KULR Technology Group Business Overview

KULR Technology Group (NYSE American: KULR) is a leading developer of thermal management and battery safety technologies for high-performance applications. The company leverages NASA-derived technology to create solutions for space, aerospace, defense, and commercial markets, positioning itself at the intersection of advanced energy systems and emerging technology sectors.

In December 2024, KULR announced a Bitcoin treasury strategy as part of their capital allocation approach, joining a growing number of public companies using Bitcoin as a treasury reserve asset. This strategy complements their core technology business by diversifying treasury holdings while leveraging their existing expertise in battery technology and energy systems.

The company operates across three primary business lines: thermal management products using proprietary carbon fiber technology, battery safety solutions including their KULR-TECH Safe Case line, and Bitcoin mining operations that utilize their thermal expertise for efficient mining infrastructure.

Company Highlights

Milestone	Details
Russell 3000 Inclusion	Added to the Russell 3000 Index effective June 30, 2025, providing broader institutional visibility and passive fund inclusion.
Core Business: Thermal Management	NASA-derived carbon fiber thermal technology for batteries, electronics, and spacecraft applications across aerospace, defense, and commercial sectors.
Core Business: Battery Safety	Advanced battery safety solutions including thermal runaway shields, safe transport cases, and diagnostic services for lithium-ion batteries.
Mining Operations	Bitcoin mining operations leveraging proprietary thermal management technology for efficient, sustainable mining infrastructure.
Bitcoin Treasury Strategy	Corporate Bitcoin treasury holdings as part of diversified capital allocation strategy, with ongoing accumulation program.

The Bitcoin-Plus Treasury Strategy

KULR Technology Group has adopted what they term a "Bitcoin-Plus" treasury strategy, combining traditional treasury management with Bitcoin accumulation. This approach positions Bitcoin as a core treasury reserve asset alongside conventional holdings, reflecting management's view that Bitcoin serves as a hedge against currency debasement and long-term store of value.

The strategy employs a dual "buy-or-mine" methodology: KULR dynamically chooses between purchasing Bitcoin on the open market or mining it based on current hash price economics. When hash prices are favorable, mining provides a cost-effective accumulation path. When market conditions favor direct purchase, treasury capital is deployed accordingly. This flexibility maximizes accumulation efficiency across varying market environments.

KULR's mining operations benefit from their core thermal management expertise. The company applies proprietary carbon fiber thermal technology to optimize mining equipment efficiency, reduce cooling costs, and extend hardware lifespan. This technological synergy creates a competitive advantage in mining operations while generating revenue that flows into the Bitcoin treasury.

Core Technology Business Lines

Thermal Management Solutions

KULR's thermal management products use NASA-derived carbon fiber technology originally developed for spacecraft applications. The company provides thermal interface materials, heat spreaders, and complete thermal solutions for batteries, electronics, and high-power applications. Key customers include aerospace manufacturers, defense contractors, and electric vehicle developers.

Battery Safety Technology

The KULR-TECH Safe Case product line provides certified solutions for transporting lithium-ion batteries by air, meeting FAA and DOT requirements. Additional products include thermal runaway shields that prevent battery fires from spreading, diagnostic services for battery health assessment, and custom safety solutions for specialized applications.

Space and Defense Applications

KULR provides thermal management solutions for spacecraft, satellites, and defense systems. Their technology helps regulate temperatures in extreme environments, from the cold vacuum of space to high-heat electronic warfare systems. Notable customers include NASA, defense prime contractors, and commercial space companies.

Bitcoin Mining Infrastructure

KULR has deployed 3,570 Bitmain S19 XP 140T miners at their Paraguay facility, contributing 750 PH/s to the Bitcoin network. Operations leverage competitive energy costs in Paraguay while applying proprietary thermal expertise to optimize efficiency. Plans include expansion to 1.25 EH/s by late summer 2025 and a Kentucky renewable energy partnership.