Q2 2024 KULR Technology Group Inc Earnings Call

August 12, 2024

Operator: Welcome everyone to the KULR Technology Group second quarter 2024 earnings call. KULR Technology Group is traded on the New York Stock Exchange under the ticker symbol KULR.

Welcome everyone to the cooler technology group's second quarter 'twenty 'twenty four earnings call cooler technology group is traded on the New York stock exchange under the ticker symbol K U L. R. In just a moment I will be joined by the CEO of the company, Michael Moe as well as by the CFO of the company.

Operator: In just a moment, I will be joined by the CEO of the company, Michael Mo, as well as by the CFO of the company, Shawn Canter. As usual, like the calls in the past, today's call will cover opening comments from both Michael Mo and Shawn Canter, and then it will be followed by a Q&A session where the company representatives will answer questions that were emailed in to the company for this call. Now, before we get started on the call, we do need to cover the safe harbor statements. This call does not constitute an offer to sell or solicitation of offers to buy any securities of any entity.

Speaker Change: Sean Cantor as usual like the calls in the past today's call will cover opening comments from both Michael Moe and Sean Cantor and then it will be followed by a Q&A session, where the company Representatives will answer questions that were emailed in to the company for this call now before we get started on the call.

Speaker Change: We do need to cover the Safe Harbor statements. This call does not constitute an offer to sell or solicit solicitation of offers to buy any securities of any entity. This call contains certain forward looking statements based on the company's current expectations forecasts and assumptions that involve risks and uncertainties.

Operator: This call contains certain forward-looking statements based on the company's current expectations, forecasts, and assumptions that involve risks and uncertainties. Forward-looking statements made on this call are based on information available to the company as of the date hereof. The actual results may differ materially from those stated or implied in such forward-looking statements due to risks and uncertainties associated with their business, which include risk factors disclosed in their Form 10-K filed with the Securities and Exchange Commission on April 12, 2024, as may be amended or supplemented by other reports the company files with the SEC from time to time. Forward-looking statements include statements regarding their expectations, beliefs, intentions, or strategies regarding the future and can be identified by forward-looking statements such as anticipate, believe, could, estimate, expect, intend, may, should, and would, or similar words.

Speaker Change: Word looking statements made on this call are based on information available to the company as of the date hereof. The actual results may differ materially from those stated or implied in such forward looking statements due to risks and uncertainties associated with their business, which include risk factors disclosed in their Form 10-K filed with the <unk>.

Speaker Change: Securities and Exchange Commission on April 12, 2024, as may be amended or supplemented by other reports the company files with the Securities Exchange Commission from time to time forward looking statements include statements regarding their expectations beliefs intentions or strategies regarding the future.

Operator: Forward-looking statements include statements regarding their expectations, beliefs, intentions, or strategies regarding the future and can be identified by forward-looking statements such as anticipate, believe, could, estimate, expect, intend, may, should, and would, or similar words. All forecasts are provided by management made on this call or based on the information available to them at this time, and management expects that internal projections and expectations may change over time. In addition, the forecasts are entirely based on management's best estimate of their future financial performance given their current contracts, current backlog of opportunities with conversations, and conversations with new and existing customers about their products and services.

Speaker Change: And can be identified by forward looking statements such as his to paid believe could estimate expect intend may should and would or similar words.

Operator: All forecasts provided by management on this call are based on the information available to them at this time, and management expects that internal projections and expectations may change over time. In addition, the forecasts are entirely based on management's best estimate of their future financial performance, given their current contracts, current backlog of opportunities with conversations, and conversations with new and existing customers about their products and services. The company assumes no obligation to update the information included on this call, whether as a result of new information, future events, or otherwise. With that, I'll turn over the call to Michael Mo. Michael, the call is yours.

Speaker Change: All forecasts are provided by management made on this call are based on the information available to them at this time and management expects that internal projections and expectations may change overtime. In addition that forecasts are entirely on managements best estimate of their future financial performance given their current contracts current backlog of opera.

Speaker Change: Communities with conversations and conversations with new and existing customers about their products and services. The company assumes no obligation to update the information included on this call whether as a result of new information future events or otherwise with that I will turn over the call to Michael Moe.

Operator: The company assumes no obligation to update the information included on this call, whether as a result of new information, future events, or otherwise. With that, I'll turn over the call to Michael Mo. Michael, the call is yours.

Speaker Change: Michael the call is yours.

Michael Mo: Thank you, Stuart. This is Michael Mo. Thanks to everyone for joining us. I'd like to go over some of the financial and operational highlights. 18-02-2020; We achieved revenue of $2.43 million, up 39% sequentially from Q1, engineering service revenue increased 76% year over year to approximately 1.3 million, a record for KULR. Total paying customer number increased 42% year-over-year to 26%. Service revenue per customer increased 100% year-over-year to 14.

Michael Moe: Thank you Stuart.

Michael Mo: Thanks to everyone for joining us today. I'd like to go over some of the financial and operational highlights into 2020. We achieved revenue of $2.43 million, up 39% sequentially from Q1. Engineering service revenue increased 76% year over year to approximately 1.3 million, a record for KULR. Total paying customer number increased 42% year-over-year to 27.

Michael Moe: This is Michael thanks.

Michael Moe: Thanks to everyone for joining us today.

Michael Mo: And product revenue customers increased 25% year-over-year to 15, in Q2. KULR makes significant investments to enhance the capabilities and talent within our Battery Center of Excellence located in Webster, Texas. These investments are critical to our goal of driving revenue growth by providing comprehensive, enhanced product and service solutions that span the entire lifecycle of battery design, testing, prototyping, and volume production, all under one roof. I believe we are well positioned to resume year-over-year revenue growth in the second half of 2024 with our new customer win. During this quarter, we moved into our new state-of-the-art 17,500-square-foot facility.

Michael Moe: Let me go over some of the financial and operational highlights.

Speaker Change: <unk> 2024.

Speaker Change: <unk> revenue of 2.43 million.

Speaker Change: Up 39% sequentially from Q1.

Speaker Change: Engineering service revenue increased 76% year over year to approximately $1 3 million a record for cooling.

Speaker Change: Total paying customer number increased 42% year over year to 27.

Michael Mo: Service revenue customers increased 100% year over year to 14, and product revenue customers increased 25% year over year to 15, in Q2. KULR makes significant investments to enhance the capabilities and talent within our Battery Center of Excellence located in Webster, Texas. These investments are critical to our goal of driving revenue growth by providing comprehensive, enhanced product and service solutions that span the entire lifecycle of battery design, testing, prototyping, and volume production, all under one roof. I believe we are well positioned to resume year-over-year revenue growth in the second half of 2024 with our new customer wins. During this quarter, we moved into our new state-of-the-art 17,500-square-foot facility.

Speaker Change: Service revenue customer increased 100% year over year to 14.

Speaker Change: Product revenue customer increased 25% year over year to 15.

Speaker Change: In Q2.

Speaker Change: Quarter make significant investments to enhance the capabilities and talent within our center of excellence.

Speaker Change: In Webster, Texas.

Speaker Change: These investments are critical charcoal driving revenue growth by providing comprehensive in house product and service solutions that span our lifecycle of battery design.

Speaker Change: Prototyping and volume production all under one roof.

Speaker Change: I believe we are well positioned to resume year over year revenue growth in the second half of 2024 with our new customer wins.

Speaker Change: During this quarter, we moved into a new state of art 17500 square foot facility.

Michael Mo: This expanded space was designed specifically to meet the growing demands of our battery design and testing contracts, supporting key industries such as aerospace, defense, electric mobility, and space exploration. This space is approximately 2.1 miles from NASA Johnson Space Center and is next to companies like Axiom Space, Atlantos, Blue Origin, and many others. It's an ideal location to provide a one-stop shop for rapid turnaround design, testing, and production services to the surrounding ecosystem of aerospace customers. We now have the vast majority of our battery engineering team in Webster, Texas, to perform three key functions. Battery Cell Impact Level Testing

Michael Mo: This expanded space was designed specifically to meet the growing demands of our battery design and testing contracts, supporting key industries such as aerospace, defense, electric mobility, and space exploration. This space is approximately 2.1 miles from NASA Johnson Space Center and is next to companies like Axiom Space, Anatos, Blue Origin, and many others. It's an ideal location to provide a one-stop shop for rapid turnaround design, testing, and production services to the surrounding ecosystem of aerospace customers. We now have the vast majority of our battery engineering team in Webster, Texas, to perform three key functions. Battery Cell Impact Level Testing

Speaker Change: This expanded space was designed specifically to meet the growing demands of our battery design and testing contracts supporting key industrial industries, such as aerospace defense electric mobility and space exploration.

Speaker Change: This spaces approximately 311 models from NASA Johnson Space Center, and it's next to companies like axiom space a lighter.

Speaker Change: Blue origin, and many others.

Speaker Change: It's an ideal location to provide a one stop shop for rapid turnaround designed SD.

Speaker Change: The introduction of service to the surrounding ecosystem aerospace customers.

Speaker Change: Now the vast majority of our battery engineering team in Webster, Texas to perform key functions.

Speaker Change: Batteries, so impact level testing.

Michael Mo: Battery Design and Analysis, and Battery Production and Engineering Services. Our battery design testing capabilities are a key factor in establishing credibility, understanding, and mitigating thermal runaway in lithium-ion batteries. We have accumulated extensive data on various cell chemistries, formats, and their reaction to different triggers.

Michael Mo: Battery Design and Analysis, and Battery Production and Engineering Services. Our battery design testing capabilities are a key factor in establishing credibility in understanding and mitigating thermal runaway in lithium-ion batteries. We have accumulated extensive data on various cell chemistries, formats, and their reaction to different triggers.

Speaker Change: Battery design and analysis and battery production and engineering services.

Speaker Change: Our battery design testing capabilities are a key factor in establishing credibility understanding and mitigating thermal runaway.

Speaker Change: Tim on batteries we.

Tim: We have accumulated extensive data on various cell chemistries formats, and the reaction to different triggers.

Michael Mo: This growing data set directly informs ongoing improvements to the corner one architecture. The impact of this work is already evident in this quarter as we secured a contract from a top Japanese automaker for testing analysis of high energy battery cells for the next generation electric vehicle. Once we complete our recorder Texas facility built up by the end of Q Suite, we estimate our testing service capacity at approximately $2 million per quarter.

Michael Mo: This growing data set directly informs ongoing improvements to the Kurnovan architecture. The impact of this work is already evident this quarter as we secured a contract from a top Japanese automaker for testing and analysis of high energy battery cells for the next generation electric vehicle. Once we complete our KULR Texas facility build-up by the end of Q3, we estimate our testing service capacity at approximately $2 million per quarter. These services include NASA's award-winning FGRC test, as well as various impact-level abuse thermal runaway tests.

Tim: <unk> dataset directly informs all ongoing improvements in the corner one architecture.

Tim: The impact of this work is already evident in this quarter as we secured a contract on top Japanese automaker or testing analysis.

Tim: Energy battery cells for the next generation electric vehicles.

Tim: Once we complete our cooler, Texas facility build out by the end of Q3.

Tim: We estimate our testing service capacity and approximately $2 million per quarter.

Michael Mo: These services include the NASA's award-winning FGRC test, as well as various impact-level abuse thermal runaway tests. These are high-margin services that lead us to design better and safer batteries for our customers. Our battery design and analysis capabilities are a key differentiator. We have a team of seasoned design experts, complemented by advanced computer modeling and analysis tools, which allow us to deliver cutting-edge solutions in this critical area. In addition to our proprietary products and components, such as the Thermal Runaway Shield and ISC Trigger Cells, we continue to provide and develop new technologies for Thermal Runaway Cell Body Heating Protection and Ejection Mitigation.

Tim: These services include the NASA Nasa's Award, winning FERC test as long as there is no impact local abuse there no thermal runaway.

Michael Mo: These are high-margin services that lead us to design better and safer batteries for our customers. Our battery design and analysis capabilities are a key differentiation. We assemble a team of seasoned design experts, complemented by advanced computer modeling and analysis tools, which allow us to deliver cutting-edge solutions in this critical area. In addition to proprietary products and components such as the Thermal Runaway Shield and ISC Trigger Cells, we continue to provide and develop new technologies for Thermal Runaway Cell Body Heating Protection and Ejection Mitigation. At the system level, we have developed KULR's own radiation-tolerant battery management system for our space exploration customers.

Tim: These are high margin services.

Tim: It leaves us to design better and safer batteries for our customers.

Tim: Our battery design and analysis capabilities are a key differentiator.

Tim: We assembled a team of seasoned.

Tim: Experts complemented by advanced computer modeling and analysis tools allow us to deliver cutting edge solutions in this critical area.

Tim: In addition to our proprietary products and components, such as thermal runaway shield and itchy trigger ourselves we continue to provide.

Tim: New technologies for thermal runaway soap body seating protection in the chest that mitigation.

Michael Mo: At the system level, we have developed KULR's own radiation-tolerant battery management system for our space exploration customers. We're incorporating all these capabilities into the design analysis process to build a more robust quote unquote space, quote unquote guardian, and quote unquote air battery. In Q2, we also expanded our battery production capabilities. Being a one-stop shop for space and quote-unquote guardian customers is a big competitive advantage for us as these customers require speed and quality.

Tim: At the system level, we have developed the corners or radiation tolerant battery management system for our space exploration customers.

Michael Mo: We're incorporating all these capabilities into the design analysis process to build a more robust quote unquote space, quote unquote guardian, and quote unquote air battery. In Q2, we also expanded our battery production capability. Being a one-stop shop for quote-unquote space and quote-unquote guardian customers is a big competitive advantage for us as these customers require speed and quality. We enhance our infrastructure by integrating our expert fabrication and sampling teams with on-site precision machining, which allows us to scale production quickly and efficiently.

Tim: We're incorporating all these capabilities.

Syed: Syed and knowledge.

Syed: Process.

Syed: A more robust quarter with space quarter when Guardian.

Speaker Change: Air batteries in Q2, we also expanded our battery production capabilities.

Speaker Change: Being a one stop shop for equivalent space in quarter. One Guardian customers is the based competitive advantage for us as these customers require speed and quality.

Michael Mo: We enhance our infrastructure by integrating our expert fabrication and sampling teams with on-site precision machining, which allows us to scale production quickly and efficiently. As you know, our service revenue is an early indication of potential product revenue. As we achieve record engineering service revenue for Q2, we're preparing for these service customers to go into prototype and production build in the near future. This is why we have been carefully and strategically investing in our production capabilities to bring one-stop shop service to our customers.

Speaker Change: We enhanced our infrastructure by excluding our expert fabrication assembly teams with onsite precision machine, which allows us to scale production quickly and efficiently.

Michael Mo: As you know, our service revenue is an early indication of potential product revenue. As we achieve record engineering service revenue for Q2, we're preparing for these service customers to go into prototype and production build in the near future. This is why we have been carefully and strategically investing in our production capabilities to bring a one-stop shop service to our customers. A big driver for our service revenue and our motivation to invest in these capabilities is the KULR OneSpace marketing opportunity. The space economy is going to be $1.8 trillion by 2035, according to McKinsey.

Speaker Change: As you know.

Speaker Change: Our service revenue is an early indication of potential product revenue.

Speaker Change: We achieved record engineering service revenue for Q2, we are preparing for these service customers to go into a prototype and production builds in the near future.

Speaker Change: This is why we have been carefully.

Speaker Change: Investing in our production capabilities to create a one stop shop service to our customers.

Michael Mo: A big driver for our service revenue and our motivation to invest in these capabilities is the KULR OneSpace marketing opportunity. The space economy is going to be $1.8 trillion by 2035, according to McKinsey. This is driven by the commoditization of the space industry.

Speaker Change: Big driver for our service revenue and our motivation to invest in these capabilities is the cooler space market opportunity.

Speaker Change: This basic economy is going to be $1 $8 billion by 2035, According to the case.

Michael Mo: This is driven by the commoditization of the space industry. The space battery market is estimated to grow to $6.35 billion by 2030. We expect our Kuala Lumpur space platform to play an important role in this. Some of the key players in driving this tremendous growth in the space economy include the rapidly growing private companies such as SpaceX and Blue Origin, continued growth of traditional government prime contractors such as Boeing, Nortel, Grumman, and new and upcoming companies like Voyager Space and Axiom Invest.

Speaker Change: This was driven by Commoditization of the space industry.

Michael Mo: The space battery market is estimated to grow to $6.35 billion by 2030. We expect our quarter one space platform to play an important role in this market. Some of the key players driving this tremendous growth in the space economy include the rapidly growing private companies such as SpaceX and Blue Origin, continued growth of traditional government prime contractors such as Boeing and Northrop Grumman, and new and upcoming companies like Voyager Space and Axiom Invest. Many of these are already KULR customers.

Speaker Change: The space battery market is estimated to grow to six.

Speaker Change: $5 billion by 2030.

Speaker Change: We expect our cooler space platform to clean or rule in this market.

Speaker Change: Some of the key players in driving this tremendous growth in our space economy include the rapidly growing private companies such as Spacex and the origin.

Speaker Change: <unk> growth of the traditional government prime contractors, such as Boeing Northrop Grumman.

Speaker Change: New and upcoming companies like Voyager space Axiom and best.

Michael Mo: Many of these are already KULR customers. During Q2, we made significant investments in the technology readiness level of our Kuala Lumpur Space Battery Architecture, which is already being utilized by Voyager Space and other partners for the upcoming mission. The KULR-1 space architecture is a scalable, safety-first battery design developed with the goal of achieving NASA JSC-20793 certification for human spaceflight applications.

Speaker Change: Many of these are already customers.

Michael Mo: During Q2, we made significant investments in the technology readiness level of our KULR-1 space battery architecture, which is already being utilized by Voyager Space and other partners for the upcoming missions. The KULR-1 space battery architecture is a scalable, safety-first battery design developed with the goal of achieving NASA JSC-20793 certification for human spaceflight applications. Our efforts in Q2 will also focus on commercialization of the Corona-1 space architecture to meet the specific mission requirements of the CubeSat and SmallSat industries.

Speaker Change: During Q2, we made significant investments in the technology readiness level, although cooler space battery architecture.

Speaker Change: Which is already being utilized by the usual Voyager space and other partners for the upcoming missions.

Speaker Change: Cooler was based architecture is scalable.

Speaker Change: First battery design.

Speaker Change: The goal of achieving non stop GSC to zero so that.

Speaker Change: Certification for human space flight applications.

Michael Mo: Our efforts in Q2 also focus on commercialization of the Corona-1 space architecture to meet the specific mission requirements of the CubeSat and SmallSat industries. The first off-the-shelf commercial version of the Kula web platform is a 200-watt-hour version that will be available in the fall of 2020. This off-the-shelf solution is engineered to deliver an optimal balance of performance, quality, safety, and cost advantage, positioning it at the industry level. These developments underscore a commitment to provide advanced battery solutions to meet the rigorous demand of the space exploration market and beyond. The next two quarters of an hour.

Speaker Change: Our efforts in Q2 also focus our commercialization of the corner one space architecture to meet the specific mission requirements.

Speaker Change: The chipset and small set industries.

Michael Mo: The first off-the-shelf commercial version of the Kula web space is a 200-watt-hour version that will be available in the fall of 2020. This off-the-shelf solution is engineered to deliver an optimal balance of performance, quality, safety, and cost advantage, positioning it as the industry leader. These developments underscore a commitment to provide advanced battery solutions to meet the rigorous demand of the space exploration market and beyond.

Speaker Change: So first off the shelf commercial version.

Speaker Change: What space is a few hundred one hour duration that will be available in the fall of 2024.

Speaker Change: This off the shelf solution is engineered to deliver an optimal balance of performance quality.

Speaker Change: Safety and cost advantage positioning as the industry leader.

Speaker Change: These developments underscore our commitment to provide advanced battery solutions to meet the rigorous demands.

Speaker Change: This space exploration market NPL.

Speaker Change: Next two kilometers.

Michael Mo: In addition to the traditional helicopter and drone delivery markets, we see a good opportunity to apply KULR VIVE to computer server fans and industrial fan applications, as AI demands exponentially more computing power and energy consumption. So does the need for CUNY with both air and liquid thermal systems. For air cooling, fan performance is critical to drive enough airflow to cool the latest AI GPUs. Fan performance is limited by vibration and motor speed. By removing migration,

Michael Mo: In addition to the traditional helicopter and drone delivery markets, we see good opportunity to apply KULRIVE to computer server fans and industrial fan applications. As AI demands exponentially more computing power and energy consumption, so does the need for cooling with both air and liquid thermal systems. For air cooling, fan performance is critical to drive enough airflow to cool the latest AI GPUs. Fan performance is limited by vibration and rotor speed; removing migration would solve this problem.

Speaker Change: In addition to the traditional helicopter and drone delivery markets, we see good opportunity to apply for robots to computer server fans.

Speaker Change: <unk> fan applications.

Speaker Change: Is AI demand.

Speaker Change: Exponentially more computing power and energy consumption.

Speaker Change: Those are meaningful cooney with both air and liquids thermal systems.

Speaker Change: Well air cooling and performance is critical to drive in the airflow.

Speaker Change: Cool the latest AICPA.

Speaker Change: <unk> performance is limited by the vibration and motors.

Speaker Change: By removing migration.

Shawn Canter: Cooler vibrations can make fans run at higher speeds with less energy, less noise, and generate more airflow, therefore providing more cooling to the AI chips. According to Morgan Stanley, the liquid cooling system for NVIDIA's GB200 Blackwell high-end rack costs more than $80,000, about 15 to 20 times the cost of an air-cooling system for an existing rack of NVIDIA H100 chips. More than 95% of the current data centers use air cooling because of its maturity and reliability.

Michael Mo: Cooler vibes can make fans run at higher speeds with less energy, less noise, and generate more airflow, therefore providing more cooling to the AI chip. According to Morgan Stanley, the Liquid Coating System for NVIDIA's GB200 Blackwell High-End Rack costs more than $80,000, about 15 to 20 times the cost of an air cooling system for an existing rack of NVIDIA H100 chips.

Speaker Change: Cooler bonds can make Dan and higher speed with less energy less noise and generating more airflow, therefore, providing more poorly to the AI chips.

Speaker Change: According to Morgan Stanley.

Speaker Change: Quoting system for Nvidia is GBP, 200, Blackwell, hi, and rack.

Speaker Change: Cost more than $80000.

Speaker Change: About 15 to 20 times the cost of an air cooling system for the existing radical Nvidia chips.

Speaker Change: Rich.

Shawn Canter: More than 95% of the current data centers use air cooling because of its maturity and reliability. There lies our opportunity. We're working on fans used by Facebook's OpenCompute project servers. We're also working on higher speed fans that can be used to cool the highest performance AI servers. We expect to report performance results and new customers in the second half of 2020. Next, Shawn Canter will go over financial highlights.

Speaker Change: More than 95% of the current data centers use air cooling because of its maturity.

Speaker Change: Reliability.

Shawn Canter: There lies our opportunity. We're working on fans used by Facebook's OpenCompute project servers. We're also working on higher speed fans that can be used to cool the highest performance AI servers. We expect to report performance results and new customers in the second half of 20. Next, Shawn Canter will go over financial highlights.

Speaker Change: There lies our opportunity.

Speaker Change: We're working on fans used bike Facebooks open compute project servers.

Speaker Change: We're also working on <unk> defense that can be used to cool the highest performance AI servers.

Speaker Change: We expect to report performance results and new customers in the second half of 2000.

Sean: Next <unk> will go over financial highlights Sean.

Shawn Canter: Thanks, Mike. Our Form 10-Q for the second quarter of 2024 is now available online; please refer to it for more details. I'd like to highlight three themes that we are focused on. One, growing revenue and relevant KPIs. Two, Spending Less Cash, and three, a Stronger Balance.

Sean: Thanks, Mike.

Shawn Canter: Our Form 10-Q for the second quarter of 2024 is now available online; please refer to it for more details. I'd like to highlight three themes that we are focused on. One, growing revenue and relevant KPIs. Two, Spending Less Cash, and three, a Stronger Balanced Sheet.

Sean: Our Form 10-Q for the second quarter of 2024 is now available online.

Sean: Please refer to it for more details.

Sean: I'd like to highlight three themes that we're focused on one.

Speaker Change: Growing revenue and relevant kpis to.

Speaker Change: Spending less cash and three <unk>.

Stronger balance sheet.

Shawn Canter: This slide shows key KULR full-year annual growth trends from 2021 to 2023. Total revenue up over 300%, product revenue up over 360 percent, service revenue up almost 220 percent, paying customers up 165 percent, and revenue per customer up 54%. KULR is a growing business. Here's the trailing 12-month revenue chart starting from the first quarter of 2021. As you can see, growth doesn't always happen in a straight

Shawn Canter: This slide shows key KULR full-year annual growth trends from 2021 to 2023. Total revenue up over 300%, product revenue up over 360%, service revenue up almost 220%, paying customers up 165%, and revenue per customer up 54%. KULR is a growing business. Here's the trailing 12-month revenue chart starting from the first quarter of 2021. As you can see, growth doesn't always happen in a straight line.

Speaker Change: This slide shows key cooler full year annual growth trends from 2021 to 2023.

Total revenue up over 300%.

Product revenue up over 360 per cent.

Speaker Change: Service revenue up almost 220%.

Speaker Change: And customers.

Speaker Change: 165%.

Speaker Change: Revenue per customer up 54% cooler is a growing business.

Speaker Change: Here's the trailing 12 months revenue chart, starting from the first quarter of 2021.

Speaker Change: As you can see.

Speaker Change: Growth doesn't always happen in a straight line.

Shawn Canter: When you get a broader perspective, you can see the growth trend. Trailing 12 months revenue since the first quarter of 2021 is up almost 900% through the second quarter of 2024. Going from a broader perspective, now let's zoom in on the second quarter versus the first quarter of 2024. Revenue is up 39%. KULR is using less cast iron. Comparing the six months ending June 2023 and 2024. Cash used from operating activities is down 7%, cash used in investing activities is down 82%, for a combined cash use reduction of 13%. KULR's balance sheet, comparing the end of 2023 to the end of June 2024, shows cash plus accounts receivable up 40%, and liabilities down 42%. KULR's balance sheet is getting stronger. Back to you, Stuart.

Shawn Canter: When you get a broader perspective, you can see the growth trend. Trailing 12 months revenue since the first quarter of 2021 is up almost 900% through the second quarter of 2024. Going from a broader perspective, now let's zoom in. For the second quarter versus the first quarter of 2024, revenue is up 39%. KULR is using less cash, comparing the six months ending June 2023 and 2024. Cash used from operating activities is down 7%, and cash used in investing activities is down 82%, for a combined cash use reduction of 13%.

When you get a perspective, you can see the growth trend.

Trailing 12 months revenue since the first quarter of 2021 is up almost 900% through the second quarter of 2024 going from a broader perspective now let's zoom in.

Speaker Change: Second quarter versus the first quarter of 2024.

Speaker Change: Revenue was up 39%.

Speaker Change: Coolers using less cash comparing the six months ending June 2023 and 2024.

Speaker Change: Cash used from operating activities is down 7%.

Speaker Change: Cash used in investing activities is down 82%.

Speaker Change: For our combined cash use reduction of 13%.

Speaker Change: Coolers balance sheet, comparing the end of 2023 to the end of June 2024.

Shawn Canter: KULR's balance sheet. Comparing the end of 2023 to the end of June 2024, cash plus accounts receivable up 40%, and liabilities down 42%. KULR's balance sheet is getting stronger. Back to you, Stuart.

Speaker Change: Cash plus accounts receivable up 40%.

Speaker Change: Liabilities.

Speaker Change: Now, 42% coolers balance sheet is getting stronger back to you Stuart.

Stuart Smith: All right, thank you for that. Now, we'll move on to the question and answer portion of the call. Here is the first question submitted by one of your shareholders. Regarding bills HR 1797 and S.1008 setting consumer standards for the Lithium Ion Batteries Act, and with Representative Richie Torres as the sponsor, it seems like KULR fits perfectly to be the leading candidate for this bill. Can you give us any information regarding this bill and whether KULR is a top candidate? Also, is KULR building the new cathode for Tesla in the Cybertruck? So a detailed question right there. I'll put it to both of you and see who wants to answer it.

Operator: All right, thank you for that. Now, let's move on to the question and answer portion of the call. Here is the first question submitted by one of your shareholders. Regarding bills HR 1797 and S.1008 setting consumer standards for the Lithium Ion Batteries Act, and with Representative Richie Torres as the sponsor, it seems like KULR fits perfectly to be the leading candidate for this bill. Can you give us any information regarding this bill and whether KULR is a top candidate? Also, is KULR building the new cathode for Tesla in the Cybertruck? So a detailed question right there. I'll put it to both of you and see who wants to answer it.

Stuart: Alright. Thank you for that now let's move on to the question and answer portion of the call. Here is the first question submitted by one of your shareholders regarding bills H R 1797, and S. Dot 1008, setting consumer standards for lithium ion batteries Act and.

Speaker Change: With representative Ritchie Torres as the sponsor it seems like cooler fits perfectly to be the leading candidate for this bill can you give us any information regarding this bill and whether cooler is a top candidate also is cooler building the new cathode for Tesla in the cyber truck.

Speaker Change: A detailed question right there.

Speaker Change: I'll put it to both of you and see who wants to answer it.

Michael Mo: All right, Stuart, I'll take that. Yeah, this is Michael Mo.

Michael Mo: Alright, Stuart, I'll take that. Yeah, this is Michael Mo. We have engaged with various stakeholders in this area, including our departments, HESMAT teams, local officials, and national organizations, offering our expertise on thermal runaway mitigation. Thus, our response to the challenge has been multifaceted. We provide 10 key packs, battery packs, and built-in thermal runaway protection to assist other battery design teams in ensuring their designs are safe from propagation for a safe case as a solution for safe storing and transportation of batteries, regardless of their starting point.

Speaker Change: Right.

Speaker Change: Take that yes. This is Michael.

Speaker Change: We have engaged with various stakeholders in this area.

Speaker Change: Departments.

Speaker Change: Local officials and national organizations offering your expertise on thermal runaway mitigation. So.

Michael Mo: We have engaged with various stakeholders in this area, including our departments, HESMAT teams, local officials, and national organizations, offering our expertise on thermal runaway mitigation. Thus, our response to the challenge has been multifaceted. We provide 10 key packs, battery packs, built-in thermal runaway protection, and assist other battery design teams in ensuring their designs are safe from propagation for a safe case as a solution for safe storing and transportation of batteries, regardless of their starting point.

The challenge has been multifaceted, we provide turnkey.

Speaker Change: Battery packs are built in from a runaway protection.

Speaker Change: This other babiche design teams ensuring business Mr. Safer obligations for these cases solution for safety story.

Speaker Change: A patient of batteries, so regardless of their starting point. So it's crucial first responders as well as customers in automotive aviation defense and aerospace sectors, who prioritize.

Michael Mo: So it's crucial for first responders, as well as customers in the automotive, aviation, defense, and aerospace sectors who prioritize safety. We hope this legislation continues some efforts, of which specific details have not been fully released yet, as far as we know, and also can comment on the new capital development for the Tesla Cyber Application. Okay, I just want to clarify that last part. There was just a little bit of interference, and you said you could not, or you could not comment on the new cathode. Cannot, cannot.

Speaker Change: We hope this legislation.

Speaker Change: Tejas efforts, which specific details have not been fully.

Speaker Change: Will be released yet as far as are we.

Speaker Change: You may now.

Speaker Change: You can also comment on the new capital development.

Speaker Change: Tesla temperature application.

Michael Mo: Okay, I just want to clarify that last part. There was just a little bit of interference, and you said you could not, or you could not comment on the new cathode.

Speaker Change: Okay I just wanted to clarify that last part there was just a little bit of interference and you said you cannot or you can comment on the new catheter.

Michael Mo: Cannot. Cannot.

Speaker Change: Cannot cannot understood understood okay, great, let's move on to the next question over the last year, we haven't heard much about cooler vibe. As this is a software based solution. It would seem like a low cost way for companies to save money and cooler to generate revenue why hasn't cooler found more success.

Stuart Smith: understood, understood. Okay, great. Let's move on to the next question.

Operator: understood, understood. Okay, great. Let's move on to the next question. And in the last year, we haven't heard much about KULR VIBE. As this is a software-based solution, it would seem like a low-cost way for companies to save money and KULR to generate revenue. Why hasn't KULR found more success here, and can you demonstrate actual cost savings to present to potential clients? Thinking in terms of energy saved to run a data center, a fan, or fuel saved to fly a helicopter, as a couple of examples, if I can spend $5 to save $10, I'm probably going to do that running a business.

Michael Mo: Over the last year, we haven't heard much about KULR Vibe. As this is a software-based solution, it would seem like a low-cost way for companies to save money and KULR to generate revenue. Why hasn't KULR found more success here, and can you demonstrate actual cost savings to present to potential clients? Thinking in terms of energy saved to run a data center, a fan, or fuel saved to fly a helicopter, as a couple of examples, if I can spend $5 to save $10, I'm probably going to do that running a business. The use cases here seem very large.

Speaker Change: And can you demonstrate actual cost savings to present to potential clients thinking in terms of energy saved to run a data center fan or fuel safe to fly a helicopter as a couple of examples if I can spend $5 to save $10 I'm, probably going to do that running a business.

Speaker Change: The use cases here seem very large.

Michael Mo: I know, so I'll take that as well. We see a good opportunity to apply KULR Vibe to server fans in industrial applications. So by removing vibration, the fan can run at higher speed with less energy, and therefore provide more cooling to the chips. We're now working on fans used by Facebook's OCP, which is for open compute project servers. We're also working on higher-speed fans that are used to cool high-performance AI servers, so we hope to report results from the testing. Also, new customers in the second half of 2025. I'm sorry, 2024.

Operator: The use cases here seem very large, so I'll take that as well. So we see a good opportunity to provide for server fans and industrial applications. So by removing vibration, the fan can run at higher speeds with less energy, less noise, and generate more airflow, therefore providing more cooling to the chips.

Speaker Change: I'll take that as well so we see good uptake.

Speaker Change: <unk>, two <unk> and industrial applications, so by removing migration to higher speed with less energy less daunting.

Speaker Change: Airflow, and therefore, providing more cooling to the chips. We're now working on beds used by Facebooks Otp, which is our open compute.

Michael Mo: We're now working on fans used by Facebook's OCP, which is our open compute project servers. We're also working on higher speed fans that are used to cool high performance AI servers. So we hope to report results from the testing and also new customers in the second half of 2025. Sorry, 2024. Okay, great. Thank you for that, Michael.

Speaker Change: Ah projects servers, we're also working on higher speed beds.

Speaker Change: Cool high performance AI servers. So we hope to report results on the DSD and also new customers.

Speaker Change: Second half of 2025, I'm, sorry, 2024, okay, great. Thank you for that Michael So cooler as a small company and thus expanding manufacturing capacity of its product seems like a costly way to grow its business licensing your technology to Oems seems like the best way to grow.

Operator: All right. So KULR is a small company, and thus, expanding the manufacturing capacity of its product seems like a costly way to grow its business. Licensing your technology to OEMs seems like the best way to grow revenue. How does this fit into your strategy going forward?

Stuart Smith: Okay, great. Thank you for that, Michael.

Michael Mo: All right, so KULR is a small company, and thus, expanding the manufacturing capacity of its products seems like a costly way to grow its business. Licensing your technology to OEMs seems like the best way to grow revenue. How does this fit into your strategy going forward?

How does this fit into your strategy going forward, so sort of being a one stop shop for a cooler base and put them on Guardian customer is a big competitive advantage for us.

Michael Mo: So Stuart, being a one-stop shop for our Kulon space and Kulon Guardian customer is a big competitive advantage for us. That's why we're investing in all the technical capabilities in our Texas facility. Especially for large and important customers, being fast and agile is very important to them. So KULR frequently collaborates with these companies and government groups that have their own battery design capabilities. In these cases, KULR becomes a trusted partner for them for rapid testing and prototyping, which extends KULR's expertise to new departments and also their next generation designs. So with Entryway, groups will explore additional KULR offerings that complement their current design and also help them to accelerate their time to market. So it's very important for us.

Michael Mo: So Stuart, being a one-stop-shop for our Kulon space and Kulon Guardian customers is a big competitive advantage for us. That's why we're investing in all the technical capabilities in our Texas facility. Especially for large and important customers, being fast and agile is very important to them.

Speaker Change: Yes.

Speaker Change: All of the technical capabilities.

Speaker Change: Texas facility.

Speaker Change: For large and important customers being fast and agile is very important too so quarter frequently into luxury with these companies and groups.

Michael Mo: So KULR frequently collaborates with these companies and government groups that have their own battery design capabilities. In these cases, KULR becomes a trusted partner for them for rapid testing and prototype, which extends KULR's expertise to new departments and also their next-generation designs. So with this entryway, companies will explore additional KULR offerings that complement their current design and also help them to accelerate their time-to-market. So it's very important for

Speaker Change: Ooh design battery design capabilities in these cases could it become the trusted partner for them for rapid testing and prototype, which reduced coolers expertise to new departments and also their next generation designs.

Speaker Change: Entry way to explore additional cooler offerings that complement our current design you also helped them to accelerate their time to market.

Speaker Change: Important for us.

Michael Mo: Alright, next question. Can we expect KULR to announce its automotive partnership soon? If not, why not, and what happened? If so, then when?

Michael Mo: All right, next question. Can we expect KULR to announce its automotive partnership soon? If not, why not, and what happened?

Tim: All right next question, Tim we expect cooler to announce its automotive partnerships soon if not why and what happened if so then when.

Michael Mo: If so, then when? Yeah, EV. I think we've stated before that the EV market is not a good area for us for KULR1 batteries because of its long lead time and also low margin. However, we are serving many automotive uses with our battery testing and safety technology. So this is good business for us with high margins and good growth. We'll continue to serve the automotive market with these products and services. All right, next question then. What are the plans to reverse the decline in stock value that started over three years ago when the stock price reached $3.60 per share? I'll take that one, Stuart. It's Shawn.

Michael Mo: Yeah, EV. I think we've stated before that the EV market is not a good area for us for Cooler One batteries because of its long lead time and also low margin. However, we are serving many of the automotive audience with our battery testing and safety technology. So this is a good business for us with high margins and good growth. We'll continue to serve the automotive market with these products and services.

Speaker Change: Yes.

Speaker Change: I think we've stated before.

Speaker Change: The market is not good for us for quarter, one batteries because of its long lead times.

Speaker Change: However, we are serving many of the automotive OEM with our battery testing and safety technology.

Speaker Change: Good business for us.

Speaker Change: High margins and good growth will continue to serve.

Speaker Change: Automotive market, the automotive market with these products and services.

Stuart Smith: All right. Next question then: What are the plans to reverse the decline in stock value that started over three years ago when the stock price reached $3.60 per share?

Speaker Change: Alright next question then what are the plans to reverse the decline in stock value that started over three years ago, when the stock price reached $3 and <unk> 60 per share.

Shawn Canter: I'll take that one, Stuart. It's Shawn. It's an interesting question, and maybe to answer it, I'll start with a little bit of history. KULR first traded on the New York Stock Exchange American in June, 2021, a little over three years ago. Since then, the high closing price for KULR stock was $3.53, and that was in November 2021. In calendar year 2021, KULR generated about $2.5 million of revenue, in 2022, about $4 million of revenue, and in 2023, about $10 million of revenue.

Shawn Canter: It's an interesting question, and maybe to answer it, I'll start with a little bit of history. KULR first traded on the New York Stock Exchange American in June 2021, a little over three years ago. Since then, the high closing price for KULR stock was $3.53, and that was in November 2021. In calendar year 2021, KULR generated about $2.5 million in revenue. In 2022, about $4 million in revenue. And in 2023, about $10 million in revenue. So from 2021 to 2023, that's about a 300% growth in annual revenue. The market's KULR SERVs have only grown since 2021.

Speaker Change: I'll take that one store it's Sean.

Sean: It's an interesting question and maybe to to to answer it I'll start with a little bit of history.

Shawn Canter: So from 2021 to 2023, that's about a 300% growth in annual revenue. The market's KULR SERVs have only grown since 2021. The demands for more energy-intense batteries have only grown across the various segments that KULR serves, like space, military, industrial, electric vehicles, electric planes, and electric drones. From an operational point of view, I think KULR is in the best position it's ever been in. You know, stocks go up and down for any number of reasons. I won't pretend to be able to predict the future, but management thinks KULR is in the best operational performance and customer satisfaction position it's ever been in.

Sean: Cooler first traded on the New York Stock Exchange American in June 2021, a little over three years ago.

Sean: Since then the high closing price per cooler stock was $3 53.

Sean: That was in November 2021.

Sean: In calendar year, 2021, cooler generated about $2 5 million of revenue.

In 2020 to about $4 million of revenue and in 2023 about $10 million of revenue.

Sean: So from 'twenty to 'twenty, one and 2023, that's about a 300% growth in annual revenue.

Sean: The market's cooler serves have only grown since 2021.

Shawn Canter: The demands for more energy-intense batteries have only grown across the various segments that KULR serves, like space, military, industrial, electric vehicles, electric planes, and electric drones. From an operational point of view, I think KULR is in the best position it's ever been in. You know, stocks go up and down for any number of reasons. I won't pretend to be able to predict the future.

Sean: The demands for for more energy intense batteries have only grown across the various segments that cooler serves like space military industrial electric vehicles electric planes electric drones.

Speaker Change: From an operational point of view.

Speaker Change: I think coolers in the best position it's ever been in.

Speaker Change: Yes look stock stocks go up and down for any number of reasons I won't pretend to be able to predict the future management.

Shawn Canter: Management thinks KULR is in the best operational performance and customer satisfaction position it's ever been in. But when does the stock price reflect that? I don't know. I would guess, though, that when it does, it'll reflect a similar trend. All right, very good. Thank you for that, Shawn. So next question: will KULR Management use cash via equity funding or borrowing from the bank to fund the ongoing operations of the company until the end of the year? Why don't I take this one, Mike?

Management things coolers, and the best operational performance and customer satisfaction position, it's ever been in.

Shawn Canter: When does the stock price reflect that? I don't know. I would guess, though, that when it does, it'll reflect a similar trend.

Speaker Change: When does the stock price reflect that.

Speaker Change: No.

Speaker Change: I would guess, though that when it does it or it will reflect a similar trend.

Stuart Smith: All right, very good. Thank you for that, Shawn.

Sean: Alright, very good. Thank you for that Sean. So next question will cooler management use cash via equity funding or borrowing from the bank to fund ongoing operations of the company until the end of the year.

Shawn Canter: So the next question is, will KULR Management use cash via equity funding or borrowing from the bank to fund the ongoing operations of the company until the end of the year?

Speaker Change: Why don't I take this one Mike.

Shawn Canter: As I highlighted in my prepared remarks, KULR's balance sheet is getting stronger. We evaluate funding needs and opportunities through the lens of what serves KULR's operating requirements and keeps KULR on this trend of a stronger balance sheet. That's good for operations; it balances risk. And ultimately, those two things are good for shareholders. All right, so here's the next question. Can the company speak to its outreach to vehicle manufacturers? If the products are so great, why are they not the industry standard? Yes, Stuart.

Shawn Canter: Why don't I take this one, Mike? As I highlighted in my prepared remark, KULR's balance sheet is getting stronger. We evaluate funding needs and opportunities through the lens of what serves KULR's operating requirements and keeps KULR on this trend of a stronger balance sheet. That is good for operations, it balances risk, and ultimately, those things are good for shareholders.

Mike: As I highlighted in my prepared remarks coolers.

Speaker Change: Coolers balance sheet is getting stronger.

Mike: We evaluate funding needs and opportunities through the lens of what serves coolers operating requirements and keeps cooler on this trend of a stronger balance sheet.

Speaker Change: That is that's good for operations AR balances risk.

Speaker Change: And ultimately those two those things are good for shareholders.

Stuart Smith: All right, so here's the next question. Can the company speak to its outreach to vehicle manufacturers? If the products are so great, why are they not the industry standard?

Speaker Change: Alright, so here's the next question can the company speak to its outreach to vehicle manufacturers. If the products are so great why are they not be industry standard.

Michael Mo: Yes, Stuart. Being an industry standard takes a long time, and it's hard. We are serving automotive customers with our battery testing and safe case technology, which we hope will become de facto standards over time. And these engagements allow KULR to sell more products and services to our Tier 1 automotive customers.

Michael Mo: Being an industry standard takes a long time, and it's hard. We are serving automotive customers with our battery testing and safe case technology, which we hope will become de facto standards over time. And these engagements allow KULR to sell more products and services to its tier one automotive customers. Next question, how does KULR expect the future mass production of solid state batteries to impact the business? Yes, we are testing batteries of all chemistries and sizes for customers, so as more solid-state batteries come to the market, we expect to do the same and also design them into a quarter-one battery platform.

Speaker Change: Yes.

And as I stand here it takes a long time and it's hard.

Speaker Change: We are certain auto.

Speaker Change: Customers with our battery testing.

Speaker Change: Technology, which we hope will become defect.

Speaker Change: Anders overtime.

Speaker Change: And these engagements allow allow cooler to sell more products and services to our tier one automotive customers.

Michael Mo: Next question: how does KULR expect the future mass production of solid-state batteries to impact its business?

Speaker Change: Next question, how does cooler expect the future mass production of solid state batteries to impact the business yes.

Michael Mo: Yes, we are testing batteries of all chemistries and sizes for customers, so as more solid-state batteries come to the market, we expect to do the same and also design them into a quarter-one battery platform. So it should have a positive impact on our future growth.

Speaker Change: Yes, we are testing batteries of all chemistries and sizes for our customers.

Speaker Change: As more solid state batteries come to the market, we expect to do the same and also designed them into our quarter. One battery platform. So it should be a positive impact to our future growth.

Michael Mo: Okay, next question. In the Q1 earnings report, KULR listed 34 customers. Understanding the constraints of NDAs, non-disclosure agreements, can you share any customer names that we might not already know about? Additionally, please expand on any new customer engagements that might interest investors.

Michael Mo: So it should have a positive impact on our future growth. Okay, next question. In the Q1 earnings report, KULR listed 34 customers. Understanding the constraints of NDAs, or non-disclosure agreements, can you share any customer names that we might not already know about? Additionally, please expand on any new customer engagements that might interest investors. Yeah, so as we shared in our prepared remark, we continue to grow our customer base, which is up 50% year-over-year this quarter.

Speaker Change: Okay next question in the Q1 earnings report cooler listed 34 customers.

Speaker Change: Understanding the constraints of N D. A's nondisclosure agreements can you share any customer names that we might not already know about additionally, please expand on any new customer engagement engagements that might interest investors.

Michael Mo: Yeah, so as we shared in our prepared remark, we continue to grow our customer base, which is up 50% year-over-year this quarter. Many of them are some of the largest OEMs in the world, and we're working with them on their next-generation product platforms. So it's important that we keep their confidentiality and then also do our best to speed their product development. These developments are across space applications, common applications, and energy storage applications. So it's a very exciting time right now.

Speaker Change: Yeah, so as we.

Speaker Change: Mark.

Speaker Change: We continue to grow our customer base, which is up 50% year over year this quarter.

Michael Mo: Many of them are some of the largest OEMs in the world, and we're working with them on their next-generation product platforms. So it's important that we keep their confidentiality and then also do our best to speed their product development. And these developments are across space applications, common applications, and energy storage applications. So it's a very exciting time right now. Okay, thank you for that. Next question: how does the war in Europe and the Middle East impact the revenue of KULR? I'll take this one, Mike.

Speaker Change: Many of them are some of the largest Oems in the world and we're working with them on their next generation product platforms.

Speaker Change: There are confidentiality and then also to our business.

Speaker Change: Steve.

Steve: Product development and these developments are across.

Steve: <unk> application ammonia application.

Steve: <unk> storage applications. So.

Speaker Change: So it's very exciting time right now.

Shawn Canter: Okay, thank you for that. Next question: how does the war in Europe and the Middle East impact the revenue of KULR?

Speaker Change: Okay. Thank you for that next question, how does the war in Europe, and the Middle East impact the revenue of cooler.

Speaker Change: I'll take this one Mike.

Shawn Canter: So far, we haven't seen any negative impacts on our pipeline or supply chain that I'm aware of. We'll certainly continue to monitor what's going on and adjust accordingly. Our work with drone manufacturers regarding both batteries and vibration control may be affected by what's going on in the world, of course. As drones and artificial intelligence-based mobile systems become more commonplace, the need for high-powered, safer batteries and vibration control would seem to be growing. In fact, you might remember, Stuart, that this was referenced in a KULR press release, I think it was back in April, about the Ukraine.

Mike: So far we haven't seen any negative impacts to our pipeline or supply chain that I'm aware of.

Speaker Change: We will certainly continue to monitor what's going on and adapt accordingly.

Speaker Change: Our work with drone manufacturers regarding both batteries and vibration control may be implicated by what's going on in the world of course.

Stuart: As drones and artificial intelligence based mobile systems become more commonplace the need for high powered safer batteries and vibration control would seem to be growing in fact, you might remember Stuart that this was referenced in a cooler press release I think it was back in April about the Ukraine.

Stuart Smith: Yeah, I do remember, and thanks for pointing that out, Shawn. Here comes the next question then: in the Q1 earnings call, KULR had a slide that listed private space stations in relation to the KULR-1 space product. Can you provide any details, or is there anything that you can share on current or future space station projects?

Stuart: Yeah, I do remember and thanks for pointing that out Sean and here comes the next question then in the Q1 earnings call cooler had a slide that listed private space stations in relation to the cooler one space product could you provide any details or is there anything that you can share on current or future spa.

Operator: And here comes the next question then. In the Q1 earnings call, KULR had a slide that listed private space stations in relation to the KULR One space product. Can you provide any details or is there anything that you can share on current or future space station projects? Yes, Stuart.

Stuart: <unk> station projects.

Michael Mo: Yes, Stuart. We have a customer designing private space stations with our battery technology. As a matter of fact, I think that different governments are now trying to do their own space stations and then subcontract that to private companies to do this. So, we see many more applications, especially in the space economy ecosystem, to use space, which is the space economy ecosystem is forecast to be $1.8 trillion. This is definitely a new market, and it's growing very, very quickly. So, we see a huge opportunity in this.

Michael Mo: We have a customer designing private space stations with our battery technology. As a matter of fact, I think that different governments are now trying to build their own space stations and then subcontract that to private companies to do this. So we see many more applications actually in the space economy ecosystem to use a quarter of one space, which is the space economy ecosystem is forecast to be $1.8 trillion. This is definitely a new market, and it's growing very, very quickly. So we see a huge opportunity in this. All right, you guys will have to forgive my naivete on this.

Speaker Change: Yes sure.

Stuart: Customer.

Speaker Change: Designing private space.

Speaker Change: With our battery technology.

Speaker Change: As a matter of fact, I think the different governments now our clients to do their own space stations, and then subcontract out to.

Speaker Change: Private.

Speaker Change: To do this.

Speaker Change: We see many more applications, especially in this space economy ecosystem.

Speaker Change: She uses for one space, which is.

Speaker Change: The basic economy ecosystem is forecast to be $1 $8 billion.

Speaker Change: This is definitely a new market.

Speaker Change: And it's growing very very quickly so we see huge opportunity in this.

Stuart Smith: All right, you guys will have to forgive my naivete here on this. That's from the shareholder. They wanted to preface their question with that, and they said, but can I see it after reviewing the website?

Speaker Change: Alright, you guys will have to forgive my knee NEVA Te here on this that's from the shareholder they wanted to preface their question with that and they say, but can I see after reviewing the website, but I can see after reviewing the website that cooler products can be used in storage and transportation of batteries, but can the company's products.

Operator: That's from the shareholder. They wanted to preface their question with that. And they say, but can I see after reviewing the website that KULR products can be used in the storage and transportation of batteries. But can the company's products be used on batteries that are operating, such as in cars that are in use? If so, can this help prevent car fires? I think this question from this shareholder is about the SafeCase application for battery storage and transportation. Yes, they are used to store batteries during production, during the storage, the shipping, and the recycling lifecycle of the battery.

Michael Mo: But I can see after reviewing the website that KULR products can be used in the storage and transportation of batteries. But can the company's products be used on batteries that are operating, such as in cars that are in use? If so, could this help prevent car fires?

Speaker Change: He used on batteries that are operating such as in cars that are in use if so can this help prevent car fires.

Michael Mo: I think this shareholder's question is about the SafeCase application for battery storage and transportation. Yes, they are used to store batteries during production, during the storage, the shipping, and the recycling lifecycle of the battery. We are expanding the SafeCase application with fire departments and hazmat professionals around the country. So you see more and more of these adoptions of the technology across multiple battery applications.

Speaker Change: I think this question is from this.

Speaker Change: Shareholders, who deposit base case applications for battery storage.

Speaker Change: Yes, they are used to store batteries doing production during the storage the shipping and the recycling lifecycle of the battery.

Michael Mo: We are expanding the SafeCase application with fire departments and hazmat professionals around the country. So you'll see more and more of these adoptions of the technology across multiple battery applications. Let's see, we have about two more questions here. So this is the second to last question.

Speaker Change: We are expanding to <unk> application with fire departments and hazmat professionals around the country.

Speaker Change: So you'll see more and more of these adoptions.

Speaker Change: LNG across <unk> battery applications, let's see we have about two more questions here. So here's the second to last question, while investors have come to understand in general that you cannot disclose the company and contract values for most EV companies under NDA. There has been a lot of news about EV News released.

Stuart Smith: Let's see, we have about two more questions here. So this is the second to last question.

Stuart Smith: Thank you, Stuart.

Michael Mo: While investors have come to understand, in general, that you cannot disclose the company and contract values for most EV companies under an NDA, there has been a lot of news about EVs released in the last couple of years. This has led to speculation among retail investors about who KULR is working with. Can you give us the tiniest taste of excitement by telling us the number of automakers you are working with?

Michael Mo: This is Michael Mo. Thanks to everyone for joining us today. I'd like to go over some of the financial and operational highlights. In K2 2024, we achieved revenue of 2.43 million, up 39% sequentially from Q1. Engineering service revenue increased 76% year of a year for approximately 1.3 million, a record for KULR. Total paying customer number increased 42% year of a year to 27. Service revenue customer increased 100% year of a year to 14.

Speaker Change: In the last couple of years. This has led to speculation among retail investors about who cooler is working with can you give us the tiniest taste of excitement by telling us the number of automakers you are working with.

Michael Mo: So let me recap some of these customer engagements. I think we talked about the top automotive OEMs in the world. So that would be Japanese and German automotive OEMs. We talked about the number one automaker in the U.S. And we talked about the number one electric SUV maker in the U.S. So that kind of recap should give our shareholders some idea about who we're working with.

Speaker Change: So we have the low teens.

Speaker Change: Customer engagements I think we've talked about automotive.

Michael Mo: I think we talked about the top automotive OEMs in the world. So that would be Japanese and German automotive OEMs. And we talked about the number one automaker in the US. And we talked about the number one electric SUV maker in the US. So that kind of recap should give our shareholders some idea about who we work for. So here is our final question. It has to do with something Shawn Canter mentioned.

Speaker Change: Automotive OEM in the world.

Speaker Change: So that would be Japanese and German automotive Oems.

Michael Mo: And product revenue customer increased 20% by our say year of a year to 15. In K2, KULR makes significant investments to enhance the capabilities and talent within our battery center excellence located in Western Texas. These investments are critical to our goal of driving revenue growth by providing comprehensive, enhanced product and service solutions that spend a entire life cycle of battery design, testing, phototyping, involving production, all under one roof. I believe we're a well positioned to resume year of a year revenue growth in the second half of 2024 with our new customer wins.

Speaker Change: You talked about the number one automaker in the U S and we thought the number one electric SUV.

Speaker Change: In the U S.

Speaker Change: So.

Speaker Change: That kind of recapture our shareholders some idea about who we work with.

Shawn Canter: So here is our final question; it has to do with something Shawn Canter mentioned. Here is the question. Shawn Canter mentioned in a November 2023 YouTube interview that the service business can be seen as foreshadowing future product sales opportunities. Can you share any specific examples from Q2 where service business engagements have led to or are expected to lead to future product sales?

So here is our final question.

Speaker Change: It has to do with something Sean Cantor mentioned, here's the question Sean cancer Cantor mentioned in November 'twenty twenty-three Youtube interview that the service business can be seen as foreshadowing future product sales opportunities can you share any specific examples from Q2, where service business engagements have led.

Shawn Canter: Here's the question. Shawn Canter mentioned in a November 2023 YouTube interview that the service business can be seen as foreshadowing future product sales opportunities. Can you share any specific examples from Q2 where service business engagements have led to or are expected to lead to future product sales? I think this one already has my name on it.

Speaker Change: Two or are expected to lead to future product sales.

Michael Mo: During this quarter, we moved into our new state of our 17,500 square foot facility. This expanded space was designed specifically to meet the growing demands of our battery design and testing contracts supporting key industries such as aerospace, defense, electric mobility, and space exploration. This space is approximately 2.1 miles from NASA Johnson Space Center and is next to companies like Axiom Space, Alitos, New Origin, and many others. It's an ideal location to provide the one stop shop for rapid turnaround design, testing and production service to the surrounding ecosystem of aerospace customers.

Shawn Canter: I think this one already has my name on it. We are starting to ship sample KULR1 space batteries and cells to customers. These are the results of our design service engagements with customers throughout 2023 and through the first part of 2024. We expect to see more of that in the second half of 2024 and to ramp up in 2025, since these programs usually take about 12 to 18 months of lead time to get to production. Thanks.

Speaker Change: I think this one already is my name on it we are starting to ship sample cooler one space batteries and cells to customers. These are the results of our design service engagements with customers throughout 2023 and through the first part of 2024.

Shawn Canter: We are starting to ship sample KULR1 space batteries and cells to customers. These are the results of our design service engagements with customers throughout 2023 and through the first part of 2024. We expect to see more of that in the second half of 2024 and to ramp up in 2025, since these programs usually take about 12 to 18 months of lead time to get to production.

Speaker Change: We expect to see more of that in the second half of 2024 and to ramp up in 2025. Since these programs usually take about 12 to 18 months.

Of lead time to to to get to production.

Speaker Change: Thanks.

Operator: Thanks. Well, excellent. That was the final question. I know I speak on behalf of both my

Stuart Smith: Well, excellent. That was the final question. I know I speak on behalf of both my guests today, Michael Mo and Shawn Canter, and express our gratitude to the shareholders and interested parties for sending in their questions. I will now turn the call back over to our operator to close out the call.

Speaker Change: While excellent that was the final question I know I speak on behalf of both my guests today, Michael Moe and Sean Canter in expressing our gratitude for the shareholders and interested parties for sending in their questions I will now turn the call back over to our operator to close out the call.

Michael Mo: We now have vast majority of our battery engineering team in Western Texas to perform three key functions, battery cell impact level testing, battery design and analysis, and battery production and engineering services. Our battery design testing capabilities are a key factor in establishing credibility in understanding and mitigating thermal runaway and the demand batteries. We have accumulated extensive data on various cell chemistries, formats, and the reaction to different triggers. This going data set directly informs ongoing improvements to the corner one architecture.

Speaker Change: Thank you. This does conclude today's conference call and webcast. You may disconnect at this time and have a wonderful day. Thank you for your participation.

Michael Mo: The impact of this work is already evident in this quarter as we secured a contract from top Japanese automaker for testing and analysis of high energy battery cells for the next generation electric vehicles. Once we complete our quarter Texas facility built out by the end of Q3, we estimate our testing service capacity in approximately $2 million per quarter. These services include the NASA, NASA's award-winning FTRC test, as well as various cell impact level abuse turnovers, some will run away tests.

Michael Mo: These are high margin services that leads us to design better and safer batteries for our customers. Our battery design and the analysis capabilities are a key differentiator. We assemble a team of seasoned design experts complemented by advanced computer modeling and analysis tools, allows the delivery of cutting-edge solutions in this critical area. In addition to proprietary products and components such as thermo-runnerly shield and ISC trigger cells, we continue to provide and develop new technologies for thermal runaway cell body heating protection in ejection mitigation.

Michael Mo: At the system level, we have developed KULR's own radiation tolerant battery management system for our space exploration customers. We're incorporating all these capabilities into design analysis process to build a more robust KULR with space, KULR with Guardian and KULR with Air batteries. In Q2, we also expanded our battery production capabilities. Being a one-stop shop for a KULR in space and KULR with Guardian customers is a base competitive advantage for us as these customers require speed and quantity.

Michael Mo: We enhance our infrastructure by integrating our expert fabrication and sampling teams with on-site precision machine, which allows us to scale production quickly and efficiently. As you know, our service revenue is an early indication of potential product revenue. As we achieve record engineering service revenue for Q2, we're preparing for these service customers to go into prototype and production build in the near future. This is why we have been carefully, strategically investing in our production capabilities to bring one-stop shop service to our customers.

Michael Mo: A big driver for our service revenue and our motivation to invest in these capabilities is the KULR space market opportunity. The space economy is going to be $1.8 trillion by 2035, according to McKinsey. This is driven by commoditization of the space industry. The space battery market is estimated to grow to $6.35 billion by 2030. We expect our KULR-1 space platform to play an important role in this market. Some of the key players in driving this tremendous growth in the space economy include rapidly growing private companies such as SpaceX and New Origin, continued growth of the traditional government, trying contractors such as Boeing, Northrop Grumman, and new and upcoming companies like Voyager Space, Axiom and Best, many of these are already KULR customers.

Michael Mo: During Q2, we may see significant investments in a technology readiness level of our KULR-1 space battery architecture, which is already being utilized by Voyager Space and other partners for the upcoming missions. The KULR-1 space architecture is a scalable, safety first battery design, developed with the goal of achieving NASA JSC 20793 certification for human space flight applications. Our efforts in Q2 also focus on commercialization of the Q1 space architecture to meet the specific mission requirements of the chipset and small set industries.

Michael Mo: The first off-the-shelf commercial version of the Q1 space is a 301 hour version that will be available in fall of 2024. This off-the-shelf solution is engineered to deliver an optimum balance of performance, quality, safety, and cost of energy positioning at the industry level. These developments underscore commitment to provide advanced battery solutions to meet the rigorous demands of this space exploration market and beyond.

Michael Mo: Next to coronavirus, in addition to the traditional helicopter and drone delivery markets, we see good opportunity to apply coronavirus to computer server fans and industrial fan applications. If AI demand exponentially more computing power and energy consumption, so does the need for cooling with both air and liquid thermal systems. For air cooling, fan performance is critical to drive enough air flow to cool the latest AIGPUs. Fan performance is limited by the vibration and rotor speed.

Michael Mo: By removing vibration, coolant vibes can make fan movement higher speed with less energy, less noise, and generating more air flow therefore providing more cooling to the AI chips. According to Morgan Stanley, the liquid cooling system for NVIDIA's GP200 Blackwell, high-end rack costs more than $80,000, about 15 to 20 times the cost of an air cooling system for an existing rack of NVIDIA each one finishes. More than 95% of the current data centers use air cooling because of its maturity and reliability.

Michael Mo: There lies our opportunity. We're working on fans used by Facebook's Open Compute Project servers. We're also working on higher speed fans that can be used to cool the highest performance AI servers. We expect to report performance results in new customers in second half of 2020.

Sean Cantor: Next, Sean Kencher will go over financial highlights. Sean? Thanks, Mike.

Sean Cantor: Our Form 10Q for the second quarter of 2024 is now available online. Please refer to it for more details.

Sean Cantor: I'd like to highlight three themes that we are focused on. One, growing revenue and relevant KPIs. Two, spending less cash and three, stronger balance sheet.

Sean Cantor: This slide shows key cooler full-year annual growth trends from 2021 to 2023. Total revenue up over 300%. Product revenue up over 360%. Service revenue up almost 220%. Paying customers up 165%, revenue per customer up 54%, KULR is a growing business.

Sean Cantor: Here's the trailing 12 months revenue chart starting from the first quarter of 2021. As you can see, growth doesn't always happen in a straight line. When you get a perspective, you can see the growth trend. Trailing 12 months revenue since the first quarter of 2021 is up almost 900% through the second quarter of 2024.

Sean Cantor: Going from a broader perspective, now let zoom in. Second quarter versus the first quarter of 2024, revenue is up 39%.

Sean Cantor: KULR is using less cash. Comparing the six months ending June 2023 and 2024, cash used from operating activities is down 7%. Cash used in investing activities is down 82%. For a combined cash use reduction of 13%.

Sean Cantor: KULR's balance sheet comparing the end of 2023 to the end of June 2024, cash plus accounts receivable up 40%. Liabilities down 42%. KULR's balance sheet is getting stronger. Back to you, Stuart.

Stuart Smith: All right, thank you for that.

Michael Mo: Now let's move on to the question and answer portion of the call. Here is the first question submitted by one of your shareholders. Regarding Bill's HR1797 and S.1008, setting consumer standards for Lithium Ion batteries act, and with representative Richie Torres as the sponsor, it seems like KULR fits perfectly to be the leading candidate for this bill. Can you give us any information regarding this bill? And whether KULR is a top candidate, also, is KULR building the new cathode for Tesla in the cyber truck?

Michael Mo: So a detailed question right there. I'll put it to both of you and see who wants to answer it. All right, Stuart. I'll take that. Yeah, this might come out. We have engaged with various stakeholders in this area. Our department has my team's local officials and national organizations offering our expertise on the more runaway mitigation. So our sponsor, the challenge has been multi-paceted. We provide some key packs, battery packs, building some more runaway protection.

Michael Mo: Uses other batteries designed teams, ensuring business is safe from obligation for safe cases, solutions for a safe story, and transportation of batteries. So regardless of their starting point. So it's crucial for first responders as well as customers and automotive aviation defense and aerospace sectors who prioritize safety. We hope this legislation continues some efforts, which specific details have not been fully released yet, as far as we, you know, as far as we know.

Michael Mo: It also can come in on the new cathode development for the Tesla cyber truck application. Okay, I just want to clarify that last part. There was just a little bit of interference and you said, you cannot or you can comment on the new cathode, cannot, cannot, understood, understood. Okay.

Stuart Smith: Great.

Michael Mo: Let's move on to the next question. Over the last year, we haven't heard much about cooler vibe as this is a software based solution. It would seem like a low cost way for companies to save money and cooler to generate revenue.

Michael Mo: Why hasn't cooler found more success here and can you demonstrate actual cost savings to present to potential clients thinking in terms of energy save to run a data center fan or fuel save to fly a helicopter as a couple of examples. If I can spend $5 to save $10, I'm probably going to do that running a business. The use cases here seem very large. So I'll take that as well. So we see good opportunity to provide to server fans and industrial applications.

Michael Mo: So by removing vibrations, the fan can run at higher speed with this energy. That's not going to be more airflow and therefore providing a cooling to the chips. We're now working on bands used by Facebook's OCP, which is an open compute project servers. We're also working on higher speed fans that are used to cool high performance AI servers. So we hope to report results on the testing also new customers and second half of 2025. Sorry, 2024. Okay, great. Thank you for that, Michael.

Stuart Smith: All right.

Michael Mo: So cooler is a small company and thus expanding manufacturing capacity of its product seems like a costly way to grow its business licensing your technology to OEMs seems like the best way to grow revenue. How does this fit into your strategy going forward? So sort of being a one-stop shop for a cool over space and cool over guardian customer is a based competitive advantage for us. That's investing in all the technical capabilities in our Texas facility.

Michael Mo: For more important customers, being fast and agile is very important to them. So cooler frequently with these companies and among groups that have their own design battery design capabilities. In these cases, a quota become the trusted partner for them for rapid testing and prototype, which is these cooler says for teams to new departments and also their next generation designs. So with entryway tools to explore additional cooler offerings that complement their current design, you also help them to accelerate their time to market. So it's very important for us.

Michael Mo: All right, next question. Can we expect cooler to announce its automotive partnership soon? If not, why and what happened?

Michael Mo: If so, then when? Yeah, I think we've stated for the ED market is not this area for us for cool over one batteries because of its long lead time, you know, some margin. However, we are serving many of the automotive units with our battery testing and safety technology. So these are good business for us with high margins and good growth. We can see to serve the automotive market with these products and services.

Sean Cantor: All right, next question then. What are the plans to reverse the decline in stock value that started over three years ago when the stock price reached $3.60 per share? I'll take that one Stuart, it's Sean.

Sean Cantor: It's an interesting question and maybe to answer it, I'll start with a little bit of history. KULR first traded on the New York Stock Exchange American in June 2021, a little over three years ago. Since then, the high closing price for KULR stock was $3.53 and that was in November 2021. In calendar year 2021, KULR generated about 2.5 million of revenue in 2022, about 4 million of revenue, and in 2023, about 10 million of revenue.

Sean Cantor: So from 2021 to 2023, that's about a 300% growth in annual revenue. The market's KULR serves have only grown since 2021. The demands for more energy and tense batteries have only grown across the various segments that KULR serves like space, military, industrial, electric vehicles, electric planes, electric drones. From an operational point of view, I think KULR is in the best position it's ever been in. Stocks go up and down for any number of reasons.

Sean Cantor: I won't pretend to be able to predict the future. Management thinks KULR is in the best operational performance and customer satisfaction position it's ever been in. When does the stock price reflect that? I don't know. I would guess, though, that when it does, it'll reflect a similar trend. All right, very good.

Stuart Smith: Thank you for that, Sean.

Michael Mo: So next question, will KULR management use cash via equity, funding, or borrowing from the bank to fund ongoing operations of the company until the end of the year?

Michael Mo: Why don't I take this one, Mike? As I highlighted in my prepared remarks, KULR's balance sheet is getting stronger. We evaluate funding needs and opportunities through the lens of what serves KULR's operating requirements and keeps KULR on this trend of a stronger balance sheet. That's good for operations. It balances risk. And ultimately, those two, those things are good for shareholders.

Stuart Smith: All right.

Michael Mo: So here's the next question. Can the company speak to its outreach to vehicle manufacturers?

Michael Mo: If the products are so great, why are they not the industry standard? Yes, sir. Being an industry standard takes a long time and it's hard. We are serving automotive customers with our battery testing and state case technology, which we hope will become defective standards over time. And these engagements allow KULR to sell more products in services to our tier one automotive customers.

Stuart Smith: Next question.

Michael Mo: How does KULR expect the future mass production of solid state batteries to impact the business? Yes, we are testing batteries of all chemtries and sizes for customers. So as more solid state batteries come to the market, we expect to do the same and also design them into a KULR one battery platform. So it should be a positive impact to our future customers.

Stuart Smith: Okay, next question. In the Q1 earnings report, KULR listed 34 customers, understanding the constraints of NDAs, non-disclosure agreements.

Michael Mo: Can you share any customer names that we might not already know about? Additionally, please expand on any new customer engagements that might interest investors. Yeah, also, as we shared in our prepared market, that we continue to grow our customer base, which is up 50 percent a year over year, just quarter. Many of them are some of the largest OEMs in the world, and we're working with them on their next generation product platforms. So they think that we keep their confidentiality and then also to our best to speed the various development. And these developments are across space applications, urban applications, energy storage applications.

Michael Mo: So it's very exciting time right now. Okay, thank you for that.

Sean Cantor: Next question. How does the war in Europe and the Middle East impact the revenue of KULR?

Sean Cantor: I'll take this one, Mike. So far, we haven't seen any negative impacts to our pipeline or supply chain that I'm aware of. We'll certainly continue to monitor what's going on and adapt accordingly. Our work with Joan manufacturers regarding both batteries and vibration control may be implicated by what's going on in the world, of course. As drones and artificial intelligence-based mobile systems become more commonplace, the need for high-powered, safer batteries and vibration control would seem to be growing. In fact, you might remember, Stuart, that this was referenced in a KULR press release, I think was back in April, about the Ukraine. Yeah, I do remember. And thanks for pointing that out, Sean.

Michael Mo: And here comes the next question. Then in the Q1 earnings call, KULR had a slide that listed private space stations in relation to the KULR 1 space product.

Michael Mo: Can you provide any details or is there anything that you can share on current or future space station projects? Yes, Stuart. We have customer designing private space stations with our battery technology. As a matter of fact, I think that different governments now are trying to do their own space stations in the subcontractor to private companies to do this. So we see many more applications actually in the space economy ecosystem to use a KULR 1 space, which is the space economy ecosystem is for us to be $1.8 trillion. This is definitely a new market. And it's growing very, very quickly. So we see huge opportunities in this.

Michael Mo: All right, you guys will have to forgive my knee at naivete here on this. That's from the shareholder. They wanted to preface their question with that. And they say, but can I see after reviewing the website, but I can see after reviewing the website that KULR products can be used in storage and transportation of batteries. But can the company's products be used on batteries that are operating such as in cars that are in use?

Michael Mo: If so, can this help prevent the car from being in use? I think this question from this shareholders about the safe case application for battery storage and transportation. Yes, they are used to store batteries during production, during the storage, the shipping and the recycling life cycle of the battery. We are expanding the safe case application with fire departments and has met professionals around the country. So you see more and more of these adoptions of the technology across multi battery applications.

Stuart Smith: Let's see, we have about two more questions here.

Michael Mo: So here's the second to last question, while investors have come to understand in general that you cannot disclose the company and contract values for most EV companies under NDA, there has been a lot of news about EV news released in the last couple of years. This has led to speculation among retail investors about who cooler is working with. Can you give us the tiniest taste of excitement by telling us the number of automakers you are working with.

Michael Mo: So let me recap some of these customer engagements. I think we talked about top automotive OEM in the world. So that would be Japanese and German automotive OEMs. So talked about the number one automaker in the US. And we talked about the number one electric SUV maker in the US. So that kind of recap should you share with us some idea about who we work with.

Stuart Smith: So here is our final question has to do with something Sean Cantor mentioned.

Michael Mo: Here is the question. Sean Cantor mentioned in November 2023 YouTube interview that the service business can be seen as foreshadowing future product sales opportunities. Can you share any specific examples from Q2 where service business engagements have led to or are expected to lead to future product sales. I think this one already has my name on it. We are starting to ship sample cooler ones space batteries and cells to customers. These are the results of our design service engagements with customers throughout 2023 and through the first part of 2024. We expect to see more of that in the second half of 2024 and to ramp up in 2025 since these programs usually take about 12 to 18 months of lead time to get to production.

Stuart Smith: Thanks.

Stuart Smith: Well, excellent.

Stuart Smith: That was the final question. I know I speak on behalf of both my guests today. Michael Mo and Sean Cantor and expressing our gratitude for the shareholders and interested parties for sending in their questions.

Operator: I will now turn the call back over to our operator to close out the call. Thank you. This does conclude today's conference call and webcast.

Operator: You may disconnect at this time and have a wonderful day. Thank you for your part.

Q2 2024 KULR Technology Group Inc Earnings Call

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