KULR Technology Group Inc (KULR) 2025 Q2 法說會逐字稿

All right. Welcome, everyone, to KULR Technology Group second-quarter 2025 earnings conference call. Today is Thursday, August 14. And in just a moment, I will be joined by the CEO of the company, Michael Mo; as well as the CFO for the company, Shawn Canter. Before the call begins, please listen to the following forward-looking statement disclosure covering this call.

好的。歡迎大家參加 KULR 科技集團 2025 年第二季財報電話會議。今天是8月14日，星期四。馬上，公司執行長 Michael Mo 和財務長 Shawn Canter 也將加入我。在電話會議開始之前，請聽取以下有關本次電話會議的前瞻性聲明披露。

This call may contain 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 the information available to KULR Technology Group as of the date hereof.

本次電話會議可能包含基於公司目前預期、預測和假設的某些前瞻性陳述，涉及風險和不確定性。本次電話會議中所做的前瞻性陳述是基於 KULR 科技集團截至本電話會議當天所掌握的資訊。

The company's 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 the risk factors disclosed in their Form 10-K filed with the Securities and Exchange Commission on March 31, 2025, as may be amended or supplemented by other reports KULR files with the Securities and Exchange Commission from time to time.

由於與業務相關的風險和不確定性，公司的實際結果可能與此類前瞻性陳述中明示或暗示的結果存在重大差異，其中包括 2025 年 3 月 31 日向美國證券交易委員會提交的 10-K 表中披露的風險因素，這些因素可能會由 KULR 不時向美國證券交易委員會提交的其他報告進行修改或補充。

Forward-looking statements include statements regarding their 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 that are provided by management on this call are based on information available at this time, and management expects that internal projections and expectations may change over time.

前瞻性陳述包括關於其對未來的期望、信念、意圖或策略的陳述，可以透過前瞻性詞語來識別，例如預期、相信、可能、估計、期望、打算、也許、應該和會或類似的詞語。管理層在本次電話會議上提供的所有預測均基於此時可用的信息，並且管理層預計內部預測和預期可能會隨著時間的推移而發生變化。

In addition, the forecasts are entirely based on management's best estimates of their future financial performance given their current contracts, current backlog of opportunities, and conversations with new and existing customers about their products and services. KULR Technology Group assumes no obligation to update the information included on this call, whether as a result of new information, future events, or otherwise.

此外，這些預測完全基於管理層根據其當前合約、當前積壓的機會以及與新舊客戶就其產品和服務進行的對話對其未來財務業績的最佳估計。KULR 科技集團不承擔更新本次電話會議中包含的資訊的義務，無論是由於新資訊、未來事件或其他原因。

With that, I'd like to turn the call over now to Michael Mo, CEO of KULR Technology Group.

現在，我想將電話轉給 KULR 科技集團執行長 Michael Mo。

Thank you, Stuart. Thank you, everyone, for joining today. This is Michael Mo. In Q2 2025, we achieved record revenue of approximately $4 million, which is up 63% from the same quarter in 2024. We also achieved our first quarterly profit of $0.22 per share, primarily attributed to our Bitcoin treasury strategy. Our balance sheet is approximately $140 million in cash and Bitcoin as of today. We're very well capitalized to grow all of our current business operations.

謝謝你，斯圖爾特。謝謝大家今天的參與。這是 Michael Mo。2025 年第二季度，我們實現了創紀錄的約 400 萬美元的收入，比 2024 年同期成長了 63%。我們也實現了每股 0.22 美元的首季利潤，這主要歸功於我們的比特幣財務策略。截至今天，我們的資產負債表上有大約 1.4 億美元的現金和比特幣。我們擁有充足的資本來發展我們目前的所有業務。

With Q2 2025 product revenue up 74% year over year, we're in the midst of a transformation from a design and testing service company to a product-focused company that will see our growth trajectory accelerate in the second half of 2025. Launched in 2023, the KULR ONE platform was built to deliver best-in-class battery products, the vision now coming to life.

2025 年第二季的產品營收年增 74%，我們正處於從設計和測試服務公司向以產品為中心的公司的轉型之中，我們的成長軌跡將在 2025 年下半年加速。KULR ONE 平台於 2023 年推出，旨在提供一流的電池產品，這一願景現已成為現實。

With customer milestones achieved in KULR ONE Space and KULR ONE Guardian, we're leveraging this momentum to introduce two new platforms later this year. KULR ONE Air for unmanned autonomous vehicles and battery backup units for industrial, telecom, and data center applications. We believe the KULR ONE platform will be a key growth engine for us, position KULR to double revenue in 2025 versus 2024, and sustain this growth trajectory into 2026.

隨著 KULR ONE Space 和 KULR ONE Guardian 取得客戶里程碑，我們將利用這一勢頭在今年稍後推出兩個新平台。KULR ONE Air 適用於無人駕駛汽車和工業、電信和資料中心應用的電池備用裝置。我們相信 KULR ONE 平台將成為我們的主要成長引擎，使 KULR 2025 年的營收較 2024 年翻一番，並將這一成長軌跡維持到 2026 年。

As I was preparing my opening remarks for this call, I saw about 30 questions coming in from our shareholders. Shawn and I will answer all these questions on the call. I would like to address three key areas of the questions to start our call. First, there were a lot of questions around the rationale for the reverse split and its effect. The primary strategic reason for the reverse split was to attract more institutional investors, strengthening our shareholder base with larger longer-term holders.

當我準備這場電話會議的開場白時，我看到股東們提出了大約 30 個問題。肖恩和我將在電話中回答所有這些問題。在開始我們的通話之前，我想先談談三個關鍵問題。首先，圍繞反向分割的理由及其效果存在許多疑問。反向分割的主要策略原因是為了吸引更多的機構投資者，透過更大的長期持有者來加強我們的股東基礎。

A higher share price better aligns with institutional buying criteria as many funds have minimum share thresholds in their charters. Some shareholders asked whether the reverse split was done to regain NYSE listing compliance. We can state unequivocally that this was not the case. KULR was already in full compliance prior to the split. While short-term market reactions can be unpredictable, we remain confident that this move will broaden institutional ownership, enhance shareholder stability, and increase longer-term shareholder value, not just a few months.

由於許多基金的章程中都有最低股票門檻，因此較高的股價更符合機構購買標準。一些股東詢問，進行反向拆分是否是為了重新獲得紐約證券交易所的上市合規性。我們可以明確地說，事實並非如此。在拆分前，KULR 已經完全遵守規定。雖然短期市場反應難以預測，但我們仍然相信，此舉將擴大機構所有權，增強股東穩定性，並提高長期股東價值，而不僅僅是幾個月。

Secondly, there were many questions around shareholder communications and the negative sentiment. We've heard your feedback, and we agree there's room to improve. Could we have communicated the reverse split more effectively? Absolutely. Could we have done a better job sharing updates on our operating business alongside the BTC plus treasury strategy? Yes, we'll make this greater focus going forward.

其次，圍繞著股東溝通和負面情緒存在著許多問題。我們聽取了您的回饋，我們同意還有改進的空間。我們能否更有效地傳達反向分割？絕對地。我們能否更好地分享我們的營運業務更新以及 BTC 加財務策略？是的，我們今後會更加重視這一點。

In April 2025, a short report targeting KULR was published. Short sellers profit when the company stock decline and often publish or promote negative opinions to create downward pressure. The April report was filled with negative commentary and opinions. And since then, we've seen an increase in critical opinions and rumors spreading on social media about KULR.

2025年4月，一份針對KULR的簡短報告發布。賣空者在公司股價下跌時獲利，並經常發表或宣傳負面意見來製造下行壓力。四月份的報告充滿了負面的評論和意見。自那時起，我們看到社交媒體上關於 KULR 的批評意見和謠言越來越多。

It is not our policy to let such report distract our management team or engage in what would become an endless back-and-forth of opinions. Our legal options are also limited by freedom of speech protection and our own need to maintain commercial confidentiality. However, here are two important facts. As of today, we're not aware of any class-action litigation against the company or its officers. The reverse split was not initiated due to NYSE compliance concerns. We were fully compliant at the time. It was done to strengthen our shareholder base and drive long-term shareholder value.

我們的政策是，不要讓這樣的報告分散我們管理團隊的注意力，或引發無止盡的意見爭論。我們的法律選擇也受到言論自由保護和我們自身維護商業機密的需要的限制。然而，這裡有兩個重要的事實。截至今天，我們尚未發現針對該公司或其高階主管的任何集體訴訟。由於紐約證券交易所合規性問題，反向分割並未啟動。我們當時完全遵守規定。這樣做是為了加強我們的股東基礎並推動長期股東價值。

The third group of questions is around strategy of our core operating business and how this relates to our Bitcoin treasury strategy. KULR is a Bitcoin plus treasury company, leveraging a Bitcoin-backed balance sheet to build and scale a portfolio of frontier technologies from high-performance energy systems to AI robotics. Our Bitcoin treasury strategy has enabled us to build a $140 million balance sheet, providing the capital and the stability to accelerate our growing businesses, a remarkable transformation from where we were just one year ago.

第三組問題涉及我們的核心營運業務策略以及該策略與我們的比特幣財務策略的關係。KULR 是一家比特幣加財務公司，利用比特幣支援的資產負債表來建立和擴展從高效能能源系統到人工智慧機器人的前沿技術組合。我們的比特幣財務策略使我們建立了 1.4 億美元的資產負債表，為加速我們的業務成長提供了資金和穩定性，這與一年前相比發生了顯著的變化。

Speaking of the past, I'd like to take us back a few years. KULR's root trace back over 40 years to Dr. Tim Knowles' pioneering work in carbon fiber thermal management for space and DoD missions. When Tim and I cofounded KULR more than a decade ago, our goal was to commercialize space-proven materials for mass market applications from smartphones to advanced battery systems. Over the past five years, we evolved from a component supplier to a design and testing service provider, bringing us closer to the end customer and enabling complete product solutions.

說到過去，我想讓我們回顧一下幾年前。KULR 的根源可以追溯到 40 多年前，當時 Tim Knowles 博士在太空和國防部任務的碳纖維熱管理方面做出了開創性的工作。十多年前，當我和提姆共同創立 KULR 時，我們的目標是將經過太空驗證的材料商業化，用於從智慧型手機到先進電池系統的大眾市場應用。在過去的五年裡，我們從一家零件供應商發展成為設計和測試服務供應商，使我們更貼近最終客戶並提供完整的產品解決方案。

Our technology has been deployed in the -- on the Mars rover, International Space Station, nuclear fusion reactors, wearables, battery systems, and even helicopters. Our ability to move quickly and adapt across a versatile technology portfolio has strengthened our customer relationships and allow us to identify the next breakthrough applications.

我們的技術已經部署在火星探測器、國際太空站、核融合反應器、穿戴式裝置、電池系統甚至直升機上。我們能夠快速行動並適應多種技術組合，這加強了我們與客戶的關係，並使我們能夠發現下一個突破性的應用。

In 2023, we launched KULR ONE, uniting design, testing and battery product developments in all into one platform. In 2025, we have advanced our technology and operational infrastructure to rapidly launch products like KULR ONE Air and next-generation batteries, both through internal innovation and our manufacturing capabilities. We continue to explore new markets and applications where we can truly scale. This exploration has led us to the exoskeleton business where we are very excited about its growth prospects.

2023 年，我們推出了 KULR ONE，將設計、測試和電池產品開發整合到一個平台中。2025 年，我們透過內部創新和製造能力，改進了技術和營運基礎設施，以快速推出 KULR ONE Air 和下一代電池等產品。我們將繼續探索真正能夠擴展的新市場和新應用。這次探索使我們進入了外骨骼業務領域，我們對其成長前景感到非常興奮。

We believe we're now at the inflection point. Our KULR ONE battery products bring us closer to the end customer and give us the scalability in the hyper growth potential that we've been looking for. With our strong balance sheet, proven technology, operational infrastructure, and a network of world-class partners, we're well positioned for the next stage of accelerated growth.

我們相信我們現在正處於轉折點。我們的 KULR ONE 電池產品使我們更貼近最終客戶，並為我們提供了我們一直在尋找的超高成長潛力的可擴展性。憑藉強大的資產負債表、成熟的技術、營運基礎設施以及世界一流的合作夥伴網絡，我們已為下一階段的加速成長做好了準備。

KULR ONE sits at the heart of our growth plan, delivering advanced mission-ready energy storage system for the most demanding applications. In Q2, our KULR ONE Space K1S 400 successfully passed NASA's acceptance process for the 20793 certification in support of the Artemis program. We believe this marked the first true commercial off-the-shelf battery to achieve a 20793 rating. Final certification is pending NASA's approval process for the Artemis mission in 2026. This platform architecture, paired with WI37A screened cells, is now ready for human-rated space mission.

KULR ONE 是我們成長計畫的核心，為最嚴苛的應用提供先進的任務就緒能源儲存系統。在第二季度，我們的 KULR ONE Space K1S 400 成功通過了 NASA 的 20793 認證驗收流程，以支援 Artemis 計畫。我們相信，這標誌著第一款真正意義上的商用現貨電池達到了 20793 的評級。最終認證有待美國太空總署 2026 年對阿爾忒彌斯任務的批准程序。此平台架構與 WI37A 篩選單元結合，現已準備好用於載人太空任務。

Alongside the K1S 400 are K1S 100, 200, and 300 series are also prepared for immediate customer deployment. The K1S 500 XLT offers a compact ultra-lightweight design that delivers cutting-edge performance at commerciallizable cost, aligned with the economics of the private space sector. This model combines high-grade WI37A screened cells, optimized packing factors, and the low-mass structural materials, along with KULR's second-generation space-rated BMS. Together, these elements create a complete end-to-end energy storage solution for our customers.

除 K1S 400 外，K1S 100、200 和 300 系列也已準備好供客戶立即部署。K1S 500 XLT 採用緊湊的超輕量設計，以可商業化的成本提供尖端性能，符合私人航太領域的經濟效益。該模型結合了高級 WI37A 篩選電池、最佳化的填充係數和低品質結構材料，以及 KULR 的第二代空間級 BMS。這些元素共同為我們的客戶創建了完整的端到端能源儲存解決方案。

KULR has also successfully demonstrated a ballistic-proof battery capable of withstanding API round impact, a major milestone for both KULR and our customers. One of the greatest challenges in deploying lithium-ion battery for defense application is meeting the demanding combination of thermal runaway abuse, vibration, and ballistic testing, with ballistic testing being the most difficult to pass.

KULR 也成功展示了能夠承受 API 子彈衝擊的防彈電池，這對 KULR 和我們的客戶來說都是一個重要的里程碑。在國防應用中部署鋰離子電池的最大挑戰之一是滿足熱失控濫用、振動和彈道測試的嚴格組合，其中彈道測試是最難通過的。

Traditional battery chemistries pass the ballistic test by producing only smoke after API round penetration. Lithium-ion battery cells, however, typically produce flames and combustion, preventing them from widespread adoption in many military applications. Our KULR ONE Guardian solves this problem with a proprietary ballistic proof design that shields the cells from damage even after the API round impact. This results in a passing test, paving the way for further certifications, scale production, and operational deployment.

傳統電池化學成分在 API 彈穿透後僅產生煙霧，通過了彈道測試。然而，鋰離子電池通常會產生火焰和燃燒，這阻礙了它們在許多軍事應用中的廣泛應用。我們的 KULR ONE Guardian 採用專有的防彈設計解決了這個問題，即使在受到 API 子彈撞擊後也能保護電池免受損壞。這使得測試通過，為進一步的認證、規模生產和營運部署鋪平了道路。

KULR has also delivered its first extreme pressure -olerant subsea battery pack to a key strategic partner, reinforcing our leadership in energy solutions for extreme environments. With several kilowatt hours of capacity, this pack is engineered to withstand 6,000 to 8,000 psi for deepwater missions and is PPR rated as surface pressure and designed for safe shipboard handling. The subsea battery system market is valued at approximately $1.2 billion in 2024 with a projection to reach $3.5 billion by 2035.

KULR 也向其重要策略夥伴交付了首個耐極端壓力的海底電池組，鞏固了我們在極端環境能源解決方案方面的領導地位。此電池組的容量為數千瓦時，可在深水任務中承受 6,000 至 8,000 psi 的壓力，PPR 額定表面壓力，專為安全船上操作而設計。2024 年海底電池系統市場價值約 12 億美元，預計到 2035 年將達到 35 億美元。

Successfully delivering these advanced products demonstrate KULR's capability to engineer custom energy storage solutions for the most demanding conditions, whether it's in space, underwater, or in the air. We're now channeling this best-in-class engineering expertise into our commercial KULR ONE products to accelerate growth.

成功交付這些先進產品證明了 KULR 有能力為最苛刻的條件（無論是在太空、水下還是空中）設計客製化儲能解決方案。我們現在將這種一流的工程專業知識引入我們的商用 KULR ONE 產品中，以加速成長。

As we have announced previously, KULR is working to drive adoption of solutions that embody the concept of physical AI, beginning with our award-winning best-in-class AI-powered exoskeleton, Exia. Almost half of all muscle and joint injuries at work involve the back, and Exia is built to help prevent those injuries while reducing fatigue with powerful and high-quality robotic motors. The seventh-generation Exia developed with our partner, German Bionic, is now being introduced to customers across North America.

正如我們之前宣布的那樣，KULR 正在致力於推動體現物理 AI 概念的解決方案的採用，首先是我們屢獲殊榮的一流 AI 驅動外骨骼 Exia。工作中幾乎一半的肌肉和關節損傷都與背部有關，而 Exia 的設計旨在透過強大而高品質的機器人馬達幫助預防這些損傷，同時減輕疲勞。我們與合作夥伴 German Bionic 共同開發的第七代 Exia 目前正在向北美各地的客戶推出。

Since its launch in June, feedback has been very positive. We believe this technology can greatly help people doing hard physical work. Even though most jobs are becoming automated, millions of workers still do tasks by hand. Exia helps them work more efficiently, avoid injuries, and feel less tired by the end of the day. We're marketing Exia to industries like retail distribution centers, supply chain and logistics, food service distribution, and many others where injury rates, employee turnover, and heavy labor are big challenges.

自六月推出以來，反饋一直非常積極。我們相信這項技術可以大大幫助從事艱苦體力勞動的人們。儘管大多數工作正在自動化，但仍有數百萬工人手動完成任務。Exia 幫助他們更有效率地工作，避免受傷，並且在一天結束時感覺不那麼疲憊。我們將 Exia 推廣到零售配送中心、供應鏈和物流、食品服務配送等行業，以及許多其他對傷害率、員工流動率和繁重勞動提出巨大挑戰的行業。

As the US brings more manufacturing back home and strengthens supply chain, supporting American workers with advanced technology like this has never been more important. We expect Exia business to grow quickly and starting to contribute to our revenue in Q3 of 2025. In the coming months, we look forward to share success stories from our first customers as our teams start enjoying the benefit of this technology.

隨著美國將更多製造業轉移回國內並加強供應鏈，利用此類先進技術支持美國工人變得前所未有的重要。我們預計 Exia 業務將快速成長並在 2025 年第三季開始為我們的收入做出貢獻。在接下來的幾個月裡，隨著我們的團隊開始享受這項技術的好處，我們期待分享第一批客戶的成功案例。

Since December 2024, KULR has reinvented itself as a Bitcoin treasury company. We utilize equity financing, strategically acquire Bitcoin through open-market purchases and mining, and measure performance using BTC yield metric to create value. This approach seeks to build a long-term model grounded in BTC exposure and growth, including potential expansions into lending services and Bitcoin-based derivatives using existing holdings.

自 2024 年 12 月起，KULR 已重塑為比特幣財務公司。我們利用股權融資，透過公開市場購買和挖礦策略性地獲取比特幣，並使用BTC收益率指標衡量績效來創造價值。這種方法旨在建立一個基於 BTC 曝險和成長的長期模型，包括利用現有持有的資產潛在擴展到借貸服務和基於比特幣的衍生性商品。

As governments continue printing more money, leading to a gradual weakening of traditional fiat currencies, cash is likely to diminish in value over time. Bitcoin, however, offers a hedge against this erosion with its fixed supply and independence from government control. We currently hold approximately 1,035 Bitcoins. We'll continue to accumulate Bitcoin through our dual-acquisition strategy in a responsible and pragmatic manner. With no debt and a non-erosive asset like BTC on our growing balance sheet, we continue to build more confidence in our customers and partners to scale up their business with us.

隨著政府繼續印製更多貨幣，導致傳統法定貨幣逐漸貶值，現金的價值可能會隨著時間的推移而貶值。然而，比特幣憑藉其固定的供應量和不受政府控制的特點，可以對沖這種侵蝕。我們目前持有約 1,035 個比特幣。我們將繼續以負責任和務實的方式透過雙重收購策略累積比特幣。由於我們不斷增長的資產負債表上沒有債務，而且擁有像 BTC 這樣的非侵蝕性資產，我們繼續對客戶和合作夥伴建立更多的信心，以擴大他們與我們的業務。

Next, Shawn Canter will go over financial and operational highlights. Shawn?

接下來，肖恩·坎特 (Shawn Canter) 將介紹財務和營運亮點。肖恩？

Thanks, Mike. Overall, we had a very strong second quarter that helps set the stage for us to accelerate our growth going forward. Here are some of the key highlights. Revenue grew an impressive 63% from the same quarter last year to approximately $4 million. KULR's quarterly revenue growth records continue to grow. This is the highest quarterly revenue KULR has ever generated. Trailing 12 months revenue ended Q2 2025 also grew to a record high. Notably, KULR's growth included its streak of trailing 12-month revenue increases for a fourth straight quarter.

謝謝，麥克。總體而言，我們第二季表現非常強勁，這為我們未來加速成長奠定了基礎。以下是一些主要亮點。營收較去年同期大幅成長 63%，達到約 400 萬美元。 KULR 的季度營收成長記錄持續成長。這是 KULR 有史以來最高的季度收入。截至 2025 年第二季的過去 12 個月營收也創下歷史新高。值得注意的是，KULR 的成長包括其連續第四個季度的 12 個月營收成長。

We are pleased to highlight that the second quarter was the first time KULR had positive net earnings, posting a positive earnings per share of $0.22. For the second-quarter 2025 versus the second-quarter 2024, product revenue grew 74%, service revenue was down 57%. Overall revenue per customer was down approximately 6%. Product revenue per customer grew 4.6% and service revenue per customer was down 50%.

我們很高興地強調，第二季度是 KULR 首次實現正淨利潤，每股收益為 0.22 美元。 2025 年第二季與 2024 年第二季相比，產品收入成長了 74%，服務收入下降了 57%。每位客戶的總收入下降了約 6%。每位客戶的產品收入成長了 4.6%，而每位客戶的服務收入下降了 50%。

As we sometimes see in our battery design and testing services, the timing of projects can vary from expectations due to their complex nature. Our battery design and testing services are an important component to our overall customer offering. Gross margin for the second quarter of 18% was down primarily due to unanticipated labor hours needed to complete technical projects and the price of Bitcoin affecting our Bitcoin mining margin.

正如我們在電池設計和測試服務中看到的那樣，由於專案的複雜性，專案的時間表可能與預期有所不同。我們的電池設計和測試服務是我們整體客戶服務的重要組成部分。第二季的毛利率為 18%，下降的主要原因是完成技術專案所需的意外工時以及比特幣價格影響了我們的比特幣挖礦利潤。

Since the end of the second quarter, the price of Bitcoin has gone up, which would have grown the second quarter gross margin. For the same period year over year, operating expenses were up due to, among other things, planned investments in growth-related activities we anticipate will accelerate our growth going forward.

自第二季末以來，比特幣價格上漲，這將使第二季的毛利率有所增長。與去年同期相比，營業費用增加，原因包括我們計劃對成長相關活動進行投資，我們預計這些投資將加速我們未來的成長。

A few points on our balance sheet. At the end of the second quarter, our cash balance was just over $20 million. Our current accounts receivable was about $4.2 million, and we held just over 928 Bitcoins worth approximately $100 million. Our total assets were $141 million. Additionally, we had no material debt. As an update, as of August 11, KULR held 1,035 Bitcoins worth about $120 million. So again, a very strong second-quarter financial performance.

我們的資產負債表上有幾點。截至第二季末，我們的現金餘額略高於 2,000 萬美元。我們目前的應收帳款約為 420 萬美元，我們持有 928 多個比特幣，價值約 1 億美元。我們的總資產為1.41億美元。此外，我們沒有重大債務。最新消息是，截至 8 月 11 日，KULR 持有 1,035 枚比特幣，價值約 1.2 億美元。因此，第二季的財務表現非常強勁。

Back to you, Stuart.

回到你身邊，史都華。

All right. Thank you for that, Sean. Michael, the first question is for you, and it's got a few questions mixed into this one question or one submission. So here we go. With great success at Camp Pendleton at the United States Marine Corps base, multiple civilian helicopter rotor balance operations, and the ongoing US Army trial, is there any DoD traction with respect to VIBE and DoD helicopters?

好的。謝謝你，肖恩。邁克爾，第一個問題是問你的，這個問題或一次提交中混雜了幾個問題。那麼我們就開始吧。在美國海軍陸戰隊基地彭德爾頓營、多架民用直升機旋翼平衡作業以及正在進行的美國陸軍試驗中取得了巨大成功，國防部對 VIBE 和國防部直升機有何影響？

Do we have any upfront data on savings from the current trial? Specifically, how many aircraft have been balanced, average runs to solve the equation, and how many flights to balance have been saved using VIBE? The product -- is the product solid in the H-60 world? And lastly, any traction with the Bell 407? Michael, that one is for you.

我們是否有關於當前試驗節省的任何前期數據？具體來說，有多少架飛機已經實現平衡，平均需要運行多少次來解決方程式，以及使用 VIBE 節省了多少平衡飛行？該產品－該產品在 H-60 世界中是固體嗎？最後，貝爾 407 有什麼吸引力嗎？邁克爾，這個是給你的。

Yes. That's a great question. Certainly, it feels like this investor is very interested and also knowledgeable about the helicopter world. Although we cannot discuss all the details about our work with our DoD customers, KULR VIBE can balance the H-60, the Bell 407, and the Black Hawks, that new -- basically, any helicopter, we have a long history of balancing these.

是的。這是一個很好的問題。當然，感覺這位投資者對直升機世界非常感興趣並且也很了解。雖然我們無法與國防部客戶討論我們工作的所有細節，但 KULR VIBE 可以平衡 H-60、貝爾 407 和黑鷹，基本上任何新型直升機，我們在平衡這些方面都有著悠久的歷史。

On average, it takes between two to three runs to get the vibration closer to zero. That's well below the threshold and then it's virtually no vibration to be felt by these helicopters. So a lot of great work has been done, and we work with the customer on a lot of details about the -- like this customer -- like this investor said, the cost savings analysis and so forth. So thank you for the question.

平均而言，需要兩到三次運行才能使振動接近零。這遠低於閾值，因此這些直升機幾乎感覺不到振動。因此，我們已經完成了很多出色的工作，我們與客戶就許多細節進行了合作——就像這位客戶——就像這位投資者所說的那樣，成本節約分析等等。謝謝你的提問。

All right. Very good. Shawn, the next question is for you. Quarter over quarter, SG&A costs have been climbing, while sales growth has not kept pace. What's driving this imbalance?

好的。非常好。肖恩，下一個問題是問你的。與上一季相比，銷售、一般及行政費用 (SG&A) 一直在攀升，而銷售額的成長卻沒有跟上。造成這種不平衡的原因是什麼？

Thanks, Stuart. As mentioned in our prepared remarks, we achieved a record revenue sales quarter and logged another record trailing 12 months revenue record, our fourth in a row. Our SG&A costs reflect, among other things, a planned increase in investments to drive growth going forward. And we're looking forward to when we can to sharing more about our revenue growth wins with all our investors.

謝謝，斯圖爾特。正如我們在準備好的發言中提到的那樣，我們實現了創紀錄的季度收入銷售，並創下了過去 12 個月收入的新高，這是我們連續第四次創下這一紀錄。我們的銷售、一般及行政費用反映了為推動未來成長而計劃增加的投資等。我們期待與所有投資者分享更多有關我們的收入成長成果。

All right. Thank you for that, Michael. And thank you, shareholders, for all of your submissions. We've got a lot of questions today. I should have said that at the outset. Michael, the next one is for you. Why should shareholders continue to hold KULR shares? You continue to dilute shareholders to purchase Bitcoin and fund unprofitable operations in the thermal and battery space. The ATM is the only thing that keeps the company going. What's going to change? Any meaningful increase in share price will be met with more share dilution by management selling shares.

好的。謝謝你，麥可。感謝各位股東的所有意見。今天我們有很多問題。我應該一開始就這麼說。邁克爾，下一個是給你的。股東為何應該繼續持有 KULR 股票？您繼續稀釋股東權益以購買比特幣並資助熱能和電池領域的無利可圖的業務。自動櫃員機是維持公司運作的唯一動力。會發生什麼變化？任何有意義的股價上漲都將導致管理層出售股票，造成更多的股權稀釋。

Well, the ATM has been a very strategic tool for KULR to build our BTC treasury strategy and our balance sheet. Now with approximately $40 million in cash and Bitcoin, we're at a great position to continue to invest in our battery and AI robotics business for the tremendous growth that we anticipate.

嗯，ATM 對 KULR 來說是一個非常具有戰略意義的工具，可以幫助我們建立 BTC 財務策略和資產負債表。現在，我們擁有約 4000 萬美元的現金和比特幣，我們處於有利地位，可以繼續投資我們的電池和人工智慧機器人業務，以實現我們預期的巨大增長。

When you look at the US battery and battery-related companies, there are very few profitable examples. Now as we transition from a design and service battery company to a product-focused company based on our KULR ONE platform, we can be one of the exceptions in the US market, both through organic growth and also by taking advantage of some of the industry consolidation that's happening.

放眼美國電池及電池相關公司，獲利的例子寥寥無幾。現在，我們從一家設計和服務電池公司轉型為基於 KULR ONE 平台的產品中心公司，我們可以成為美國市場的例外之一，既可以透過有機成長，也可以透過利用正在發生的一些產業整合。

Thank you for that, Michael. For these investor calls, why must investors submit their questions ahead of time? We don't have visibility on the quarter's results before submitting our questions. Why can't you answer questions in real time like most publicly traded NYSE companies, or at the very least, hold the earnings call the day after, so investors see the results and get to submit questions?

謝謝你，麥可。對於這些投資者電話會議，為什麼投資者必須提前提交問題？在提交問題之前，我們無法了解本季的業績。為什麼不能像大多數在紐約證券交易所上市的公司那樣即時回答問題，或至少在第二天召開收益電話會議，以便投資者看到結果並提交問題？

That's a great question. We'll look into some of the best practices of similar companies and see what we can do. What we learned from this call is that there is value in getting some of the questions ahead of time and provide more comprehensive answers in the prepared remarks.

這是一個很好的問題。我們將研究一些類似公司的最佳實踐，看看我們能做些什麼。我們從這次電話會議中了解到，提前提出一些問題並在準備好的發言中提供更全面的答案是有價值的。

Very good. Yes. I mean, shareholders, you understand you submit your questions all throughout the quarter as well, and we like to get these in here in front of management and be able to give you the opportunity to hear it straight from the CEO and the CFO. So Michael, next question is for you. Typically, reverse splits are done to maintain compliance with listing requirements, and there are reports suggesting that was the case here. However, KULR has presented it as a voluntary move to attract more institutional shareholders. Can you provide any validation or context to support that position?

非常好。是的。我的意思是，股東們，你們明白你們在整個季度中也會提交你們的問題，我們希望將這些問題提交給管理層，並讓你們有機會直接從首席執行官和首席財務官那裡聽到這些問題。邁克爾，下一個問題是問你的。通常，進行反向分割是為了維持符合上市要求，有報告顯示本案就是這種情況。然而，KULR 表示，這是吸引更多機構股東的自願措施。您能提供任何驗證或背景來支持該立場嗎？

Yes. As I have stated in my prepared remarks, the decision was unequivocally done on a voluntary basis. We were in -- well within compliance with NYSE listing rules. And also, as I've talked about in my prepared remarks, the main strategic motivation behind the reverse split was to attract more institutional investors. We believe these are larger and longer-term shareholders, and that will provide a broader base of shareholder base and build longer-term shareholder value for us.

是的。正如我在準備好的發言中所述，這項決定毫無疑問是自願做出的。我們完全符合紐約證券交易所的上市規則。而且，正如我在準備好的發言中談到的，反向分割背後的主要策略動機是吸引更多的機構投資者。我們相信這些是規模更大、期限更長的股東，這將為我們提供更廣泛的股東基礎，並創造更長期的股東價值。

All right. Thank you for that, Michael. Next question or statement in this case. I've come across a message online suggesting that KULR is facing a class-action lawsuit involving insider trading and investigation related to revenue inflation. If this is true, could you share what you can? And if it's false, would you be able to clarify that as well? Thank you for your time.

好的。謝謝你，麥可。在這種情況下，下一個問題或陳述。我在網路上看到一則訊息，表示 KULR 正面臨涉及內線交易和收入膨脹相關調查的集體訴訟。如果這是真的，可以分享一下嗎？如果這是假的，你能澄清一下嗎？感謝您抽出時間。

Yes. We do not comment on rumors. However, I can say that we are not aware of any class-action litigation against the company or its officers at this time.

是的。我們不對謠言發表評論。不過，我可以說，我們目前還不知道有任何針對該公司或其高階主管的集體訴訟。

All right. Very good. Next question is also for you, Michael. I'd really like to know why you're so quiet on social media. Some days, it's nonstop posts and comments then weeks of nothing. It would be so much better if we had consistent communication from the company. The only news we get are press releases and videos that repeat the same content. We want to hear from you.

好的。非常好。下一個問題也是問你的，麥可。我真的很想知道你為什麼在社群媒體上如此沉默。有時，我會不停地發文和評論，有時，幾週後就什麼都沒有了。如果我們與公司保持持續的溝通，情況就會好得多。我們得到的唯一新聞是重複相同內容的新聞稿和影片。我們想聽聽您的意見。

Well, I certainly appreciate that. And in my prepared remarks, I addressed about communication and about the negative sentiments. Yes, we can do better -- I can do better. And I'm trying to balance between -- my time between execution and communication. So I will certainly do a better job communicating more consistently throughout the quarter with our investors.

嗯，我當然很感激。在我準備好的發言中，我談到了溝通和負面情緒。是的，我們可以做得更好——我可以做得更好。我試圖平衡執行和溝通的時間。因此，我肯定會在整個季度中與我們的投資者進行更好的、更持續的溝通。

Very good. All right. So Michael, next question for you again. It's been like this for a while. In 2023, KULR's CTO, Dr. William Walker, stated, our new Webster R&D center will usher in the next phase of KULR's expansion and growth. So far, quarter over quarter, we have not seen any meaningful growth. Where is this growth supposed to come from? You keep promising growth, but it never materializes. Also stop using year-over-year numbers. It's idiotic. We don't hear anything from the Webster office. In fact, the only time the company gains momentum is when Bitcoin is being discussed.

非常好。好的。那麼邁克爾，下一個問題再問你。這種情況已經有一段時間了。2023年，KULR技術長William Walker博士表示，我們新的韋伯斯特研發中心將開啟KULR擴張與成長的下一階段。到目前為止，我們還沒有看到任何季度環比顯著的成長。這種成長從何而來？你不斷承諾成長，但它從未實現。也停止使用同比數字。這太愚蠢了。我們沒有聽到韋伯斯特辦公室的任何消息。事實上，只有在討論比特幣時該公司才會獲得發展動力。

Well, good question. It sounds like this investor really follow us throughout the years. First of all, I love Will, who is an internal optimist, just like me. He and Peter Hughes, our VP of Engineering, have provided great leadership for our team in Webster. And we're also in the midst of moving all of our operations -- or consolidating our operations from a San Diego office to Webster by the end of October, so a lot of work going on there.

嗯，好問題。聽起來這位投資者這些年來確實一直在關注我們。首先，我喜歡威爾，他和我一樣，是個內心樂觀的人。他和我們的工程副總裁 Peter Hughes 為我們韋伯斯特的團隊提供了出色的領導。我們也正在遷移所有業務，或在 10 月底之前將業務從聖地牙哥辦事處整合到韋伯斯特，因此那裡有許多工作正在進行中。

As an update to the Webster facility, I think I'd provided our growth and our updates almost every quarter. But usually the highlights like last quarter, I talked about expansion to the 31,000-square-foot place and all the wonderful -- infrastructure expansion that we have been doing in Webster, and we continue to do.

作為韋伯斯特工廠的更新，我想我幾乎每個季度都會提供我們的成長和更新。但通常的亮點就像上個季度一樣，我談到了擴展到 31,000 平方英尺的地方以及我們在韋伯斯特一直在做的精彩的基礎設施擴展，並且我們將繼續這樣做。

I would say that we have been gone through some growing pain of the growth and also transition to a product-oriented company from design and testing services. I'm very confident that our current lineup of the KULR ONE Space, KULR ONE Guardian, and the new product lines coming up, KULR ONE Air and the industrial energy storage products is going to provide the growth that we have been looking for.

我想說，我們經歷了成長過程中的一些痛苦，也從設計和測試服務轉型為以產品為導向的公司。我非常有信心，我們目前的 KULR ONE Space、KULR ONE Guardian 以及即將推出的新產品線 KULR ONE Air 和工業儲能產品將帶來我們一直在尋找的成長。

Okay. Here's the next question, and it's referenced to November 2023. Michael Mo stated, we expect KULR ONE to have the revenue opportunity of over $200 million by 2026. It's 2.5 years since that statement. What's the status of KULR ONE's revenue opportunity? And why is it that you have not made any meaningful headway with that product yet? It would be one thing if you were communicating these things to us, but we're getting nothing. Hope you take the time to address my question.

好的。這是下一個問題，參考時間為 2023 年 11 月。Michael Mo 表示，我們預計到 2026 年 KULR ONE 的營收機會將超過 2 億美元。距離那番言論已經過了兩年半。KULR ONE 的獲利機會現況如何？為什麼你們尚未在該產品上取得任何有意義的進展？如果您將這些事情傳達給我們，那將是一回事，但我們什麼也得不到。希望您能抽空回答我的問題。

Yes. Back in 2023, we established a strategic partnership with a battery cell provider to procure the cells to be made in North America to target a wide range of applications. However, subsequently, the cell provider changed their manufacturing strategy and also the market opportunity has changed significantly due to battery price volatility over the last couple of years.

是的。早在 2023 年，我們就與一家電池供應商建立了策略合作夥伴關係，以採購在北美生產的電池，以滿足廣泛的應用需求。然而，隨後，電池供應商改變了他們的製造策略，而且由於過去幾年電池價格的波動，市場機會也發生了重大變化。

However, I think that we're entering a new -- a different market situation now that the KULR ONE platform has been around for more than two years now since then. And we have developed and tested and delivered the suite of KULR ONE S, KULR ONE Guardian products. And I'm much more confident now about the future growth than back in 2023.

然而，我認為我們正在進入一個新的——一個不同的市場局勢，因為 KULR ONE 平台已經存在兩年多了。並且我們已經開發、測試並交付了 KULR ONE S、KULR ONE Guardian 產品套件。與 2023 年相比，我現在對未來的成長更有信心。

Okay. Here's the next question. Why are most or all press releases about Bitcoin and not about the operating company?

好的。這是下一個問題。為什麼大多數或所有新聞稿都是關於比特幣的，而不是關於經營公司的？

Yes. I would say that a lot of our business activities now are just about hunkering down and executing our products and customers, managing our transition to a product company, and lots of internal operations on the growth and the facility consolidation. So I do hear you loud and clear. We will step up our communication and share more exciting news about our -- the product launches, the KULR ONE, and the AI robotics growth updates.

是的。我想說的是，我們現在的許多業務活動只是專注於執行我們的產品和客戶，管理我們向產品公司的過渡，以及大量有關成長和設施整合的內部運作。所以我確實聽清楚了你的聲音。我們將加強溝通，分享更多關於我們的產品發布、KULR ONE 和 AI 機器人成長更新的令人興奮的消息。

All right. Thank you for that, Michael. So last quarter's report detailed a $3.3 million investment for preferred shares in privately held German Bionic. Their Apogee robotic exoskeleton has been on the market for years at a price point exceeding EUR10,000 per unit. As the exclusive US distributor, what were the Q2 sales figures for North America?

好的。謝謝你，麥可。因此，上個季度的報告詳細列出了一項對私人控股的德國 Bionic 公司優先股的 330 萬美元投資。他們的 Apogee 機器人外骨骼已上市多年，每台售價超過 10,000 歐元。身為美國獨家經銷商，北美第二季的銷售數據如何？

Yes. We don't break out sales figures on this at this time yet. However, we are very excited about the new suit called Exia, which is the seventh-generation suit. It's a great product. I think it's 10% lighter than the previous suit and more powerful. The initial customer feedback has been overwhelmingly positive. People feel that -- well, we were told that this is the most powerful and connected intelligent exoskeleton suit they've ever put on.

是的。目前我們還沒有公佈這方面的銷售數據。然而，我們對這款名為 Exia 的新套裝感到非常興奮，它是第七代套裝。這是一個很棒的產品。我認為它比之前的套裝輕 10%，而且功能更強大。最初的客戶回饋非常正面。人們覺得——好吧，我們被告知這是他們穿過的最強大、連接性最強的智慧外骨骼套裝。

And I would also add that we start our relationship with German Bionic as an investor and the US exclusive distributor and technology partner as a way to test the product in the North American markets, and we expect that relationship to expand from here.

我還要補充一點，我們與 German Bionic 建立合作關係，作為投資者、美國獨家經銷商和技術合作夥伴，是為了在北美市場測試產品，我們預計這種關係將會進一步擴大。

Another German Bionic question next. Given that German Bionic is up against established domestic and international competitors offering similar products at a lower price, what is KULR's clear and defensible advantage in bringing these suits to the US market?

接下來是另一個德國仿生問題。鑑於德國 Bionic 面臨著以更低價格提供類似產品的國內外競爭對手的競爭，KULR 在將這些套裝推向美國市場方面具有哪些明顯且可防禦的優勢？

Yes. What we have heard from some of the largest customers through our early engagements on the Exia suit again is it is the most powerful exoskeleton they've ever tested in the market and the most advanced in the telemetric data and analysis. And there are some real killer applications that Exia is addressing with the customers, which I would not go into due to confidentiality and competitive advantage reasons, but we are super excited about the growth opportunity.

是的。透過我們早期對 Exia 套裝的接觸，我們從一些最大的客戶那裡聽說，這是他們在市場上測試過的最強大的外骨骼，也是遙測數據和分析方面最先進的。Exia 正在與客戶合作開發一些真正的殺手級應用，出於保密和競爭優勢的原因，我不會深入探討，但我們對成長機會感到非常興奮。

All right. The company has publicly stated a $20 million annual revenue target for 2025. Recent Bitcoin purchases and mining announcements show a considerable allocation of capital and focus toward cryptocurrency-related revenue. Beyond these initiatives, how is the broader business performing?

好的。該公司已公開宣布2025年的年收入目標為​​2,000萬美元。最近的比特幣購買和挖礦公告表明，大量資本被分配到加密貨幣相關的收入上，並且關注度較高。除了這些舉措之外，整體業務表現如何？

Well, we expect to meet our 2025 revenue target, as we have stated before. Furthermore, we are excited about the prospects of the KULR ONE product platform as well as the Exia growth, and we expect that -- the growth rate to maintain, if not accelerate into 2026.

嗯，正如我們之前所說的，我們預計將實現 2025 年的收入目標。此外，我們對 KULR ONE 產品平台以及 Exia 的成長前景感到興奮，我們預計到 2026 年成長率將保持甚至加速。

All right. I'm going to go on a limb and think that this next question is for you, Shawn. Last quarter, Shawn Canter highlighted the company's balance sheet strength, but that was primarily due to aggressive use of the ATM. In June, you entered into a new $300 million ATM agreement with Cantor Fitzgerald and Craig-Hallum. Beyond balance sheet strength, what other financial metrics can a CFO point to that demonstrate the company is on a growth trajectory going forward?

好的。我要冒險一試，認為下一個問題是問你的，肖恩。上個季度，肖恩·坎特 (Shawn Canter) 強調了公司​​的資產負債表實力，但這主要歸功於 ATM 的積極使用。6 月份，您與 Cantor Fitzgerald 和 Craig-Hallum 簽訂了一項價值 3 億美元的新 ATM 協議。除了資產負債表實力之外，財務長還可以指出哪些其他財務指標來顯示公司未來正處於成長軌道？

Thanks, Stuart. As you can see from our numbers, KULR's revenue grew to another record revenue quarter. We set a trailing 12 months revenue record again this quarter, which is our fourth in a row. And I would say keep your eyes on revenue growth. That's what we're focused on, and we'd encourage everybody to follow us with that focus.

謝謝，斯圖爾特。從我們的數據可以看出，KULR 的營收再創季度紀錄。本季我們再次創下了過去 12 個月的營收紀錄，這是我們連續第四次創下這項紀錄。我想說的是，請專注於收入成長。這就是我們所關注的，我們鼓勵每個人都注意這一點。

All right. Thank you for that, Shawn. Michael, in May 2024, the company announced the expansion of its testing services division, K1-DS, projecting it to become an $8 million to $10 million annual revenue stand-alone business beginning in 2025 without requiring additional investment in testing capabilities. Is that still on track?

好的。謝謝你，肖恩。邁克爾，2024 年 5 月，該公司宣布擴大其測試服務部門 K1-DS，預計從 2025 年開始，該部門將成為年收入 800 萬至 1000 萬美元的獨立業務，而無需在測試能力方面進行額外投資。這仍然在進行中嗎？

We have completed our investment in the K1-DS testing service, or the infrastructure investment has been made. We are now focused on strategic key customers for testing and -- of our testing services and then also transition some of the testing resources to manufacturing activities for our KULR ONE battery products as we start ramping up the production for these products. So where you see -- this is where you see the next growth opportunity for us.

我們已經完成了對K1-DS測試服務的投資，或者已經進行了基礎設施投資。我們現在專注於為策略關鍵客戶提供測試和測試服務，然後在我們開始提高這些產品的產量時，將部分測試資源轉移到 KULR ONE 電池產品的製造活動上。所以，您所看到的—這就是我們的下一個成長機會。

Okay, next question. Both Benchmark and Zacks' paid research have discontinued coverage of KULR. Aside from Litchfield Hills research, are there any analysts currently covering KULR? You have an ATM with Craig-Hallum and Cantor Fitzgerald. Are there analysts covering KULR stock? And if not, why?

好的，下一個問題。Benchmark 和 Zacks 的付費研究均已停止對 KULR 的通報。除了 Litchfield Hills 的研究之外，目前還有什麼分析師在關注 KULR 嗎？您有一台 Craig-Hallum 和 Cantor Fitzgerald 的 ATM。有沒有分析師關注 KULR 股票？如果不是，為什麼？

Thanks, Stuart. The research teams and investment banks make their own decisions as to who to cover and when to initiate that coverage. It's really not up to us.

謝謝，斯圖爾特。研究團隊和投資銀行自行決定研究對象和何時開始研究。這確實不由我們決定。

Okay. Michael, this is another one regarding that reverse split. So what was the rationale for executing a reverse stock split when KULR was Nasdaq compliant? I believe they mean NYSE compliant. And did you anticipate the significant drop in price following the reverse stock split from which KULR hasn't recovered? If so, do you regret the decision in hindsight?

好的。邁克爾，這是關於反向分裂的另一個問題。那麼，當 KULR 符合納斯達克標準時，執行反向股票分割的理由是什麼？我相信他們的意思是符合紐約證券交易所的規定。您是否預料到在反向股票分割之後 KULR 的價格會大幅下跌，並且至今尚未恢復？如果是這樣，事後你會不會後悔這個決定？

First of all, I don't regret the decision. The main strategic motivation behind the reverse split, as we've said before, was to attract more institutional investors. We believe a growing institutional investor base ultimately benefits all shareholders, including retail shareholders, and provide long-term shareholder value, not just in a couple of months.

首先，我並不後悔這個決定。正如我們之前所說，反向拆分背後的主要策略動機是為了吸引更多的機構投資者。我們相信，不斷增長的機構投資者基礎最終將使所有股東（包括散戶股東）受益，並提供長期股東價值，而不僅僅是幾個月內的價值。

All right. Next question. The Q1 earnings call opened with Michael Mo's declaration that KULR is a Bitcoin-first company or something to that effect. While I understand that KULR is spending 90% of its surplus cash reserves on purchasing Bitcoin, I was confused as to why Bitcoin and not KULR's core business operations was the top story on the call. Is KULR transitioning from energy storage solutions to crypto mining, or was this just a messaging snafu?

好的。下一個問題。第一季財報電話會議以 Michael Mo 的聲明開場，他表示 KULR 是一家以比特幣為先的公司，或類似這樣的公司。雖然我知道 KULR 將其 90% 的剩餘現金儲備用於購買比特幣，但我很困惑為什麼比特幣而不是 KULR 的核心業務運營成為電話會議的頭條新聞。KULR 是否正在從能源儲存解決方案轉向加密挖掘，還是這只是一個訊息傳遞混亂？

Well, KULR is a Bitcoin-plus treasury company that not only treats Bitcoin as a pillar of strategy, identity, and financial foundation; on top of that foundation, we built a portfolio of frontier technology businesses ranging from high-performance energy systems to AI robotics. And so these are very synergistic relationships and opportunities between our Bitcoin strategy and our operating business. So I think this is the future growth of the company, and we'll continue on to that trajectory.

KULR 是一家比特幣加財務公司，它不僅將比特幣視為戰略、身分和財務基礎的支柱；在此基礎上，我們還建立了一系列前沿技術業務，涵蓋從高效能能源系統到人工智慧機器人。因此，我們的比特幣策略和營運業務之間存在著非常協同的關係和機會。所以我認為這是公司未來的成長，我們將繼續沿著這條軌跡發展。

Okay. In Q1, your loss from operations was $9.44 million, which, if that trend continues, would mean $40 million in operational losses for 2025. How does Q2 look operationally? What are you doing to slow down your cash burn? And please don't say you need to spend money to make money because you have had years of shareholders' money to prove your case.

好的。在第一季度，你們的營運虧損為 944 萬美元，如果這種趨勢持續下去，那麼 2025 年的營運虧損將達到 4,000 萬美元。Q2 的營運情況如何？您正在採取什麼措施來減緩現金消耗？請不要說你需要花錢才能賺錢，因為你已經有多年的股東錢來證明你的看法。

Thanks, Stuart. Having gotten our balance sheet on strong footing, we are now focused on our operational growth. We think our KULR ONE product line, our new growth effort in exoskeletons, and our vibration reduction technology are showing strong prospects, and we'll continue to invest in growing our top line across these areas. When we can, we look forward to sharing future operational wins with everybody.

謝謝，斯圖爾特。我們的資產負債表已建立穩固的基礎，現在我們專注於營運成長。我們認為我們的 KULR ONE 產品線、我們在外骨骼方面的新增長努力以及我們的減震技術都顯示出強勁的前景，我們將繼續投資於這些領域的營收成長。當我們能夠的時候，我們期待與大家分享未來的營運成果。

All right. Thank you, Shawn. Michael, in early April, Grizzly Research put out a report entitled KULR Exposing the Hype, Overpromises, Insider Mistrust and Operational Chaos in an Everything-Tech Mirage. KULR management made no attempt to refute any of these claims in their Q1 earnings call in May or since then. Why not? If the claims in the report are not true, why not publicly state that? Since that report came out in April, the stock is down substantially. Do you not care that your shareholders have lost a lot of money? Are Grizzly's claims valid?

好的。謝謝你，肖恩。邁克爾，4 月初，Grizzly Research 發布了一份報告，題為《KULR 揭露一切科技幻像中的炒作、過度承諾、內部不信任和運營混亂》。KULR 管理層在 5 月的第一季財報電話會議上以及此後都沒有試圖反駁任何這些說法。為什麼不呢？如果報告中的說法不屬實，為什麼不公開聲明呢？自四月該報告發布以來，該股大幅下跌。難道你不在乎你的股東損失了很多錢嗎？Grizzly 的說法正確嗎？

Thank you, Stuart. I have addressed this in my prepared remarks. Sure, sellers publish or arrange for publication of negative opinions and comments and create a negative market sentiment; therefore, they generate profit. The April report was full of negative commentary and opinions. And since then, we see a growing negative opinions and rumors published and spread on the social media about KULR.

謝謝你，斯圖爾特。我在準備好的發言中已經談到了這一點。當然，賣家發布或安排發布負面意見和評論，製造負面的市場情緒，從而獲得利潤。四月份的報告充滿了負面的評論和意見。從那時起，我們看到社交媒體上發布和傳播的有關 KULR 的負面評論和謠言越來越多。

But it's not our practice to allow these opinion reports to distract management or engage what would result in endless battle of opinions. So furthermore, our ability to take legal action and other actions against short sellers are often limited by the principal freedom of speech, and we also need to maintain our commercial confidentiality.

但我們的做法是不允許這些意見報告分散管理層的注意力或引發無休止的意見之爭。因此，此外，我們對賣空者採取法律行動和其他行動的能力通常受到言論自由原則的限制，我們還需要保持商業機密。

Okay. You recently added two Board members. How do they each add value, particularly considering one of them has already been serving as CFO since March 2023?

好的。您最近增加了兩位董事會成員。他們各自如何增加價值，尤其是考慮到其中一位自 2023 年 3 月以來已經擔任財務長？

Yes, the Board feels that both new members are a strong addition to the boardroom. Aron brings a long history of sophisticated private equity mindset and also hands-on operational experience to the Board. Shawn has contributed significantly to the KULR over the last two years. And by adding Shawn to the Board, we get a benefit of a judgment experience at the Board level in addition to being a key member of the management team.

是的，董事會認為這兩位新成員對董事會來說是一個強而有力的補充。Aron 為董事會帶來了長期成熟的私募股權思維以及實際的營運經驗。在過去兩年裡，肖恩為 KULR 做出了重大貢獻。透過將肖恩加入董事會，我們除了成為管理團隊的關鍵成員之外，還獲得了董事會層面的判斷經驗。

All right. Thank you for that one. So next one is about Bitcoin again or at least cryptocurrencies. Apart from Bitcoin, would KULR consider holding other cryptocurrencies in its treasury such as Ethereum or Solana?

好的。謝謝你。下一個話題是關於比特幣，或至少是加密貨幣。除了比特幣，KULR 是否會考慮在其金庫中持有其他加密貨幣，例如以太幣或 Solana？

Thanks, Stuart. Our treasury strategy solely utilizes Bitcoin.

謝謝，斯圖爾特。我們的財務策略僅利用比特幣。

All right, next question. I'm a little confused about the Bitcoin strategy. Have we decided to give up on new products and uses for Dr. Knoll's graphite material he had been working with for decades in place of hoping Bitcoin will somehow propel growth?

好的，下一個問題。我對比特幣策略有點困惑。我們是否已經決定放棄諾爾博士幾十年來一直在研究的石墨材料的新產品和用途，而希望比特幣能夠以某種方式推動成長？

Bitcoin is our treasury strategy, and it doesn't replace what we do with our technology to serve our customers. For the carbon fiber material, we'll continue to make them and also sell carbon fiber thermal management materials and products to our customers.

比特幣是我們的財務策略，它不會取代我們利用科技為客戶提供的服務。對於碳纖維材料，我們將繼續生產，並向客戶銷售碳纖維熱管理材料和產品。

Could you please share your current energized hash rate, blended power costs, and estimated cash cost per BTC at today's network difficulty. Also, what is your target rate to reach 1 exahash?

您能否分享您目前的能量哈希率、混合電力成本以及當今網路難度下每 BTC 的估計現金成本。另外，達到 1 exahash 的目標速率是多少？

Our current hash rate is approximately 900 petahash. We maintain a blended power cost below $0.04 per kilowatt hour by sourcing only projects that align with our risk profile. However, this metric is not directly comparable as we lease -- as our leasing model caps product costs for the full lease term. So our cash cost per Bitcoin is approximately $102,000 per Bitcoin, and we target to get to 1 exahash by this fall.

我們目前的哈希率約為 900 petahash。我們只採購符合我們風險狀況的項目，將混合電力成本維持在每千瓦時 0.04 美元以下。然而，這個指標與我們的租賃不能直接比較－因為我們的租賃模式限制了整個租賃期間內的產品成本。因此，我們每比特幣的現金成本約為 102,000 美元，我們的目標是在今年秋天達到 1 exahash。

All right. Thank you. So next question, battery and space stocks have been on a tear lately, while KULR share price has gone down. What are you guys doing wrong? You talk about NASA, Artemis missions, et cetera. But what the heck are you guys doing to improve sales? What's going on with the Texas Space Commission order? Have you got the money yet?

好的。謝謝。下一個問題是，電池和太空類股最近走勢強勁，而 KULR 股價卻下跌。你們做錯了什麼？您談論了 NASA、阿爾忒彌斯任務等等。但是你們到底做了什麼來提高銷售量呢？德州航太委員會的命令怎麼了？你拿到錢了嗎？

The Texas Space Commission grant program is progressing very well with our partners, NASA and SouthGate Technologies, and we're in the process of selecting a satellite manufacturing partner for the project. And the Texas Space Commission folks have been great to work with to fund their vision of making Texas the epicenter for the new space economy in the United States.

德州航太委員會的資助計畫與我們的合作夥伴美國國家航空暨太空總署和 SouthGate Technologies 的合作進展順利，我們正在為該計畫選擇衛星製造合作夥伴。德州航太委員會的工作人員也非常樂意為他們提供資金，以實現將德州打造為美國新太空經濟中心的願景。

As for the other battery companies, it's great to see our friends at Amprius doing well, particularly a couple of things from the last quarter. I think over 90% of the last quarter's revenue was from electric aviation, and they achieved the first quarter of gross profit -- positive gross profit. So we're very excited about this new KULR ONE Air product to launch, and we look forward to expand our margin as well.

至於其他電池公司，我們很高興看到我們在安普瑞斯 (Amprius) 的朋友表現良好，特別是上個季度的幾項表現。我認為上個季度超過 90% 的收入來自電動航空，他們實現了第一季的毛利——正毛利潤。因此，我們對這款新的 KULR ONE Air 產品的推出感到非常興奮，我們也期待擴大我們的利潤率。

All right. Thank you for that, Michael. Shawn, the next question is for you. Are we going to have another summer investor presentation at the end of August? I personally feel this is the best due diligence on your company you have ever released. Another detailed one this year would be great and allow us to see the company on all sides, not just Bitcoin.

好的。謝謝你，麥可。肖恩，下一個問題是問你的。我們會在八月底舉行另一場夏季投資者演示會嗎？我個人認為這是您發布的關於貴公司的最佳盡職調查。今年再發布一份詳細的報告將會很棒，讓我們能夠全面了解這家公司，而不僅僅是比特幣。

Thanks, Stuart. It's a good idea, and we will provide a new investor presentation in the fall.

謝謝，斯圖爾特。這是一個好主意，我們將在秋季提供新的投資者演示。

All right. Thank you for that, Shawn. Michael, would you ever allow investors who do photography to come see your facility? I've been dying to work with you all.

好的。謝謝你，肖恩。邁克爾，你會允許從事攝影的投資者來參觀你的設施嗎？我一直渴望和你們一起工作。

Well, thank you for the question. Given the confidential nature and proprietary nature of the work we do, we have to be very careful about photography and videos. So be happy to hear about what you'd like to do. And please e-mail us at ir@kulr.ai, and we will see what we can do.

嗯，謝謝你的提問。鑑於我們所做工作的機密性和專有性，我們必須對攝影和影片非常小心。因此，很高興聽到您想做的事情。請發送電子郵件至 ir@kulr.ai，我們將盡力為您提供協助。

Absolutely, send in those e-mails. All right, Michael, the final question is for you. As KULR Technology Group approaches its upcoming earnings call, I'm eager to get some insights on the strategic impact of your carbon fiber heat exchangers and internal short-circuit trigger cells on advancing safety and performance in critical industries.

當然，請發送這些電子郵件。好的，邁克爾，最後一個問題是問你的。隨著 KULR 科技集團即將召開收益電話會議，我渴望了解你們的碳纖維熱交換器和內部短路觸發單元對提高關鍵產業安全性和效能的策略影響。

Could you please elaborate during the call on the key applications of these technologies, particularly in high-stake sectors such as aerospace, electric mobility, and next-generation energy storage, highlighting how they address complex thermal management and battery safety challenges?

您能否在電話會議中詳細說明這些技術的主要應用，特別是在航空航太、電動車和下一代能源儲存等高風險領域，並強調它們如何應對複雜的熱管理和電池安全挑戰？

Furthermore, could you provide insights into your existing or prospective customers, strategic partnerships, or targeted industries adopting these solutions and articulate how KULR's cutting-edge innovations position the company as a market leader in these rapidly evolving domains. Thank you for considering this question and for the earnings discussion. Your leadership in driving transformative thermal safety -- thermal and safety solutions at KULR is truly inspiring. I look forward to your response. Michael?

此外，您能否提供有關採用這些解決方案的現有或潛在客戶、策略合作夥伴或目標行業的見解，並闡明 KULR 的尖端創新如何使公司成為這些快速發展領域的市場領導者。感謝您考慮這個問題並參與收益討論。您在推動變革性熱安全性——KULR 的熱和安全解決方案方面的領導作用確實鼓舞人心。我期待您的回覆。麥可？

Well, thank you, Stuart. This investor really knows and cares a lot about the history of KULR. So thank you for that. I think I've answered quite a bit of that part of the question in my prepared remarks. I would just reiterate that KULR has come a long way from a space-proven material components company to a design and service company now on its way to be a product-focused company that builds and applies a portfolio of frontier technologies, ranging from high-performance energy systems to AI robotics.

好吧，謝謝你，斯圖爾特。這位投資者確實了解並非常關心 KULR 的歷史。謝謝你。我認為我在準備好的發言中已經回答了該問題的大部分內容。我只想重申，KULR 已經從一家經過太空驗證的材料組件公司發展成為一家設計和服務公司，現在正致力於成為一家以產品為中心的公司，構建和應用一系列前沿技術，從高性能能源系統到人工智慧機器人。

And our engineering heritage and expertise, combined our speed and ability to adapt, is what sets us apart from the competition and us to serve our customers. Now with a rock-solid growing balance sheet, we will accelerate our growth trajectory with new product launches and customer engagements.

我們的工程傳統和專業知識，結合我們的速度和適應能力，使我們在競爭中脫穎而出，並為客戶提供優質服務。現在，憑藉穩固成長的資產負債表，我們將透過新產品的推出和客戶參與來加速我們的成長軌跡。

Thank you, Michael. And thank you, Shawn. As mentioned, that was our final question. So that now concludes our call today. I will now hand the call back over to our operator. Thomas?

謝謝你，麥可。謝謝你，肖恩。正如所提到的，這是我們的最後一個問題。今天的通話到此結束。我現在將把電話交還給我們的接線生。托馬斯？

Thank you. This does conclude today's conference call. You may disconnect your lines at this time, and have a wonderful day. Thank you once again for your participation.

謝謝。今天的電話會議到此結束。此時您可以斷開線路，享受美好的一天。再次感謝您的參與。