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Thursday, May 19, 2022

Breaking #Cleantech #Stock News: dynaCERT (TSX: $DYA.TO) (OTCQX: $DYFSF) (FRA: DMJ) Adds Simply Green's Expertise in the #Oil&Gas Industry; @dynaCERT

Breaking #Cleantech #Stock News: dynaCERT (TSX: $DYA.TO) (OTCQX: $DYFSF) (FRA: DMJ) Adds Simply Green's Expertise in the #Oil&Gas Industry; @dynaCERT

 


TORONTO - May 19, 2022 (Investorideas.com Newswire) dynaCERT Inc. (TSX: DYA) (OTCQX: DYFSF) (FRA: DMJ) ("dynaCERT" or the "Company") is pleased to announce that dynaCERT's strategic dealer in the Canadian Oil & Gas market, Simply Green Distributors Inc. ("Simply Green" or "SGD"), a successful distributor of green technology, based in Red Deer, Alberta, Canada, is offering the immediate availability of dynaCERT's HydraGEN™ products based on dynaCERT's patented and proprietary Technology offering a global solution to reduce pollution.

 

Read this news, featuring DYA in full at https://www.investorideas.com/CO/DYA/news/2022/05191Green-Expertise-Oil-Gas-Industry.asp

 

SGD is distributing the Company's new line of products using hydrogen technology designed to make contributions to lowering GHG emissions and designed to show important savings in fuel consumption in the Oil & Gas, Construction and Transportation industries. The hydrogen units, which are added as an aftermarket product to existing equipment or machinery, delivers hydrogen-on-demand. With the use of distilled water, the units are up and running immediately after installation.

 

James Pearce, President & CEO of Simply Green, stated, "We are committed to accelerating the world's growth to sustainable energy by implementing solutions for our environment, ethically and responsibly."

 

James Pearce is a 20+ year veteran in the Oil & Gas and Construction industry, and he talks about the positive impact their clients are already seeing. He states, "Our clients want to make changes to help the environment, but they are also seeking to save fuel expenses in a market that is continuously fluctuating."

 

Simply Green has indicated to dynaCERT that several major Trucking and Oil & Gas companies in Western Canada are early adopters of the Company's proprietary HydraGEN™ technology and committed to commence deploying HydraGEN™ products on their equipment.

 

SGD plans to be a worldwide leader with its global sales team and delivering new technologies that bring clients closer to net zero. SGD is committed to delivering the latest green technology by careful research and finding the newest technology available and giving their clients opportunity to excel in lowering greenhouse gases.

 

Jim Payne, CEO of dynaCERT, stated, "James Pearce and his dedicated team at Simply Green are very important to dynaCERT's strategy of penetrating the Oil & Gas industry, not only throughout Canada but also Internationally. dynaCERT is pleased to offer a readily available solution for Oil & Gas industry participants and producers and operators that are seeking to meet their GHG emission reduction goals. The deep and trusted relationships in Oil & Gas, Construction and Transportation that Simply Green provides is perfectly suited to the objectives of our Company, and, accordingly, we warmly welcome the strong commitments of their entire team and customers."

 

For more information on Simply Green Distributors Inc., please see: https://www.simplygreendistributors.ca/

 

About dynaCERT Inc.

dynaCERT Inc. manufactures and distributes Carbon Emission Reduction Technology for use with internal combustion engines. As part of the growing global hydrogen economy, our patented technology creates hydrogen and oxygen on-demand through a unique electrolysis system and supplies these gases through the air intake to enhance combustion, resulting in lower carbon emissions and greater fuel efficiency. Our technology is designed for use with many types and sizes of diesel engines used in on-road vehicles, reefer trailers, off-road construction, power generation, mining and forestry equipment, marine vessels and railroad locomotives. Website: www.dynaCERT.com.

 

READER ADVISORY

Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to completion of the Offering, satisfaction of TSX listing conditions and regulatory approvals. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance of achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.

Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: uncertainty as to whether our strategies and business plans will yield the expected benefits; availability and cost of capital; the ability to identify and develop and achieve commercial success for new products and technologies; the level of expenditures necessary to maintain and improve the quality of products and services; changes in technology and changes in laws and regulations; the uncertainty of the emerging hydrogen economy; including the hydrogen economy moving at a pace not anticipated; our ability to secure and maintain strategic relationships and distribution agreements; and the other risk factors disclosed under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

 

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

Neither The Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the The Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of the release.

 

On Behalf of the Board

Murray James Payne, CEO

 

For more information, please contact:

Jim Payne, CEO & President
dynaCERT Inc.
#101 - 501 Alliance Avenue
Toronto, Ontario M6N 2J1
+1 (416) 766-9691 x 2
jpayne@dynaCERT.com

 

Investor Relations
dynaCERT Inc.
Nancy Massicotte
+1 (416) 766-9691 x 1
nmassicotte@dynaCERT.com

 

dynaCERT Inc. (TSX:DYA.TO) (DYFSF) is a featured Renewable Energy / Fuel Cell stock on Investorideas.com

 

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Wednesday, May 18, 2022

#EV/ #Cleantech #Stock Solar Integrated Roofing (OTC: $SIRC) Record First Quarter 2022 Grows Revenue 682% to $27.0 Million; @SIRCStock

#EV/ #Cleantech #Stock Solar Integrated Roofing (OTC: $SIRC) Record First Quarter 2022 Grows Revenue 682% to $27.0 Million; @SIRCStock

 

HENDERSON, NV / May 18, 2022 / Solar stock news from Investorideas.com Newswire and RenewableEnergyStocks - Solar Integrated Roofing Corp. (OTC: SIRC),  an integrated, single-source solar power, roofing systems installation and EV charging company, today reported its financial and operational results for the first quarter ended March 31, 2022.

 

Read this news, featuring SIRC in full at https://www.investorideas.com/news/2022/renewable-energy/05181SIRC-Q1-Growth.asp

 

Key First Quarter 2022 and Subsequent Highlights

·        Revenue in the first quarter ended March 31, 2022 increased 682% to $27.0 million, as compared to revenue of $3.5 million in the first quarter of 2021.

·        Net income in the first quarter of 2022 was $5.7 million, or $0.01 per basic and diluted common share, as compared to a net loss of $2.3 million, or $(0.01) per basic and diluted common share, in the first quarter of 2021.

·        Filed audited financial statements for the year ended December 31, 2021 and transitioned to a more traditional December 31 fiscal year, positioning the Company to accelerate its near-term uplisting strategy.

·        Awarded 5-year blanket purchase agreement with the U.S. General Services Administration as part of the $5 billion in federal funds allocated to EV charging installations in the Biden Administration’s Infrastructure Bill.

·        Signed a new national pricing agreement with Enphase Energy, as well as with a tier-1 global solar panel supplier, to offer the Enphase Energy System including IQ batteries, IQ Microinverters and tier-1 solar panels for residential and commercial solar installations.

·        Secured a $45 million co-development agreement with Lux Power for the installation of 17 solar projects at private high schools across the state of Georgia.

·        Participated in leading investor conferences nationally including the Diamond Equity Emerging Growth Invitational, the 34th Annual ROTH Growth Conference, the Q1 2022 Investor Summit and the Planet MicroCap Showcase.

 

Management Commentary

“The first quarter of 2022 was marked by exciting momentum in our acquisition pipeline, significant continued revenue growth, and the completion of audited financials to facilitate the start of our near-term uplist strategy,” said David Massey, Chief Executive Officer of Solar Integrated Roofing. “Our focus is now on our uplisting strategy – first to the OTCQB and then to the NASDAQ – which will bring additional liquidity and broaden our shareholder base through an enhanced profile within the investment community. With the completion of our recently announced acquisitions, I believe our sales run rate could potentially grow to exceed $400 million per year by the end of 2022.

 

“On the operational front, we are strategically focusing additional resources on our near-term EV charging pipeline given the recent $5 billion federal commitment for highway EV charging installations as part of the Biden Administration’s Infrastructure Bill. To better position ourselves to capture a more robust portion of this generational opportunity, we recently were one of only 16 companies nationally that were awarded a 5-year blanket purchase agreement with the U.S. General Services Administration to install what could be hundreds of thousands of EV charging stations in the coming years.

 

“Turning to our margin profile, in the first quarter we signed a new pricing agreement with Enphase and a tier-1 solar panel supplier to reduce hardware costs on residential and commercial solar installations by over 25%. This bulk pricing agreement provides a significant opportunity to offer our customers better products, at better pricing, with some of the highest possible project-level margins for our shareholders. This is truly a win-win for all parties involved and we are incredibly excited to partner with a well-known supplier like Enphase.

 

"Looking ahead in 2022 and beyond, we will continue to prioritize the solar and EV charging segments of our business. The opportunity size and margin potential in these industries is particularly attractive for a company such as ours. The SIRC family of companies is well positioned to continue its rapid pace of operational execution, positioning us to create sustainable, long-term value for my fellow shareholders,” concluded Massey.

 

Financial Results for the First Quarter Ended March 31, 2022

·        Revenue in the first quarter of 2022 increased 682% to $27.0 million, as compared to revenue of $3.5 million in the first quarter of 2021. The increase was driven by the Company's continued acquisitions, as well as continued organic growth across the SIRC family of companies.

·        Gross profit increased to $11.3 million, or 41.7% of revenues, in the first quarter of 2022, as compared to a gross loss of $0.5 million, or 13.9% of total revenues, in the first quarter of 2021.

·        Total operating expenses in the first quarter of 2022 totaled $5.2 million, as compared to total operating expenses of $2.6 million in the first quarter of 2021. The increase was mainly attributable to increased operational scale, driven by a series of recent acquisitions.

·        Net income for the first quarter of 2022 was $5.7 million, or $0.01 per basic and diluted common share, as compared to a net loss of $2.3 million, or $(0.01) per basic and diluted common share, in the first quarter of 2021.

·        Cash and cash equivalents totaled $0.7 million as of March 31, 2022, as compared to $1.1 million as of December 31, 2021.

 

About Solar Integrated Roofing Corp.

Solar Integrated Roofing Corp. (OTC: SIRC), is an integrated, single-source solar power, roofing systems installation and EV charging company specializing in commercial and residential properties throughout the United States. The Company serves communities by delivering the best experience through constant innovation & legacy-focused leadership. The Company's broad array of solutions include sales and installation of solar energy systems, battery backup and electric vehicle (EV) charging stations to roofing, HVAC and related electrical contracting work. For more information, please visit the Company's website at www.solarintegratedroofing.com or join us on TwitterFacebook or Discord.

 

Forward-Looking Statements

Any statements made in this press release which are not historical facts contain certain forward-looking statements; as such term is defined in the Private Security Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update the information contained in any forward-looking statement. This press release shall not be deemed a general solicitation.

 

Investor Relations Contact:
Lucas A. Zimmerman
Director
MZ North America
Main: 949-259-4987
SIRC@mzgroup.us
www.mzgroup.us

 

Paid News -Disclaimer/Disclosure: . Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure : this news release featuring SIRC is a paid for news release on Investorideas.com  More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ and tickertagstocknews.com

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Tuesday, May 17, 2022

#Solar/ #EV #Stock News- Solar Integrated Roofing (OTC: $SIRC) Reports Record First Quarter 2022 Financial Results; @SIRCStock

#Solar/ #EV #Stock News- Solar Integrated Roofing (OTC: $SIRC) Reports Record First Quarter 2022 Financial Results; @SIRCStock 

Growing Revenue 682% to $27.0 Million

 

Net Income Grew to $5.7 Million; Completion of 2021 Audited Financial Statements Positions Company to Accelerate Near-Term Uplisting Strategy

 



HENDERSON, NV / May 17, 2022 / Solar stock news from Investorideas.com Newswire and RenewableEnergyStocks - Solar Integrated Roofing Corp. (OTC: SIRC),  an integrated, single-source solar power, roofing systems installation and EV charging company, today reported its financial and operational results for the first quarter ended March 31, 2022.

 

Read this news, featuring SIRC in full at https://www.investorideas.com/news/2022/renewable-energy/05171SIRC-Q1-Results.asp

 

Key First Quarter 2022 and Subsequent Highlights

·        Revenue in the first quarter ended March 31, 2022 increased 682% to $27.0 million, as compared to revenue of $3.5 million in the first quarter of 2021.

·        Net income in the first quarter of 2022 was $5.7 million, or $0.01 per basic and diluted common share, as compared to a net loss of $2.3 million, or $(0.01) per basic and diluted common share, in the first quarter of 2021.

·        Filed audited financial statements for the year ended December 31, 2021 and transitioned to a more traditional December 31 fiscal year, positioning the Company to accelerate its near-term uplisting strategy.

·        Awarded 5-year blanket purchase agreement with the U.S. General Services Administration as part of the $5 billion in federal funds allocated to EV charging installations in the Biden Administration’s Infrastructure Bill.

·        Signed a new national pricing agreement with Enphase Energy, as well as with a tier-1 global solar panel supplier, to offer the Enphase Energy System including IQ batteries, IQ Microinverters and tier-1 solar panels for residential and commercial solar installations.

·        Secured a $45 million co-development agreement with Lux Power for the installation of 17 solar projects at private high schools across the state of Georgia.

·        Participated in leading investor conferences nationally including the Diamond Equity Emerging Growth Invitational, the 34th Annual ROTH Growth Conference, the Q1 2022 Investor Summit and the Planet MicroCap Showcase.

 

Management Commentary

“The first quarter of 2022 was marked by exciting momentum in our acquisition pipeline, significant continued revenue growth, and the completion of audited financials to facilitate the start of our near-term uplist strategy,” said David Massey, Chief Executive Officer of Solar Integrated Roofing. “Our focus is now on our uplisting strategy – first to the OTCQB and then to the NASDAQ – which will bring additional liquidity and broaden our shareholder base through an enhanced profile within the investment community. With the completion of our recently announced acquisitions, I believe our sales run rate could potentially grow to exceed $400 million per year by the end of 2022.

 

“On the operational front, we are strategically focusing additional resources on our near-term EV charging pipeline given the recent $5 billion federal commitment for highway EV charging installations as part of the Biden Administration’s Infrastructure Bill. To better position ourselves to capture a more robust portion of this generational opportunity, we recently were one of only 16 companies nationally that were awarded a 5-year blanket purchase agreement with the U.S. General Services Administration to install what could be hundreds of thousands of EV charging stations in the coming years.

 

“Turning to our margin profile, in the first quarter we signed a new pricing agreement with Enphase and a tier-1 solar panel supplier to reduce hardware costs on residential and commercial solar installations by over 25%. This bulk pricing agreement provides a significant opportunity to offer our customers better products, at better pricing, with some of the highest possible project-level margins for our shareholders. This is truly a win-win for all parties involved and we are incredibly excited to partner with a well-known supplier like Enphase.

 

"Looking ahead in 2022 and beyond, we will continue to prioritize the solar and EV charging segments of our business. The opportunity size and margin potential in these industries is particularly attractive for a company such as ours. The SIRC family of companies is well positioned to continue its rapid pace of operational execution, positioning us to create sustainable, long-term value for my fellow shareholders,” concluded Massey.

 

Financial Results for the First Quarter Ended March 31, 2022

·        Revenue in the first quarter of 2022 increased 682% to $27.0 million, as compared to revenue of $3.5 million in the first quarter of 2021. The increase was driven by the Company's continued acquisitions, as well as continued organic growth across the SIRC family of companies.

·        Gross profit increased to $11.3 million, or 41.7% of revenues, in the first quarter of 2022, as compared to a gross loss of $0.5 million, or 13.9% of total revenues, in the first quarter of 2021.

·        Total operating expenses in the first quarter of 2022 totaled $5.2 million, as compared to total operating expenses of $2.6 million in the first quarter of 2021. The increase was mainly attributable to increased operational scale, driven by a series of recent acquisitions.

·        Net income for the first quarter of 2022 was $5.7 million, or $0.01 per basic and diluted common share, as compared to a net loss of $2.3 million, or $(0.01) per basic and diluted common share, in the first quarter of 2021.

·        Cash and cash equivalents totaled $0.7 million as of March 31, 2022, as compared to $1.1 million as of December 31, 2021.

 

About Solar Integrated Roofing Corp.

Solar Integrated Roofing Corp. (OTC: SIRC), is an integrated, single-source solar power, roofing systems installation and EV charging company specializing in commercial and residential properties throughout the United States. The Company serves communities by delivering the best experience through constant innovation & legacy-focused leadership. The Company's broad array of solutions include sales and installation of solar energy systems, battery backup and electric vehicle (EV) charging stations to roofing, HVAC and related electrical contracting work. For more information, please visit the Company's website at www.solarintegratedroofing.com or join us on Twitter, Facebook or Discord.

 

Forward-Looking Statements

Any statements made in this press release which are not historical facts contain certain forward-looking statements; as such term is defined in the Private Security Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update the information contained in any forward-looking statement. This press release shall not be deemed a general solicitation.

 

Investor Relations Contact:
Lucas A. Zimmerman
Director
MZ North America
Main: 949-259-4987
SIRC@mzgroup.us
www.mzgroup.us

 

Paid News -Disclaimer/Disclosure: . Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure : this news release featuring SIRC is a paid for news release on Investorideas.com  More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ and tickertagstocknews.com

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Monday, May 16, 2022

Breaking #Cleantech / #Tech #Stock news: KULR Technology Group (NYSE: $KULR) Reports First Quarter 2022 Financial Results; @KULRTech

Breaking #Cleantech / #Tech #Stock news: KULR Technology Group (NYSE: $KULR) Reports First Quarter 2022 Financial Results; @KULRTech

 


SAN DIEGO, CA, May 16, 2022 (Investorideas.com Newswire)-- KULR Technology Group, Inc. (NYSE American: KULR) (the "Company" or "KULR"), a leading developer of next-generation lithium-ion battery safety and thermal management technologies, today reported results for the first quarter ended March 31, 2022.

 

Read this news, featuring KULR in full at https://www.investorideas.com/news/2022/renewable-energy/05161KULR-Q1-Results.asp

 

First Quarter 2022 and Recent Operational Highlights:

 

·        Selected by a multinational technology conglomerate to supply proprietary carbon fiber solution for core component in the sensing of electrical nerve signals to control navigation through virtual environments. This foundational partnership marks KULR’s entry into the Metaverse, where the Company believes it has additional opportunities to support this growing industry.

 

·        Secured a battery safety contract with NASA to test the Company’s lithium-ion cells for future battery packs designed for the Artemis Program, a series of US-led international human spaceflight programs. KULR is processing up to 10,000 lithium-ion cells per week as well as preparing for tests performed by NASA, the Department of Defense (“DoD”), and others performing manned flighted missions.

 

·        Awarded three additional contracts with DoD prime contractors to implement the Company’s carbon fiber cathode solution for high-power magnetic and other covert pulse weaponry initiatives.

 

·        Appointed former NASA Johnson Space Center senior leader Dr. William Walker as Director of Engineering. Dr. Walker will work with the Company’s engineering team on its next generation high-performance computing (“HPC”) and hypersonic vehicle thermal management initiatives.

 

·        Released a passive propagation resistant (“PPR”) solution in its KULR-Tech Safe Case product family for maritime lithium-ion battery safety. The PPR solution meets the upcoming United States Coast Guard’s new safety requirements for the passenger vessel industry and provides additional battery safety options for the cargo, fishing, and cruise verticals. The Company’s solution prevents cell to cell thermal runaway propagation as well as heat, fire, and explosion from exiting the KULR-Tech Safe Case enclosure.

 

Subsequent Events

On May 13, 2022, KULR entered into separate transactions for both a note and a standby equity purchase agreement, allowing the Company to access up to $55 million in additional capital for procuring battery cell supplies as well as other key materials. The Company is securing inventory allocations in anticipation of ongoing demand from its key end markets. In total, KULR expects to procure lithium-ion battery cells providing up to 500-megawatt hours (“MWh”) of energy capacity, enough to power approximately 40,000 homes using currently available domestic energy storage options. Within applications for the energy storage and e-mobility markets, the battery cell supplies would equate to a revenue opportunity of $250-$350 million. To further control supply chain and manufacturing costs and risks, the Company also intends to use these funds to bring much of its production capabilities to North America.

 

Additional details regarding the transactions can be found in the Company’s Form 8-K filing with the Securities and Exchange Commission.

 

Management Commentary

“In the first quarter we took demonstrable steps to support our current operations and future-proof our business in the face of ongoing supply chain challenges and mandated COVID-19 lockdowns in China,” said KULR CEO Michael Mo. “During the period we saw significant inventory buildup in China that delayed over $300,000 in revenues, which we expect to report in the coming quarter. In response to these challenges and potential roadblocks going forward, we’ve taken decisive action in solidifying our access to capital and procuring high-value and high-demand battery supplies. Over the coming year, we expect to procure battery cell supplies equaling up to 500 MWh of energy capacity to ensure we can continue to meet the outsized customer demand we are seeing. Longer term, we plan to consolidate many of our production activities to the U.S. as well.

 

“We are continuing to invest and focus on our core growth segments in energy storage, e-mobility and safe transportation of lithium-ion batteries with the full battery management lifecycle. As we further commercialize these areas, we will leverage our innovative R&D capabilities and products and also reference our partnerships in aerospace, defense, government and regulatory sectors.”

 

First Quarter 2022 Financial Results

Revenues: In the first quarter ended March 31, 2022, revenue decreased to $200,000 from $418,000 reported in the same year-ago period. The decrease in revenue was primarily due to decreased product revenue caused by mandated COVID-19 lockdowns in China, which impacted the Company’s ability to ship finished goods. Lockdown protocols were alleviated in early second quarter of 2022, allowing these products to ship and the Company booked revenue of $325,000 related to the affected sales in Q2 of 2022.

 

Cash: As of March 31, 2022, the Company had $10.1 million of cash compared to $6.2 million in the same year ago period.

 

Gross Margins: Gross margin was 39% in the quarter ended March 31, 2022, compared to 34% in the same year ago period.

 

Selling, General and Administrative (SG&A) Expenses: SG&A expenses increased to $3.5 million in the first quarter of 2022 from $1.5 million in the same year-ago period. The increase in SG&A expenses was due to stock-based compensation issued to employees and consultants, labor costs, and general sales and marketing activities.

 

R&D expenses: R&D expenses in the first quarter of 2022 increased to $721,000 from $123,000 in the same period last year. The increase was due to increases in new engineering hires, investments in manufacturing automation, new product developments, and research in high-areal capacity battery electrodes and solid-state electrolyte.

 

Operating Loss: Loss from operations was $4.2 million for the first quarter of 2022, compared to $1.5 million from the same period last year. The increased operating loss was driven by higher SG&A and R&D costs combined with a year-over-year gross profit decrease of 46%, as a result of impacted product revenue caused by COVID-19 lockdowns in China.

 

Net Loss: Net loss for the first quarter of 2022 increased to $4.1 million, or a loss of $0.04 per share, compared to a net loss of $1.7 million, or a loss of $0.02 per share from the same period last year.

 

Conference Call

The Company has scheduled a conference call for Monday, May 16th, 2022, at 4:30 pm ET to discuss these results. Michael Mo, KULR’s CEO; Keith Cochran, President & COO, and Simon Westbrook, CFO, will provide a business update for the Company followed by a question-and-answer period.

 

To access the call:

Dial-In Number: 1-857-232-0157

Access Code: 422095

 

Please call the conference telephone number 10 minutes prior to the start time. If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at 949-574-3860.

 

The conference call will be available for replay here and via the Investor Relations section of KULR’s website.

 

About KULR Technology Group Inc.

KULR Technology Group Inc. (NYSE American: KULR) develops, manufactures and licenses next-generation carbon fiber thermal management technologies for batteries and electronic systems. Leveraging the company’s roots in developing breakthrough cooling solutions for NASA space missions and backed by a strong intellectual property portfolio, KULR enables leading aerospace, electronics, energy storage, 5G infrastructure, and electric vehicle manufacturers to make their products cooler, lighter and safer for the consumer. For more information, please visit www.KULRTechnology.com.

 

Safe Harbor Statement

This release does not constitute an offer to sell or a solicitation of offers to buy any securities of any entity. This release contains certain forward-looking statements based on our current expectations, forecasts and assumptions that involve risks and uncertainties. Forward-looking statements in this release are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business, which include the risk factors disclosed in our Form 10-K filed with the Securities and Exchange Commission on March 28, 2022. Forward-looking statements include statements regarding our expectations, beliefs, intentions, or strategies regarding the future and can be identified by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," and "would" or similar words. All forecasts are provided by management in this release are based on information available at this time and management expects that internal projections and expectations may change over time. In addition, the forecasts are entirely on management’s best estimate of our future financial performance given our current contracts, current backlog of opportunities and conversations with new and existing customers about our products and services. We assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise.

 

Media Relations:

Annika Harper

The Antenna Group

KULR@antennagroup.com

 

Investor Relations:

Tom Colton or Matt Glover

Gateway Investor Relations

Main: (949) 574-3860

KULR@gatewayir.com

 

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