MeritValue

KULR Technology Group, Inc.

KULRdata completeness 88%10 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

KULR Technology Group, Inc. earns about -85% on equity, and has bought back 59% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$2.41M1$3.99M2$9.83M3$10.7M4$16.2M4
Net income−$11.9M5−$19.4M6−$23.7M7−$17.5M8−$61.9M8
Operating cash flow−$6.81M9−$17.4M10−$12M11−$17.3M12−$44.9M12
Capital expenditure$383,28513$2.68M14$266,15015$573,44416$2.99M16
Free cash flow (derived)−$7.19M9−$20M10−$12.2M11−$17.9M12−$47.9M12
Total debt—————
Cash & equivalents$14.9M17$10.3M18$1.19M19$29.8M20$13.3M20
Diluted shares95.7M105.7M117.8M23.3M39.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$30.61
your share of equity
Profit it earned you last year
−$15.58
Free cash flow it threw off
−$12.05
Debt you’d be carrying
—

10 shares is a claim on $30.61 of net worth that earned you −$15.58 and generated −$12.05 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-85% avg · 5y
FY21 -73%FY22 -185%FY23 —FY24 -31%FY25 -51%

It earned an average -85% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−59% shares · 5y

Share count is down 59% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001410578-23-000372 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001410578-24-000454 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001410578-25-000551 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001104659-26-037918 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001410578-23-000372 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001410578-24-000454 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001410578-25-000551 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001104659-26-037918 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001410578-23-000372 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001410578-24-000454 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001410578-25-000551 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001104659-26-037918 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001410578-23-000372 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001410578-24-000454 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001410578-25-000551 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001104659-26-037918 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001410578-23-000372 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001410578-24-000454 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001410578-25-000551 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001104659-26-037918 (CashAndCashEquivalentsAtCarryingValue)