KULR Technology Q2 revenue falls 43%; bitcoin loss widens net loss

OverviewUS battery systems maker's Q2 revenue fell 43% yr/yrCompany posted Q2 net loss, driven by $10.6 mln non-cash bitcoin lossKULR exited bitcoin mining and is reducing bitcoin holdings to focus on core businessOutlookCompany did not provide specific financial guidance for upcoming quarters or full yearResult DriversBITCOIN LOSSES - Net loss was primarily driven by a $10.6 mln non-cash change in fair value loss associated with bitcoin holdingsSTRATEGIC SHIFT - Co exited bitcoin mining and is reducing bitcoin holdings to focus on core energy platform, per CFO Mike KimelCompany press release:Key DetailsMetricBeat/MissActualConsensus EstimateQ2 Revenue$2.10 mlnQ2 Loss Per Share$0.47Analyst CoverageThe one available analyst rating on the shares is "buy"The average consensus recommendation for the electrical components & equipment peer group is "buy"Wall Street's median 12-month price target for KULR Technology Group Inc is $8.00, about 169.4% above its August 12 closing price of $2.97Reuters Recommended ReadsAug 13 - Forum Markets Q2 revenue falls on digital asset exitAug 11 - Fold Q2 revenue falls, misses estimates as bitcoin prices pressure activityAug 11 - Battery developer SES AI's Q2 revenue falls more than expectedFor questions concerning the data in this report, contact [email protected]. For any other questions or feedback, contact .