KULR Technology Group Inc ( KULR ) shares are falling in Thursday’s after-hours session after the company reported worse-than-expected results for the first quarter.

Q1 Earnings: KULR Technology ( KULR ) reported first-quarter revenue of $2.45 million, missing estimates of $2.85 million, according to Benzinga Pro. The company said total revenue increased 40% year-over-year as product sales jumped 88.7%.

KULR Technology ( KULR ) reported a first-quarter loss of seven cents per share, missing estimates for a loss of one cent per share. The higher net loss was primarily driven by a mark-to-market of the company’s Bitcoin (CRYPTO: BTC) holdings.

“2025 is a transformational year for KULR ( KULR ) and the transformation is well on its way,” said Michael Mo, CEO of KULR Technology ( KULR ).

“With over $100 million in cash and Bitcoin holdings on our balance sheet as of the present day and virtually no debt, we are well capitalized to grow our battery and AI Robotics businesses, while our capital market activities in the foreseeable future are geared to turbocharge our Bitcoin acquisition strategy, establishing KULR ( KULR ) as a pioneer BTC-First Bitcoin Treasury Company.”

KULR Price Action: KULR Technology ( KULR ) shares were down 19.41% after-hours, trading at $1.23 at the time of publication on Thursday, per Benzinga Pro.

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