KULR Technology Group Inc. has released its financial results for the first quarter of 2025, reporting a significant increase in revenue. The company's revenue rose by 40% to $2.45 million, compared to $1.75 million in the same period last year. This growth was largely driven by an 88.7% increase in product sales, which amounted to approximately $1.16 million, up from about $615 thousand in the previous year. Despite the rise in revenue, KULR reported a net loss of $18.81 million for the quarter, compared to a net loss of $5.0 million in the same quarter of the prior year. This higher net loss was primarily attributed to the mark-to-market adjustment of the company's bitcoin holdings. In terms of operational updates, KULR CEO Michael Mo highlighted the company's strong financial position, with over $100 million in cash and Bitcoin holdings and virtually no debt. KULR is focusing on growing its battery and AI Robotics businesses and enhancing its Bitcoin acquisition strategy. The company's gross margins decreased to 8% from 29% in the previous year, mostly due to unexpected labor hours required to complete technical projects. Additionally, SG&A expenses increased to $7.20 million from $4.21 million in the same quarter last year.