KULR Technology (KULR -13.31%) stock posted massive gains in 2024. The company's share price climbed 1,819% across last year's trading, according to data from S&P Global Market Intelligence.

KULR data by YCharts

While KULR stock posted some significant gains across the first half of last year, the fourth quarter of 2024 delivered a breakout rally for its share price. The company's stock saw explosive gains in conjunction with new contract wins and excitement surrounding the company's plan to make Bitcoin a major part of its balance sheet.

KULR skyrockets on contract wins, Bitcoin strategy, and meme momentum

On Nov. 14, KULR published a press release announcing that it won a contract for a missile defense program. Per the announcement, the company is developing a customized heat sink to improve the reliability of electronics systems in missiles. KULR said that it could not disclose who its customer was or what program its heat sink was being designed for.

On Nov. 25, KULR announced that it had won a contract with the U.S. Navy to help improve internal-short-circuit technologies and allow them to be activated at higher temperatures. The company said that the technology would have applications for military and commercial flights. Then on Dec. 3, KULR announced the immediate launch of its NASA-certified M35A battery cells.

Following its new contract wins and battery announcement, KULR outlined a push into the cryptocurrency space -- and investors went wild over the move. The company published a press release on Dec. 4 stating that it would allocate 90% of its $12 million in cash to invest in Bitcoin. The company also said that it would be investing 90% of any future surplus cash in the cryptocurrency, and then announced a $21 million investment in Bitcoin on Dec. 26. Between its new contracts and "Bitcoin Treasury" strategy, the company saw a surge of buying and interest from meme-stock investors.

And while the stock closed out last year's trading with sell-offs, it did have some bullish news for investors on Dec. 30. The company announced that it had entered into a new partnership with the U.S. Army to test out its KULR VIBE system for reducing vibration and improving balance for AH-64E Apache and UH-60 Black Hawk helicopters.

Why is KULR Technology stock plummeting in 2025?

KULR Technology's share price saw an incredible run-up late in 2024, and the stock was already losing some of its bullish momentum at the very end of the year. Some of the company's incredible gains appear to have been powered by meme-stock momentum, and bullish support faded as investors moved to take profits. Selling pressures have continued in 2025, and the company's share price is now down 32% year to date as of this writing.

KULR stock is losing ground in conjunction with declines in the price of Bitcoin and a rising focus on macroeconomic risk factors. The Bureau of Labor Statistics published new data Friday showing that 256,000 jobs were added in December, coming in well ahead of the 155,000 additions forecasted by economists. The job numbers are a bearish indicator for inflation trends and could cause the Federal Reserve to shy away from additional cuts for interest rates in the near term. If so, that could put continued pressure on KULR and other stocks with speculative valuations.