KULR Technology Group announced on December 22 2025 that it will suspend its at‑the‑market equity offering program with Cantor Fitzgerald and Craig‑Hallum. The pause takes effect on December 19 2025 and will remain in place until June 30 2026, giving the company a six‑month window to focus on internal priorities without the need for additional equity capital.
The company’s balance sheet is debt‑free, with a debt‑to‑equity ratio of 2.6 % and total debt of $3.8 million. A current ratio of 4.12 and substantial cash and bitcoin holdings provide ample liquidity to support ongoing operations and growth initiatives, including the ramp‑up of its KULR ONE Air and KULR ONE MAX product lines.
By pausing the ATM program, KULR aims to avoid diluting existing shareholders while accelerating production of its high‑growth thermal‑management solutions. The company’s focus on the KULR ONE Air, designed for UAV and UAM applications, and the KULR ONE MAX, targeted at AI data‑center and telecommunications markets, reflects a strategic shift toward execution rather than frequent capital raises.
Investors reacted positively to the announcement, with market sentiment reflecting confidence in the company’s liquidity position and its commitment to scaling production. The pause was seen as a signal that KULR is prioritizing operational execution and product commercialization over additional equity financing.
KULR’s Q3 2025 revenue reached $6.9 million, a 116 % year‑over‑year increase, driven by strong demand in its core segments. Gross margins have compressed, and the company is burning cash rapidly, but management remains optimistic, projecting a tenfold growth in its energy‑storage business over the next three years and a production scale of 50,000 packs per month by mid‑2026. Recent collaborations, including a $100 million AI server‑rack battery‑backup partnership and Platinum membership in the Open Compute Project, underscore the company’s expanding footprint in high‑growth infrastructure markets.
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