Campbell, Calif.-based KULR Technology Group, Inc. (OTCQB: KULR), came out this week with its financial results of operations for the three months ended March 31, 2020.
Total revenue for the quarter was $77,500, compared to revenue of $194,952 in the year ended March 31, 2019. Gross profit was $51,574, or 66.5% of revenues, compared to gross profit of $133,345, or 68.4% of revenues, for the prior-year quarter.
It all added up to a net loss of $550,253, or a penny per share, compared to a net loss of $565,693, or also, a penny per share for the prior-year quarter.,
KULR’s CEO Michael Mo noted “In spite of initial caution and negative impact on our Q1 results, and reaction to the economic shelter-in-place rules, we have analyzed our business opportunities and are optimistic about our future.
“We forecast revenue growth of above 200% year-over-year for Q2’2020 and we target to achieve cash flow breakeven by the fourth quarter of 2020.”
KULR shares fell 10.6 cents, or 5.2%, to near Friday’s closing bell at $1.94, on volume of 167,000 shares.
