | -11.25M | -8.4M | -6.42M | -4.36M | -39.08K | -4.06K |
| Treasury Stock | 0 | -393.74K | -296.22K | -296.22K | -296.22K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3 | 0 | 0 | -2.65K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent capital dependency risk
As reported in financial statements, KULR's total assets peaked at $156.1 million in 2025Q3 before contracting to $105.5 million by 2026Q1, a trend that suggests the company's balance sheet strength is highly sensitive to the timing of equity-based financing rounds and subsequent cash consumption.
The contraction in total assets over the last two quarters indicates that the company is struggling to maintain a stable capital base as it funds ongoing operational losses. Investors should monitor whether this downward trajectory in asset value reflects a permanent reduction in the company's resource base or merely the cyclical nature of its capital-raising activities.
According to recent SEC filings, KULR's cash position dropped from $24.4 million in 2025Q1 to $7.7 million in 2026Q1, representing a significant reduction in the company's liquidity buffer relative to its ongoing operating expenses and high cash burn rate.
The decline in the current ratio from 9.19 in 2025Q1 to 1.69 in 2026Q1 highlights a narrowing margin of safety for meeting short-term obligations. This rapid depletion of cash reserves suggests that the company may face increasing pressure to secure additional financing to maintain its current operational scale.
Based on KULR's reported figures, accumulated deficit has ballooned to $173.8 million as of 2026Q1, which significantly weighs on equity quality and underscores the persistent erosion of shareholder value through recurring net losses and ongoing operational inefficiencies.
The negative retained earnings trend indicates that the company has yet to achieve a self-sustaining business model, relying instead on external capital to offset operational deficits. This persistent dilution of equity quality warrants further investigation into the company's long-term path toward profitability and capital efficiency.
Data from recent balance sheets indicates that while total assets appear substantial, the company's net PPE of $6.7 million as of 2026Q1 represents a relatively small portion of the asset base, suggesting that the firm's value is heavily tied to intangible factors rather than tangible productive capacity.
The reliance on intangible assets and the lack of significant physical infrastructure may limit the company's ability to leverage its balance sheet for traditional debt financing. Investors should be cautious, as the valuation of these assets may be highly subjective and potentially susceptible to future impairment if commercialization efforts fail to materialize.
Quick answers to the most common questions about buying KULR stock.
As of 2025, KULR Technology Group, Inc. (KULR) had total assets of $129.0M including $25.6M in current assets.
KULR Technology Group, Inc. (KULR) carries total debt of $1.4M, offset by $13.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
KULR Technology Group, Inc. (KULR) has total shareholders' equity (book value) of $121.6M ($3.06 book value per share). Book value represents the net worth of the company belonging to common stock holders.
KULR Technology Group, Inc. (KULR) reported a current ratio of 4.07x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.