KULR Technology Group, Inc. Q4 FY2025 earnings call

2025年对股东和公司是艰难一年，净亏损约6200万美元，多数亏损由一次性和非现金项目驱动。2025年Kula继续投资核心业务Kula One电池平台。2025年电池平台收入7.3百万美元，2025年总收入16.1百万美元，增长51%。产品销售毛利率2025年为1%，受材料价格、固定设施成本分摊、新客户项目工程设计成本等因素影响，目前有行动改善，包括原型向生产过渡、安装自动化生产线、平台成熟等。CoolerOne平台有优势，针对高功率需求设计，与合作伙伴合作，各项目如Air、Space、Guardian等有进展，供应链有NDAA合规情况，与Robinson Helicopters合作等。

2025年电池平台收入（产品销售+合同服务）为7.3百万美元。2025年总收入16.1百万美元，同比增长51%。产品销售毛利率2025年为1%，受材料价格高、固定设施成本分摊、新客户项目工程设计成本集中等因素影响，随着产量增加和自动化推进，毛利率会改善。

2026年重点是构建并销售更多Cooler One电池，重点在Cooler One Air平台，目标2026年下半年实现每月超10000个电池包生产；2026年在电信电池交付、与运营商合作、AI数据中心产品认证等方面有目标。

包括比特币价格波动导致的市值调整风险、投资实体破产导致的减值风险、生产初期成本结构影响毛利率的风险等。

Q: Can management speak to which markets are seeing the most momentum today and where early customer interest is starting to turn into repeat business and meaningful revenue?

A: Stuart, I'll take that one. I would say the Kula One Air for the autonomous platforms are the clearest near-term production momentum. It has expanded beyond the airborne drones to surface and subsea maritime applications as well as land applications. We now have over 20 active customer development agreements or programs Across Aquila One Air platform, thousands of battery packs have already been shipped. And two of the leading drone companies in the U.S. have active production timeline with us, pack configurations, qualification schedules in place. And we're looking at over 10,000 battery packs per month later in 2026. I would say that's the market has the highest momentum these days.

Q: Could you give an update on where Cooler is positioned in the AI data center backup power market and what investors should be watching for to know whether this can become a meaningful source of growth?

A: Yes, we start developing our AI data center BBU product in 2025 and And at the end of 2025, we joined the OCP platform membership, which positions us inside the working group that writes the next generation of the power standard for these hyperscaler infrastructures. So now we're building products to meet where the market is heading for the next cycle of growth. 2026 is the year that we really need to work with our BBU cell providers on the UL9540 certification. and work with the hyperscaler customers on integration work. And I would say that 2027 is the year that we can see revenue opportunities.

Q: Where do things stand in telecom and energy infrastructure? And what still needs to happen before those opportunities can start contributing in a bigger way?

A: The Kaban announcement was a great start. Yes, we've taken control of the battery manufacturing equipment and process from Kaman, and we've commenced production. Production battery packs have been delivered to the customer, and we plan to consolidate that into our Webster facility in Q2 and improve efficiency to reduce costs and also centralize operation as we grow. We now have supply chain set up for the 48-volt, 100-amp-hour battery production. And the focus is now to deliver batteries to meet the customer's needs. In addition, we're in active engagements with telecom operators And service providers, you know, directly to provide cooler one batteries as a battery as a service offering that's separate from the command channels. So we're starting to test the water to offer that as a battery as a subscription service. And the goal is to lower the total cost of ownership for operators to replace the lead acid batteries into lithium-ion batteries.

Q: Michael, since Cooler is involved in several areas like aerospace, defense, telecom, e-mobility, and data centers, where is management most focused right now, and where will most of the company's attention and resources go over the next year?

A: Yeah, the focus for 2026 is simple, build and sell more cooler one batteries. The management is most focused right now on the cooler one air platform. That's the one that shows the highest growth with our customers. I think I repeated it now that, you know, we have over 20 active customer engagements for the autonomous systems for air, land and maritime systems. And we've shipped thousands of battery packs for the customers and that this is the one that we see the highest growth in 2026.

Q: Looking at the rest of 2026, what are the biggest goals and milestones investors should be on the lookout for and what would management consider a successful year?

A: Well, I think that across our portfolio, the CoolerOne Space and Guardian products will continue to gain customer traction. As you know, the private space exploration in the DLW, the market is also very growing very quickly. The telecom batteries were shipping volume to our customers to meet their demands. We have some new telecom operators that hopefully will get contracts in 2026 for battery as a service. Keep in mind that these operating engagements can take some time, but I think it could be a very good recurring revenue business for us. But the most important is the Quillow On Air product that's going to ramp in scale with our customers. And I think the baseline is 10,000 packs per month as we get our automated production going. So I think these are the big ideas for our goals.

Q: How stable and repeatable is the CoolerOne platform revenue base becoming?

A: Like I said in the prepared remarks, what has fundamentally changed for Cooler in 2026 compared to previous years is that the need for power battery pack has emerged for these very fast-growing new markets, autonomous platforms, digital infrastructure, and direct energy. Cooler One is engineered from the ground up to serve this paradigm shift. And our customer engagements are now broader industry coverage. The customers are very diversified in different markets. And we also have a lot more customers, and they all have their programs that's running. And we're customizing our solutions specifically for their programs. And these customers have their own roadmap to ramp in volume in 2026. And that gives us more confidence and build our production capability to serve these customers on schedule. We're certainly moving to a more stable and repeatable product sales business model in 2026.

Q: As space-based AI data centers become more of a long-term discussion point, does Cooler see a potential role there given its background in space applications, thermal management, and battery safety?

A: Well, first of all, I think this is a long-term conversation and it is not something Cooler can focus on in 2026. But the space-based AI is probably one of the biggest and the hottest idea right now. Elon Musk talked about it. He believes that the best way to solve the difficulties of building AI data center on Earth is to move them into space. And at GTC 2026, NVIDIA launched the Space One Vera Rubin module along with their Thor and Jetson platform. And these are engineered to deliver AI performance for the orbital data centers. And on top of that, how to code chips In space, it's still an unsolved problem. These data centers will definitely need to use space-proven batteries. And some of these private space companies that NVIDIA is working with for space AI data centers are already cooler customers. So I think there might be opportunities, but not particularly a focus for us in 2026.

Q: You have recently announced drone partnerships with Helio, a backup power partnership with Caban Energy, and a standards body looking to modularize AI data center building blocks. These three initiatives represent a large market opportunity, but how much, if any, will you see in 2026?

A: Yes, Helio and Caban are both 2026 revenue contributors. Caban's in production right now and grow for the remainder of 2026. Helio is an active engineering collaboration right now, and revenue will follow qualification and production milestones as program move from prototype to volume. And we do expect that the Helio revenue in second half of 2026. The data center preview business, as I talked about, it would be more like a 2027 business for us.

Q: Given the recent developments globally, are you aligning yourself with companies that plan to rapidly increase output as a result? Yes. Cooler One Air for drone autonomous platform is the focus for Cooler 2026. We have many active engagements for air, land, maritime applications, and many of them will go to production in 2026. And we're setting up an automated production line for those platforms, for those batteries to be in operation in the second half of 2026. Also related to the drone is the counter drone direct energy systems. And we develop a 400 volt battery for a customer in five weeks time from when we received the PO. And that's actually a record time for a system like that. And these systems will go into production 2026. Another one that's really important is NDA compliant. So that's for domestic production. A lot of times that's a structural requirement for government drone programs. And this is why we partner with Helio to build made in USA batteries and drones together. So we are very well positioned to serve many of these customers that's going very fast. for both defense and commercial applications in 2026.