KULR Technology Shifts Focus From Bitcoin Mining To Defense Drone Contracts
KULR Technology Group (NYSEAMERICAN: KULR) reported second-quarter results marked by significant revenue decline and gross losses, but also highlighted strategic shifts. The company exited its Bitcoin mining operations entirely after using $20 million in proceeds from selling 333 Bitcoin to repay a credit facility. Management emphasized progress in the defense sector with a new $5 million order for drone batteries tied to the Pentagon's Drone Dominance program. The U.S. Department of Defense is accelerating procurement under its $1.1 billion initiative, aiming to deliver hundreds of thousands of drones by 2027. KULR plans to ship NDAA-compliant chargers in late 2026 and has positioned itself with a power stack covering batteries, thermal management, and charging systems. Despite the exit from Bitcoin mining reducing losses tied to digital assets, KULR's second-quarter results were still impacted by supply chain issues. The company is investing heavily ahead of expected production ramp-ups in Q3 2026.
Tickers: $KULR
Topics: bitcoin mining exit debt repayment defense contracts drones