# EDGAR Filing Document

**Accession Number:** 0001662684
**File Stem:** 0001104659-26-037918
**Filing Date:** 2026-3
**Character Count:** 549678
**Document Hash:** 5d02e339df99b8c89dcf74595de4eea8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-037918.hdr.sgml**: 20260331

**ACCESSION NUMBER**: 0001104659-26-037918

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 120

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260331

**DATE AS OF CHANGE**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KULR Technology Group, Inc.
- **CENTRAL INDEX KEY:** 0001662684
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRONIC COMPONENTS & ACCESSORIES [3670]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 811004273
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40454
- **FILM NUMBER:** 26823588

**BUSINESS ADDRESS:**
- **STREET 1:** 555 FORGE RIVER ROAD
- **CITY:** WEBSTER
- **STATE:** TX
- **ZIP:** 77598
- **BUSINESS PHONE:** 408-663-5247

**MAIL ADDRESS:**
- **STREET 1:** 555 FORGE RIVER ROAD
- **CITY:** WEBSTER
- **STATE:** TX
- **ZIP:** 77598

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** KT High-Tech Marketing Inc.
- **DATE OF NAME CHANGE:** 20160420

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Grant Hill Acquisition Corp
- **DATE OF NAME CHANGE:** 20151231

?xml version='1.0' encoding='ASCII'? KULR TECHNOLOGY GROUP, INC._December 31, 2025

[**Table of Contents**](#TOC)

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**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM 10-K**

(Mark One)

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended: **December 31, 2025**

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] to [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]

Commission file number 001-40454

**KULR TECHNOLOGY GROUP, INC.**

(Name of small business issuer in its charter)

<u>Delaware</u> &nbsp;&nbsp;&nbsp;&nbsp; <u>81-1004273</u> <br> (State or other jurisdiction ofincorporation or organization) (IRS EmployerIdentification Number)

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| |
|:---|
| **555 Forge River Road, Webster, Texas** |
| (Address of Principal Executive Offices) |

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**Issuer's telephone number: (408) 663-5247**

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| | | |
|:---|:---|:---|
| **Securities registered pursuant to Section 12(b) of the Act:** | **Securities registered pursuant to Section 12(b) of the Act:** | **Securities registered pursuant to Section 12(b) of the Act:** |
| **Title of each class** | **TradingSymbol(s)** | **Name of each exchange on which registered** |
| Common Stock, par value $0.0001 per share | KULR | NYSE American LLC |
| **Securities registered pursuant to Section 12(g) of the Act:** | **Securities registered pursuant to Section 12(g) of the Act:** | **Securities registered pursuant to Section 12(g) of the Act:** |

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Indicate by check mark if registrant is a well-known seasoned issuer, as defined under Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act during the preceding 12 months (or for such shorter period that the issuer was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to § 240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

As of June 30, 2025, the last business day of the registrant's most recently completed second fiscal quarter, the aggregate market value of common stock held by non-affiliates of the registrant was $260,648,095 based on the closing price of $7.13 as of that date.

As of March 27, 2026, there were 46,239,034 shares of the issuer's common stock, par value $0.0001 per share, issued and outstanding.

Documents incorporated by reference: None.

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[**Table of Contents**](#TOC)

**KULR TECHNOLOGY GROUP, INC. AND SUBSIDIARY**

**ANNUAL REPORT ON FORM 10-K**

**FOR THE FISCAL YEAR ENDED DECEMBER 31, 2025**

**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
|  |  | Page |
| [**Part I**](#PARTI_355297) |  |  |
| [Item 1](#ITEM1BUSINESS_180823) | [Business](#ITEM1BUSINESS_180823) | 4 |
| [Item 1A](#ITEM1ARISK_398015) | [Risk Factors](#ITEM1ARISK_398015) | 10 |
| [Item 1B](#ITEM1BUNRESOLVEDSTAFFCOMMENTS_728695) | [Unresolved Staff Comments](#ITEM1BUNRESOLVEDSTAFFCOMMENTS_728695) | 25 |
| [Item 1C](#ITEM1CCYBERSECURITY_791958) | [Cybersecurity](#ITEM1CCYBERSECURITY_791958) | 25 |
| [Item 2](#ITEM2PROPERTIES_741980) | [Properties](#ITEM2PROPERTIES_741980) | 26 |
| [Item 3](#ITEM3LEGALPROCEEDINGS_847127) | [Legal Proceedings](#ITEM3LEGALPROCEEDINGS_847127) | 26 |
| [Item 4](#ITEM4MINESAFETYDISCLOSURES_983393) | [Mine Safety Disclosures](#ITEM4MINESAFETYDISCLOSURES_983393) | 26 |
| [**Part II**](#PARTII_385403) |  |  |
| [Item 5](#ITEM5MARKETFORCOMMONEQUITYANDRELATEDSTOC) | [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#ITEM5MARKETFORCOMMONEQUITYANDRELATEDSTOC) | 27 |
| [Item 6](#ITEM6SELECTEDFINANCIALDATA_813194) | [\[Reserved\]](#ITEM6Reserved_23647) | 27 |
| [Item 7](#ITEM7MANAGEMENTSDISCUSSIONANDANALYSISORP) | [Management's Discussion and Analysis of Financial Condition and Results of Operation](#ITEM7MANAGEMENTSDISCUSSIONANDANALYSISORP) | 27 |
| [Item 7A](#ITEM7AQUANTITATIVEANDQUALITATIVEDISCLOSU) | [Quantitative and Qualitative Disclosures About Market Risk](#ITEM7AQUANTITATIVEANDQUALITATIVEDISCLOSU) | 37 |
| [Item 8](#ITEM8FINANCIALSTATEMENTSANDSUPPLEMENTARY) | [Financial Statements and Supplementary Data](#ITEM8FINANCIALSTATEMENTSANDSUPPLEMENTARY) | 37 |
| [Item 9](#ITEM9CHANGESINANDDISAGREEMENTSWITHACCOUN) | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#ITEM9CHANGESINANDDISAGREEMENTSWITHACCOUN) | 37 |
| [Item 9A](#ITEM9ACONTROLSANDPROCEDURES_869385) | [Controls and Procedures](#ITEM9ACONTROLSANDPROCEDURES_869385) | 37 |
| [Item 9B](#ITEM9BOTHERINFORMATION_383568) | [Other Information](#ITEM9BOTHERINFORMATION_383568) | 38 |
| [Item 9C](#ITEM9CDISCLOSUREREGARDINGFOREIGNJURISDIC) | [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#ITEM9CDISCLOSUREREGARDINGFOREIGNJURISDIC) | 38 |
| [**Part III**](#PARTIII_633546) |  |  |
| [Item 10](#ITEM10DIRECTORSEXECUTIVEOFFICERSANDCORPO) | [Directors, Executive Officers and Corporate Governance](#ITEM10DIRECTORSEXECUTIVEOFFICERSANDCORPO) | 39 |
| [Item 11](#ITEM11EXECUTIVECOMPENSATION_647356) | [Executive Compensation](#ITEM11EXECUTIVECOMPENSATION_647356) | 43 |
| [Item 12](#ITEM12SECURITYOWNERSHIPOFCERTAINBENEFICI) | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#ITEM12SECURITYOWNERSHIPOFCERTAINBENEFICI) | 45 |
| [Item 13](#ITEM13CERTAINRELATIONSHIPSANDRELATEDPART) | [Certain Relationships and Related Transactions, and Director Independence](#ITEM13CERTAINRELATIONSHIPSANDRELATEDPART) | 47 |
| [Item 14](#ITEM14PRINCIPALACCOUNTINGFEESANDSERVICES) | [Principal Accountant Fees and Services](#ITEM14PRINCIPALACCOUNTINGFEESANDSERVICES) | 47 |
| [**Part IV**](#PARTIV_415656) |  |  |
| [Item 15](#ITEM15EXHIBITSFINANCIALSTATEMENTSCHEDULE) | [Exhibits and Financial Statement Schedules](#ITEM15EXHIBITSFINANCIALSTATEMENTSCHEDULE) | 48 |
| [Item 16](#ITEM16FORM10KSUMMARY_394221) | [Form 10-K Summary](#ITEM16FORM10KSUMMARY_394221) | 49 |
| [**Signatures**](#SIGNATURES_425698) |  | 50 |

---

[**Table of Contents**](#TOC)

**EXPLANATORY NOTE**

On June 23, 2025, the Company effected a reverse stock split (the "Reverse Stock Split") of its shares of common stock, par value $0.0001 per share, ("Common Stock"), on the basis of one post-Reverse Stock Split share of Common Stock for every eight pre-Reverse Stock Split shares of Common Stock issued and outstanding, with any fractional shares resulting from the Reverse Stock Split rounded up to the nearest whole share. All references to share and per share amounts (excluding authorized shares), as well as option and warrant amounts and exercise prices, including the condensed consolidated financial statements and accompanying notes, have also been restated to give retroactive effect to the Reverse Stock Split.

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In this report, unless the context indicates otherwise, the terms "Company," "we," "us," "our" and similar words refer to KULR Technology Group, Inc. ("KULR"), a Delaware corporation, and its wholly-owned subsidiary, KULR Technology Corporation ("KTC"), a Delaware corporation.

#### SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, or the "Securities Act," and Section 21E of the Securities Exchange Act of 1934 or the "Exchange Act." These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or anticipated results.

In some cases, you can identify forward-looking statements by terms such as "may," "intend," "might," "will," "should," "could," "would," "expect," "believe," "anticipate," "estimate," "predict," "potential," or the negative of these terms. These terms and similar expressions are intended to identify forward-looking statements. The forward-looking statements in this report are based upon management's current expectations and beliefs, which management believes are reasonable. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor or combination of factors, or factors we are aware of, may cause actual results to differ materially from those contained in any forward-looking statements. You are cautioned not to place undue reliance on any forward-looking statements. These statements represent our estimates and assumptions only as of the date of this report. Except to the extent required by federal securities laws, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

You should be aware that our actual results could differ materially from those contained in the forward-looking statements due to a number of factors, including:

● new competitors are likely to emerge, and new technologies may further increase competition;

● our operating costs may increase beyond our current expectations, and we may be unable to fully implement our current business plan;

● our ability to obtain future financing or funds when needed;

● our ability to implement our bitcoin treasury strategy;

● risks related to bitcoin price volatility, regulatory uncertainty surrounding digital assets, and the security and custody of our bitcoin holdings;

● our ability to successfully obtain and maintain a diverse customer base;

● customer and revenue concentration risks;

● our ability to protect our intellectual property through patents, trademarks, copyrights and confidentiality agreements;

● our ability to attract and retain a qualified employee base;

● our ability to respond to new developments in technology and new applications of existing technology before our competitors;

● acquisitions, business combinations, strategic partnerships, divestures, and other significant transactions may involve additional uncertainties;

● supply chain disruptions, increased tariffs, trade restrictions, and geopolitical instability;

● our ability to scale manufacturing operations to meet customer demand; and

● our ability to maintain and execute a successful business strategy.

[**Table of Contents**](#TOC)

Other risks and uncertainties include such factors, among others, as market acceptance and market demand for our products and services, pricing, the changing regulatory environment, the effect of our accounting policies, potential seasonality, industry trends, adequacy of our financial resources to execute our business plan, our ability to attract, retain and motivate key technical, marketing and management personnel, and other risks described from time to time in periodic and current reports we file with the United States Securities and Exchange Commission, or the "SEC." You should consider carefully the statements under "Item 1A. Risk Factors" and other sections of this report, which address additional factors that could cause our actual results to differ from those set forth in the forward-looking statements and could materially and adversely affect our business, operating results and financial condition. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the applicable cautionary statements.

This annual report on Form 10-K includes statistical and other industry and market data that we obtained from industry publications and research, surveys and studies conducted by third parties. Industry publications and third-party research, surveys and studies generally indicate that their information has been obtained from sources believed to be reliable, although they do not guarantee the accuracy or completeness of such information. While we believe these industry publications and third-party research, surveys and studies are reliable, we have not independently verified such data.

[**Table of Contents**](#TOC)

**PART I**

#### ITEM 1. BUSINESS

#### Overview
Overview KULR designs and builds advanced battery systems for autonomous platforms, digital infrastructure, e-mobility and Space – sold as a product or delivered as service subscription. The Company addresses two primary constraints in electrification: thermal management and safety. As energy and power density increase across aerospace, autonomous machines, digital infrastructure and industrial applications, managing heat generation, current density, and propagation risk becomes essential to system reliability and survivability.

KULR is establishing a fully integrated battery energy storage system design and production infrastructure in Houston, Texas. KULR brings battery pack design, prototyping, testing, certification, and manufacturing; as well as battery management system software and electronics design capabilities together under one roof. This full-stack approach enables faster development cycles and rapid transition from prototype to cost-effective volume production. The facility is designed to build high-power and high-energy battery packs that require advanced thermal, mechanical, and safety engineering. With domestic supply chain alignment and scalable production capacity, KULR is positioning itself as a leading manufacturer of advanced battery packs for mission-critical and high-performance applications in the United States.

KULR VIBE is a vibration-reduction technology designed to improve performance and reliability in high-speed and rotor-driven systems. Derived from vibration management solutions used in defense helicopters for over 20 years, it addresses excess vibration that reduces efficiency, increases mechanical wear, and shortens vehicle lifespan. KULR VIBE enables motors, rotating assemblies, and sensitive electronics to operate more smoothly and efficiently across a range of applications, including helicopters, drones, performance vehicles, wind turbines, and other electric and autonomous systems.

#### KULR ONE® Platform
KULR ONE® is the Company's modular, cell-agnostic battery architecture platform. It standardizes thermal management, mechanical containment, current path engineering, and propagation resistance across multiple end markets while allowing configuration-specific customization.

Through the KULR ONE® platform, KULR delivers custom, domain-specific battery systems across space, defense, aviation, grid, and subsea applications. In addition to complete battery systems, KULR provides cell screening and characterization, pack-level qualification and abuse testing, battery management system integration, and both low-volume and scalable production capabilities. Through our vertically integrated engineering and manufacturing infrastructure, KULR supports customers from concept development through certification and recurring production. Our focus remains the delivery of safe, high-performance, and scalable energy storage systems engineered for applications where thermal management, current density, and propagation control are critical to operational success.

The KULR ONE® ecosystem consists of domain-specific battery platforms and design solutions:

● **KULR ONE® Space (K1S)** – Flight-ready battery systems designed to meet the extreme demands of spacecraft, satellites and deep space missions. Architectures are modular, configurable to meet mission-specific electrical, thermal, and mechanical requirements, including passive propagation resistance, and designed to reduce development time, qualification risk and mission cost.

● **KULR ONE® Guardian (K1G)** – Mission-specific, ruggedized battery systems engineered for military and defense applications. Guardian systems are bespoke battery architectures, engineered to meet stringent military-grade standards and designed to withstand extreme service-specific shock, vibration, thermal and ballistic conditions. Guardian batteries typically integrate KULR's passive propagation-resistant cell architecture, flame arresting thermal materials, and MIL-compliant electrical/mechanical design and are fully customizable, enabling rapid adaptation to any Department of War ("DoW") application.

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● **KULR ONE® Air (K1A)** – Purpose-built aviation battery systems engineered for both unmanned and manned platforms, including UAS, tactical drones, and eVTOL aircraft. K1A architectures focus on low-resistance current paths, controlled interconnect temperatures, and propagation risk mitigation, enabling sustained high-discharge performance while supporting appropriate safety and certification pathways based on platform class. Variations of K1A are being developed for eVTOL aircraft, designed to maintain KULR's emphasis on precise current path engineering, lightweight structural elements, and compatibility with aerospace-grade certification pathways without sacrificing safety or thermal stability.

● **KULR ONE® Max (K1M)** – High-capacity battery systems for grid storage, UPS systems, data center backup, and large-scale power infrastructure. K1M applies containment and propagation control strategies at module, rack, and system scale and is engineered to deliver space-level safety and reliability to mission-critical and grid-level applications and meet global safety standards.

● **KULR ONE® Tritan (K1T)** – Subsea and marine battery systems designed for pressure-tolerant, corrosion-resistant operation in underwater environments, applying KULR's thermal and safety methodologies to subsea applications where reliability and containment are critical.

● **KULR Battery Management System (kBMS)** – Modular battery management system architecture adapted for DoW and industrial applications, focused on maintaining core safety principles while supporting higher power profiles, faster telemetry, and integration with loitering munitions, unmanned systems, ground vehicles, and stationary power units. kBMS is cell-agnostic and designed to interface directly with KULR ONE® systems, providing precise balancing, state-of-charge estimation, and standard safety provisions.

● **KULR ONE® Design Solutions (K1-DS)** – End-to-end battery system engineering, development and production for custom architectures or mission-specific adaptations, integrating concept design, modeling, analysis, and rapid prototyping with a level of safety and performance rigor typically reserved for aerospace and defense programs. The K1-DS framework provides a holistic approach to battery system development, supported by our vertically integrated capabilities, and is strategically structured to support long-term recurring production engagements within our manufacturing infrastructure.

#### KULR VIBE Solution

#### Overview
KULR VIBE, our vibration mitigation technology, uses proprietary algorithms to identify and reduce the vibration signatures of rotary and spinning components found in, for example, helicopters, drones, performance vehicles, wind turbines, and other electric and autonomous systems. This transformative and scalable technology has applications across transportation; renewable energy, such as wind farms; industrial manufacturing; performance racing; and autonomous aerial applications, such as drones.

KULR VIBE addresses one of the most challenging issues of energy loss: excessive vibrations that are destructive to the machinery and its performance. It uses existing track and balance hardware to facilitate its vibration reduction technologies, achieving increased energy productivity and reduced mechanical failures, thereby extending platform life.

#### KULR Xero Vibe Fan
Key challenges for server and data centers are the cooling of components, power consumption, and acoustics. KULR leveraged the KULR VIBE software, developed initially for helicopter balancing applications, to develop the Xero Vibe fan. The unprecedented low vibration levels of the Xero Vibe fan provide increased cooling efficiency, higher fan RPM, and decreased power consumption. KULR is working actively to finalize the qualification of the Xero Vibe fan and automate the balancing techniques to facilitate enough meaningful throughput to be able to provide solution for the server and data center industry.

#### Battery Recycling and Management
KULR's SafeCASE technology provides a safe and cost-effective solution to commercially store and transport lithium batteries, which is increasing in frequency as supply chain challenges necessitate battery recycling and end-of-lifecycle management. Whether shipping a single battery, a battery-powered device or a load shipment of batteries, KULR's technology mitigates the impacts of cell-to-cell thermal runaway propagation and ensures a safe journey. KULR's Thermal Runaway Shield (TRS) technology is trusted by NASA to ship and store astronauts' laptop batteries on the International Space Station.

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#### Aerospace/Defense
KULR's thermal management solutions enable the defense and aerospace industries to safely deploy electronic technologies that support critical missions and protect national security. We believe technology in this sector is developing at increasing rates – the space industry alone is projected to expand from $626.4 billion in 2025 to $1.01 trillion by 2034. The electronic devices being placed into aircrafts, satellites, and missiles are becoming ever smaller and more powerful. Lithium-ion batteries, which are already prone to overheating and cell failure, are exposed to harsh thermal environments as well as shock and vibration during aerospace and defense operations. The Company has partnered with Lockheed Martin, Leidos and other prime contractors to develop and supply mission-critical technologies for hypersonic vehicles, high-power magnetic wave, and other defense systems.

#### Facilities and IT-Systems
KULR currently maintains one facility of operations in Webster, TX, which facility provides 31,095 ft<sup>2</sup> of operational and office space. The facility is conveniently located approximately two miles from NASA Johnson Space Center and is surrounded by a large number of KULR's existing and targeted customers. The facility supports research and development related activities for lithium-ion battery systems and serves as our principal executive offices. This facility provides room for additional personnel office space, an engineering design and prototyping sandbox, expansive shop area for 3D printing, CNCs, laser cutting systems and other equipment, production space for low volume battery assembly and tab welding, and infrastructure for volume scale TRS manufacturing and additional storage areas.

KULR has engaged with consultants and with subject matter experts to enhance our IT infrastructure and improve all aspects of cybersecurity. As a sub-contractor for DoW programs, it is vital that KULR has state-of-the-art IT systems and controls. Additionally, KULR has further increased its cybersecurity initiatives by hiring FRSecure to act as a VCISO and provide continuous cyber threat training to our personnel. They also audit our current level of threat sophistication and ensure any weak link is addressed immediately. See Item 1C - Cybersecurity for additional information.

#### Available Information
Our principal executive offices are located at 555 Forge River Road, Suite 100, Webster, Texas 77598, and our telephone number at that location is (408) 663-5247. Our website address is https://kulr.ai. The information on or obtainable through our website is not incorporated into this Annual Report.

#### Sales, Marketing and Communications Strategy
The Company employs a multi-faceted approach to market and sell its innovative products and solutions, leveraging both direct sales and partnerships with representatives and strategic allies. By establishing direct relationships with key accounts, we facilitate deeper technical collaborations, quicker turnaround times, and real-time feedback to drive continuous product improvement and marketing effectiveness.

To ensure target customers fully understand the distinct advantages of our offerings, we organize technology showcases and innovation days that demonstrate the value of our solutions in real-world applications. Our marketing and communication strategies include leveraging employee and partner networks, maintaining a dynamic and resource-rich website, attending high-profile industry conferences, commissioning impartial white papers and technical papers, participating in industry events as attendees, sponsors, and guest speakers, and performing in-depth market research to identify new opportunities and refine our approach.

We work closely with a public relations consultant who oversees our press releases and media relations, ensuring we maintain a positive media presence. We utilize several social media platforms, including LinkedIn, YouTube, X, Instagram, and Facebook, and leverage our strong reputation within the thermal management and lithium-ion battery safety communities to spread positive feedback through word-of-mouth.

Looking ahead, we are aggressively expanding our direct sales and marketing teams to deepen key account coverage while supporting a robust and growing network of representatives and distributors. These efforts are aligned with our overarching strategy to drive sustainable growth, broaden our market reach, and reinforce KULR's position as a leader in energy management solutions.

#### Industry Overview
Active government initiatives propelled by industry and regulatory tailwinds are increasing demand for energy storage, battery recycling and clean energy, resulting in an expanding total addressable market for KULR's solutions.

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As companies and governments around the world pledge to meet net zero emissions over the next few decades, KULR is uniquely positioned to accelerate the adoption of clean energy solutions and sustainable products and facilitate the migration to a global circular economy. The Company's goal is to provide total battery safety solutions for more efficient battery systems, increased sustainability, and battery life-cycle management, making KULR a key technology solutions provider in the migration to a global circular economy.

#### Competition
The markets in which we operate are highly competitive and include a range of established and emerging companies that offer battery systems, thermal management solutions, and battery safety technologies. Our competitors include large, well-capitalized manufacturers as well as specialized providers focused on particular applications or components.

We believe that we compete primarily on the basis of safety, reliability, performance, and the ability to deliver integrated energy storage solutions tailored to mission-critical applications, bolstered through a combination of our proprietary technology, engineering expertise, customization capabilities, certifications and strong customer relationships. Our experience supporting aerospace and defense customers enables us to address complex technical and operational requirements, which we believe differentiates us within our target markets.

Many of our competitors have greater financial, manufacturing and marketing resources than we do and may be able to respond more quickly to market changes. However, we believe our focus on safety-critical applications and disciplined execution positions us competitively within our target markets.

#### Governmental Regulation and Environmental Compliance
Certain substances we use in our manufacturing process are subject to federal governmental regulations (such as Environmental Protect Agency regulations). We believe we are in material compliance with all applicable governmental regulations, and that the cost and effect of compliance with environmental laws is not material. As a small generator of hazardous substances, we are subject to local governmental regulations relating to the storage, discharge, handling, emission, generation, manufacture and disposal of toxic or other hazardous substances, such as acetone that is used in very small quantities to manufacture our products. We believe we are currently in compliance with these regulations. Most new materials sold in the U.S. or in many other countries are regulated by government authorities. Some countries also have registration requirements with which we comply to the best of our ability.

#### Employees
As of December 31, 2025, we had 47 full-time employees and 28 contractors. We believe that we maintain a good working relationship with our employees, and we have not experienced any significant labor disputes. In addition, KULR leverages outsource partners for IT management, software development, battery cell research and development, and machine automation.

#### Intellectual Property
Our intellectual property strategy includes pursuing patent protection for new innovations in core carbon fiber architecture development, application development, acquisition of intellectual property, and licensing of third-party patents and intellectual property. We seek to establish and maintain our proprietary rights in our technology and products through the use of patents, copyright, trademarks and trade secrets. We have, and will continue to, file applications for and/or obtain patents, copyrights and trademarks in the United States and selected foreign countries where we believe filing for such protection is appropriate. We also seek to maintain our trade secrets and confidential information by implementing organizational nondisclosure policies and through the use of appropriate confidentiality agreements.

As of March 11, 2026, KULR held five U.S. patents and one non-provisional pending U.S. patent applications with expiration dates ranging from 2037 to 2041. KULR also has 17 pending trademarks and 5 registered trademarks. In addition, KULR has exclusive license on five patents and a non-exclusive license to one patent from its partnerships. KULR has provided an exclusive license to a third-party licensee to certain KULR intellectual property for a specific territory. There can be no assurance, however, that the rights obtained can be successfully enforced against infringing products in every jurisdiction. While our patents, copyrights, trademarks, and trade secrets provide some advantage and protection, we believe our competitive position and future success is largely determined by the following factors: system and application knowledge; innovative skills; technological expertise; management ability and experience of our personnel; the range and success of new products being developed by us; our market brand recognition and ongoing marketing efforts; and customer service and technical support. We also have trademarks that are used in the conduct of our business to distinguish genuine KULR products and services; KULR has been granted trademarks for Classes 9, 17, and 42 applications.

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#### Our Bitcoin Treasury Strategy
We have adopted bitcoin as one of our primary treasury reserve assets on an ongoing basis, subject to market conditions and our anticipated cash needs. Our strategy includes acquiring and/or holding bitcoin, using cash flows that exceed working capital requirements, and from time to time, subject to market conditions, issuing equity or debt securities or engaging in other capital raising transactions with the objective of using a portion of the proceeds to purchase bitcoin. We view our bitcoin holdings as long term holdings and will continue to assess the merits of accumulating additional bitcoin. We have not set any specific target for the amount of bitcoin we seek to hold, and we will continue to monitor market conditions to determine whether to engage in additional bitcoin purchases. This overall strategy also contemplates that we may periodically sell bitcoin for general corporate purposes or in connection with strategies that generate tax benefits in accordance with applicable law, enter into additional capital raising transactions, including those that could be collateralized by our bitcoin holdings, and consider pursuing strategies to create income streams or otherwise generate funds using our bitcoin holdings. We may from time to time engage in hedging strategies as part of our treasury management operations if deemed appropriate. We reserve the right to update and alter our treasury strategy from time to time.

We believe that bitcoin is a reliable store of value and a compelling investment given its unique characteristics as a scarce and finite asset that can serve as a reasonable inflation hedge and safe haven amid global instability, currency devaluation and shifts in monetary policy. We believe that a substantial portion of bitcoin's historical value appreciation is attributable to the view that bitcoin is or will become a reliable store of value. Like gold, bitcoin is also viewed as a scarce asset; the ultimate supply of bitcoin is limited to 21 million coins, and approximately 95% of its supply already exists. We believe that bitcoin's finite, digital and decentralized nature as well as its architectural resilience make it a compelling investment. We believe that the growing global acceptance and "institutionalization" of bitcoin supports our view that bitcoin is a reliable store of value. We believe that bitcoin's unique attributes discussed above not only differentiate it from fiat money, but also from other cryptocurrency assets, and for that reason, we have no plans to purchase or hold cryptocurrency assets other than bitcoin.

We are encouraged by the growing global acceptance and "institutionalization" of bitcoin reflected by the Securities and Exchange Commission's approval of bitcoin exchange-traded funds. These funds have reported billions of dollars of net inflows, with investments from a large number of institutions, including global banks, pensions, endowments and registered investment advisors.

***Our Bitcoin Holdings***

As of December 31, 2025, we held a total of 1,000.99 bitcoins that were acquired at an aggregate purchase price of approximately $100.7 million for an average purchase price of approximately $100,600 per bitcoin, inclusive of fees and expenses. We did not sell any bitcoin during 2025. During the period January 1, 2026 and March 27, 2026, we did not purchase any bitcoin. See Note 3-Digital Assets to our consolidated financial statements included in Part IV Item 15 of this Annual Report in Form 10-K for further information regarding our bitcoin purchases.

As of March 27, 2026, we held approximately 1,000.99 bitcoins that were acquired at an aggregate purchase price of $100.7 million and an average purchase price of approximately $100,600 per bitcoin, inclusive of fees and expenses. Additionally, 81.72 bitcoins acquired by us were through mining operations that we have leased. The per bitcoin price for each such coin mined was approximately $103,545. For details of the lease, please see Section "Management's Discussion and Analysis of Financial Condition and Results of Operations—Recent Developments—Bitcoin Strategy". As of March 27, 2026, the market price of one bitcoin was $65,995.

***Our Bitcoin Mining Acquisition Strategy***

Beginning in March 2025, the Company expanded its bitcoin treasury strategy to include BTC mining operations. Management determined that participating in mining activities could (i) increase BTC holdings through internally generated production, (ii) provide potential exposure to favorable mining economics, and (iii) enhance long-term treasury value through vertical participation in the bitcoin ecosystem. The Company's mining activities are conducted pursuant to fixed-term machine lease agreements. The Company leases digital asset mining equipment, which provides hash to a mining pool operator. The Company derives a portion of its revenue from its digital asset mining activities by providing hash as part of transaction verification services within the digital currency networks of cryptocurrencies, such as BTC, commonly termed "cryptocurrency mining." In consideration for these services, the Company receives digital rewards which are recorded as revenue, based on the daily amount of BTC earned.

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***Execution of Bitcoin Transactions***

We have purchased bitcoin through multiple bitcoin trade orders executed on the Coinbase exchange. We may also in the future acquire or dispose of bitcoin or implement hedging or income generating strategies via multiple trade executions, or liquidity providers, who may also serve as custodians of our bitcoin. Our liquidity providers and custodians, or our BTC Service Providers, are regulated and licensed entities that operate under high security, regulatory, audit and governance standards. We may transact with multiple BTC Service Providers for trade execution, hedging strategies, income generating strategies and custodial services to spread our risk and to limit our exposure to any single service provider or counterparty.

In selecting our liquidity providers, we evaluated regulatory status, pricing, annual trading volume, security and customer service. Our current agreement with our liquidity provider is non-exclusive, may be terminated by us at any time, does not impose any requirements for minimum purchases or volumes with such provider, and generally provides that we are responsible for the costs associated with transfers of bitcoin.

***Custody of our Bitcoin***

We currently hold and intend to continue to hold all of our bitcoin in a custodial account at a U.S. based, institutional-grade custodian (who may hold our bitcoin in the United States or other territories) that has demonstrated records of regulatory compliance and information security. Our custodian may also serve as a liquidity provider. We have entered into a custodial agreement with Coinbase, Inc., acting for itself and on behalf of Coinbase Custody Trust Company, LLC, Coinbase Custody International Ltd., and Coinbase Credit, Inc., or Coinbase. We carefully selected our custodian after undertaking a due diligence process pursuant to which we evaluated, among other things, the quality of their security protocols, including the multifactor and other authentication procedures designed to safekeep our bitcoin that they may employ, as well as other security, regulatory, audit and governance standards. As we further execute on our strategy, we may include additional custodians. For a discussion of risks relating to the custody of our bitcoin, see Item 1A. "Risk Factors – Risks Related to Our Bitcoin Treasury Strategy and Holdings – Our bitcoin treasury strategy exposes us to various risks associated with bitcoin," and "– Our bitcoin treasury strategy exposes us to risk of non-performance by counterparties."

***Bitcoin Regulation***

The laws and regulations applicable to bitcoin and digital assets are evolving and subject to interpretation and change. Governments around the world have reacted differently to digital assets; certain governments have deemed them illegal, and others have allowed their use and trade without restriction, while in some jurisdictions, such as the United States, digital assets are subject to overlapping, uncertain and evolving regulatory requirements.

As digital assets have grown in both popularity and market size, the U.S. Executive Branch, Congress and multiple federal and state agencies have been examining the operations of digital asset networks, digital asset users and digital asset exchanges, with particular focus on the extent to which digital assets can be used to violate state or federal laws, including to facilitate the laundering of proceeds of illegal activities or the funding of criminal or terrorist enterprises, and the safety and soundness and consumer-protective safeguards of exchanges or other service-providers that hold, transfer, trade or exchange digital assets for users. Many of these state and federal agencies have issued consumer advisories regarding the risks posed by digital assets to investors. In addition, federal and state agencies, and other countries have issued rules or guidance regarding the treatment of digital asset transactions and requirements for businesses engaged in activities related to digital assets.

Depending on the regulatory characterization of bitcoin, the markets for bitcoin in general, our business and our bitcoin treasury strategy may be subject to regulation by one or more regulators in the United States and globally. Ongoing and future regulatory actions may alter to a materially adverse extent the nature of digital assets markets, the participation of industry participants, including service providers and financial institutions in these markets, and our ability to pursue our bitcoin treasury strategy.

Additionally, U.S. state and federal and foreign regulators and legislatures have taken action against industry participants, including digital assets businesses, and enacted restrictive regimes in response to adverse publicity arising from hacks, consumer harm, or criminal activity stemming from digital assets activity. U.S. federal and state energy regulatory authorities are also monitoring the total electricity consumption of cryptocurrency mining, and the potential impacts of cryptocurrency mining to the supply and dispatch functionality of the wholesale grid and retail distribution systems. Many state legislative bodies have passed, or are actively considering, legislation to address the impact of cryptocurrency mining in their respective states.

The SEC and its staff have taken the position that certain other digital assets fall within the definition of a "security" under the U.S. federal securities laws. Public statements made by senior officials and senior members of the staff at the SEC indicate that the SEC

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does not consider bitcoin to be a security under the federal securities laws. However, such statements are not official policy statements by the SEC and reflect only the speakers' views, which are not binding on the SEC or any other agency or court and cannot be generalized to any other digital assets.

Activities involving bitcoin and other digital assets may fall within the jurisdiction of more than one financial regulator and various courts and such laws and regulations are rapidly evolving and increasing in scope. In January 2025, an executive order was issued that revoked the prior administration's executive order and Treasury Department's framework, and established the Presidential Working Group on Digital Asset Markets that will be tasked with developing a federal regulatory framework governing digital assets.

The SEC also established a Crypto Task Force in furtherance of these objectives. Among other things, the Crypto Task Force is charged with helping to draw clear regulatory lines and to appropriately distinguish securities from non-securities. The work of the Crypto Task Force is in its early stages and it is not yet clear whether it will result in material changes to the existing regulatory framework of digital assets. In addition, Congress has considered legislation to establish additional regulation and oversight of the digital asset markets. The GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins Act), which regulates payment stablecoins, was signed into law in July 2025. The Digital Asset Market Clarity Act of 2025 (H.R. 3633), which establishes a framework for digital assets, passed the U.S. House of Representatives in July 2025. This bill distinguishes between digital commodities and digital securities, and provides the CFTC with jurisdiction to oversee digital commodities, exchanges and brokers. As of January 2026, the U.S. Senate is considering its own legislation to establish a framework for digital asset markets.

Many state and federal agencies have issued consumer advisories regarding the risks posed by crypto assets to investors. In addition, federal and state agencies, and other countries have issued rules or guidance about the treatment of crypto asset transactions or requirements for businesses engaged in activities related to crypto assets. Depending on the regulatory characterization of the bitcoin we mine, the markets for bitcoin in general, and our activities in particular, we may be subject to one or more regulators in the United States and globally. Ongoing and future regulatory actions may alter, perhaps to a materially adverse extent, the nature of crypto asset markets and our crypto asset operations. Additionally, U.S. state and federal, and foreign regulators and legislatures have taken action against crypto asset businesses or enacted restrictive regimes in response to adverse publicity arising from hacks, consumer harm, or criminal activity stemming from crypto asset activity. There is also increasing attention being paid by U.S. federal and state energy regulatory authorities as the total load of crypto mining grows and potentially alters the supply and dispatch functionality of the wholesale grid and retail distribution systems. Many state legislative bodies are also actively reviewing the impact of crypto mining in their respective states. Currently, it is unclear how future legislation and regulation will affect our bitcoin mining operations. The course of future legislation and regulation in the United States remains difficult to predict, and potential increased costs associated with new legislation or regulation cannot be predicted at this time.

#### ITEM 1A. RISK FACTORS
An investment in the Company's common stock involves a high degree of risk. In determining whether to purchase the Company's common stock, an investor should carefully consider all of the material risks described below, together with the other information contained in this report before deciding to purchase the Company's securities. An investor should only purchase the Company's securities if he or she can afford to suffer the loss of his or her entire investment.

**Risks Related to Our Business and Our Industry**

***We are a young company with a limited operating history, making it difficult for you to evaluate our business and your investment.***

We are an early-stage company with limited operating history. We have not yet demonstrated sales of products at a level capable of covering our fixed expenses. Since inception, we have demonstrated limited capability to produce sufficient materials to generate the ongoing revenues necessary to sustain our operations in the long-term, nor have we demonstrated the ability to generate sufficient sales to sustain the business. There can be no assurance that we will ever produce a profit.

Many of our products represent new products that have not yet been fully tested in commercial product settings and for which manufacturing operations have not yet been fully scaled. This means that investors are subject to all the risks incident to the creation and development of multiple new products and their associated manufacturing processes, and each investor should be prepared to withstand a complete loss of their investment.

Because we are subject to these uncertainties, there may be risks that management has failed to anticipate, and you may have a difficult time evaluating our business and your investment in us. Our ability to become profitable depends primarily on our ability to

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successfully commercialize our products in the future. Even if we successfully develop and market our products, we may not generate sufficient or sustainable revenue to achieve or sustain profitability, which could cause us to cease operations.

We primarily sell engineered materials or products made with these materials to other companies for incorporation into their products. Although KULR's technologies were previously used in numerous advanced space and industrial applications for NASA, there has been no significant incorporation of our materials or products into customer products that are released for commercial sale as of the date of this report. Because there is no demonstrated history of large-scale commercial success for our products, it is possible that such commercial success may never happen and that we will never achieve the level of revenues necessary to sustain our business.

***We will need to raise substantial additional capital in the future to fund our operations, and we may be unable to raise such funds when needed and on acceptable terms, which could have a materially adverse effect on our business.***

We anticipate that we will incur operating losses for the foreseeable future. We will need to raise substantial additional capital to fund our operations, and if we are not successful in securing additional financing on acceptable terms, we may be required to delay significantly, reduce the scope of or eliminate one or more of our research or development programs, downsize our general and administrative infrastructure, or seek alternative measures to avoid insolvency, including arrangements with collaborative partners or others that may require us to relinquish rights to certain of our technologies, product candidates or products.

***We could experience significant disruptions in supply from our current or future supply sources which may be exacerbated by macroeconomic trends, including trade policies, political events and other international disputes.***

We could experience significant disruptions as a result of global supply chain issues and, in the event of a disruption, we cannot make any assurances that we would be able to locate alternative suppliers of materials of comparable quality at an acceptable price, or alternative purchasers of our products. Identifying suitable suppliers and purchasers is a resource-intensive process that requires us to become satisfied with quality control, responsiveness and service, financial stability and labor and other ethical practices. Any delays, interruption or increased costs in the manufacturing and delivery of our products could adversely affect our ability to meet customer demand and could result in reduced net sales, lower gross margins and operating income. We cannot predict the extent to which supply chain disruptions may affect our customers, suppliers or end markets, or the indirect effects such disruptions may have on our operations and demand for our products.

In addition, geopolitical changes, such as trade disruptions, including the imposition of tariffs by the U.S. on imports from certain countries and any resulting counter-tariffs, political unrest, warfare and military or armed conflict, including those involving China, Ukraine/Russia and the Middle East and the resulting macro-economic impacts from such geopolitical changes, could directly or indirectly cause or exacerbate supply chain disruptions and may further complicate existing supply chain constraints and demand for our products.

Increased tariffs or other trade restrictions involving the United States and key trading partners, including, among others, China, Canada and Mexico, may increase the cost of raw materials and components, disrupt cross-border supply chains and adversely affect our customers' financial condition and demand for our products. Ongoing trade disputes may continue to escalate which could increase the costs of our products and the components we use to manufacture them.

Additionally, the conflict between Russia and Ukraine and the conflicts in the Middle East have resulted in worldwide geopolitical and macroeconomic uncertainty, and we cannot predict how the conflicts will evolve or the timing thereof. If these conflicts continue for a significant time or further expand to other countries and depending on the ultimate outcomes of these conflicts, which remain uncertain, they could have additional adverse effects on macroeconomic conditions, including but not limited to, increased costs, constraints on the availability of commodities, supply chain disruptions and decreased business spending. Furthermore, continuation of the conflicts could give rise to: disruptions to our or our business partners' global technology infrastructure, including through cyber-attack or cyber-intrusion; our ability to implement and execute our business strategy; terrorist activities; increased foreign currency fluctuations; and constraints, volatility, or disruption in the capital markets. The occurrence of any of these events may impact our ability to obtain raw materials to manufacture our products, serve our customers, raise additional capital when needed on acceptable terms, if at all, any of which could have a material adverse effect on our business, results of operations, cash flows and financial condition.

***We have limited experience in higher volume manufacturing that will be required to support profitable operations, and the risks and costs associated with scaling to larger production quantities may be substantial.***

We have limited experience manufacturing our products. We have established small-scale commercial or pilot-scale production facilities for our carbon-based thermal management products, but these facilities do not have the existing production capacity to produce sufficient quantities of materials for us to reach sustainable sales levels. At present, we rely on outsourced partners to produce high volume products. In order to develop internal capacity to produce much higher volumes, it will be necessary to produce multiples of

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existing processes or engineer new production processes in some cases. If we are unable to scale-up our production processes and facilities to support sustainable sales levels, the Company may be forced to curtail or cease operations.

***We have a long and complex sales cycle and have not demonstrated the ability to operate successfully in this environment.***

It has been our experience since our inception that the average sales cycle for our products can range from one to five years from the time a customer begins testing our products until the time that they could be successfully used in a commercial product. We have only demonstrated a limited track record of success in completing customer development projects, which makes it difficult for you to evaluate the likelihood of our future success. The sales and development cycle for our products is subject to customer budgetary constraints, internal acceptance procedures, competitive product assessments, scientific and development resource allocations, and other factors beyond our control. If we are not able to successfully accommodate these factors to enable customer development success, we will be unable to achieve sufficient sales to reach profitability. In this case, the Company may not be able to raise additional funds and may be forced to curtail or cease operations and you could lose all or a significant part of your investment.

***We are dependent on customers and partners to design and test our solution into new applications which may not be brought to market successfully.***

Our solutions are targeted for new applications and devices that require high performance and unique features offered by our products, and potential customers may not be aware of our unique offerings. Developing new applications and devices involves a lengthy and complex process, and they may not be commercialized on a timely basis, or at all. The Company's success is directly related to the marketability and adoption of these new products.

Furthermore, because the Company's solutions are relatively new to mass market consumer electronics, the design and testing time is longer than traditional solutions. Moreover, in transitioning to new technologies and products, we may not achieve design wins, our customers may delay transitioning to these new technologies, our competitors may transition more quickly than we do, or we may experience product delays, cost overruns or performance issues that could harm our operating results and financial condition.

***We could be adversely affected by our exposure to customer concentration risk and reduced manufacturing capacity.***

We are subject to customer concentration risk as a result of our reliance on a relatively small number of customers for a significant portion of our revenues. During 2025, we had 2 customers whose purchases, in the aggregate, accounted for 28% of total revenue pursuant to our Energy Management Platform segment, and 1 customer whose purchases accounted for 100% of total revenue pursuant to our Mining of Digital Assets segment. Due to the nature of our business and the relatively large size of many of the applications our customers are developing, we anticipate that we will be dependent on a relatively small number of customers for the majority of our revenues for the next several years. Even if we expand our customer base, it is possible that orders from only one or two customers could exhaust most or all of our existing manufacturing capacity. Accordingly, if one or more of these customers were to stop ordering our products or if we are unable to meet the manufacturing capacity demanded by new customers, there would be a risk of significant loss of future revenues, which could in turn have a material adverse effect on our business and on your investment.

***We operate in an advanced technology arena where hypothesized properties and benefits of our products may not be achieved in practice, or in which technological change may alter the attractiveness of our products.***

Because there is no sustained history of successful use of our products in commercial applications, there is no assurance that broad successful commercial applications may be technically feasible. Some of the scientific and engineering data related to our products has been generated in our own laboratories or in laboratory environments at our customers or third-parties. Laboratory data is not always representative of commercial applications.

Likewise, we operate in a market that is subject to rapid technological change. Part of our business strategy is to monitor such change and take steps to remain technologically current, but there is no assurance that such strategy will be successful. If we are not able to adapt to new advances in materials sciences, or if unforeseen technologies or materials emerge that are not compatible with our products and services or that could replace our products and services, our revenues and business prospects would likely be adversely affected. Such an occurrence may have severe consequences, including the potential for our investors to lose all of their investment.

***Competitors that are larger and better funded may cause the Company to be unsuccessful in selling its products.***

The Company operates in highly competitive markets. Global research relating to thermal management solutions is being conducted by substantially larger companies who have greater financial, personnel, technical, and marketing resources than the Company. There can be no assurance that the Company's strategy of offering better thermal management solutions based on the Company's proprietary carbon fiber-based products will be able to compete with other companies, many of whom will have significantly

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greater resources, on a continuing basis. In the event that we cannot compete successfully, the Company may be forced to cease operations.

***Failure to effectively expand our sales and marketing capabilities could harm our ability to increase our customer base and achieve broader market acceptance of our solutions.***

Our ability to grow our customer base, achieve broader market acceptance, grow revenue, and achieve and sustain profitability will depend, to a significant extent, on our ability to effectively expand our sales and marketing operations and activities and educate potential customers about our solutions. Substantial amounts of time and energy are dedicated to our sale and marketing efforts, and our operating results will suffer if our sales and marketing efforts do not contribute significantly to increasing revenue.

***We make significant investments in research and development of new products and services that may not achieve expected returns.***

We have made and will continue to make significant investments in research, development, and marketing for existing products, services, and technologies, as well as new technology or new applications of existing technology. Investments in new technology are speculative. Commercial success depends on many factors, including but not limited to, innovativeness, engineering support, and effective distribution and marketing. There is no assurance that we will be rewarded from our investments in developing new services and products. If our customers do not perceive our latest offerings as providing significant new functionality or other value, they may reduce their purchases of services or products, thus unfavorably affecting revenue and profits. We may not achieve significant revenue from new products and services, or new applications of existing products and services, for several years, if at all. New products and services may not be profitable, and even if they are profitable, operating margins for some new products, services and businesses may not be as high as the margins we have experienced historically. Furthermore, developing new technologies is complex and unpredictable, which can require long development and testing periods. Significant delays in new releases or significant problems in creating new products or offering new services could adversely affect our revenue and profits.

***Because of our small size and limited operating history, we are dependent on key employees.***

The Company's operations and development are dependent upon the experience and knowledge of Michael Mo, our Chief Executive Officer, Shawn Canter, our Chief Financial Officer, Dr. William Walker, our Chief Technology Officer. If the services of any of these individuals should become unavailable, the Company's business operations might be adversely affected. If several of these individuals became unavailable at the same time, the ability of the Company to continue normal business operations might be adversely affected to the extent that revenue or profits could be diminished, and you could lose all or a significant amount of your investment.

***Our success depends in part on our ability to protect our intellectual property rights, and our inability to enforce these rights could have a material adverse effect on our competitive position.***

We rely on the patent, trademark, copyright and trade-secret laws of the United States and to protect our intellectual property rights. We may be unable to prevent third parties from using our intellectual property without our authorization. The unauthorized use of our intellectual property could reduce any competitive advantage we have developed, reduce our market share or otherwise harm our business. In the event of unauthorized use of our intellectual property, litigation to protect or enforce our rights could be costly, and we may not prevail.

Many of our technologies are not covered by any patent or patent application, and our issued and pending U.S. patents may not provide us with any competitive advantage and could be challenged by third parties. Our inability to secure issuance of our pending patent applications may limit our ability to protect the intellectual property rights these pending patent applications were intended to cover. Our competitors may attempt to design around our patents to avoid liability for infringement and, if successful, our competitors could adversely affect our market share. Furthermore, the expiration of our patents may lead to increased competition.

Our pending trademark applications may not be approved by the responsible governmental authorities and, even if these trademark applications are granted, third parties may seek to oppose or otherwise challenge these trademark applications. A failure to obtain trademark registrations in the United States and in other countries could limit our ability to protect our products and their associated trademarks and impede our marketing efforts in those jurisdictions.

In addition, effective patent, trademark, copyright and trade secret protection may be unavailable or limited in some foreign countries. We also rely on unpatented proprietary manufacturing expertise, continuing technological innovation and other trade secrets to develop and maintain our competitive position. Although we generally enter into confidentiality agreements with our employees and third parties to protect our intellectual property, these confidentiality agreements are limited in duration and could be breached, and may not provide meaningful protection of our trade secrets or proprietary manufacturing expertise. Adequate remedies may not be available

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if there is an unauthorized use or disclosure of our trade secrets and manufacturing expertise. In addition, others may obtain knowledge about our trade secrets through independent development or by legal means. The failure to protect our processes, apparatus, technology, trade secrets and proprietary manufacturing expertise, methods and compounds could have a material adverse effect on our business by jeopardizing critical intellectual property.

Where a product formulation or process is kept as a trade secret, third parties may independently develop or invent and patent products or processes identical to our trade-secret products or processes. This could have an adverse impact on our ability to make and sell products or use such processes and could potentially result in costly litigation in which we might not prevail.

We could face intellectual property infringement claims that could result in significant legal costs and damages and impede our ability to produce key products, which could have a material adverse effect on our business, financial condition and results of operations.

***If our technologies conflict with the proprietary rights of others, we may incur substantial costs as a result of litigation or other proceedings and we could face substantial monetary damages and be precluded from commercializing our products, which would materially harm our business and financial condition.***

Patents in the thermal management solutions industry are numerous and may, at times, conflict with one another. As a result, it is not always clear to industry participants, including us, which patents cover the multitude of product types. Ultimately, the courts must determine the scope of coverage afforded by a patent and the courts do not always arrive at uniform conclusions.

A patent owner may claim that we are making, using, selling or offering for sale an invention covered by the owner's patents and may go to court to stop us from engaging in such activities. Such litigation is not uncommon in our industry. Patent lawsuits can be expensive and would consume time and other resources. There is a risk that a court would decide that we are infringing a third party's patents and would order us to stop the activities covered by the patents, including the commercialization of our products. In addition, there is a risk that we would have to pay the other party damages for having violated the other party's patents (which damages may be increased, as well as attorneys' fees ordered paid, if infringement is found to be willful), or that we will be required to obtain a license from the other party in order to continue to commercialize the affected products, or to design our products in a manner that does not infringe a valid patent. We may not prevail in any legal action, and a required license under the patent may not be available on acceptable terms or at all, requiring cessation of activities that were found to infringe a valid patent. We also may not be able to develop a non-infringing product design on commercially reasonable terms, or at all.

***We may not obtain U.S. Government contracts to further develop our technology.***

We can give no assurances that we will be successful in obtaining government contracts. The process of applying for government contracts is lengthy, and we cannot be certain that we will be successful in complying with all requirements throughout the application process. Accordingly, we cannot be certain that we will be awarded any U.S. Government contracts utilizing our carbon fiber-based solutions.

***Our future growth and success depend on our ability to sell effectively to, and manage relationships with, large enterprise and defense customers.***

Our potential customers are manufacturers of products that tend to be large enterprises and organizations, including defense customers. Therefore, our future success will depend on our ability to effectively sell our products to such large customers. Sales to these customers involve risks that may not be present (or that are present to a lesser extent) with sales to smaller customers. These risks include, but are not limited to, increased purchasing power and leverage held by large customers in negotiating contractual arrangements with us and longer sales cycles and the associated risk that substantial time and resources may be spent on a potential customer that elects not to purchase our products or solutions.

Large organizations often undertake a significant evaluation process that results in a lengthy sales cycle. In addition, product purchases by large organizations are frequently subject to budget constraints, multiple approvals and unanticipated administrative, processing and other delays. Finally, large organizations typically have longer implementation cycles, require greater product functionality and scalability, require a broader range of services, demand that vendors take on a larger share of risks, require acceptance provisions that can lead to a delay in revenue recognition and expect greater payment flexibility. All of these factors can add further risk to business conducted with these potential customers.

***Downturns in general economic conditions could adversely affect our profitability.***

Downturns in general economic conditions can cause fluctuations in demand for our products, product prices, volumes and gross margins. Future economic conditions may not be favorable to our industry. A decline in the demand for our products or a shift to

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lower-margin products due to deteriorating economic conditions could adversely affect sales of our products and our profitability and could also result in impairments of certain of our assets.

Furthermore, any uncertainty in economic conditions may result in a slowdown to the global economy that could affect our business by reducing the prices that our customers may be able or willing to pay for our products or by reducing the demand for our products.

***An increase in the cost of raw materials or electricity might affect our profits.***

Recently, cost inflation stemming from geopolitical factors, global crises and other macroeconomic factors has caused prices to increase across various sectors of the economy. Any increase in the prices of our raw materials or energy might affect the overall cost of our products. If we are not able to raise our prices to pass on increased costs to our customers, we would be unable to maintain our existing profit margins. Our major cost components include items such as production materials and electricity, which are typically readily available industrial commodities. During our history as a business, we have not seen any material impact on our cost structure from fluctuations in raw material or energy costs, but this could change in the future.

***Our results of operations could deteriorate if our manufacturing operations were substantially disrupted for an extended period.***

Our manufacturing operations may be subject to disruption due to extreme weather conditions, floods and similar events, major industrial accidents, strikes and lockouts, adoption of new laws or regulations, changes in interpretations of existing laws or regulations or changes in governmental enforcement policies, civil disruption, riots, terrorist attacks, war, and other events. We cannot assure you that no such events will occur. If such an event occurs, it could have a material adverse effect on us.

***We may become subject to liabilities related to risks inherent in working with hazardous materials.***

Our development and manufacturing processes involve the controlled use of hazardous materials, such as acetone and other flammable chemicals, as well as lithium-ion batteries and components. We are subject to federal, provincial and local laws, including EPA, OSHA and other regulations governing the use, manufacture, storage, handling and disposal of such materials and certain waste products. Although we believe that our safety procedures for handling and disposing of such materials comply with the standards prescribed by such laws and regulations, the risk of accidental contamination or injury from these materials cannot be completely eliminated. In the event of such an accident, we could be held liable for any damages that result and any such liability could exceed our resources. We are not specifically insured with respect to this liability. Although we believe that we are in compliance in all material respects with applicable environmental laws and regulations and currently do not expect to make material capital expenditures for environmental control facilities in the near-term, if we fail to comply with these regulations substantial fines could be imposed on us and we could be required to suspend production, alter manufacturing processes or cease operations. In addition, there can be no assurance that we will not be required to incur significant costs to comply with environmental laws and regulations in the future, or that our operations, business or assets will not be materially adversely affected by current or future environmental laws or regulations.

***Significant disruptions of information technology systems, breaches of data security and other incidents could materially adversely affect our business, results of operations and financial condition.***

We maintain information in digital and other forms that is necessary to conduct our business, and we are increasingly dependent on information technology systems and infrastructure to operate our business. In the ordinary course of our business, we collect, store and transmit large amounts of confidential information, including intellectual property, proprietary business information and personal information. It is critical that we do so in a secure manner to maintain the privacy, security, confidentiality, and integrity of such confidential information. Our internal information technology systems and infrastructure, and those of any future collaborators and our contractors, consultants, vendors and other third parties on which we rely, are vulnerable to damage or unauthorized access or use resulting from computer viruses, malware, natural disasters, terrorism, war, telecommunication and electrical failures, cyber-attacks or cyber-intrusions over the Internet, denial or degradation of service attacks, ransomware, hacking, phishing schemes intended to cause an unauthorized transfer of funds and other social engineering attacks, attachments to emails, persons inside our organization or persons with access to systems inside our organization.

Additionally, while we have implemented security measures to protect our data security and information technology systems, our efforts to address these problems may not be successful, and these problems could result in unexpected interruptions, delays, cessation of service, negative publicity and other harm to our business and our competitive position. If such an event were to occur and cause interruptions in our operations, it could result in a material disruption of our product development programs. Any security compromise affecting us, our partners or our industry, whether real or perceived, could harm our reputation, erode confidence in the

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effectiveness of our security measures and lead to regulatory scrutiny, which could materially adversely affect our business, results of operations and financial condition.

See Item 1C – Cybersecurity for a discussion of our information technology systems.

***The failure of financial institutions or transactional counterparties could adversely affect our current and projected business operation and our financial condition and results of operations.***

We maintain domestic cash deposits in Federal Deposit Insurance Corporation, or FDIC, insured banks that exceed the FDIC insurance limits. The failure of a bank, or other adverse conditions in the financial or credit markets impacting financial institutions at which we maintain balances, could adversely impact our operations, liquidity, and financial performance. Bank failures; events involving limited liquidity, defaults, non-performance, or other adverse developments that affect financial institutions; or concerns or rumors about such events may lead to liquidity constraints. For example, in March 2023, Silicon Valley Bank failed and was taken into receivership by the FDIC. We cannot guarantee that our deposits in excess of the FDIC or other comparable insurance limits will be backstopped by the U.S. or applicable foreign government, or that any bank or financial institution with which we do business will be able to obtain needed liquidity from other banks or government institutions or by acquisition in the event of a failure or liquidity crisis.

***Future adverse regulations could affect the viability of the business.***

As a small generator of hazardous substances, we are subject to local governmental regulations relating to the storage, discharge, handling, emission, generation, manufacture and disposal of toxic or other hazardous substances, such as acetone that is used in very small quantities to manufacture our products. We are currently in compliance with these regulations. However, there can be no assurance that future regulations might not change or raise the compliance standards, with which the Company may no longer comply or for which we may incur substantial costs to comply.

As far as we are aware, there are no current regulations elsewhere in the world that prevent or prohibit the sale of the Company's products. However, there is no assurance that any regulations will not be enacted in the future to require the Company's products or production materials to be subject to test for toxicity or other health effects before they can be sold or used in the production process. If such regulations are enacted in the future, they may result in expensive and time-consuming tests or other actions to ensure regulatory compliance, which could adversely affect the Company's business. There can be no assurance that future regulations might not severely limit or even prevent the sale of the Company's products in major markets, which could severely limit the Company's financial prospects and cause investors to lose some or all of their investment.

***Our directors and officers may be exposed to liability.***

We currently maintain a policy for director and officer liability insurance, also known as "D&O Insurance." However, the maximum coverage under our D&O Insurance policy may not be sufficient to cover all such liability exposure and, as a result, it may be more difficult for us to attract and retain qualified persons to serve on our board of directors or as executive officers or, in the event of liabilities beyond our maximum coverage, we may become subject to liability under our D&O indemnification obligations.

***Compliance with changing regulation of corporate governance and public disclosure will result in additional expenses and will divert time and attention away from revenue generating activities.***

Changing laws, regulations and standards relating to corporate governance and public disclosure, including the Sarbanes-Oxley Act of 2002, the Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010, and related SEC regulations, have created uncertainty for public companies and significantly increased the costs and risks associated with accessing the public markets and public reporting. Our management team has invested and will need to continue to invest significant management time and financial resources to comply with both existing and evolving standards for public companies, which will lead to increased selling, general and administrative expenses and a diversion of management time and attention from revenue generating activities to compliance activities, which could have an adverse effect on our business.

***If we fail to maintain effective internal controls over financial reporting, the price of our common stock may be adversely affected.***

Our internal control over financial reporting could in the future have weaknesses and conditions that could require correction or remediation, the disclosure of which may have an adverse impact on the price of our common stock. We are required to establish and maintain appropriate internal controls over financial reporting. Failure to establish those controls, or any failure of those controls once established, could adversely affect our public disclosures regarding our business, prospects, financial condition or results of operations. In addition, management's assessment of internal controls over financial reporting may identify weaknesses and conditions that need to

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be addressed in our internal controls over financial reporting or other matters that may raise concerns for investors. Any actual or perceived weaknesses and conditions that need to be addressed in our internal control over financial reporting or disclosure of management's assessment of our internal controls over financial reporting may have an adverse impact on the price of our common stock.

***We are required to comply with certain provisions of Section 404 of the Sarbanes-Oxley Act of 2002 and if we fail to comply in a timely manner, our business could be harmed and our stock price could decline.***

Rules adopted by the SEC pursuant to Section 404 of the Sarbanes-Oxley Act of 2002 require an annual assessment of internal controls over financial reporting, and for certain issuers an attestation of this assessment by the issuer's independent registered public accounting firm. The standards that must be met for management to assess the internal controls over financial reporting as effective are complex, and require significant documentation, testing, and possible remediation to meet the detailed standards.

We expect to incur significant expenses and to devote resources to Section 404 compliance on an ongoing basis. It is difficult for us to predict how long it will take or how costly it will be to complete the assessment of the effectiveness of our internal control over financial reporting for each year and to remediate any deficiencies in our internal control over financial reporting. As a result, we may not be able to complete the assessment and remediation process on a timely basis. In addition, although attestation requirements by our independent registered public accounting firm are not presently applicable to us, we could become subject to these requirements in the future and we may encounter problems or delays in completing the implementation of any resulting changes to internal controls over financial reporting. In the event that our Chief Executive Officer or Chief Financial Officer determine that our internal control over financial reporting is not effective as defined under Section 404, we cannot predict how regulators will react or how the market prices of our shares will be affected; however, we believe that there is a risk that investor confidence and share value may be negatively affected.

**Risks Relating to Our Bitcoin Treasury Strategy and Holdings**

**WE ARE NOT REGISTERED AS AN INVESTMENT COMPANY UNDER THE INVESTMENT COMPANY ACT OF 1940 AND STOCKHOLDERS DO NOT HAVE THE PROTECTIONS ASSOCIATED WITH OWNERSHIP OF SHARES IN A REGISTERED INVESTMENT COMPANY NOR THE PROTECTIONS AFFORDED BY THE COMMODITIES EXCHANGE ACT.**

***Our BTC acquisition and holdings strategies may expose us to various risks associated with BTC***

Our BTC acquisition and holdings strategies may expose us to various risks associated with BTC, including the following:

*BTC is a highly volatile asset.* BTC is a highly volatile asset and has experienced, and may continue to experience, significant price volatility, including sharp declines over short periods. While BTC prices are determined primarily using data from various exchanges, over-the-counter markets and derivative platforms, they have historically been volatile and are impacted by a variety of factors, such as market sentiment, adoption trends, regulatory developments, macroeconomic conditions and speculation. Currently, we do not use a formula or specific methodology to determine whether or when we will sell BTC and decisions to hold or sell BTC are made by management based on market conditions and liquidity needs. Such decisions, however well-informed, may result in untimely sales and even losses, adversely affecting an investment in us.

*BTC does not pay interest or dividends.* BTC does not pay interest or other returns, and we can only generate cash from our BTC holdings if we sell our BTC or implement strategies to create income streams or otherwise generate cash by using our BTC holdings. Even if we pursue any such strategies, we may be unable to create income streams or otherwise generate cash from our BTC holdings, and any such strategies may subject us to additional risks.

*We purchase BTC using primarily proceeds from equity financings.* Our ability to execute on the acquisition portion of our BTC strategy depends in significant part on our ability to obtain equity financing. If we are unable to obtain equity financing on favorable terms or at all, we may not be able to successfully execute on our BTC strategy.

We will be subject to counterparty risks, including in particular risks relating to our custodians. Although we intend to implement various measures that are designed to mitigate our counterparty risks, including by storing substantially all of the bitcoin we may own in custody accounts at U.S.-based, institutional-grade custodians and negotiating contractual arrangements intended to establish that our property interest in custodially-held bitcoin is not subject to claims of our custodians' creditors, applicable insolvency law is not fully developed with respect to the holding of digital assets in custodial accounts. If our custodially-held bitcoin were nevertheless considered to be the property of our custodians' estates in the event that any such custodians were to enter bankruptcy, receivership or similar insolvency proceedings, we could be treated as a general unsecured creditor of such custodians, inhibiting our

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ability to exercise ownership rights with respect to such bitcoin and this may ultimately result in the loss of the value related to some or all of such bitcoin. Even if we are able to prevent our bitcoin from being considered the property of a custodian's bankruptcy estate as part of an insolvency proceeding, it is possible that we would still be delayed or may otherwise experience difficulty in accessing our bitcoin held by the affected custodian during the pendency of the insolvency proceedings. Any such outcome could have a material adverse effect on our financial condition and the market price of our common stock.

*Changes in the trading price of BTC or changes in the manner in which we own BTC could have significant accounting impacts, including increasing the volatility of our results.* The Company has adopted ASU 2023-08, which requires us to measure our BTC holdings at fair value in our statement of financial position, and to recognize gains and losses from changes in the fair value of our BTC in net income each reporting period. ASU 2023-08 also requires us to provide certain interim and annual disclosures with respect to our BTC holdings. Volatility in the price of BTC could have a material impact on the carrying value of our digital assets on our balance sheet, increase the volatility of our financial results, and it could also have adverse tax consequences, which in turn could have a material adverse effect on our financial results and the market price of our common stock.

The broader digital assets industry, including the technology associated with digital assets, the rate of adoption and development of, and use cases for, digital assets, market perception of digital assets, and the legal, regulatory, and accounting treatment of digital assets are constantly developing and changing, and there may be additional risks in the future that are not possible to predict.

Additionally, while we currently intend to own BTC directly, we may investigate other potential approaches to owning BTC, including indirect ownership (for example, through ownership interests in a fund that owns BTC). If we were to own all or a portion of our BTC in a different manner, the accounting treatment for our BTC, our ability to use our BTC as collateral for additional borrowings, and the regulatory requirements to which we are subject, may correspondingly change.

***BTC and other digital assets are novel assets, and are subject to significant legal, commercial, regulatory and technical uncertainty.***

BTC and other digital assets are relatively novel and are subject to significant uncertainty, which could adversely impact their price. The application of state and federal securities laws and other laws and regulations to digital assets is unclear in certain respects, and it is possible that regulators in the United States or foreign countries may interpret or apply existing laws and regulations in a manner that adversely affects the price of BTC.

The U.S. federal government, states, regulatory agencies, and foreign countries may also enact new laws and regulations, or pursue regulatory, legislative, enforcement or judicial actions, that could materially impact the price of BTC or the ability of individuals or institutions such as us to own or transfer BTC. For example, the U.S. executive branch, the SEC, the European Union's Markets in Crypto Assets Regulation, among others have been active in recent years, and in the U.K., the Financial Services and Markets Act 2023, or FSMA 2023 became law. It is not possible to predict whether, or when, any of these developments will lead to Congress granting additional authorities to the SEC or other regulators, or whether, or when, any other federal, state or foreign legislative bodies will take any similar actions. It is also not possible to predict the nature of any such additional authorities, how additional legislation or regulatory oversight might impact the ability of digital asset markets to function or the willingness of financial and other institutions to continue to provide services to the digital assets industry, nor how any new regulations or changes to existing regulations might impact the value of digital assets generally and BTC specifically. The consequences of increased regulation of digital assets and digital asset activities could adversely affect the market price of BTC and in turn adversely affect the market price of our common stock.

Moreover, the risks of engaging in a BTC treasury strategy are relatively novel and have created, and could continue to create, complications due to the lack of experience that third parties have with companies engaging in such a strategy, such as increased costs of director and officer liability insurance or the potential inability to obtain such coverage on acceptable terms in the future.

The growth of the digital assets industry in general, and the use and acceptance of BTC in particular, may also impact the price of BTC and is subject to a high degree of uncertainty. The pace of worldwide growth in the adoption and use of BTC may depend, for instance, on public familiarity with digital assets, ease of buying, accessing or gaining exposure to BTC, institutional demand for BTC as an investment asset, the participation of traditional financial institutions in the digital assets industry, consumer demand for BTC as a means of payment, and the availability and popularity of alternatives to BTC. Even if growth in BTC adoption occurs in the near or medium-term, there is no assurance that BTC usage will continue to grow over the long-term.

Because BTC has no physical existence beyond the record of transactions on the BTC blockchain, a variety of technical factors related to the BTC blockchain could also impact the price of BTC. For example, malicious attacks by miners, inadequate mining fees to incentivize validating of BTC transactions, hard "forks" of the BTC blockchain into multiple blockchains, and advances in digital computing, algebraic geometry, and quantum computing could undercut the integrity of the BTC blockchain and negatively affect the price of BTC. The liquidity of BTC may also be reduced and damage to the public perception of BTC may occur, if financial institutions

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were to deny or limit banking services to businesses that hold BTC, provide BTC-related services or accept BTC as payment, which could also decrease the price of BTC. Similarly, the open-source nature of the BTC blockchain means the contributors and developers of the BTC blockchain are generally not directly compensated for their contributions in maintaining and developing the blockchain, and any failure to properly monitor and upgrade the BTC blockchain could adversely affect the BTC blockchain and negatively affect the price of BTC.

Recent actions by U.S. banking regulators have reduced the ability of BTC-related services providers to gain access to banking services and liquidity of BTC may also be impacted to the extent that changes in applicable laws and regulatory requirements negatively impact the ability of exchanges and trading venues to provide services for BTC and other digital assets. In addition, while the current administration has expressed support regarding the development and use of digital assets as the industry has anticipated, the specific regulatory frameworks are still to be developed. Expectations around U.S. digital asset policy, including potential sentiments that the U.S. government is not moving quickly enough or not meeting policy expectations, may adversely affect the price of BTC.

***Regulatory change reclassifying BTC as a security could lead to our classification as an "investment company" under the Investment Company Act of 1940, as amended, or the 1940 Act, and could adversely affect the market price of BTC and the market price of our common stock.***

While senior SEC officials have stated their view that bitcoin is not a "security" for purposes of the federal securities laws, a contrary determination by the SEC could lead to our classification as an "investment company" under the Investment Company Act, which would subject us to significant additional regulatory controls that could have a material adverse effect on our ability to execute on our bitcoin treasury strategy, and our business and operations and may also require us to substantially change the manner in which we conduct our business.

In addition, if bitcoin is determined to constitute a security for purposes of the federal securities laws, the additional regulatory restrictions imposed by such a determination could adversely affect the market price of bitcoin and in turn adversely affect the market price of our Common Stock.

***Our intended BTC holdings may be less liquid than our existing cash and cash equivalents and may not be able to serve as a source of liquidity for us to the same extent as cash and cash equivalents.***

Historically, the BTC markets have been characterized by significant volatility in price, limited liquidity and trading volumes compared to sovereign currencies markets, relative anonymity, a developing regulatory landscape, potential susceptibility to market abuse and manipulation, compliance and internal control failures at exchanges, and various other risks inherent in its entirely electronic, virtual form and decentralized network. During times of market instability, we may not be able to sell our BTC at favorable prices or at all. For example, a number of BTC trading venues temporarily halted deposits and withdrawals in 2022. As a result, our BTC holdings may not be able to serve as a source of liquidity for us to the same extent as cash and cash equivalents. Further, BTC we may hold with our custodians and transact with our trade execution partners may not enjoy the same protections as are available to cash or securities deposited with or transacted by institutions subject to regulation by the Federal Deposit Insurance Corporation or the Securities Investor Protection Corporation. Additionally, we may be unable to enter into term loans or other capital raising transactions collateralized by our unencumbered BTC or otherwise generate funds using our BTC holdings, including in particular during times of market instability or when the price of BTC has declined significantly. If we are unable to sell our BTC, enter into additional capital raising transactions using BTC as collateral, or otherwise generate funds using our BTC holdings, or if we are forced to sell our BTC at a significant loss, in order to meet our working capital requirements, our business and financial condition could be negatively impacted.

***If we or our third-party service providers experience a security breach or cyberattack and unauthorized parties obtain access to our BTC, or if our private keys are lost or destroyed, or other similar circumstances or events occur, we may lose some or all of our BTC and our financial condition and results of operations could be materially adversely affected.***

Currently, we intend to hold any BTC we may own, in custody accounts at U.S.-based institutional-grade digital asset custodians. Security breaches and cyberattacks are of particular concern with respect to our BTC. BTC and other blockchain-based cryptocurrencies and the entities that provide services to participants in the BTC ecosystem have been, and may in the future be, subject to security breaches, cyberattacks, or other malicious activities. For example, in October 2021 it was reported that hackers exploited a flaw in the account recovery process and stole from the accounts of at least 6,000 customers of the Coinbase exchange, although the flaw was subsequently fixed and Coinbase reimbursed affected customers. Similarly, in November 2022, hackers exploited weaknesses in the security architecture of the FTX Trading digital asset exchange and reportedly stole over $400 million in digital assets from customers. A successful security breach or cyberattack could result in:

● a partial or total loss of our BTC in a manner that may not be covered by insurance or the liability provisions of the custody agreements with the custodians who hold our BTC;

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● harm to our reputation and brand;

● improper disclosure of data and violations of applicable data privacy and other laws; or

● significant regulatory scrutiny, investigations, fines, penalties, and other legal, regulatory, contractual and financial exposure.

Further, any actual or perceived data security breach or cybersecurity attack directed at other companies with digital assets or companies that operate digital asset networks, regardless of whether we are directly impacted, could lead to a general loss of confidence in the broader BTC blockchain ecosystem or in the use of the BTC network to conduct financial transactions, which could negatively impact us.

Attacks upon systems across a variety of industries, including industries related to BTC, are increasing in frequency, persistence, and sophistication, and, in many cases, are being conducted by sophisticated, well-funded and organized groups and individuals, including state actors. The techniques used to obtain unauthorized, improper or illegal access to systems and information (including personal data and digital assets), disable or degrade services, or sabotage systems are constantly evolving, may be difficult to detect quickly, and often are not recognized or detected until after they have been launched against a target. These attacks may occur on our systems or those of our third-party service providers or partners. We may experience breaches of our security measures due to human error, malfeasance, insider threats, system errors or vulnerabilities or other irregularities. In particular, we expect that unauthorized parties will attempt, to gain access to our systems and facilities, as well as those of our partners and third-party service providers, through various means, such as hacking, social engineering, phishing and fraud. Threats can come from a variety of sources, including criminal hackers, hacktivists, state-sponsored intrusions, industrial espionage, and insiders. In addition, certain types of attacks could harm us even if our systems are left undisturbed. For example, certain threats are designed to remain dormant or undetectable, sometimes for extended periods of time, or until launched against a target and we may not be able to implement adequate preventative measures. Further, there has been an increase in such activities due to the increase in work-from-home arrangements. The risk of cyberattacks could also be increased by cyberwarfare in connection with the ongoing Russia-Ukraine and Israel-Hamas conflicts, or other future conflicts, including potential proliferation of malware into systems unrelated to such conflicts. Any future breach of our operations or those of others in the BTC industry, including third-party services on which we rely, could materially and adversely affect our financial condition and results of operations.

***We rely entirely on third-party mining service providers and pool operators, and any failure by those counterparties could prevent us from maintaining our mining operations and receiving our estimated digital asset rewards.***

Under our lease agreements, third parties own, house, power, and maintain all our leased miners, and our role is limited to supplying the contractual computing power that the operator directs to the mining pools of our choice. We therefore have no physical possession of the machines, no direct visibility into uptime or energy-cost management and only limited contractual remedies if the operator experiences hardware failures, cyber-incidents, regulatory shutdowns, curtailments, or insolvency. Should the operator misallocate hashrate, under-report our fractional share of daily block rewards, or alter pool-reward formulas, our revenue could decline sharply while our fixed lease payments continue. Because we do not control the equipment, we may be unable to redeploy, repossess, or remarket the rigs, leaving us fully exposed to the operator's performance and creditworthiness. Any material disruption or dispute with this third party would materially and adversely affect our financial condition.

***Because substantial portions of our lease commitments are paid in advance of the respective term, if our daily fractional share of block rewards falls below expectations or the value of the mining rewards substantially decreases, we may not achieve profitability or could suffer substantial losses.***

We pre-pay or commit to short-term and long-term lease fees that are recorded as cost of revenue, even though the bitcoin rewards we receive fluctuate daily. Our entitlement is calculated each 24-hour period as a fraction of the total blocks the entire bitcoin network is expected, and not guaranteed, to generate. If the network produces fewer blocks than forecast, our operator's pool misses solved blocks, or if network difficulty rises more swiftly than anticipated, our realized revenue from digital assets mined may fall short of the expected return while lease obligations remain fixed. In such cases the cumulative bitcoin earned over the lease term may be unable to offset the cash we have expended, forcing us to recognize operating losses and constraining our liquidity.

***We receive non-cash consideration that is subject to daily fair-value remeasurement, creating significant earnings volatility and potential liquidity mismatches.***

We recognize revenue each day at the fair value, in U.S. dollars, of the bitcoin awarded by the pool operator, and we subsequently mark our digital-asset inventory to fair value at every reporting date, recording unrealized gains or losses in the statement of operations. Bitcoin's market price can be highly volatile; a sharp decline after the award date can convert recently recognized revenue into an accounting loss and erode shareholders' equity, while a rapid price increase may inflate GAAP income without generating the

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cash needed to satisfy fixed lease and operating expenses. Because lease costs are largely fixed and paid in cash, any liquidity shortfalls could require us to liquidate treasury holdings at unfavorable prices, and materially and adversely affect our financial condition.

***Bitcoin network difficulty, hashrate growth, and our lack of owned equipment may render the hashrate output of our leased miners uncompetitive.***

A miner's share of block rewards is proportional to its hashrate relative to the global network hashrate. Network difficulty automatically rises when aggregate hashrate increases, often following periods of elevated bitcoin prices or the release of more efficient mining models. If global hashrate grows faster than the incremental hashrate we are able to secure under existing or future leases, our percentage of daily rewards will contract. Unlike miners that own their rigs and can swiftly liquidate and reinvest, we are bound by fixed-term leases that restrict our ability to swap in newer models, scale capacity, or relocate hardware to cheaper power markets. Should the price of bitcoin stagnate or fall while difficulty rises, the revenue generated by our leased fleet may drop below the all-in lease and power costs, forcing us to mine at a loss or idle equipment while continuing to pay the lease. Moreover, accurately forecasting future difficulty is inherently uncertain; unexpected spikes could prevent us from recovering our lease commitments and erode our competitive position.

**Risks Relating to Our Common Stock and Preferred Stock**

***An active, liquid and orderly market for our common stock may not develop or be sustained, and you may not be able to sell your common stock without adversely affecting the price, or at all depending on volume offered for sale at any time.***

Our common stock trades on the NYSE American LLC Exchange ("NYSE American"). We cannot assure you that an active trading market for our common stock will develop or be sustained. The lack of an active market may impair your ability to sell the common stock at the time you wish to sell or at a price that you consider reasonable. An inactive market may also impair our ability to raise capital by selling common stock and may impair our ability to acquire other businesses or technologies using our common stock as consideration, which, in turn, could materially adversely affect our business.

***We are subject to the continued listing requirements of the NYSE American. If we are unable to comply with such requirements, our common stock would be delisted from the NYSE American, which would limit investors' ability to effect transactions in our common stock and subject us to additional trading restrictions.***

Our common stock is currently listed on the NYSE American. In order to maintain our listing, we must maintain certain share prices, financial and share distribution targets, including maintaining a minimum amount of stockholders' equity and a minimum number of public stockholders. In addition to these objective standards, the NYSE American may delist the securities of any issuer if, in its opinion, the issuer's financial condition and/or operating results appear unsatisfactory; if it appears that the extent of public distribution or the aggregate market value of the security has become so reduced as to make continued listing on the NYSE American inadvisable; if the issuer sells or disposes of principal operating assets or ceases to be an operating company; if an issuer fails to comply with the NYSE American's listing requirements; if an issuer's common stock sells at what the NYSE American considers a "low selling price" (generally trading below $0.20 per share for an extended period of time); or if any other event occurs or any condition exists which makes continued listing on the NYSE American, in its opinion, inadvisable.

On December 20, 2023, we received a letter from the staff of NYSE American stating that the Company's stockholders' equity as reported in its Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 was not in compliance with the NYSE American's continued listing standards under Section 1003(a)(iii) of the NYSE American Company Guide (the "Company Guide"). Section 1003(a)(iii) of the Company Guide requires a listed company to have stockholders' equity of $6 million or more if the listed company has reported losses from continuing operations and/or net losses in its five most recent fiscal years. The Company submitted a plan to the NYSE American on January 19, 2024 advising of actions it has taken or will take to regain compliance with the continued listing standards by June 20, 2025. On March 5, 2024, we received a notification from the NYSE American that the Company's plan to regain compliance was accepted.

On February 12, 2024, we received a letter from the staff of NYSE American stating that the Company's securities' performance of trading price is below compliance criteria pursuant to Section 1003(f)(v) of the NYSE American Company Guide, which NYSE American determined to be a 30-trading day average of less than $0.20 per share. The Company's continued listing was predicated on it demonstrating sustained price improvement within a reasonable period of time, which NYSE American had determined to be no later than August 12, 2024, or otherwise effecting a reverse stock split of the Company's common stock.

On May 6, 2024, the Company received a letter from the staff of NYSE American indicating that the Company had regained compliance with the NYSE American continued listing standard set forth in Section 1003(f)(v) of the NYSE American Company Guide due to its shares of common stock demonstrating sustained price improvement.

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On December 18, 2024, the Company received a letter from the staff of NYSE American indicating that the Company had regained compliance with the NYSE American continued listing standard set forth in Sections 1003(a)(i), (ii) and (iii) of the Company Guide. To resolve the deficiency, the Company demonstrated compliance with the applicable standards for two consecutive quarters, pursuant to Section 1009(f) of the Company Guide. Effective as of the opening of trading on December 17, 2024, the compliance indicator was removed, and the Company's name was removed from the list of NYSE American noncompliant issuers. The Company remains subject to the NYSE American's continued listing standards.

If the NYSE American delists our common stock from trading on its exchange and we are not able to list our securities on another national securities exchange, we expect our common stock would qualify to be quoted on the OTC Bulletin Board® or on the Pink Sheets® (a quotation medium operated by Pink Sheets LLC). If this were to occur, we could face significant material adverse consequences, including:

● a limited availability of market quotations for our securities;

● reduced liquidity for our securities;

● a determination that our common stock is a "penny stock" which will require brokers trading in our common stock to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for our securities;

● a limited amount of news and analyst coverage; and

● a decreased ability to issue additional securities or obtain additional financing in the future.

***If securities or industry analysts do not publish research or reports about our business, or if they change their recommendations regarding our stock adversely, our stock price and trading volume could decline.***

The trading market for our common stock will be influenced by the research and reports that industry or securities analysts publish about us or our business. Our research coverage by industry and financial analysts is currently limited. Even if our analyst coverage increases, if one or more of the analysts who cover us downgrade our stock, our stock price would likely decline. If one or more of these analysts cease coverage of our company or fail to regularly publish reports on us, we could lose visibility in the financial markets, which in turn could cause our stock price or trading volume to decline.

***Shares eligible for future sale may adversely affect the market.***

From time to time, certain of our stockholders may be eligible to sell all or some of their shares of common stock by means of ordinary brokerage transactions in the open market pursuant to Rule 144 promulgated under the Securities Act, subject to certain limitations. In general, pursuant to amended Rule 144, non-affiliate stockholders may sell freely after six months subject only to the current public information requirement. Affiliates may sell after six months subject to the Rule 144 volume, manner of sale (for equity securities), and current public information and notice requirements. Any substantial sales of our common stock pursuant to Rule 144 may have a material adverse effect on the market price of our common stock.

***We could issue additional common stock, which might dilute the book value of our common stock.***

Our Board of Directors has the authority, without action or vote of our stockholders, to authorize the issuance of all or a part of our authorized but unissued shares. Such stock issuances could be made at a price that reflects a discount or a premium from the then-current trading price of our common stock. In addition, in order to raise capital, we have and may need to issue securities that are convertible into or exchangeable for a significant amount of our common stock. These issuances would dilute the percentage ownership interest, which would have the effect of reducing your influence on matters on which our stockholders vote and might dilute the book value of our common stock. You may incur additional dilution if holders of stock options, whether currently outstanding or subsequently granted, exercise their options, or if warrant holders exercise their warrants, whether currently outstanding or subsequently granted, to purchase shares of our common stock.

***Our common stock could be further diluted as a result of the issuance of convertible securities, warrants or options.***

In the past, we have issued convertible securities (such as convertible debentures and notes), warrants and options in order to raise money or as compensation for services and incentive compensation for our employees and directors. We have shares of common stock reserved for issuance upon the exercise of certain of these securities and may increase the shares reserved for these purposes in

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the future. Our issuance of these convertible securities, options and warrants could affect the rights of our stockholders, could reduce the market price of our common stock or could result in adjustments to exercise prices of outstanding warrants (resulting in these securities becoming exercisable for, as the case may be, a greater number of shares of our common stock), or could obligate us to issue additional shares of common stock to certain of our stockholders.

***We may require additional capital to support business growth, and if capital is not available to us or is available only by diluting existing stockholders, our business, operating results and financial condition may suffer.***

We may require additional capital to continue to develop and grow our business and operations, including responding to business opportunities, challenges or unforeseen circumstances, and we cannot be certain that additional financing will be available, which could limit our ability to grow and jeopardize our ability to continue our business operations. We fund our capital needs from available working capital; however, the timing of available working capital and capital funding needs may not always coincide, and the levels of working capital may not fully cover capital funding requirements. From time to time, we may need to supplement our working capital from operations with proceeds from financing activities. There can be no assurance that we will be able to obtain any additional financing on terms that are acceptable to us, or at all.

If we raise additional funds through issuances of equity, our existing stockholders could experience significant dilution, and any new securities we issue could have rights, preferences and privileges superior to those of holders of our shares of common stock. Additionally, any debt financing secured by us in the future could involve restrictive covenants relating to our capital raising activities and other financial and operational matters, which may make it more difficult for us to obtain additional capital and to pursue business opportunities.

Further, a severe or prolonged economic downturn could result in a variety of risks to our business, including weakened demand for our products or services and our inability to raise additional capital when needed on acceptable terms, if at all. Failure to secure any necessary financing in a timely manner and on favorable terms could impair our ability to achieve our growth strategy, could harm our financial performance and stock price and could require us to delay or abandon our business plans. We cannot anticipate all of the ways in which the current economic climate and financial market conditions could adversely impact our business.

***Global economic uncertainty and financial market volatility caused by political instability, changes in international trade relationships and conflicts, such as the war in Ukraine and conflicts in the Middle East, could make it more difficult for us to access financing and could adversely affect our business and operations.***

Our ability to raise capital is subject to the risk of adverse changes in the market value of our stock. Periods of macroeconomic weakness or recession and heightened market volatility caused by adverse geopolitical developments could increase these risks, potentially resulting in adverse impacts on our ability to raise further capital on favorable terms. The impact of geopolitical tension, such as a deterioration in the bilateral relationship between the US and China or an escalation in conflict between Russia and Ukraine and the conflicts in the Middle East, including any resulting sanctions, export controls or other restrictive actions that may be imposed by the US and/or other countries against governmental or other entities in, for example, Russia, also could lead to disruption, instability and volatility in global trade patterns, which may in turn impact our ability to source necessary reagents, raw materials and other inputs for our research and development operations.

***We do not intend to pay dividends.***

We do not anticipate paying cash dividends on our common stock in the foreseeable future. We may not have sufficient funds to legally pay dividends. Even if funds are legally available to pay dividends, we may nevertheless decide in our sole discretion not to pay dividends. The declaration, payment and amount of any future dividends will be made at the discretion of our board of directors, and will depend upon, among other things, the results of our operations, cash flows and financial condition, operating and capital requirements, and other factors our board of directors may consider relevant. There is no assurance that we will pay any dividends in the future, and, if dividends are paid, there is no assurance with respect to the amount of any such dividend.

***Voting power of our stockholders is highly concentrated by insiders.***

Our officers, directors and affiliates currently beneficially own approximately 70.45% of the voting power of our voting stock. Such concentrated control of the Company may adversely affect the value of our common stock. If you acquire our common stock, you may have no effective voice in our management. Sales by our insiders or affiliates, along with any other market transactions, could affect the value of our common stock.

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***We have shares of Series A Voting Preferred Stock outstanding with super voting rights.***

Our outstanding capital stock as of the date hereof consists of common stock and Series A Voting Preferred Stock. All 1,000,000 shares of Series A Voting Preferred Stock have been issued to Mr. Michael Mo, our Chairman and Chief Executive Officer. Each share of common stock is entitled to one vote and each share of Series A Voting Preferred Stock is entitled to 100 votes on any matter on which action of the stockholders of the Company is sought. Approximately 97.30% of Mr. Mo's voting power stems from his holdings of the Series A Voting Preferred Stock. The Series A Voting Preferred Stock will vote together with the common stock.

Our certificate of incorporation or the Certificate of Designation of Preferences, Rights and Limitations of the Non-convertible Series A Voting Preferred Stock do not provide for any sunset provisions that limit the lifespan of our Series A Voting Preferred Stock, including in the case of the death of a Series A Voting Preferred Stock stockholder or intra-family transfers of shares of Series A Voting Preferred Stock. The holders of Series A Voting Preferred Stock are not entitled to receive dividends of any kind or to any liquidation preference. The Series A Voting Preferred Stock is not convertible into common stock or any other equity authorized to be issued by the Company.

In addition to the dilutive effect on the voting power and value of our common stock, the foregoing structure of our capital stock may render our common stock ineligible for inclusion in certain securities market indices, and thus adversely affect the price and liquidity of, and public sentiment regarding, our common stock or other securities. The existence of, and voting rights associated with, our Series A Voting Preferred Stock, either alone or in conjunction with certain of the other provisions of our certificate of incorporation, could also have the effect of delaying, deterring or preventing a change in our control or make the removal of our management more difficult.

***Our Chairman and CEO owns our Series A Voting Preferred Stock and will be able to exert significant control over matters subject to stockholder approval.***

Michael Mo, our Chairman and CEO, currently beneficially owns common stock and Series A Voting Preferred Stock that provide him with 70.28% of the voting power of our voting stock. Therefore, even after any further dilution from future equity issuances, he will have the ability to substantially influence us through this ownership position. For example, he may be able to significantly influence elections of directors, amendments of our organizational documents, or approval of any merger, sale of assets, or other major corporate transaction. His interests may not always coincide with our corporate interests or the interests of other stockholders, and he may act in a manner with which you may not agree or that may not be in the best interests of our other stockholders. So long as he continues to hold a significant amount of voting power, he will continue to be able to strongly influence or effectively control our decisions.

***Our certificate of incorporation allows for our board to create a new series of preferred stock without further approval by our stockholders, which could adversely affect the rights of the holders of our common stock.***

Our Board of Directors has the authority to fix and determine the relative rights and preferences of preferred stock. Our Board of Directors have the authority to authorize the issuance of up to 20,000,000 shares of our preferred stock, terms of which may be determined by the Board without further stockholder approval. As a result, our Board of Directors could authorize the issuance of a series of preferred stock that would grant to holders the preferred right to our assets upon liquidation, the right to receive dividend payments before dividends are distributed to the holders of common stock and the right to the redemption of the shares, together with a premium, prior to the redemption of our common stock.

In addition, our Board of Directors could authorize the issuance of a series of preferred stock that has greater voting power than our common stock or that is convertible into our common stock, which could decrease the relative voting power of our common stock or result in dilution to our existing stockholders.

On January 26, 2024, our Board of Directors approved, authorized, and ratified the issuance of 730,000 shares of previously designated Non-convertible Series A Voting Preferred Stock to the Chairman and Chief Executive Officer of the Company, Michael Mo, for no consideration, subject to the Board reserving the full and unequivocal right to revoke, rescind, transfer or otherwise cancel the issued Non-convertible Series A Voting Preferred Stock in the event Michael Mo is removed from any position with the Company or resigns from all positions with the Company. On January 16, 2025, the Board of Directors approved the issuance of an additional 270,000 shares of Non-convertible Series A Voting Preferred Stock to the Chief Executive Officer, bringing his total holdings up to 1,000,000 shares of Series A Voting Preferred Stock.

The issuance of up to 1,000,000 shares of Non-convertible Series A Voting Preferred Stock was previously approved and authorized by a vote of the majority stockholders of the Company and reinforces and enhances the Company's flexibility to optimize the Company's negotiating position in any potential current and/or future engagements with commercial, financial, and/or strategic

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parties, and to provide defenses against potential hostile third-party actions. Each record holder of Non-convertible Series A Voting Preferred Stock has 100 votes per share of Non-convertible Series A Voting Preferred Stock held by such record holder, but the Series A Voting Preferred Stock is otherwise identical in every other respect to the voting rights of the holders of common stock entitled to vote at any regular or special meeting of the stockholders or by written consent.

#### ITEM 1B. UNRESOLVED STAFF COMMENTS
As a smaller reporting company, the Company is not required to provide the information required by this item.

#### ITEM 1C. CYBERSECURITY
We recognize the importance of assessing, identifying, and managing material risks associated with cybersecurity threats. These risks include, among other things: operational risks, intellectual property theft, fraud, extortion, harm to employees or customers and violation of data privacy or security laws. Our customers, suppliers and subcontractors face similar cybersecurity threats, and a cybersecurity incident impacting us or any of these entities could materially adversely affect our operations, performance, and results of operations.

Cyber partners are a key part of our cybersecurity infrastructure. KULR partners with leading cybersecurity companies, leveraging third-party technology and expertise. KULR engages with these partners to monitor and maintain the performance and effectiveness of products and services that are deployed in KULR's environment.

KULR's Chief Technology Officer, in conjunction with our third-party providers, is responsible for assessing and managing KULR's cyber risk management program, informs senior Management regarding the prevention, detection, mitigation, and remediation of cybersecurity incidents, and supervises such efforts. In addition, KULR has made additional investment into cybersecurity by hiring an on-premises Information Technology Manager who will dedicate time weekly to supporting the development of KULR cyber related policies and working on enforcement with 3<sup>rd</sup> party managed solutions providers.

We deploy online cybersecurity training for employees and consider this a critical step in safeguarding the Company's data and assets. The training provides employees with a baseline understanding of cybersecurity fundamentals to prevent security breaches and safely identify potential threats. The training techniques to strengthen our defensive stance against the increasing number and sophistication of cyberattacks worldwide include insider attacks, phishing and email attacks and data protection. Employee completion of cybersecurity training is tracked and monitored via an online administrative portal.

The Board of Directors oversees Management's processes for identifying and mitigating risks, including cybersecurity risks, to help align our risk exposure with our strategic objectives. Management briefs the Board of Directors on our cybersecurity and information security posture, and the Board of Directors is apprised of cybersecurity incidents at quarterly Board of Directors meetings.

We maintain a cyber risk management program designed to identify, assess, manage, mitigate, and respond to cybersecurity threats. This program is integrated within the Company's enterprise risk management system and addresses both the corporate information technology environment and customer-facing products. The underlying controls of the cyber risk management program are based on recognized best practices and standards for cybersecurity and information technology, including the National Institute of Standards and Technology ("NIST") Cybersecurity Framework ("CSF"). We conduct an annual assessment of our practices and standards against the NIST CSF. KULR is actively engaged with third-party specialists to update policies and institute controls that would ensure Cybersecurity Maturity Model Certification level 2 compliance.

Identifying and assessing cybersecurity risk is integrated into our overall risk management systems and processes. Cybersecurity risks related to our business, technical operations, privacy and compliance issues are identified and addressed through a multi-faceted approach including third party assessments, risk and compliance reviews, and meetings with KULR executives. To defend, detect and respond to cybersecurity incidents, we, among other things: conduct proactive privacy and cybersecurity reviews of systems and applications, audit applicable data policies, perform vulnerability testing using external third-party tools and techniques to test security controls, conduct employee training, monitor emerging laws and regulations related to data protection and information security and implement appropriate changes.

We face risks from cybersecurity threats that could have a material adverse effect on our business, financial condition, results of operations, cash flows or reputation. We have experienced, and may continue to experience, cyber incidents in the normal course of our business. Although prior cybersecurity incidents have not had a material adverse effect on our business, financial condition, results of operations, or cash flows, there can be no assurance that we will not suffer a material loss in the future. For a description of the risks from cybersecurity threats that may materially affect the Company, see our risk factors under Item 1A. Risk Factors, including the risk

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factor entitled ***Significant disruptions of information technology systems, breaches of data security and other incidents could materially adversely affect our business, results of operations and financial condition.***

#### ITEM 2. PROPERTIES
Our principal executive office is located at 555 Forge River Road, Suite 100, Webster, Texas 77598, and the telephone number at such address is 408-663-5247.

#### ITEM 3. LEGAL PROCEEDINGS
From time to time we may become involved in legal proceedings arising in the ordinary course of business. We are not currently a party to any material legal or administrative proceedings.

#### ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.

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#### PART II

#### ITEM 5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

#### Market for Common Equity and Related Stockholder Matters
Our common stock trades on the NYSE American LLC Exchange under the symbol "KULR."

#### Securities Authorized for Issuance Under Equity Compensation Plans
See Item 12, "Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters," for information regarding securities authorized for issuance.

#### Stock Transfer Agent
Our stock transfer agent of our Common Stock is VStock Transfer LLC, located at 18 Lafayette Pl, Woodmere, NY 11598.

#### Common Stockholders
On March 27, 2026, we had approximately 102 stockholders of record.

#### Dividends
The Company has not paid any dividends to date. The Company intends to employ all available funds for the growth and development of its business, and accordingly, does not intend to declare or pay any dividends in the foreseeable future.

#### Recent Sales of Unregistered Securities
There were no sales of unregistered securities during the fiscal year ended December 31, 2025 other than those transactions previously reported to the SEC on our quarterly reports on Form 10-Q and current reports on Form 8-K.

**Issuer Purchases of Equity Securities**

The Company did not repurchase any of its equity securities during the fourth quarter ended December 31, 2025.

#### ITEM 6. [Reserved]

#### ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
*The following discussion and analysis of the results of operations and financial condition of KULR Technology Group, Inc. ("KULR") and its wholly-owned subsidiary, KULR Technology Corporation ("KTC") (collectively referred to as "KULR" or the "Company") as of and for the years ended December 31, 2025 and 2024 should be read in conjunction with our consolidated financial statements and the notes to those consolidated financial statements that are included elsewhere in this Annual Report. References in this Management's Discussion and Analysis of Financial Condition and Results of Operations to "us", "we", "our" and similar terms refer to the Company. This Management's Discussion and Analysis of Financial Condition and Results of Operations contains statements that are forward-looking. These statements are based on current expectations and assumptions that are subject to risk, uncertainties and other factors. These statements are often identified by the use of words such as "may," "will," "expect," "believe," "anticipate," "intend," "could," "estimate," or "continue," and similar expressions or variations. Actual results could differ materially because of the factors discussed in "Risk Factors" elsewhere in this Annual Report, and other factors that we may not know.*

#### Overview
KULR designs and builds advanced battery systems for autonomous platforms, digital infrastructure, e-mobility and Space – sold as a product or delivered as service subscription. The Company addresses two primary constraints in electrification: thermal management and safety. As energy and power density increase across aerospace, autonomous machines, digital infrastructure and industrial applications, managing heat generation, current density, and propagation risk becomes essential to system reliability and survivability.

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KULR is establishing a fully integrated battery energy storage system design and production infrastructure in Houston, Texas. KULR brings battery pack design, prototyping, testing, certification, and manufacturing; as well as battery management system software and electronics design capabilities together under one roof. This full-stack approach enables faster development cycles and rapid transition from prototype to cost-effective volume production. The facility is designed to build high-power and high-energy battery packs that require advanced thermal, mechanical, and safety engineering. With domestic supply chain alignment and scalable production capacity, KULR is positioning itself as a leading manufacturer of advanced battery packs for mission-critical and high-performance applications in the United States.

KULR VIBE is a vibration-reduction technology designed to improve performance and reliability in high-speed and rotor-driven systems. Derived from vibration management solutions used in defense helicopters for over 20 years, it addresses excess vibration that reduces efficiency, increases mechanical wear, and shortens vehicle lifespan. KULR VIBE enables motors, rotating assemblies, and sensitive electronics to operate more smoothly and efficiently across a range of applications, including helicopters, drones, performance vehicles, wind turbines, and other electric and autonomous systems.

#### Recent Developments

#### Annual Revenues
The Company reported record annual revenues of $16.2 million for 2025, as compared to its previous revenues of $10.7 million for 2024.

#### Investments, Impairment and Credit Losses
During the year ended December 31, 2025, the Company made two investments in a private German entity (the "Investee"), including Series A7 Preferred Shares and a convertible loan receivable of $3.3 million and $2.1 million, respectively. In addition, the Company had accounts receivable of $0.8 million due from Investee, who was also a customer. On November 13, 2025, the Investee filed an application with a German insolvency court to open insolvency proceedings. As a result, as of December 31, 2025, the Company has fully impaired or recognized credit losses associated with the Company's investments and accounts receivable associated with the Investee. During the fourth quarter of 2025, the Company determined that it would not pursue additional sales of exoskeleton products and, accordingly, recorded an inventory reserve of $0.5 million, bringing the net carrying value of its on-hand exoskeleton inventory down to zero.

#### Bitcoin Treasury Strategy
On December 4, 2024, the Board approved, and the Company publicly announced its decision to include BTC as a primary asset in its treasury program. During the year ended December 31, 2025, the Company purchased 783.81 BTC via trade orders on Coinbase (the "Custodian"), at an average cost of $101,683 per BTC, inclusive of fees and expenses, for an aggregate cost of $79.7 million.

Bitcoin accounting guidance has been evolving. According to the American Institute of Certified Public Accountants "Accounting for and auditing of Digital Assets practice aid," bitcoin would satisfy the definition of an indefinite-lived intangible asset and would be accounted for under ASC 350, Intangibles - Goodwill and Other issued by the Financial Accounting Standards Board, or FASB. Under these guidelines, bitcoin holdings would be accounted for initially at cost and subject to impairment losses if their fair value fell below carrying value. In December 2023, the FASB issued Accounting Standards Update No. 2023-08, Accounting for and Disclosure of Crypto Assets (ASU 2023-08), which revised bitcoin accounting treatment. Under this new guidance, the valuation of bitcoin is to be measured based on fair value.

#### Mining of Digital Assets
Beginning in March 2025, the Company expanded its bitcoin treasury strategy to include BTC mining operations. Management determined that participating in mining activities could (i) increase BTC holdings through internally generated production, (ii) provide potential exposure to favorable mining economics, and (iii) enhance long-term treasury value through vertical participation in the bitcoin ecosystem. The Company's mining activities are conducted pursuant to fixed-term machine lease agreements.

As of March 27, 2026, 81.72 BTC have been mined pursuant to the Machine Lease Agreements, at an average cost of $103,545 per BTC. See the section "Our Bitcoin Acquisition Strategy" below for further information regarding our BTC purchases, including the source of capital used to purchase BTC.

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#### At the Market Offerings
On July 3, 2024, the Company entered into an At the Market Offering Agreement (the "First ATM Agreement") with an agent (the "First ATM Agent"), pursuant to which the Company may, from time to time, sell shares of common stock for aggregate gross proceeds of up to $20 million in "at the market" offerings through or to the First ATM Agent (the "ATM"). Sales of the shares of common stock, if any, will be made at prevailing market prices at the time of the sale, or as otherwise agreed with the First ATM Agent. The First ATM Agent was entitled to a commission from the Company of 3% of the gross proceeds of any shares of common stock sold pursuant to the ATM. On December 4, 2024, the Company increased the maximum aggregate offering amount of the shares of the Company's common stock issuable under the ATM from approximately $20 million to $46 million. On December 26, 2024, the Company increased the maximum aggregate offering amount of the shares of the Company's common stock issuable under the ATM by an additional $50 million, to $96 million. On July 3, 2024, the Company entered into an amendment to the First ATM Agreement to reduce the First ATM Agent's commission to 2.5% of gross proceeds of any sales of shares of common stock sold pursuant to the ATM.

On January 24, 2025, the Company increased the maximum aggregate offering amount of the shares of the Company's common stock issuable under the First ATM Agreement by an additional $50 million, bringing the total aggregate offering amount to $146 million. On May 30, 2025, the Company completed its initial ATM offering pursuant to the First ATM Agreement, issuing an aggregate of 14,783,401 shares of common stock for gross proceeds of approximately $146 million. Of these shares, 9,347,652 were issued for gross proceeds of $61.9 million in 2024, and 5,435,749 were issued for gross proceeds of $84.1 million in 2025.

On June 9, 2025, the Company entered into a second At the Market Offering Agreement (the "Second ATM Agreement") with two sales agents (the "Second ATM Agents"), pursuant to which the Company may, from time to time, sell shares of common stock for aggregate gross proceeds of up to $300 million in ATM offerings through or to the Second ATM Agents. On September 30, 2025, the Company reduced the aggregate offering amount to $150 million. Sales of the shares of common stock, if any, will be made at prevailing market prices at the time of the sale, or as otherwise agreed with the Second ATM Agents. The Second ATM Agents will receive a commission from the Company of up to 3.0% of the gross proceeds of any shares of common stock sold pursuant to the Second ATM Agreement. During the year ended December 31, 2025, the Company issued a total of 7,243,562 shares of common stock pursuant to the Second ATM Agreements for aggregate gross proceeds of $39.1 million. As of December 22, 2025, the Company decided to pause its ATM transactions through June 30, 2026.

#### License and Opportunities for KULR VIBE Fan Balancing Applications
On September 29, 2024, we entered into a licensing agreement for our proprietary vibration reduction technology named KULR Xero Vibe ("KXV"). The deal includes a $1.1 million minimum guaranteed license and royalty fee, a unique opportunity for the licensee to purchase proprietary balancing equipment directly from the Company and additional revenue upside to the Company based on volume and technology upgrades. The licensee is a Japanese corporation specializing in systems integration and the distribution of advanced semiconductor solutions. During the year ended December 31, 2025, the Company entered into a Master Vehicles Agreement that permits the application of its Zero Vibe technology in automotive platforms. The Company continues to explore additional license opportunities.

#### License and Opportunities for CF Cathode Design Technology
On December 29, 2024 the Company entered into a ten-year licensing agreement with a customer located in Japan, for the use of intellectual property in connection with its CF Cathode Design technology (including the specifications, diagrams, schematics and instructions (together the "KULR CF Intellectual Property") for the production of the CF Cathode. The agreement gives the customer the exclusive license to use the KULR CF Intellectual Property to manufacture and sell CF Cathodes in Japan, and a non-exclusive license to manufacture and sell CF Cathodes in several other countries, including Taiwan, China, India and Korea. Pursuant to this license agreement, the total contract value is $1.8 million, of which the Company recognized $1.7 million in revenue for the year ended December 31, 2024. There was no revenue recognized for the year ended December 31, 2025 under this license agreement. In addition, $0.1 million will be recognized as interest income over the term of the agreement as a result of a significant financing component.

#### Reverse Stock Split
On June 20, 2025, the Company filed a Certificate of Amendment to its Certificate of Incorporation, as amended, with the Secretary of State of the State of Delaware to effect a 1-for-8 reverse stock split of the shares of the Company's common Stock, effective on June 23, 2025 (the "Reverse Stock Split"). As a result of the Reverse Stock Split, every eight shares of issued and outstanding common stock were automatically combined into one issued and outstanding share of common stock, without any change in the par value per share. No fractional shares were issued as a result of the Reverse Stock Split, and any fractional shares that would otherwise have resulted from the Reverse Stock Split were rounded up to the next whole number. The number of authorized shares of common stock under the Company's Certificate of Incorporation, as amended, remained unchanged.

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All references to share and per share amounts for all periods presented in the audited consolidated financial statements have been retrospectively restated to reflect the Reverse Stock Split. All rights to receive shares of common stock under outstanding securities, including but not limited to, warrants, options, and restricted stock units ("RSUs") were adjusted to give effect to the Reverse Stock Split. Furthermore, proportionate adjustments were made to the per share exercise price and the number of shares of common stock that may be purchased upon exercise of outstanding stock options granted by the Company, and the number of shares of common stock reserved for future issuance under the Company's 2018 Equity Incentive Plan.

#### Credit Agreement
On July 1, 2025, the Company entered into a Master Loan Agreement (the "Master Loan Agreement") with Coinbase Credit, Inc., a Delaware corporation, and Coinbase, Inc., a Delaware corporation, acting in its principal capacity and as agent for each of its affiliates (each, a "Coinbase Entity" and together the "Lender"). The Master Loan Agreement governs separate loan transactions (each, a "Loan") whereby the Lender may, from time to time, lend to the Company (i) specified quantities of digital assets or (ii) cash in U.S. dollars (collectively, "Loaned Assets"). Each Loan will be documented by a written confirmation setting forth the asset type, principal amount, loan fee rate, maturity profile and any other negotiated terms. The Master Loan Agreement provides for a multiple-draw term facility up to $20 million. A Loan shall only be deemed to commence once the Lender transfers the Loaned Assets to the Company, and the Company simultaneously pledges the required collateral.

On July 8, 2025, the Company borrowed $8.0 million in cash (the "Initial Drawdown") under the Master Loan Agreement. The Initial Drawdown is the first advance against the revolving credit facility established by the Master Loan Agreement. The Initial Drawdown bears an 8% loan fee. The Company's obligations are secured by a first-priority security interest at a collateral-coverage ratio of about 156.25% of the outstanding principal amount. The Initial Drawdown is subject to the terms and conditions of the Master Loan Agreement. As of December 31, 2025, the balance on the loan was repaid in full.

On March 27, 2026, the Company borrowed $5.0 million in cash (the "March 2026 Drawdown") under the Master Loan Agreement. The March 2026 Drawdown bears a 7% loan fee. The Company's obligations under the March 2026 Drawdown are secured under the same terms and collateral-coverage ratio as the Initial Drawdown. The March 2026 Drawdown is subject to terms and conditions of the Master Loan Agreement. After giving effect to the March 2026 Drawdown, $15.0 million of the $20.0 million credit facility remains available.

#### Consolidated Results of Operations

#### Year Ended December 31, 2025 Compared With Year Ended December 31, 2024
Revenue

Our revenues consisted of the following types:

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| | | | |
|:---|:---|:---|:---|
|  | **For the Years Ended** | **For the Years Ended** | |
|  | **December 31,**  | **December 31,**  | <br>**Variances** |
|  | **2025** | **2024** | $**%** |
| Product sales | $5052771 | $3644240 | 39% |
| Contract services | 2201333 | 4406023 | (50)% |
| IP license |  | 2687218 | (100)% |
| Grant revenue | 1886376 |  | N/A |
| Mining of digital assets | 7029924 |  | N/A |
| &nbsp;&nbsp;Total Revenue | $16170404 | $10737481 | 51% |

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For the years ended December 31, 2025 and 2024, we generated $16.2 million and $10.7 million of revenue from 60 and 71 customers, respectively.

We had 47 product sales customers in 2025, compared with 53 in 2024. Product sales during these periods include sales of our component product, battery production, internal short circuit battery cells and devices, patented thermal runaway shield technology ("TRS"), phase change material ("PCM") heatsinks, KULR SafeCases, and exoskeleton devices. Although the number of customers decreased, the increase in product revenue was driven primarily by our new client base generating more significant revenue per contract during the year ended December 31, 2025, as compared to the same period in 2024. Additionally, there was a significant increase in revenue generated from one of the Company's existing customers.

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We had 34 contract services customers in 2025, compared with 34 in 2024. The decrease in revenue is primarily due to a large contract earned during 2024 which generated $0.7 million of service revenues, along with a significant reduction in two other contracts in 2025. Service revenue includes unique engineering design and testing projects customized for specific customers.

Revenue from IP licensing during the year ended December 31, 2024, was $2.6 million. License revenue consists of contracts with customers for the rights to use our patented KULR VIBE technology and CF Cathode Design technology. License revenue consists of certain guaranteed minimum royalty amounts. These contracts were executed during the year ended December 31, 2024. There was no license revenue recognized during the year ended December 31, 2025.

Our solutions are new and do not necessarily fit into pre-existing patterns of purchase commitments. Accordingly, the business activity cycle between expression of initial customer interest to shipping, acceptance and billing can be lengthy, unpredictable, and lumpy, which can influence the timing, consistency and reporting of sales growth.

Revenue from mining of digital assets mined during the year ended December 31, 2025 was $7.0 million. The initial mining contract was entered into on March 7, 2025 and mining activities increased through December 31, 2025, with additional leases being executed during the period. Two new mining contracts were entered into during the second quarter of 2025, followed by a fourth and fifth mining contract in the third and fourth quarters of 2025, respectively. For the year ended December 31, 2025, we earned 65.79 BTC from mining operations. There was no mining of digital assets revenue recognized prior to March 7, 2025.

Grant revenue during the year ended December 31, 2025 was $1.9 million related to the reimbursement of equipment purchases totaling $0.3 million, R&D expenses totaling $1.4 million and prepayments of $0.2 million. Grant revenue consists of an award from the Texas Space Commission to perform research and development of cold-temperature lithium-ion battery solutions for the next generation of Lunar and Martian missions which is part of our ongoing major or central activities. The contract award was executed on September 23, 2025. Revenue is earned on the award once specific grant conditions have been met, which is generally when the costs relevant to the condition have been incurred by the Company. There was no grant revenue recognized prior to this period.

*Cost of Revenue, Gross Profit and Gross Profit Margin*

Cost of revenue consists of the cost of our products as well as labor expenses directly related to product sales or contract services. The following table presents the dollar and percentage variances in cost of revenue for the periods presented.

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| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended** | **For the Year Ended** | |
|  | **December 31, 2025** | **December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp; <br>**Gross Profit** |
|  | **Revenue** | **COGS** | $**%**  |
| **Gross Margins** |  |  |  |
| &nbsp;&nbsp;Product sales | $5052771 | $4978205 | 1.0% |
| &nbsp;&nbsp;Contract services | 2201333 | 2930453 | (33.0)% |
| &nbsp;&nbsp;Grant revenue | 1886376 |  | 100.0% |
| &nbsp;&nbsp;Mining of digital assets | 7029924 | 7490774 | (6.6)% |
| &nbsp;&nbsp;Total | $16170404 | $15399432 | 4.8% |

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| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended** | **For the Year Ended** | |
|  | **December 31, 2024** | **December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp; <br>**Gross Profit** |
|  | **Revenue** | **COGS** | $**%**  |
| **Gross Margins** |  |  |  |
| &nbsp;&nbsp;Product sales | $3644240 | $1975610 | 45.8% |
| &nbsp;&nbsp;Contract services | 4406023 | 3278673 | 25.6% |
| &nbsp;&nbsp;IP license | 2687218 |  | 100.0% |
| &nbsp;&nbsp;Total | $10737481 | $5254283 | 51.1% |

---

Product mix plays an important part in our reported average margins for any period. Because we are introducing new products at an early stage in our development cycle, the margins earned can vary significantly between periods, customers, products and services due to the learning process, customer negotiating strengths, and product mix.

Gross profit margin on product sales declined sharply year-over-year. The decline was driven primarily by a write-off of approximately $0.7 million of inventory following the customer's cessation of business operations, against which minimal revenue was generated. The inventory write-off, combined with low revenue from the related product line, resulted in significant margin reduction during the period.

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Gross profit margin on contract services deteriorated from a positive margin in 2024 to a negative margin in 2025. The decline reflects increased labor hours incurred on service contracts relative to revenue recognized during the period. Margins were further pressured by approximately $0.7 million of depreciation expense on a revenue-generating machine that was placed into storage following the expiration of the Shawline lease in November 2025, resulting in limited revenue being generated against an otherwise fixed cost base.

Mining of digital assets is a new segment in 2025 with no comparable prior year period. Gross margins were negative during the period, reflecting the early-stage nature of the operations where hosting, energy, and lease costs exceeded mining revenue during the initial ramp-up period. Margins were further pressured by the decline in BTC prices experienced from March 2025 through December 2025, which reduced the value of BTC mined relative to the fixed costs of leasing the machines, compressing margins throughout the majority of the year.

Grant revenue, which represents a reimbursement of costs, reflected a full gross margin contribution. The related costs include $1.5 million classified within research and development expenses, and $0.4 million which were capitalized as fixed assets or prepaid expenses.

IP licensing generated a full margin contribution in 2024 as it carried no associated cost of revenue. No IP licensing revenue was recognized in 2025, and its absence was a significant driver of the overall decline in gross profit year-over-year.

*Research and Development*

Research and development ("R&D") includes expenses incurred in connection with the R&D of our CFV thermal management solution, high-areal-capacity battery electrodes, and 3D engineering for a rechargeable battery. R&D expenses are charged to operations as incurred. The following table presents the dollar and percentage variances in R&D expenses for the periods presented.

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Years Ended** | **For the Years Ended** | |
|  | **December 31,** | **December 31,** | &nbsp;&nbsp;&nbsp;&nbsp; <br>**Variances** |
|  | **2025** | **2024** | $**%**  |
| **Operating Expenses** |  |  |  |
| Research and development | $10755036 | $4738305 | 127% |
| &nbsp;&nbsp;Total research and development | $10755036 | $4738305 | 127% |

---

The increase was primarily attributable to planned increases in R&D services and personnel during 2025, including approximately $4.5 million of higher costs associated with third-party engineering and development services related to balancing fans to optimize vibration signature and acoustic studies, the purchase of testing equipment, and investments to support manufacturing expansion. Stock-based compensation increased by approximately $1.2 million as a result of new equity awards granted during the year. In addition, employee benefits related to health insurance increased by approximately $0.2 million, driven by expanded coverage and overall market pricing increases.

We expect that our R&D expenses will increase as we expand our future operations.

*Selling, General and Administrative*

Selling, general and administrative expenses consisted primarily of stock-based compensation, marketing and advertising, salaries, payroll taxes and other benefits, Board member compensation, accounting and tax, consulting fees, travel and entertainment, rent expense, office expenses, and legal and professional fees. The following table presents the dollar and percentage variances in selling, general and administrative expenses for the periods presented.

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Years Ended** | **For the Years Ended** | |
|  | **December 31,** | **December 31,** | &nbsp;&nbsp;&nbsp;&nbsp; <br>**Variances** |
|  | **2025** | **2024** | $**%**  |
| **Operating Expenses** |  |  |  |
| Selling, general, and administrative | $27696969 | $15979852 | 73% |
| &nbsp;&nbsp;Total selling, general, and administrative | $27696969 | $15979852 | 73% |

---

The increase was primarily attributable to higher operating costs associated with the Company's expanded activities during 2025. Accounting, legal, consulting, and other professional fees increased by approximately $4.3 million, primarily related to strategic investment and business and corporate development related activities. Marketing expense increased by approximately $2.0 million,

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reflecting increased corporate and product awareness activity, advertising and promotional efforts. Travel expense increased by approximately $0.5 million, primarily related to increased marketing, business development and operational activities. Insurance expense increased by approximately $0.7 million, driven by expanded coverage and overall market pricing increases. SG&A expenses also increased primarily due to higher stock-based compensation expense of approximately $3.0 million related to additional equity awards granted during 2025, as well as approximately $0.7 million of increased personnel costs driven by higher headcount and employee bonuses.

*Credit Losses on Accounts Receivable*

For the year ended December 31, 2025, credit losses on accounts receivable were approximately $2.2 million, comprised of a $0.8 million direct write-off of accounts receivable associated with the Investee, as a result of their financial condition, and a $1.4 million allowance for credit losses determined using an aging-based method that groups accounts receivable into pools based on shared risk characteristics. There were no credit losses for the year ended December 31, 2024.

*Impairment of Equipment Deposits, Intangible Assets, ROU Assets and Property and Equipment*

For the year ended December 31, 2025, impairment expense was $3.1 million, as detailed in the table below:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Years Ended** | **For the Years Ended** | |
|  | **December 31,** | **December 31,** | <br>**Variances** |
|  | **2025** | **2024** | $**%** |
| **Operating Expenses** |  |  |  |
| Impairment of finance lease right-of-use asset | $905630 | $— | N/A |
| Impairment of property and equipment | 625967 |  | N/A |
| Impairment of intangible assets | 202058 |  | N/A |
| Impairment of equipment deposits | 1355174 |  | N/A |
| &nbsp;&nbsp;Total impairment expense | $3088829 | $— | N/A |

---

Each of these impairments resulted from a triggering event that required us to review the assets for impairment, which resulted in the determination that the de minimis fair value of the assets were not recoverable, and the assets were fully impaired. We recorded an impairment charge of $0.9 million on our finance lease right-of-use ("ROU") asset related to our digital asset mining operations. The impairment was driven by a significant decline in the market price of bitcoin, which reduced the expected future cash flows attributable to the asset below its carrying value. We recorded an impairment charge of $0.6 million related to certain property and equipment. Upon evaluation of property and equipment, the undiscounted future cash flows associated with the affected assets were determined to be insufficient to recover their carrying value. The fair value of these assets was determined to be zero, and accordingly they were written down to zero. We recorded an impairment charge of $0.2 million related to certain intangible assets that no longer had expected future cash flows, and the fair value of these intangibles was determined to be zero, therefore these assets were written down to zero. Write-off of equipment deposits of $1.4 million, represented deposits paid to a vendor as a downpayment for the manufacture of an automated manufacturing system. This system was never delivered to the Company. After negotiation, and in an effort to come to a resolution on the matter, we agreed to forfeit the equipment deposit while the vendor retained the unfinished equipment. There was no impairment expense for the year ended December 31, 2024.

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*Other Income (Expense)*

The following table presents the dollar and percentage variances in other income (expense) for the periods presented.

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Years Ended** | **For the Years Ended** | |
|  | **December 31,** | **December 31,** | &nbsp;&nbsp;&nbsp;&nbsp;<br>**Variances** |
|  | **2025** | **2024** | $**%**  |
| **Other income (expense)** |  |  |  |
| Unrealized loss on digital assets | $(13800041) | $(718826) | 1820% |
| Impairment of equity investment | (3325045) |  | N/A |
| Credit loss on loan receivable | (2127565) |  | N/A |
| Amortization of debt discount | (82878) | (1151659) | (93)% |
| Interest income (expense), net | 403327 | (199242) | (302)% |
| Change in fair value of accrued issuable equity | (17075) | (228777) | (93)% |
| All other | 50000 | 9834 | 408% |
| &nbsp;&nbsp;Total other expense | $(18899277) | $(2288670) | 726% |

---

The change is primarily attributable to the $13.1 million unrealized loss on BTC holdings due to the twelve-month change in market price of BTC, from $93,384 on December 31, 2024, to $87,502 on December 31, 2025, an increase of $3.3 million for an impairment of an equity investment, an increase of $2.1 million from a credit loss on a convertible loan receivable, partially offset by a decrease of $1.1 million in amortization of debt discount in connection with short-term financing, an increase of $0.6 million from interest earned from the savings account and licensing agreements, and an increase of $0.2 million for the change in fair value of accrued issuable equity.

**Our Bitcoin Acquisition Strategy**

In December 2024, we adopted BTC as our primary treasury reserve asset on an ongoing basis, subject to market conditions and our anticipated cash needs. Our strategy includes acquiring and holding BTC using cash that exceeds our working capital requirements, and from time to time, subject to market conditions, issuing equity or debt securities or engaging in other capital raising transactions with the objective of using the proceeds to purchase BTC. For example, we began issuing shares under our ATM offering program in the second half of 2024, and used proceeds from these capital markets transactions to acquire BTC. We view our BTC holdings as long term holdings and will continue to assess the merits of accumulating additional BTC. We have not set any specific target for the amount of BTC we seek to hold, and we will continue to monitor market conditions in determining whether to engage in additional BTC purchases. This overall strategy also contemplates that we may periodically sell BTC for general corporate purposes or in connection with strategies that generate tax benefits in accordance with applicable law, enter into additional capital raising transactions, including those that could be collateralized by our BTC holdings, and consider pursuing strategies to create income streams or otherwise generate funds using our BTC holdings.

Beginning in March 2025, the Company expanded its bitcoin treasury strategy to include BTC mining operations. Management determined that participating in mining activities could (i) increase BTC holdings through internally generated production, (ii) provide potential exposure to favorable mining economics, and (iii) enhance long-term treasury value through vertical participation in the bitcoin ecosystem. The Company's mining activities are conducted pursuant to fixed-term machine lease agreements.

On March 7, 2025, the Company entered into a 60 day Machine Lease Agreement with a BTC mining services company to operate 2,500 S-19 BTC mining machines on our behalf, at a total lease cost of $.9 million. Additionally, on May 16, 2025, the Company entered into a 228 day lease agreement with the same digital asset mining services company to operate the 2,500 digital assets mining machines on KULR's behalf, at a total lease cost of $3.2 million. On June 20, 2025, the Company entered into a one hundred and three-day lease agreement with a new digital asset mining services company to operate 3,570 Bitmain Antminer S19 digital assets mining machines on KULR's behalf, at a total lease cost of $2.8 million. Furthermore, on July 30, 2025, the Company entered into a one year lease agreement with a digital asset mining services company to operate digital assets mining machines on KULR's behalf, at a total lease cost of $2.6 million. On October 1, 2025, the Company entered into a two year lease agreement with a digital asset mining services company to operate digital assets mining machines on KULR's behalf, at a total lease cost of $4.2 million, of which $0.9 million represents costs attributable to the machines (see Note 13 – Leases for additional details). Through December 31, 2025, 65.79 BTC have been earned pursuant to the Machine Lease Agreements, at an average value of $106,854 per BTC.

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The following table presents BTC activity during the year ended December 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Digital Assets**<sup>(1)</sup> | <br>**Bitcoin Held** | **Weighted**<br>**Average** <br>**Per Bitcoin** |
| Fair value as of December 31, 2024 | $20281184 | 217.18 | $93384 |
| Digital assets purchased | 79700002 | 783.81 | 101683 |
| Digital assets mined | 7029924 | 65.79 | 106854 |
| Digital assets received as downtime credits | 784187 | 7.43 | 105543 |
| Change in fair value of digital assets | (13800041) |  |  |
| Fair value as of December 31, 2025 | $93995256 | 1074.21 | $87502 |

---

<sup>(1)</sup> The source of capital used to purchase BTC was primarily proceeds from ATM offerings.

**Liquidity and Capital Resources**

As of December 31, 2025 and 2024, we had cash balances of $13.3 million and $29.8 million, respectively, and working capital of $19.3 million and $29.5 million, respectively. As of December 31, 2025 and 2024, we had BTC holdings of $94.0 million and $20.3 million, respectively.

For the years ended December 31, 2025 and 2024, cash used in operating activities was $45.0 million and $17.3 million, respectively. Our cash used in operations for the year ended December 31, 2025 was primarily attributable to our net loss of $61.9 million, adjusted for non-cash expenses in the aggregate amount of $25.3 million, as well as $8.3 million of net cash used to fund changes in the levels of operating assets and liabilities. Our cash used in operations for the year ended December 31, 2024 was primarily attributable to our net loss of $17.5 million, adjusted for non-cash expenses in the aggregate amount of $7.1 million, as well as $6.9 million of net cash used to fund changes in the levels of operating assets and liabilities.

For the years ended December 31, 2025 and 2024, cash used in investing activities was $89.0 million and $21.6 million, respectively. Cash used in investing activities during the year ended December 31, 2025 was related to investments in digital assets of $79.7 million, investment in preferred stock of $3.3 million, purchases of property and equipment of $3.0 million, issuance of convertible loan receivable of $2.1 million, deposits paid for purchases of property and equipment of $0.8 million, and purchase of intangible asset for $0.1 million. Cash used in investing activities during the year ended December 31, 2024 was related to investments in digital assets of $21.0 million, purchases of property and equipment of $0.6 million and deposits paid for purchases of property and equipment of $0.02 million.

For the years ended December 31, 2025 and 2024, cash provided by financing activities was $117.4 million and $67.6 million, respectively. Financing activities during the year ended December 31, 2025 was primarily due to proceeds from ATM equity financing totaling $123.2 million, proceeds from the loan payable totaling $8.0 million and proceeds from the exercise of stock options totaling $0.01 million, partially offset by loan payable repayments of $8.0 million, issuance costs of ATM financing of $3.1 million, repayment of finance lease liabilities of $1.0 million, note payable repayment of $0.6 million, payment for deferred financing costs for $0.6 million, payment of employee tax withholding from shares withheld of $0.4 million, and repurchase of common stock of $0.1 million. Financing activities during the year ended December 31, 2024 was primarily due to proceeds from ATM equity financing totaling $61.9 million, proceeds from SEPA Advance Notices totaling $9.1 million, proceeds from notes payable totaling $2.7 million, and proceeds from the exercise of stock options totaling $0.02 million, partially offset by notes payable repayments of $3.3 million, issuance costs of ATM financing of $1.8 million, repurchase of common stock of $0.5 million, payments for deferred financing costs of $0.4 million and issuance costs on notes payable of $0.2 million.

As of December 31, 2025, future cash requirements for our current liabilities include $5.8 million for accounts payable and accrued expenses, $3.3 million for future payments under operating and finance leases. Future cash requirements for long-term liabilities include $2.4 million for future payments under operating and finance leases.

On October 15, 2025, the Company repaid in full the remaining balance of the loan payable, classified in the current liabilities section of our condensed consolidated balance sheet.

Our primary source of liquidity has historically been cash generated from equity and debt offerings. Under ASC Subtopic 205-40, Presentation of Financial Statements—Going Concern ("ASC 205-40"), we have the responsibility to evaluate whether conditions and/or events raise substantial doubt about our ability to meet future financial obligations as they become due within one year after the date that the financial statements are issued. We have a history of recurring net losses, recurring use of cash in operations and declining working capital. During the year ended December 31, 2025, the Company received gross proceeds of $123.2 million pursuant to the

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ATM. As of December 31, 2025, we believe our cash on hand, BTC holdings, cash flows from operations and working capital balances will be sufficient to satisfy our obligations over the next 12 months.

No assurance can be provided that we will be successful in raising additional capital from the ATM. During the year ended December 31, 2025, the Company issued a total of 12,679,311 shares of common stock pursuant to the ATM agreements for aggregate gross proceeds of $123.2 million. During the year ended December 31, 2024, the Company issued a total of 9,347,652 shares of common stock pursuant to the First ATM for aggregate gross proceeds of $61.9 million. As of December 2025, the Company decided to pause its ATM transactions through June 30, 2026.

As of March 27, 2026, our cash and BTC balances were approximately $8.4 million and $71.5 million, respectively.

**Off-Balance Sheet Arrangements**

There are no off-balance sheet arrangements between us and any other entity that have, or are reasonably likely to have, a current or future effect on financial conditions, changes in financial conditions, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to stockholders.

**Critical Accounting Estimates**

We prepare our consolidated financial statements in accordance with U.S. generally accepted accounting principles, which require our management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosures of contingent assets and liabilities at the balance sheet dates, as well as the reported amounts of revenues and expenses during the reporting periods. To the extent that there are material differences between these estimates and actual results, our financial results will be affected. The accounting policies that reflect our more significant estimates and judgments and which we believe are the most critical to aid in fully understanding and evaluating our reported financial results are described below.

We consider an accounting estimate to be critical if: (i) the accounting estimate requires us to make assumptions about matters that were highly uncertain at the time the accounting estimate was made, and (ii) changes in the estimate that are reasonably likely to occur from period to period or use of different estimates that we reasonably could have used in the current period, would have a material impact on our financial condition or results of operations. There are items within our financial statements that require estimation but are not deemed critical, as defined above.

We have identified one estimate within our consolidated financial statements that is considered to be a critical accounting estimate, as follows:

**Impairment of Long-Lived Assets**

We review long-lived assets, including property, plant and equipment, ROU lease assets and finite-lived intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Such triggering events may include, but are not limited to, a significant decrease in the market price of an asset, a significant adverse change in the extent or manner in which an asset is being used, a significant adverse change in legal or business climate, or a current-period operating or cash flow loss combined with a history of such losses.

*Recoverability Assessment*

When a triggering event is identified, we assess recoverability by comparing the sum of the projected undiscounted future cash flows expected to be generated by the asset or asset group over its remaining useful life to its carrying amount. If the undiscounted cash flows are less than the carrying amount, an impairment loss is recognized equal to the amount by which the carrying amount exceeds the estimated fair value of the asset or asset group.

*Determination of Fair Value*

We estimate fair value using an income approach, primarily through a discounted cash flow ("DCF") model. Key assumptions in our DCF model include:

● Projected revenue growth rates, which are based on historical performance, current customer orders, market conditions, and management's outlook for the business

● Operating margin assumptions, which reflect anticipated cost structures, pricing trends, and operational efficiencies

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● Discount rate, which represents a weighted average cost of capital ("WACC") derived from observable market data for comparable companies and reflects the risk profile of the asset or asset group being tested

● Terminal growth rate, reflecting our long-term expectations for the industry and macroeconomic environment

The determination of fair value requires significant judgment and is sensitive to changes in underlying assumptions. While we believe our current assumptions are reasonable, changes in market conditions, business performance, or macroeconomic factors could result in materially different estimates.

*Results for the Period*

During the year ended December 31, 2025, we identified triggering events related to certain intangible assets, property and equipment (including an equipment deposit) and a ROU asset. As a result of our impairment analysis, we recorded a non-cash impairment charge of $3.1 million during the year ended December 31, 2025, which is reflected in Operating Expenses in our Consolidated Statements of Operations. No impairment charges were recorded during the year ended December 31, 2024.

**Recently Issued Accounting Pronouncements**

See Note 2 – Summary of Significant Accounting Policies of our consolidated financial statements included within this Annual Report for a summary of recently issued and adopted accounting pronouncements.

#### ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
As a smaller reporting company, we are not required to provide the information required by this Item.

#### ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
See "Index to Consolidated Financial Statements" which appears on page F-1 of this Annual Report on Form 10-K.

#### ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
None.

#### ITEM 9A. CONTROLS AND PROCEDURES

#### Evaluation of Disclosure Controls and Procedures
As of the end of the period covered by this Annual Report on Form 10-K, we carried out an evaluation, under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in the Exchange Act Rules 13a-15(e)) (the "Exchange Act"). Based on the foregoing evaluation, our principal executive officer and principal financial officer concluded that, as of December 31, 2025, our disclosure controls and procedures were effective.

Disclosure controls and procedures are designed to ensure that information required to be disclosed in the Company's reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in its reports filed under the Exchange Act is accumulated and communicated to management, including the Company's principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.

#### Management's Report on Internal Control Over Financial Reporting
Our management, including our principal executive officer and principal financial officer, is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act). Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. GAAP. Our internal control over financial reporting includes those policies and procedures that: (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets; (ii) provide reasonable assurance that transactions are

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recorded as necessary to permit preparation of financial statements in accordance with U.S. GAAP, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the financial statements.

Under the supervision of our principal executive officer and principal financial officer, our management conducted an evaluation of the effectiveness of our internal control over financial reporting as of December 31, 2025, based on the Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) (2013 Framework). Based on this evaluation, our principal executive officer and principal financial officer have concluded that our internal control over financial reporting as of December 31, 2025 was effective.

#### Changes in Internal Control Over Financial Reporting
Based on our management's evaluation, there has been no change in our internal control over financial reporting that occurred during the fourth quarter of 2025 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

#### Inherent Limitations of the Effectiveness of Controls
Management does not expect that our disclosure controls and procedures or our internal control over financial reporting will prevent or detect all error and fraud. A control system, no matter how well designed and operated, is based upon certain assumptions and can provide only reasonable, not absolute, assurance that its objectives will be met. Further, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, within the Company have been detected.

#### Attestation Report of Registered Public Accounting Firm
This Annual Report does not contain an attestation report of our independent registered public accounting firm related to internal control over financial reporting because the rules for smaller reporting companies provide an exemption from the attestation requirement.

#### ITEM 9B. OTHER INFORMATION
*Insider Trading Arrangements*

On December 17, 2025, Joanna Massey, a member of the Company's board of directors, terminated a trading arrangement that was intended to satisfy the affirmative defense of Rule 10b5-1(c), which had been entered into on July 1, 2025, with a termination date of July 1, 2026. The plan provided for the potential sale of up to 25,000 shares of common stock. As previously disclosed, on October 3, 2025, Dr. Massey sold 500 at $5.4594 per share under this plan prior to its termination.

**Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.**

*March 2026 Drawdown*

On March 27, 2026, the Company borrowed $5.0 million in cash (the "March 2026 Drawdown") under the Master Loan Agreement, dated July 1, 2025 (the "Master Loan Agreement"), previously disclosed in the Current Report on Form 8-K on July 8, 2025. The March 2026 Drawdown is the second advance against the revolving credit facility established by the Master Loan Agreement.

The March 2026 Drawdown bears a 7% loan fee. The Company's obligations under the March 2026 Drawdown are by a first-priority security interest at collateral-coverage ratio of about 156.25% of the outstanding principal amount, or 125 bitcoin. Except as set forth herein, the March 2026 Drawdown is subject to the terms and conditions of the Master Loan Agreement previously filed as Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on July 8, 2025.

After giving effect to the March 2026 Drawdown, $15.0 million of the $20.0 million credit facility remains available.

**ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS**

None.

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#### PART III

#### ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE

#### Executive Officers and Directors
Our executive officers and directors and their ages are as follows:

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Office** |
| Michael Mo | 55 | Chief Executive Officer and Chairman |
| Dr. William Walker | 36 | Chief Technology Officer |
| Shawn Canter | 55 | Chief Financial Officer, Director |
| Aron Schwartz | 55 | Director |
| Dr. Joanna Massey | 57 | Lead Director |
| Donna Grier | 68 | Director |
| Jay Yamamoto | 47 | General Counsel and Secretary |

---

The term of office for each director is one year, or until the next annual meeting of the stockholders.

**Michael Mo** has served as our CEO and member of the Board of Directors of the Company since March 2011. Mr. Mo is a technology entrepreneur and successful investor with over 20 years of experience in technology management, product development and marketing. In 2013, he co-founded KULR and has been serving as its CEO since then. From 2007 to 2015, Mr. Mo served as Senior Director of Business Development at Amlogic, Inc., a California high-tech company. Mr. Mo received his Master of Science in Electrical Engineering from the University of California at Santa Barbara.

**Shawn Canter** was appointed CFO of the Company effective March 2023 and has served as a member of the Board of Directors of the Company since June 2025. Mr. Canter is a seasoned corporate executive and board member with over 25 years of experience leading teams in hands-on roles in both institutional and early/growth stage companies bringing solutions to complex situations. He gained significant financial and transactional experience as an executive in M&A at Goldman Sachs and at Bank of America's investment banking division where he also served as Chief Operating Officer of M&A. Mr. Canter is responsible for financial management and driving a disciplined fiscal strategy while scaling the Company through its commercialization phase. Mr. Canter received a bachelor's degree in economics and a master's degree in organizational behavior from Stanford University, as well as a JD and an MBA from the University of Michigan.

**Dr. William Walker** was appointed Chief Technical Officer effective November 2022. Dr. Walker, who originally joined the Company in March 2022 as Director of Engineering, has significant experience in professional and research related activities focused on thermo-electrochemical testing and analysis of Li-ion battery assemblies and related thermal management products designed for space exploration applications. Prior to joining the Company, from October 2021 to March 2022, Dr. Walker was a Research Scientist at Underwriters Laboratories Inc. From June 2012 to October 2021, Dr. Walker was employed by the National Aeronautics and Space Administration (NASA) Johnson Space Center (JSC) where he focused on designing battery assemblies for human spaceflight applications capable of safely mitigating the effects of thermal runaway and preventing cell-to-cell propagation. Dr. Walker was recognized with a NASA Trailblazer award and with the RNASA Stellar Award for early career contributions to Li-ion battery thermal analysis and calorimetry methods. Dr. Walker continues to be engaged in the academic and professional communities focused on battery safety. Dr. Walker received his B.S. in Mechanical Engineering at West Texas A&M University (WTAMU) and Ph.D. in Materials Science and Engineering at the University of Houston (UH).

**Jay Yamamoto** was appointed General Counsel and Corporate Secretary effective June 2025. Mr. Yamamoto brings 15 years of legal experience to the Company. Prior to joining, Mr. Yamamoto had served as KULR's primary outside counsel since December 2016, providing strategic advice on securities regulation, corporate governance, M&A, and other complex matters and, through that engagement, has developed an intimate understanding of the Company's business, risk profile, and long-term objectives. Prior to joining KULR, Mr. Yamamoto spent 15 years practicing law, including over 7 years as a partner, at Sichenzia Ross Ference Carmel LLP, a law firm in New York. His firm practice focused on corporate and securities law, including initial public offerings and secondary transactions, mergers and acquisitions, corporate governance and securities law compliance. Mr. Yamamoto represented numerous public and private companies in private equity financing transactions, debt and venture capital offerings, domestic mergers, stock and assets acquisitions and other reorganization transactions. Mr. Yamamoto received B.A. degrees from Colgate University in economics and philosophy, and his J.D. degree from Pace University School of Law.

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**Non-Executive Directors**

**Dr. Joanna Massey** has served as a member of the Company's Board of Directors since June 2021 and was appointed Lead Director in November 2022. Dr. Massey is an experienced public company board director. She has served on both public and private company boards with audit, compensation, and M&A experience. She specializes in enterprise risk management, governance, and guiding organizations through transformation. In addition, her expertise in stakeholder communications and regulatory reporting ensures effective change management and sustainable outcomes during mergers, acquisitions, and restructurings. In her board roles, Dr. Massey has served as chairman of the board, lead independent director, chair of nominations & governance, chair of compensation, and a member of the audit, strategic finance, and pricing committees. Her previous board roles have included Thumzup Media Corporation (Nasdaq:TZUP), The Hollywood Foreign Press Association (private) and TessPay Inc. (private). Dr. Massey has a Master of Science in Legal Studies from Cornell Law School, a Master of Business Administration from the University of Southern California, a Graduate Certificate in Corporate Finance from Harvard University, as well as a Master of Arts in Clinical Psychology from Antioch University and a Ph.D. in Psychology from Sofia University.

**Donna Grier** has been a member of the Company's Board of Directors since April 2024, serving as Chair of the Audit Committee and a member of both the Nominating and Corporate Governance and Compensation Committees of the Board. Ms. Grier is a seasoned SEC-Qualified Financial Expert with extensive Audit Committee experience. She has held two Executive Finance leadership positions: Vice President-Treasurer and Vice President-General Auditor & Chief Ethics and Compliance Officer with E. I. DuPont de Nemours (NYSE: DD). At the time, DuPont was a diversified agricultural and manufacturing Fortune 100 Company focused on seed, crop chemicals, specialty chemicals and industrial materials. In addition to CFO roles in global and diverse business units, Ms. Grier has significant strategic M&A transaction experience, driving shareholder value. She also has international financial leadership experience in Europe and South America with demonstrated success in leading organizations and driving strategic and operational change while continuously improving cost and cash productivity. Ms. Grier currently serves as Board Director and Audit & Risk Management Committee Chair for Global Advanced Metals, a privately held tantalum producer. She previously served as Board Director and Audit Committee Chair of Pyxus International, a global agricultural company (NYSE:PYX until 2020). She also serves as Trustee (and former Chair) of the Board of Directors for Washington & Jefferson College. Ms. Grier earned her MBA from the Booth School of Business at the University of Chicago and a BA in Economics and Psychology from Washington & Jefferson College.

**Aron Schwartz** has served as a member of the Company's Board of Directors since June 2025. He was a Managing Director at ACON Investments from 2014 to 2024. Mr. Schwartz is the founder of Constructivist Capital, LLC, a firm that works with family offices and alternative asset management firms to pursue attractive investment opportunities. He was previously a consultant to and a Managing Director at Avenue Capital from 2012 to 2014 and held various positions culminating in Managing Director of Fenway Partners, a middle market private equity firm based in New York, from 1999 to 2011. From 1997 to 1999, Mr. Schwartz was an associate in the Financial Entrepreneurs Group of Salomon Smith Barney, where he worked on a variety of financings and advisory assignments. He also serves or has served on the board of directors of a number of other public and private companies, including Elara Caring, Invacare Corporation, True Value Company, LLC, 1-800 Contacts, Inc., Commonwealth Laminating & Coating, Inc., Easton Bell Sports, Inc., STVT-AAI Education Inc. (Ancora Education), Igloo Products Corp., APR Energy, PLC, Borden Dairy Holdings, ATU Auto Technick-Unger, PSSI, Rapid Deploy, Inc., Prima-Wawona, AFH, Melinta Therapeutics LLC, Tempel Steel, Mark Andy Inc., FEV Acquisition LLC, Injured Workers Pharmacy, LLC, Aventine, Inc. and VillageMD. In addition, Mr. Schwartz previously served on the board of directors of the Open Road Foundation and US-ASEAN Business Council. Mr. Schwartz, a Certified Management Accountant, received his J.D. and M.B.A with honors from U.C.L.A. and his B.A. and B.S.E. cum laude from the Wharton School at the University of Pennsylvania.

**Board Composition**

The Company's directors are elected at the annual meeting of shareholders to hold office until the annual meeting of shareholders for the ensuing year or until their successors have been duly elected and qualified. Officers are elected annually by the board of directors and serve at the discretion of the board.

Our board currently consists of five directors, Michael Mo, Joanna Massey, Donna Grier, Aron Schwartz and Shawn Canter. Dr. Joanna Massey, Mr. Aron Schwartz and Ms. Donna Grier are "independent" as defined under the NYSE American rules (as discussed below).

**Family Relationships**

There are no family relationships between any director and executive officer.

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**Director Independence**

Our board of directors has determined that Donna Grier, Dr. Joanna Massey and Aron Schwartz are "independent," as defined under the NYSE American rules. For purposes of the NYSE American rules, an independent director means a person other than an executive officer or employee of our company or any other individual having a relationship which, in the opinion of our board of directors, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director, subject to certain additional limitations.

**Committees of the Board of Directors**

Our board of directors has established an audit committee, a compensation committee, and a nominating and corporate governance committee. The composition and responsibilities of each of the committees of our board of directors are described below. Members serve on these committees until their resignation or until otherwise determined by our board of directors. Our board of directors may establish other committees as it deems necessary or appropriate from time to time.

*Audit Committee*

The Audit Committee consists of Donna H. Grier, Dr. Joanna Massey and Aron Schwartz. Ms. Grier is the chair of the Audit Committee. The Board has affirmatively determined that each member of the Audit Committee meets the additional independence criteria applicable to audit committee members under SEC rules and the NYSE American Stock Market. The Board of Directors has adopted a written charter setting forth the authority and responsibilities of the Audit Committee. The Board has affirmatively determined that each member of the Audit Committee is financially literate. Donna H. Grier meets the qualifications of an Audit Committee financial expert.

Our Audit Committee has the responsibility for, among other things, (i) appointing, approving the compensation of, overseeing the work of, and assessing the independence, qualifications, and performance of the independent auditor, (ii) reviewing the internal audit function, including its independence, plans, and budget, (iii) approving, in advance, audit and any permissible non-audit services performed by our independent auditor, (iv) reviewing our internal controls with the independent auditor, the internal auditor, and management, (v) reviewing the adequacy of our accounting and financial controls as reported by the independent auditor, the internal auditor, and management, (vi) reviewing, approving and overseeing any transaction between the Company and any related person and any other potential conflict of interest situations, and (vii) overseeing our major risk exposures regarding the Company's accounting and financial reporting policies, and the activities of our internal audit function.

*Compensation Committee*

The members of our Compensation Committee are Aron Schwartz, Donna Grier and Dr. Joanna Massey, with Mr. Schwartz serving as Chairperson. Ms. Grier and Dr. Massey serve as members. Our Compensation Committee has the responsibility for, among other things, (i) reviewing and approving the chief executive officer's compensation based on an evaluation in light of corporate goals and objectives, (ii) reviewing and recommending to the Board the compensation of all other executive officers, (iii) reviewing and recommending to the Board incentive compensation plans and equity plans, (iv) reviewing and discussing with management the Company's Compensation Discussion and Analysis and related information to be included in the annual report on Form 10-K and proxy statements, and (v) reviewing and recommending to the Board for approval procedures relating to Say on Pay Votes.

*Nominating and Corporate Governance Committee*

The members of our Nominating and Corporate Governance Committee are Donna Grier, Dr. Joanna Massey, and Aron Schwartz with Dr. Massey serving as the Chairperson. Our Nominating and Corporate Governance Committee has the responsibility relating to assisting the Board in, among other things, (i) identifying and screening individuals qualified to become members of our board of directors, consistent with criteria approved by our board of directors, (ii) recommending to the Board the approval of nominees for director, (ii) developing and recommending to our board of directors a set of corporate governance guidelines, and (iv) overseeing the evaluation of our board of directors.

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**Code of Ethics**

Our board of directors has adopted a Code of Business Conduct and Ethics (the "Code"). The Code applies to all of our directors, officers and employees. We have made the Code available on our website https://www.kulrtechnology.com/governance-documents/. We intend to disclose future amendments to, or waivers of, our Code, as and to the extent required by SEC regulations, at the same location on our website identified above or in public filings.

**Involvement in Certain Legal Proceedings**

Our directors, executive officers and control persons have not been involved in any of the following events during the past five years:

● any bankruptcy petition filed by or against any business of which such person was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time;

● any conviction in a criminal proceeding or being subject to a pending criminal proceeding (excluding traffic violations and other minor offenses);

● being subject to any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement in any type of business, securities or banking activities; or

● being found by a court of competent jurisdiction (in a civil action), the SEC or the Commodity Futures Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended, or vacated.

**Section 16(a) Beneficial Ownership Compliance**

Section 16(a) of the Exchange Act requires our directors and executive officers and persons who own more than 10% of the issued and outstanding shares of our common stock to file reports of initial ownership of common stock and other equity securities and subsequent changes in that ownership with the SEC. Officers, directors and greater than ten percent stockholders are required by SEC regulation to furnish us with copies of all Section 16(a) forms they file. To our knowledge, during the fiscal year ended December 31, 2025, our officers, directors and greater than 10% beneficial owners have complied with all applicable filing requirements of Section 16(a).

**Nomination Process**

As of December 31, 2025, we did not effect any material changes to the procedures by which stockholders may recommend nominees to the Board of Directors. We do not have any defined policy or procedure requirements for stockholders to submit recommendations or nominations for directors. The Board of Directors believes that, given the current stage of our development, a specific nominating policy would be premature and of little assistance until our operations develop to a more advanced level. We do not currently have any specific or minimum criteria for the election of nominees to the Board of Directors and there is no specific process or procedure for evaluating such nominees. The Board of Directors assesses all candidates, whether submitted by management or stockholders, and makes recommendations for election or appointment.

A stockholder who wishes to communicate with the Board of Directors may do so by directing a written request addressed to our Chief Executive Officer at the address appearing on the face page of this annual report.

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**ITEM 11. EXECUTIVE COMPENSATION**

#### Summary Compensation Table
The following Summary Compensation Table sets forth all compensation earned in all capacities during the fiscal years ended December 31, 2025 and 2024 by (i) our principal executive officer and (ii) our two most highly compensated executive officers, other than our principal executive officer, who were serving as executive officers as of December 31, 2025 collectively the "Named Executive Officers"):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Name and Principal Position** | <br>**Year** | <br>**Salary** | <br>**Bonus** | **Stock** <br>**Awards**<sup>(1)</sup> | **All Other** <br>**Compensation** | <br>**Total**  |
| &nbsp;&nbsp;**Michael Mo** | 2025 | $440755 | $90000 | $4960000<br><sup>(2)</sup> | $12224 | $5502979 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Chief Executive Officer* | 2024 | $272196 | $100000 | $103043<br><sup>(3)</sup> | $— | $475239 |
| &nbsp;&nbsp;**Shawn Canter** | 2025 | $345834 | $70000 | $3720000<br><sup>(4)</sup> | $— | $4135834 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Chief Financial Officer* | 2024 | $250001 | $45000 | $— | $— | $295001 |
| &nbsp;&nbsp;**William Walker** | 2025 | $263470 | $53860 | $2480000<br><sup>(5)</sup> | $— | $2797330 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Chief Technology Officer* | 2024 | $228270 | $50000 | $— | $— | $278270 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(1)** The amounts reflect the aggregate grant date fair value of restricted stock awards computed in accordance with FASB ASC Topic 718. For additional information on the valuation assumptions regarding these restricted stock awards, (see Note 16 – Stockholders' Equity (Deficit)) to our financial statements for the year ended December 31, 2025, which are included in our Annual Report on Form 10-K for the year ended December 31, 2025 included herein.

&nbsp;&nbsp;&nbsp;&nbsp;**(2)** Includes 250,000 shares of the Company's common stock which vest in four equal increments over four years and gym membership fees of $12,224.

&nbsp;&nbsp;&nbsp;&nbsp;**(3)** Includes 35,779 shares of the Company's common stock which vests over one year.

&nbsp;&nbsp;&nbsp;&nbsp;**(4)** Includes 187,500 shares of the Company's common stock which vest in four equal increments over four years.

&nbsp;&nbsp;&nbsp;&nbsp;**(5)** Includes 125,000 shares of the Company's common stock which vest in four equal increments over four years.

#### Employment Contracts; Termination of Employment and Change-in-Control Arrangements
**We have not entered into employment agreements with our officers and directors and our Board of Directors has the sole discretion to determine the salaries and incentive bonuses, including merit-based cash and equity bonuses, payable to our Named Executive Officers.** 

**During the year ended December 31, 2025, the Board, upon recommendation of the Compensation Committee, approved the following compensation for each of the following officers of the Company:**

● On December 31, 2025, the Board approved a cash bonus to Michael Mo, Shawn Canter and Will Walker in the amount of $90,000, $70,000 and $53,860, respectively.

#### Equity Compensation Plans
On August 15 and November 5, 2018, the Board of Directors and a majority of the Company's shareholders, respectively, approved the 2018 Equity Incentive Plan (the "2018 Plan"). Under the 2018 Plan, 15,000,000 shares of common stock of the Company were authorized for issuance. The 2018 Plan provided for the issuance of incentive stock options, non-statutory stock options, rights to purchase common stock, stock appreciation rights, restricted stock, and restricted stock units to employees, directors and consultants of the Company and its affiliates. Upon the effectiveness of the 2025 Plan (defined below), no further awards were made under the 2018 Plan.

On September 24, 2025 and November 21, 2025, the Board of Directors and a majority of the Company's shareholders, respectively, approved the 2025 Equity Incentive Plan (the "2025 Plan"). Under the 2025 Plan, 7,500,000 shares of common stock of the Company are authorized for issuance. The 2025 Plan provides for the issuance of incentive stock options, non-statutory stock options, rights to purchase common stock, stock appreciation rights, restricted stock and restricted stock units to employees, directors and consultants of the Company and its affiliates. The 2025 Plan requires the exercise price of stock options to be not less than the fair value of the Company's common stock on the date of grant.

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#### Compensation of Directors
The table below sets forth the non-employee director compensation for the year ended December 31, 2025.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Name** | **Fees**<br>**Earned or**<br>**Paid in**<br>**Cash**<br>**($)** | <br>**Stock**<br>**Awards**<br>**($)**<sup>(1)</sup> | <br>**Non-Equity**<br>**Incentive Plan**<br>**Compensation**<br>**($)** | **Nonqualified**<br>**Deferred**<br>**Compensation**<br>**Earnings**<br>**($)** | <br>**All Other**<br>**Compensation**<br>**($)** | <br>**Total**<br>**($)** |
| Dr. Joanna Massey | $135000 | $33350 | $— | $— | $— | $168350 |
| Donna Grier | $76875 | $33350 | $— | $— | $— | $110225 |
| Aron Schwartz | $47500 | $33350 | $— | $— | $— | $80850 |

---

<sup>(1)</sup> The amounts reflect the aggregate grant date fair value of restricted stock awards computed in accordance with FASB ASC Topic 718. For additional information on the valuation assumptions regarding these restricted stock awards (see Note 16 – Stockholders' Equity (Deficit)) to our financial statements for the year ended December 31, 2025, which are included in our Annual Report on Form 10-K for the year ended December 31, 2025 included herein.

On June 5, 2025, the Board approved the cash compensation of the independent directors of the Company as follows; the Lead Independent Director ("Lead Director") will receive annual cash compensation equal to $120,000, the non-Lead Independent Director ("non-Lead Director") will receive annual cash compensation equal to $97,500 and the second non-Lead Independent Director ("second non-Lead Director") will receive annual compensation equal to $95,000. On November 24, 2025, the Board approved stock compensation whereby the Lead Director and each Independent Director were granted 13,130 restricted stock units, which vest in two equal installments on December 6, 2025 and June 6, 2026.

**Outstanding Equity Awards at Fiscal Year-End**

The following table discloses information regarding outstanding equity awards granted or accrued as of December 31, 2025, for our named executive officers.

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| | | |
|:---|:---|:---|
| **Outstanding Equity Awards** | **Outstanding Equity Awards** | **Outstanding Equity Awards** |
| **Stock Awards** | **Stock Awards** | **Stock Awards** |
| <br>**Name** | **Number of Shares or Units of**<br>**Stock that have not vested**<br>**(#)** | **Market Value of Units of** <br>**Stock that have not vested**<br>**($)**<sup>(1)</sup> |
| &nbsp;&nbsp;Michael Mo (Chief Executive Officer) | 296875<br><sup>(2)</sup> | $878750 |
| &nbsp;&nbsp;Shawn Canter (Chief Financial Officer) | 300000<br><sup>(3)</sup> | 888000 |
| &nbsp;&nbsp;Dr. William Walker (Chief Technology Officer) | 151562<br><sup>(4)</sup> | 448624 |

---

<sup>(1)</sup> The market value of the awards that have not vested is based on the closing price of the Company's Common Stock on NYSE American on December 31, 2025, which was $2.96.

<sup>(2)</sup> Consists of (i) 46,875 restricted stock units which vest on November 1, 2026 and (ii) 250,000 restricted stock units which vest annually in four equal installments on January 17, 2026, January 17, 2027, January 17, 2028 and January 17, 2029.

<sup>(3)</sup> Consists of (i) 112,500 restricted stock units which vest in equal installments on March 31, 2026, March 31, 2027 and March 31, 2028 and (ii) 187,000 restricted stock units which vest in equal installments on January 17, 2026, January 17, 2027, January 17, 2028 and January 17, 2029.

<sup>(4)</sup> Consists of (i) 1,563 restricted stock awards which vest on April 13, 2026; (ii) 3,125 restricted stock awards vest on November 1, 2026; (iii) 21,874 restricted stock units which vest in equal installments on July 12, 2026 and July 12, 2027; and (iv) 125,000 restricted stock units which vest in equal installments on January 17, 2026, January 17, 2027.,January 17, 2028 and January 17, 2029.

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#### ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
The following table provides certain information regarding the beneficial ownership of our common stock as of March 27, 2026 (except as indicated below) (the "Measurement Date") by:

● each person known to us who own more than 5% of the outstanding common stock;

● each of our named executive officers;

● each of our directors and director nominees; and

● all of our executive officers and directors as a group.

Except as otherwise indicated, all shares are owned directly. Unless otherwise indicated, the address of each of the persons shown is c/o KULR Technology Group, Inc., 555 Forge River Road, Suite 100, Webster, TX. Each record holder of Non-convertible Series A Voting Preferred Stock shall have that number of votes (identical in every other respect to the voting rights of the holders of Common Stock entitled to vote at any regular or special meeting of the shareholders or by written consent) equal to 100 votes per share of Non-convertible Series A Voting Preferred Stock held by such record holder.

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| | | | |
|:---|:---|:---|:---|
| <br>**Name of Beneficial Owner** | **Amount of**<br>**Beneficial** <br>**Ownership** | &nbsp;&nbsp;&nbsp;&nbsp;<br>**Percentage** <br>**Ownership (1)** | <br>**Vote With**<br>**Series A**  |
| Michael Mo (2) - *CEO and Chairman* | 2773149 | 6.00% | 70.28% |
| Shawn Canter (3) – *CFO and Director* | 130722 | \* | \* |
| Dr. William Walker (4) - CTO | 56814 | \* | \* |
| Donna Grier (5) - *Director* | 24065 | \* | \* |
| Dr. Joanna Massey (6) - *Lead Director* | 24378 | \* | \* |
| Aron Schwartz (7) - *Director* | 6565 | \* | \* |
| All directors and executive officers as a group (7 persons)<sup>(8)</sup> | 3029638 | 6.55% | 70.45% |
| **Beneficial owners of more than 5%** |  |  |  |

---

\* Less than 1%

&nbsp;&nbsp;&nbsp;&nbsp;(1) The percentage ownership is based on 46,235,909 shares outstanding and entitled to vote. A person is considered to beneficially own any shares (a) over which such person, directly or indirectly, exercises sole or shared voting or investment power, or (b) of which such person has the right to acquire beneficial ownership at any time within 60 days through the vesting of restricted equity grants. Shares underlying such equity grants, however, are only considered outstanding for the purpose of computing the percentage ownership of that person and are not considered outstanding when computing the percentage ownership of any other person.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Includes 175,000 shares of common stock held jointly by Mr. Mo and his spouse and 2,598,149 shares of common stock underlying restricted stock held by Mr. Mo. Mr. Mo also beneficially owns an aggregate of 1,000,000 shares of Non-Convertible Series A Preferred Stock (the "Preferred Stock"). Each share of the Preferred Stock entitles Mr. Mo to votes equal to one hundred votes per share of Preferred Stock held.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Includes 93,222 shares of restricted stock and 37,500 shares of common stock underlying restricted stock that will vest or settle within 60 days.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Includes 55,252 shares of restricted stock and 1,562 shares of common stock underlying restricted stock units that vest or settle within 60 days.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Consists of 24,065 shares of restricted common stock.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Consists of 24,378 shares of restricted common stock.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Consists of 6,565 shares of restricted common stock.

&nbsp;&nbsp;&nbsp;&nbsp;(8) Consists of 13,945 shares of restricted common stock.

***Securities Authorized for Issuance Under Equity Compensation Plans***

On November 5, 2018, KULR adopted and ratified the KULR Technology Group 2018 Equity Incentive Plan (the "2018 Plan"). Subject to certain adjustments, the 2018 Plan, the total number of shares of common stock which may be purchased or granted directly under the plan shall not exceed fifteen million (15,000,000). The 2018 Plan is generally administered by the Board or a committee of two (2) or more independent, non-employee directors (the "Plan Committee"). The Board or the Plan Committee, as applicable, has the

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power to determine the participants (the "Participants") to whom awards under the 2018 Plan (the "Plan Awards") shall be made. The 2018 Plan allows for the award of, stock, stock options, and shares of restricted stock. Stock options granted under the Plan may be either incentive stock options (an "ISO") qualifying under Section 422 of the Internal Revenue Codes of 1986, as amended (the "Code") or non-qualified stock options (a "NQSO"). An ISO may only be issued to employees of KULR. ISOs may be granted to officers or directors, provided they are also employees of KULR.

On November 21, 2025, KULR adopted and ratified the KULR Technology Group 2025 Equity Incentive Plan (the "2025 Plan"). Subject to certain adjustments, the 2018 Plan, the total number of shares of common stock which may be purchased or granted directly under the plan shall not exceed seven and a half million (7,500,000). The 2025 Plan is generally administered by the Board or a committee of two (2) or more independent, non-employee directors (the "Plan Committee"). The Board or the Plan Committee, as applicable, has the power to determine the participants (the "Participants") to whom awards under the 2025 Plan (the "Plan Awards") shall be made. The 2025 Plan allows for the award of, stock, stock options, and shares of restricted stock. Stock options granted under the Plan may be either incentive stock options (an "ISO") qualifying under Section 422 of the Internal Revenue Codes of 1986, as amended (the "Code") or non-qualified stock options (a "NQSO"). An ISO may only be issued to employees of KULR. ISOs may be granted to officers or directors, provided they are also employees of KULR.

The following table sets forth, as of December 31, 2025, our securities authorized for issuance under any equity compensation plans:

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| | | | |
|:---|:---|:---|:---|
| <br>**Plan Category** | **Number of**<br>**securities**<br>**to be issued upon**<br>**exercise of**<br>**outstanding**<br>**options,**<br>**warrants and rights**<br>**(a)** | <br>**Weighted-average**<br>**exercise**<br>**price of**<br>**outstanding options,**<br>**warrants and rights**<br>**(b)** | **Number of securities**<br>**remaining available for**<br>**future issuance under equity**<br>**compensation plans**<br>**(excluding securities**<br>**reflected in**<br>**column (a))**<br>**(c)** |
| Equity compensation plans approved by security holders | 1635068<br><sup>(1)</sup> | $11.33 | 7134736 |
| Equity compensation plans not approved by security holders |  |  |  |
| Total | 1635068 | $11.33 | 7134736 |

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<sup>(1)</sup> As of December 31, 2025,1,471,942 equity awards consisted of time-based restricted stock that were granted under the 2018 Plan and the 2025 Plan, which shares are already issued and outstanding and therefore are not reflected in this table.

#### Change in Control
We are not aware of any arrangement that might result in a change in control of the Company.

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#### ITEM 13. CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS, AND DIRECTOR INDEPENDENCE
**Related Party Transactions**

Other than as set forth below and compensation arrangements, including employment, and indemnification arrangements, discussed, there have been no transactions since January 1, 2023, in which the amount involved in the transaction exceeded or will exceed the lesser of $120,000 or one percent of the average of our total assets as at the year-end for the last two completed fiscal years, and to which any of our directors, executive officers or beneficial holders of more than 5% of our capital stock, or any immediate family member of, or person sharing the household with, any of these individuals, had or will have a direct or indirect material interest.

**Director Independence**

The Board evaluates the independence of each nominee for election as a director of our Company in accordance with the NYSE American rules. Pursuant to these rules, a majority of our Board must be "independent directors" within the meaning of the NYSE American Rules, and all directors who sit on our Audit Committee, Nominating and Corporate Governance Committee and Compensation Committee must also be independent directors.

Our board of directors has determined that Dr. Joanna Massey, Ms. Donna Grier and Mr. Aron Schwartz are "independent," as defined under the NYSE American rules. For purposes of the NYSE American rules, an independent director means a person other than an executive officer or employee of our company or any other individual having a relationship which, in the opinion of our board of directors, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director, subject to certain additional limitations.

#### ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
The following is a summary of the fees billed or expected to be billed to us for professional services rendered by CBIZ CPAs P.C., our independent registered public accounting firm, for the fiscal years ended December 31, 2025 and 2024:

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| | | |
|:---|:---|:---|
|  | **For the Fiscal Year Ended**  | **For the Fiscal Year Ended**  |
|  | **December 31,**  | **December 31,**  |
|  | **2025** | **2024** |
| Audit Fees<sup>(1)</sup> | $495032 | $294135 |
| Tax Fees |  |  |
| **Total** | $495032 | $294135 |

---

<sup>(1)</sup> Audit fees consist of fees billed for services rendered by our independent auditors during the years ended December 31, 2025 and 2024 for the audit and review of our financial statements and comfort letters and consents in connection with securities offerings.

*Pre-Approval Policies*

Our Audit Committee has adopted a policy governing the pre-approval by the Board of Directors of all services, audit and non-audit, to be provided to our Company by our independent auditors. Under the policy, the Audit Committee has pre-approved the provision by our independent auditors of specific audit, audit related, tax and other non-audit services as being consistent with auditor independence. Requests or applications to provide services that require the specific pre-approval of the board of directors must be submitted to the Audit Committee by the independent auditors, and the independent auditors must advise the Audit Committee as to whether, in the independent auditor's view, the request or application is consistent with the SEC's rules on auditor independence.

The Audit Committee has considered the nature and amount of the fees billed by CBIZ CPAs P.C. and believes that the provision of the services for activities unrelated to the audit is compatible with maintaining the independence of CBIZ CPAs P.C.

[**Table of Contents**](#TOC)

#### PART IV

#### ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES

---

| | |
|:---|:---|
| **ExhibitNo.** | **Description** |
| 3.1 | [Second Amended and Restated Certificate of Incorporation of KULR Technology Corporation (previously filed as Exhibit 3.2 to the Company's Current Report on Form 8-K, filed with the SEC on June 19, 2017 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1662684/000114420417033076/v469173_ex3-2.htm) |
| 3.2 | [Bylaws of the Company (previously filed as Exhibit 4 to the General form for Registration of Securities on Form 10-12G, filed with the SEC on January 7, 2016 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1662684/000102143216001041/bylawsgranthill.txt) |
| 3.3 | [Certificate of Designation of Series A Voting Preferred Stock, filed on June 6, 2017 (previously filed as Exhibit 3.1 to the Company's Current Report on Form 8-K, filed with the SEC on June 12, 2017 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1662684/000114420417032150/v468747_ex3-1.htm) |
| 3.4 | [Certificate of Amendment to the Certificate of Incorporation, effective August 30, 2018 (previously filed as Exhibit 99.1 to the Company's Current Report on Form 8-K, filed with the SEC on August 30, 2018 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1662684/000114420418047353/tv502074_ex99-1.htm) |
| 3.5 | [Certificate of Designation of Series B Convertible Preferred Stock, filed on November 30, 2018 (previously filed as Exhibit 4.1 to the Company's Current Report on Form 8-K, filed with the SEC on December 6, 2018 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1662684/000114420418063411/tv508637_ex4-1.htm) |
| 3.6 | [Certificate of Amendment to the Certificate of Incorporation, effective December 31, 2018 (previously filed as Exhibit 3.1 to the Company's Current Report on Form 8-K, filed with the SEC on January 7, 2019 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1662684/000114420419000894/tv510516_ex3-1.htm) |
| 3.7 | [Certificate of Designation of Series C Convertible Preferred Stock, filed on August 19, 2019 (previously filed as Exhibit 4.1 to the Company's Current Report on Form 8-K, filed with the SEC on August 23, 2019 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1662684/000114420419041552/tv528224_ex4-1.htm) |
| 3.8 | [Form of Certificate of Designation for Series D Convertible Preferred Stock (previously filed as Exhibit 4.1 to the Company's Current Report on Form 8-K, filed with the SEC on May 20, 2021 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1662684/000110465921069625/tm2117025d1_ex4-1.htm) |
| 3.9\* | [Certificate of Amendment to the Certificate of Incorporation, effective June 23, 2025.](tmb-20251231xex3d9.htm) |
| 4.1 | [Description of registrant's securities registered pursuant to Section 12 of the Securities Exchange Act of 1934 (previously filed as Exhibit 4.1 to the Company's Annual Report on Form 10-K, filed with the SEC on March 31, 2025 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1662684/000141057825000551/tmb-20241231xex4d1.htm) |
| 10.1 | [License and Development Agreement, dated April 15, 2013 (previously filed as Exhibit 10.2 to the Company's Current Report on Form 8-K, filed with the SEC on June 19, 2017 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1662684/000114420417033076/v469173_ex10-2.htm) |
| 10.2† | [2018 KULR Technology Group Equity Incentive Plan (previously filed as Exhibit 4.8 to the Company's Registration Statement on Form S-8 (File No. 333-227751), filed with the SEC on October 9, 2018 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1662684/000114420418052989/tv504305_ex4-8.htm) |
| 10.3†\* | [Form of Restricted Stock Award Agreement under the 2018 KULR Technology Group Equity Incentive Plan.](tmb-20251231xex10d3.htm) |
| 10.4†\* | [Form of Incentive Stock Option Award Agreement under the 2018 KULR Technology Group Equity Incentive Plan.](tmb-20251231xex10d4.htm) |
| 10.5 | [Asset Purchase Agreement, effective as of October 6, 2022, by and among KULR Technology Group, Inc., Vibetech International, LLC, and Norman Serrano (previously filed as Exhibit 10.1 to the Company's Current Report on Form 8-K, filed with the SEC on October 6, 2022 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1662684/000110465922106546/tm2227600d1_ex10-1.htm) |

---

[**Table of Contents**](#TOC)

---

| | |
|:---|:---|
| 10.6 | [Sales Agreement, dated June 9, 2025, by and among the Company, Cantor Fitzgerald & Co. and Craig-Hallum Capital Group LLC (previously filed as Exhibit 10.1 to the Company's Current Report on Form 8-K, filed with the SEC on June 9, 2025 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1662684/000110465925057892/tm2517523d1_ex10-1.htm) |
| 10.7 | [Master Loan Agreement, dated July 1, 2025, between KULR Technology Group, Inc., Coinbase Credit, Inc. and Coinbase, Inc. (previously filed as Exhibit 10.1 to the Company's Current Report on Form 8-K, filed with the SEC on July 8, 2025 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1662684/000110465925066291/tm2520046d1_ex10-1.htm) |
| 10.8† | [2025 KULR Technology Group Equity Incentive Plan (previously filed as Exhibit 4.1 to the Company's Registration Statement on Form S-8 (File No. 333-291824), filed with the SEC on November 26, 2025 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1662684/000110465925116472/tm2532030d1_ex4-1.htm) |
| 10.9†\* | [Form of Restricted Stock Award Agreement under the 2025 KULR Technology Group Equity Incentive Plan.](tmb-20251231xex10d9.htm) |
| 10.10†\* | [Form of Incentive Stock Option Award Agreement under the 2025 KULR Technology Group Equity Incentive Plan.](tmb-20251231xex10d10.htm) |
| 19.1\* | [Insider Trading Policy of KULR Technology Group, Inc.](tmb-20251231xex19d1.htm) |
| 21.1\* | [List of Subsidiaries.](tmb-20251231xex21d1.htm) |
| 23.1\* | [Consent of Marcum LLP](tmb-20251231xex23d1.htm) |
| 23.2\* | [Consent of CBIZ CPAs P.C.](tmb-20251231xex23d2.htm) |
| 31.1\* | [Certification pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](tmb-20251231xex31d1.htm) |
| 31.2\* | [Certification pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](tmb-20251231xex31d2.htm) |
| 32.1\*\* | [Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](tmb-20251231xex32d1.htm) |
| 97.1\* | [KULR Technology Group Inc. Clawback Policy.](tmb-20251231xex97d1.htm) |
| 101.INS\* | Inline XBRL Instance. |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema. |
| 101.CAL\* | Inline XBRL Taxonomy Extension Calculation. |
| 101.DEF\* | Inline XBRL Taxonomy Extension Definition. |
| 101.LAB\* | Inline XBRL Taxonomy Extension Labels. |
| 101.PRE\* | Inline XBRL Taxonomy Extension Presentation. |
| 104\* | Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit 101). |

---

\* Filed herewith.

\*\* Furnished herewith.

&nbsp;&nbsp;&nbsp;&nbsp;† Management contract or compensatory plan or arrangement.

#### ITEM 16. FORM 10-K SUMMARY
None.

[**Table of Contents**](#TOC)

#### SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| March 31, 2026 | **KULR Technology Group, Inc.** | **KULR Technology Group, Inc.** |
|  | By: | /s/ Michael Mo |
|  |  | Michael Mo |
|  |  | Chief Executive Officer and Chairman |
|  |  | (Principal Executive Officer) |
|  | By: | /s/ Shawn Canter |
|  |  | Shawn Canter |
|  |  | Chief Financial Officer |
|  |  | (Principal Financial and Accounting Officer) |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | | | |
|:---|:---|:---|:---|
| **Signature** | **Signature** | **Title** | **Date** |
| By: | /s/ Michael Mo | Chief Executive Officer and Chairman | March 31, 2026 |
|  | Michael Mo |  |  |
| By: | /s/ Shawn Canter | Chief Financial Officer and Director | March 31, 2026 |
|  | Shawn Canter |  |  |
| By: | /s/ Joanna Massey | Lead Director | March 31, 2026 |
|  | Joanna Massey |  |  |
| By: | /s/ Donna Grier | Director | March 31, 2026 |
|  | Donna Grier |  |  |
| By: | /s/ Aron Schwartz | Director | March 31, 2026 |
|  | Aron Schwartz |  |  |

---

[**Table of Contents**](#TOC)

#### KULR TECHNOLOGY GROUP INC. AND SUBSIDIARY

#### CONSOLIDATED FINANCIAL STATEMENTS

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm](#REPORTOFINDEPENDENTREGISTEREDPUBLICACCOU) (PCAOB ID: 199) | F-2 |
| [Report of Independent Registered Public Accounting Firm](#Report2) (PCAOB ID: 688) | F-3 |
| [Consolidated Balance Sheets as of December 31, 2025 and 2024](#CONSOLIDATEDBALANCESHEETS_506463) | F-4 |
| [Consolidated Statements of Operations for the Years Ended December 31, 2025 and 2024](#CONSOLIDATEDSTATEMENTSOFOPERATIONS_48323) | F-5 |
| [Consolidated Statement of Changes in Stockholders' Equity for the Year Ended December 31, 2025](#CONSOLIDATEDSTATEMENTSOFCHANGESINSTOCKHO) | F-6 |
| [Consolidated Statement of Changes in Stockholders' Equity (Deficit) for the Year Ended December 31, 2024](#STOCKHOLDERSEQUITY_249050) | F-7 |
| [Consolidated Statements of Cash Flows for the Years Ended December 31, 2025 and 2024](#CONSOLIDATEDSTATEMENTSOFCASHFLOW_165678) | F-8 |
| [Notes to Consolidated Financial Statements](#NOTE1BUSINESSORGANIZATIONNATUREOFOPERATI) | F-10 |

---

[**Table of Contents**](#TOC)

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
**To the Stockholders and Board of Directors of** 

**KULR Technology Group, Inc.**

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheets of KULR Technology Group, Inc. and Subsidiary (the "Company") as of December 31, 2025, the related consolidated statements of operations, changes in stockholders' equity (deficit) and cash flows for the year ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025, and the results of its operations and its cash flows for the year ended, in conformity with accounting principles generally accepted in the United States of America.

As discussed in Notes 2 and 15 to the financial statements, the Company adopted ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). We have also audited the adjustments to the 2025 financial statements to retrospectively adjust the disclosures for the adoption of ASU 2023-09 in 2025. In our opinion, such retrospective adjustments are appropriate and have been properly applied. We were not engaged to audit, review, or apply any procedures to the 2024 financial statements of the Company other than with respect to these retrospective adjustments, and accordingly, we do not express an opinion or any other form of assurance on the 2024 financial statements taken as a whole.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

**Critical Audit Matter**

Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters.

/s/ CBIZ CPAs P.C.

CBIZ CPAs P.C.

We have served as the Company's auditor since 2018 (such date takes into account the acquisition of the attest business of Marcum LLP by CBIZ CPAs P.C. effective November 1, 2024).

Los Angeles, California

March 31, 2026

[**Table of Contents**](#TOC)

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the Stockholders and Board of Directors of** 

**KULR Technology Group, Inc.**

**Opinion on the Financial Statements**

We have audited, before the effects of the retrospective adjustments to the disclosures for the adoption of ASU 2023-09, Income Taxes (Topic 740): *Improvements to Income Tax Disclosures* ("ASU 2023-09") as discussed in Notes 2 and 15 to the consolidated financial statements, the accompanying consolidated balance sheet of KULR Technology Group, Inc. and Subsidiary (the "Company") as of December 31, 2024, the related consolidated statements of operations, changes in stockholders' equity (deficit) and cash flows for the year then ended, and the related notes (collectively referred to as the "financial statements") (the 2024 financial statements before the effects of the adjustments discussed in Notes 2 and 15 to the financial statements are not presented herein). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024, and the results of its operations and its cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

We are not engaged to audit, review, or apply any procedures to the retrospective adjustments to the disclosures for the adoption of ASU 2023-09 as discussed in Notes 2 and 15 to the financial statements and, accordingly, we do not express an opinion or any other form of assurance about whether such adjustments are appropriate and have been properly applied. Those retrospective adjustments were audited by CBIZ CPAs P.C.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

/s/ Marcum LLP.

Marcum LLP

We have served as the Company's auditor from 2018 through 2025.

Los Angeles, California

March 31, 2025

[**Table of Contents**](#TOC)

#### KULR TECHNOLOGY GROUP, INC. AND SUBSIDIARY

#### CONSOLIDATED BALANCE SHEETS

---

| | | |
|:---|:---|:---|
|  | **December 31,**  | **December 31,**  |
|  | **2025** | **2024** |
| **Assets** |  |  |
| Current Assets: |  |  |
| &nbsp;&nbsp;Cash | $13300188 | $29831858 |
| Accounts receivable, net of allowance for credit losses of $1,450,000 and $0 as of December 31, 2025 and 2024, respectively | 2076556 | 2645190 |
| &nbsp;&nbsp;Grant receivable | 1886376 |  |
| &nbsp;&nbsp;Inventory | 581156 | 545467 |
| &nbsp;&nbsp;Inventory deposits | 839644 |  |
| &nbsp;&nbsp;Auto-Vibe assets | 5046759 |  |
| &nbsp;&nbsp;Prepaid expenses and other current assets | 1825849 | 1141540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Current Assets | 25556528 | 34164055 |
| Digital assets | 93995256 | 20281184 |
| Accounts receivable, non-current portion | 998772 | 1446489 |
| Property and equipment, net | 5482743 | 3676544 |
| Equipment deposits | 806000 | 1355174 |
| Security deposits | 39430 | 48158 |
| Intangible assets, net | 370925 | 577099 |
| Operating lease right-of-use assets, net | 1338657 | 1216772 |
| Finance lease right-of-use asset, net |  | 6215 |
| Deferred financing costs | 276690 | 155497 |
| Other non current assets | 102703 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $128967704 | $62927187 |
| **Liabilities and Stockholders' Equity**  |  |  |
| Current Liabilities: |  |  |
| &nbsp;&nbsp;Accounts payable  | $3173813 | $2061266 |
| &nbsp;&nbsp;Accrued expenses and other current liabilities | 2628914 | 1160446 |
| &nbsp;&nbsp;Accrued issuable equity |  | 420427 |
| &nbsp;&nbsp;Operating lease liabilities, current portion | 366937 | 493468 |
| &nbsp;&nbsp;Finance lease liability, current portion |  | 2463 |
| &nbsp;&nbsp;Notes payable, net of discount, current portion |  | 494796 |
| &nbsp;&nbsp;Deferred revenue | 107267 | 32768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Current Liabilities | 6276931 | 4665634 |
| Operating lease liabilities, non-current portion | 1078575 | 818750 |
| Finance lease liability, non-current portion |  | 3852 |
| Other non-current liabilities |  | 10966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 7355506 | 5499202 |
| Commitments and contingencies (Note 17) |  |  |
| Stockholders' Equity  |  |  |
| &nbsp;&nbsp;Preferred stock, $0.0001 par value, 20,000,000 shares authorized |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A Preferred Stock, 1,000,000 shares designated; 1,000,000 and 730,000 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively; | 100 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series B Convertible Preferred Stock, 31,000 shares designated; none issued and outstanding at December 31, 2025 and December 31, 2024 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series C Preferred Stock, 400 shares designated; none issued and outstanding at December 31, 2025 and December 31, 2024 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series D Preferred Stock, 650 shares designated; none issued and outstanding at December 31, 2025 and December 31, 2024 |  |  |
| &nbsp;&nbsp;Common stock, $0.0001 par value, 500,000,000 shares authorized; 46,063,172 and 46,041,250 shares issued and outstanding at December 31, 2025, respectively; 33,100,207 and 33,083,812 shares issued and outstanding at December 31, 2024, respectively | 4606 | 3310 |
| &nbsp;&nbsp;Additional paid-in capital | 267712241 | 141532047 |
| &nbsp;&nbsp;Treasury stock, at cost; 21,922 and 16,395 shares held at December 31, 2025 and December 31, 2024, respectively. | (393744) | (296222) |
| &nbsp;&nbsp;Accumulated deficit | (145711005) | (83811223) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Stockholders' Equity  | 121612198 | 57427985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities and Stockholders' Equity | $128967704 | $62927187 |

---

The accompanying notes are an integral part of these consolidated financial statements.

[**Table of Contents**](#TOC)

#### KULR TECHNOLOGY GROUP, INC. AND SUBSIDIARY

#### CONSOLIDATED STATEMENTS OF OPERATIONS

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended** | **For the Years Ended** |
|  | **December 31,**  | **December 31,**  |
|  | **2025** | **2024** |
| **Revenue** | $16170404 | $10737481 |
| Cost of revenue | 15399432 | 5254283 |
| &nbsp;&nbsp;Gross Profit | 770972 | 5483198 |
| **Operating Expenses** |  |  |
| &nbsp;&nbsp;Research and development | 10755036 | 4738305 |
| &nbsp;&nbsp;Selling, general, and administrative | 27696969 | 15979852 |
| &nbsp;&nbsp;Credit losses on accounts receivable | 2230643 |  |
| &nbsp;&nbsp;Impairment of finance lease right-of-use asset | 905630 |  |
| &nbsp;&nbsp;Impairment of property and equipment | 625967 |  |
| &nbsp;&nbsp;Impairment of intangible assets | 202058 |  |
| &nbsp;&nbsp;Impairment of equipment deposits | 1355174 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Operating Expenses | 43771477 | 20718157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss From Operations | (43000505) | (15234959) |
| **Other Income (Expense)** |  |  |
| &nbsp;&nbsp;Change in fair value of digital assets | (13800041) | (718826) |
| &nbsp;&nbsp;Impairment of equity investment | (3325045) |  |
| &nbsp;&nbsp;Credit loss on loan receivable | (2127565) |  |
| &nbsp;&nbsp;Interest income | 563271 | 10575 |
| &nbsp;&nbsp;Change in fair value of accrued issuable equity | (17075) | (228777) |
| &nbsp;&nbsp;Interest expense | (159944) | (209817) |
| &nbsp;&nbsp;Amortization of debt discount | (82878) | (1151659) |
| &nbsp;&nbsp;Gain on debt extinguishment | 50000 | 9834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Other Expense, net | (18899277) | (2288670) |
| &nbsp;&nbsp;**Net Loss** | $(61899782) | $(17523629) |
| Net Loss Per Share |  |  |
| &nbsp;&nbsp;- Basic and Diluted | $(1.56) | $(0.75) |
| Weighted Average Number of Common Shares Outstanding |  |  |
| &nbsp;&nbsp;- Basic and Diluted | 39727205 | 23324642 |

---

The accompanying notes are an integral part of these consolidated financial statements.

[**Table of Contents**](#TOC)

#### KULR TECHNOLOGY GROUP, INC. AND SUBSIDIARY

#### CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY

#### FOR THE YEAR ENDED DECEMBER 31, 2025

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Series A** | **Series A** |  |  | |  |  | | |
|  | **Preferred Stock** | **Preferred Stock** | **Common Stock** | **Common Stock** | | **Treasury Stock** | **Treasury Stock** | | |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Additional**<br>**Paid-In**<br>**Capital** | **Shares** | **Amount**  | <br>**Accumulated**<br>**Deficit** | **Total**<br>**Stockholders'**<br>**Equity** |
| **Balance - January 1, 2025** | 730000 | $73 | 33100207 | $3310 | $141532047 | 16395 | $(296222) | $(83811223) | $57427985 |
| &nbsp;&nbsp;Preferred stock issued for no consideration | 270000 | 27 |  |  | (27) |  |  |  |  |
| &nbsp;&nbsp;Purchase of treasury shares |  |  |  |  |  | 5527 | (97522) |  | (97522) |
| &nbsp;&nbsp;Common stock issued upon the exercise of options |  |  | 1688 |  | 10815 |  |  |  | 10815 |
| &nbsp;&nbsp;Common stock issued for at the market offering<sup>(1)</sup> |  |  | 12679311 | 1267 | 119657653 |  |  |  | 119658920 |
| &nbsp;&nbsp;Common stock issued upon vesting of restricted stock units |  |  | 304489 | 30 | (30) |  |  |  |  |
| &nbsp;&nbsp;Shares withheld for employee payroll tax obligations |  |  | (69084) | (6) | (448295) |  |  |  | (448301) |
| &nbsp;&nbsp;Effect of reverse stock split |  |  | 61 |  |  |  |  |  |  |
| &nbsp;&nbsp;Stock-based compensation: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock issued for services |  |  | 46500 | 5 | 567717 |  |  |  | 567722 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of restricted common stock |  |  |  |  | 6341331 |  |  |  | 6341331 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of stock options |  |  |  |  | 51030 |  |  |  | 51030 |
| &nbsp;&nbsp;Net loss |  |  |  |  |  |  |  | (61899782) | (61899782) |
| **Balance - December 31, 2025** | 1000000 | $100 | 46063172 | $4606 | $267712241 | 21922 | $(393744) | $(145711005) | $121612198 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Represents gross proceeds of $123,181,925 less issuance costs of $3,523,005 .

The accompanying notes are an integral part of these consolidated financial statements.

[**Table of Contents**](#TOC)

**KULR TECHNOLOGY GROUP, INC. AND SUBSIDIARY**

**CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) FOR THE YEAR ENDED DECEMBER 31, 2024**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Series A** | **Series A** |  |  | |  |  | | |
|  | **Preferred Stock** | **Preferred Stock** | **Common Stock** | **Common Stock** | | **Treasury Stock** | **Treasury Stock** | | |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Additional**<br>**Paid-In**<br>**Capital** | **Shares** | **Amount** | <br>**Accumulated**<br>**Deficit** | **Total**<br>**Stockholders'**<br>**Equity (Deficit)** |
| **Balance - January 1, 2024** |  | $— | 16753959 | $1675 | $64399445 | 16395 | $(296222) | $(66287594) | $(2182696) |
| &nbsp;&nbsp;Preferred stock issued for no consideration | 730000 | 73 |  |  | (73) |  |  |  |  |
| &nbsp;&nbsp;Common stock issued upon the exercise of options |  |  | 3230 |  | 23455 |  |  |  | 23455 |
| &nbsp;&nbsp;Common stock issued upon the cashless exercise of warrants |  |  | 184058 | 18 | (18) |  |  |  |  |
| &nbsp;&nbsp;Common stock issued for the repayment of prepaid advance liability and related interest accrual pursuant to Advance Notices <sup>(1)</sup> |  |  | 2724854 | 272 | 6054558 |  |  |  | 6054830 |
| &nbsp;&nbsp;Common stock issued for cash pursuant to Advance Notices<sup>(2)</sup> |  |  | 4232581 | 423 | 9047496 |  |  |  | 9047919 |
| &nbsp;&nbsp;Common stock issued for at the market offering<sup>(3)</sup> |  |  | 9347652 | 937 | 59880267 |  |  |  | 59881204 |
| &nbsp;&nbsp;Shares repurchased and canceled |  |  | (109751) | (11) | (499989) |  |  |  | (500000) |
| &nbsp;&nbsp;Warrants issued in connection with notes payable |  |  |  |  | 112863 |  |  |  | 112863 |
| &nbsp;&nbsp;Stock-based compensation: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted stock awards granted converted to restricted stock units |  |  | (271064) | (27) | 27 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted stock awards forfeited and returned to the Company |  |  | (6250) | (1) | 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted stock units vested |  |  | 137766 | 14 | (14) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock issued for services |  |  | 103172 | 10 | 465068 |  |  |  | 465078 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of restricted common stock |  |  |  |  | 1960083 |  |  |  | 1960083 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of stock options |  |  |  |  | 88878 |  |  |  | 88878 |
| Net loss |  |  |  |  |  |  |  | (17523629) | (17523629) |
| **Balance - December 31, 2024** | 730000 | $73 | 33100207 | $3310 | $141532047 | 16395 | $(296222) | $(83811223) | $57427985 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Represents gross proceeds of $6,068,407 less issuance costs of $13,577 .

&nbsp;&nbsp;&nbsp;&nbsp;(2) Represents gross proceeds of $9,104,950 less issuance costs of $57,031 .

&nbsp;&nbsp;&nbsp;&nbsp;(3) Represents gross proceeds of $61,912,798 less issuance costs of $2,031,594 .

The accompanying notes are an integral part of these consolidated financial statements.

[**Table of Contents**](#TOC)

#### KULR TECHNOLOGY GROUP, INC. AND SUBSIDIARY

#### CONSOLIDATED STATEMENTS OF CASH FLOWS

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended** | **For the Years Ended** |
|  | **December 31,**  | **December 31,**  |
|  | **2025** | **2024** |
| **Cash Flows From Operating Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | $(61899782) | $(17523629) |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt discount | 82878 | 1151659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash operating lease expense | 569967 | 447332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on debt extinguishment | (50000) | (9834) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 1398179 | 1800838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 6522581 | 2692687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit losses on accounts receivable | 2230643 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of equity investment  | 3325045 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit loss on loan receivable | 2127565 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of finance lease right-of-use asset | 905630 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of equipment deposits | 1355174 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of property and equipment | 625967 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of intangible assets | 202058 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Write down finance lease ROU asset | 1351 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of accrued issuable equity | 17075 | 228777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of digital assets | 13800041 | 718826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digital assets received as downtime credits | (784187) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mining of digital assets | (7029924) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on disposal of property and equipment |  | 26490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Subtotal** | 25300043 | 7056775 |
| &nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (3100668) | (3190007) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auto-Vibe assets | (5046759) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory | (35689) | 603580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory deposits | (839644) | 27500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | (787012) | (510179) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security deposits | 8728 | (37930) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 1112547 | (708276) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 888647 | (2216387) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (558558) | (324870) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 74499 | (518253) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Subtotal** | (8283909) | (6874822) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Cash Used In Operating Activities** | (44883648) | (17341676) |
| **Cash Flows From Investing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Loan receivable | (2127565) |  |
| &nbsp;&nbsp;&nbsp;Equity investments | (3325045) |  |
| &nbsp;&nbsp;&nbsp;Purchase of intangible assets | (138180) |  |
| &nbsp;&nbsp;&nbsp;Equipment deposits | (806000) | (22738) |
| &nbsp;&nbsp;&nbsp;Purchases of property and equipment | (2986503) | (573444) |
| &nbsp;&nbsp;&nbsp;Purchases of digital assets | (79700002) | (21000010) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Cash Used In Investing Activities** | (89083295) | (21596192) |
| **Cash Flows from Financing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from ATM equity financing | 123181925 | 61912798 |
| &nbsp;&nbsp;&nbsp;Issuance costs on ATM equity financing <sup>(1)</sup> | (3082182) | (1780982) |
| &nbsp;&nbsp;&nbsp;Proceeds from loan payable | 8000000 |  |
| &nbsp;&nbsp;&nbsp;Repayments of loan payable | (8000000) |  |
| &nbsp;&nbsp;&nbsp;Proceeds from exercise of stock options | 10815 | 23455 |
| &nbsp;&nbsp;&nbsp;Proceeds from the SEPA <sup>(2)</sup> |  | 9104950 |
| &nbsp;&nbsp;&nbsp;Proceeds from notes payable <sup>(3)</sup> |  | 2730000 |
| &nbsp;&nbsp;&nbsp;Issuance costs on notes payable |  | (166100) |
| &nbsp;&nbsp;&nbsp;Repurchase and cancellation of common stock |  | (500000) |
| &nbsp;&nbsp;&nbsp;Payment of employee tax withholdings from shares withheld | (448301) |  |
| &nbsp;&nbsp;&nbsp;Purchase of treasury shares | (97522) |  |
| &nbsp;&nbsp;&nbsp;Payments for deferred financing costs | (562016) | (406109) |
| &nbsp;&nbsp;&nbsp;Repayments of notes payable | (577674) | (3341597) |
| &nbsp;&nbsp;&nbsp;Repayment of finance lease liability | (989772) | (1453) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Cash Provided By Financing Activities** | 117435273 | 67574962 |
| **Net Increase (Decrease) In Cash** | (16531670) | 28637094 |
| **Cash - Beginning of Period** | 29831858 | 1194764 |
| **Cash - End of Period** | $13300188 | $29831858 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Excludes $440,823 and $250,612 of deferred financing costs paid in prior periods for 2025 and 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Excludes $57,031 of deferred financing costs paid in prior periods for 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Face value of $3,659,200 , less $929,200 original issue discount for 2024.

The accompanying notes are an integral part of these consolidated financial statements.

[**Table of Contents**](#TOC)

#### KULR TECHNOLOGY GROUP, INC. AND SUBSIDIARY

#### CONSOLIDATED STATEMENTS OF CASH FLOWS, CONTINUED

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended** | **For the Years Ended** |
|  | **December 31,**  | **December 31,**  |
|  | **2025** | **2024** |
| **Supplemental Disclosures of Cash Flow Information:** |  |  |
| &nbsp;&nbsp;Cash paid during the period for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | $159943 | $62380 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes | $— | $— |
| &nbsp;&nbsp;Non-cash investing and financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Right-of-use asset for operating lease liability | $691852 | $1534902 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase consideration payable | $594860 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred financing costs charged to additional paid-in capital | $440823 | $307643 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock issued in satisfaction of accrued issuable equity | $80328 | $386516 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses for property and equipment purchases | $23995 | $45646 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred shares issued for no consideration | $27 | $73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common shares issued for restricted stock units vested and other common stock issued for services | $30 | $14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrants issued in connection with notes payable | $— | $112863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes payable for property and equipment | $— | $42788 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock issued pursuant to cashless warrant exercises | $— | $(18) |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted stock awards converted to restricted stock units | $— | $27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Original issue discount on indebtedness | $— | $929200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock issued pursuant to Advance Notices in satisfaction of prepaid advance liability and interest | $— | $6054830 |
| &nbsp;&nbsp;&nbsp;&nbsp;Right-of-use asset for finance lease liability | $— | $7768 |

---

The accompanying notes are an integral part of these consolidated financial statements.

#### **Table of Contents**

#### KULR TECHNOLOGY GROUP, INC. AND SUBSIDIARY

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
**NOTE 1 – ORGANIZATION AND NATURE OF OPERATIONS**

*Organization and Operations*

KULR Technology Group, Inc. was incorporated on December 11, 2015 under the laws of the State of Delaware as KT High-Tech Marketing, Inc. Effective August 30, 2018, KT High-Tech Marketing, Inc. changed its name to KULR Technology Group, Inc.

KULR Technology Group, Inc., through its wholly-owned subsidiary, KULR Technology Corporation (collectively referred to as "KULR" or the "Company"), delivers cutting-edge energy storage solutions for space, aerospace, defense, telecom, and other critical infrastructure. KULR leverages its in-house battery design expertise, comprehensive cell and battery testing suite, and battery fabrication and production capabilities. The Company offers commercial-off-the-shelf and custom next-generation energy storage systems in rapid timelines for a fraction of the cost compared to traditional programs.

*Reverse Stock Split*

On June 23, 2025, the Company effected a reverse stock split wherein each 8 shares of common stock outstanding immediately prior to the effective date was combined and converted into one share of common stock (the "Reverse Stock Split").

All share and per share amounts in this Annual Report have been adjusted to reflect the effect of the Reverse Stock Split as if the Reverse Stock Split occurred as of the earliest period presented.

**NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

*Principles of Consolidation and Basis of Presentation*

The consolidated financial statements of the Company include the accounts of KULR Technology Group, Inc. and its wholly-owned subsidiary, KULR Technology Corporation. All significant intercompany transactions have been eliminated in the consolidation. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") and the rules and regulations of the Securities and Exchange Commission.

*Use of Estimates*

Preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, together with amounts disclosed in the related notes to the financial statements. The Company's significant estimates used in these financial statements include, but are not limited to, valuation of intangible assets, digital assets, investments, property, plant and equipment, equity securities, stock-based compensation, deferred revenue, loan receivable and the valuation allowance related to the Company's deferred tax assets. Certain of the Company's estimates could be affected by external conditions, including those unique to the Company and general economic conditions. It is possible that these external factors could have an effect on the Company's estimates and could cause actual results to differ from those estimates.

*Concentrations of Credit Risk*

Financial assets that potentially subject the Company to significant concentrations of credit risk consisted primarily of cash, accounts receivable and BTC held at Coinbase. The Company's concentrations of credit risk also include concentrations from key customers and vendors.

Cash Concentrations

A significant portion of the Company's cash is held at one major financial institution. The Company has not experienced any losses in such accounts. Cash held in US bank institutions is currently insured by the FDIC up to $250,000 at each institution. There were uninsured balances of $12,800,188 and $29,331,858 as of December 31, 2025 and 2024, respectively.

#### **Table of Contents**

#### KULR TECHNOLOGY GROUP, INC. AND SUBSIDIARY

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Customer and Revenue Concentrations

During the year ended December 31, 2024, the Company operated one segment, the Energy Management Platform ("EMP"), and had certain customers whose revenue individually represented 10% or more of total revenue, or whose accounts receivable balances individually represented 10% or more of total accounts receivable. During the year ended December 31, 2025, the Company operated two segments — EMP and Mining of Digital Assets — and had certain customers across both segments meeting the same thresholds, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Energy Management Platform** | **Energy Management Platform** | **Energy Management Platform** | **Energy Management Platform** |
|  | **Revenue** | **Revenue** | **Accounts Receivable** | **Accounts Receivable** |
|  | **For the Year Ended**  | **For the Year Ended**  | | |
|  | **December 31,**  | **December 31,**  | **As of** <br>**December 31,**  | **As of**<br>**December 31,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| Customer A | 17% | \* | 20% | \* |
| Customer B | 11% | \* | \* | \* |
| Customer C | \* | 15% | 46% | 41% |
| Customer D | \* | 10% | 17% | 25% |
| Customer E | \* | \* | \* | 16% |
| Total | 28% | 25% | 83% | 82% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Mining of digital assets** | **Mining of digital assets** | **Mining of digital assets** | **Mining of digital assets** |
|  | **Revenue** | **Revenue** | **Accounts Receivable** | **Accounts Receivable** |
|  | **For the Year Ended** | **For the Year Ended** | **As of** | **As of** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Customer F | 100% | \* | \* | \* |
| Total | 100% | 0% | 0% | 0% |

---

\* Less than 10%

There is no assurance the Company will continue to receive significant revenue from any of these customers. Any reduction or delay in operating activity from any of the Company's significant customers, or a delay or default in payment by any significant customer, or termination of agreements with significant customers, could materially harm the Company's business and prospects. As a result of the Company's significant customer concentrations, its gross profit and results from operations could fluctuate significantly due to changes in political, environmental, or economic conditions, or the loss of, reduction of business from, or less favorable terms with any of the Company's significant customers.

Custody of Digital Assets

The Company currently holds and intends to continue to hold all of its digital assets in a custodial account at a U.S. based, institutional-grade custodian that has demonstrated records of regulatory compliance and information security. The custodian may also serve as a liquidity provider.

If the Company's custodially-held digital assets were considered to be the property of the custodian's estate in the event that the custodian were to enter bankruptcy, receivership or similar insolvency proceedings, the Company could be treated as a general unsecured creditor of the custodian, inhibiting the Company's ability to exercise ownership rights with respect to such digital assets and this may ultimately result in the loss of the value related to some or all of such digital assets.

Additionally, the digital assets the Company holds with our custodian and transacts with our trade execution partners do not enjoy the same protections as are available to cash or securities deposited with or transacted by institutions subject to regulation by the FDIC or the SIPC.

Vendor Concentrations

During the year ended December 31, 2024, the Company operated one segment, the EMP, and had no vendors whose purchases represented more than 10% of total purchases. During the year ended December 31, 2025, the Company operated two segments — EMP and Mining of Digital Assets. The EMP segment had no vendors whose purchases represented more than 10% of total purchases, while the Mining of Digital Assets segment had two vendors whose purchases individually represented 51% and 45% of total purchases.

#### **Table of Contents**

#### KULR TECHNOLOGY GROUP, INC. AND SUBSIDIARY

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
*Accounts Receivable and Allowance for Credit Losses*

Accounts receivable are carried at their contractual amounts, less an estimate for credit losses. During the year ended December 31, 2025, credit losses of $780,643 related to receivables from one customer were recorded as a direct write-off to the receivables as a result of the customer's insolvency proceedings (see Note 7 – Investments, Impairment and Credit losses for further detail). Also, as of December 31, 2025, the Company established an allowance for credit losses in the amount of $1,450,000. As of December 31, 2024, no allowances for credit losses were determined to be necessary.

The Company recognizes an allowance for credit losses on trade receivables in accordance with ASC 326-20, Financial Instruments – Credit Losses. Trade receivables are stated at amortized cost, net of the allowance for credit losses. The allowance represents the Company's best estimate of expected lifetime credit losses inherent in the receivable portfolio as of each reporting date. The Company evaluates credit losses using an aging-based method. Receivables are grouped into pools based on shared risk characteristics, including customer type (domestic commercial, international commercial, and governmental) and aging status.

The Company uses its historical loss experience and makes appropriate adjustments for current and forecasted macroeconomic conditions, industry-specific credit risk trends affecting the Company's customer base, changes in customer payment behavior and concentrations of credit risk, known customer financial distress, or other specific risk factors identified through ongoing credit monitoring.

A receivable is written off against the allowance when the Company determines that all reasonable collection efforts have been exhausted. Subsequent recoveries of amounts previously written off are credited to the allowance.

*Digital Assets*

The Company has invested in bitcoin, which is a digital asset. Digital assets are subject to limited regulatory oversight and there is no central marketplace for asset exchange. Supply is determined by a computer code, not by a central bank, and prices have been extremely volatile. Certain digital asset exchanges have been closed due to fraud, failure or security breaches. Any of the Company's digital assets that reside on an exchange that shuts down may be lost. Several factors may affect the price of digital assets, including, but not limited to: supply and demand, investors' expectations with respect to the rate of inflation, interest rates, currency exchange rates or future regulatory measures (if any) that restrict the trading of digital assets, and the use of digital assets as a form of payment. There is no assurance that digital assets will maintain their long-term value in terms of purchasing power in the future, or that acceptance of digital asset payments by mainstream retail merchants and commercial businesses will continue to grow.

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-08, Intangibles - Goodwill and Other - Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets ("ASU 2023-08"), which provides an update to existing digital asset guidance and requires an entity to measure certain digital assets at fair value. In addition, this guidance requires disclosures related to digital assets once it is adopted. The Company adopted ASU 2023-08 as of January 1, 2024.

The Company reflects digital assets held at fair value on the consolidated balance sheets, the activity from the remeasurement of digital assets at fair value on the consolidated statements of operations and consolidated statements of cash flows, and the required expanded disclosures in Note 3, Digital Assets. There was no cumulative effect adjustment to the Company's accumulated deficit balance as a result of the adoption of ASU 2023-08.

Digital assets are generally valued using prices as reported on reputable and liquid exchanges and may involve using an average of bid and ask quotes using closing prices provided by such exchanges as of the date and time of determination. Since the digital assets are traded on a 24-hour period, the Company uses the price at 4:00pm Eastern Standard Time ("EST") as the quoted price to value its digital assets.

*Equity Investments*

The Company accounts for equity investments that do not have a readily available fair value under the measurement alternative provided in Accounting Standards Codification ("ASC") 321 Investments – Equity Securities, whereby the equity investment is initially recorded at cost, (including transaction costs), and is subsequently remeasured at fair value in accordance with the provisions of ASC 820, Fair Value Measurement ("ASC 820") when it is impaired, or when the Company identifies observable price changes in orderly transactions for the identical or similar investment of the same issuer. See Note 7 – Investments, Impairment and Credit Losses for additional details.

#### **Table of Contents**

#### KULR TECHNOLOGY GROUP, INC. AND SUBSIDIARY

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The Company performs a qualitative assessment at each reporting period considering impairment indicators to evaluate whether the fair value of the investment is less than its carrying amount. If the qualitative assessment indicates that an investment is impaired, a loss is recorded equal to the difference between the fair value and carrying value of the investment.

*Mining of Digital Assets*

The Company leases digital asset mining equipment, which provides hash rates to a mining pool operator. The Company derives a portion of its revenue from its digital asset mining activities by providing hash rates as part of transaction verification services within the digital currency networks of cryptocurrencies, such as bitcoin ("BTC"), referred to herein as "mining of digital assets". In consideration for these services, the Company receives digital rewards which are recorded as revenue, based on the daily amount of BTC earned. Digital rewards are settled daily and are received at Coinbase on a one-day delay and receivable amounts are immaterial. The Company's digital assets are recorded on the balance sheet at their fair value according to the Company's accounting policies for digital assets. Unrealized gains or losses on the remeasurement of digital assets mined are recorded in the statement of operations. Lease and non-lease costs associated with the digital asset mining operation are recorded as cost of revenue.

If the leased machines fail to meet the minimum downtime guarantee over the contracted term, the Company will receive a credit issued in accordance with the agreements. These credits are recorded as a reduction to lease costs.

*Asset Acquisition*

Under ASC 805—Business Combinations, the acquisition of a business requires application of the acquisition method of accounting which recognizes and measures all identifiable assets acquired and liabilities assumed at their fair values as of the date the Company obtains control. Goodwill arising in a business combination represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired. ASC 805 allows a measurement period, not to exceed one year from the date of acquisition, to make any changes in the estimated fair values of the net assets that were not final at the acquisition date, which would result in an adjustment to goodwill.

Contingent consideration related to a business combination, if any, is classified as either an asset or a liability and remeasured to fair value each reporting period, until the contingency is resolved. Changes in fair value of contingent consideration period-over-period are recognized in earnings. Acquisition-related expenses for a business combination are recognized separately from the business combination and are expensed as incurred.

Acquisitions of assets that do not qualify as a business are accounted for under ASC 805-50 using a cost accumulation model. Costs are allocated to assets acquired based on relative fair values and no goodwill is recognized in an asset acquisition. Direct costs related to the acquisition of assets are capitalized as part of the cost of the acquired assets.

*Inventory*

The Company capitalizes inventory costs associated with products when future commercialization is considered probable, and a future economic benefit is expected to be realized. These costs consist of finished goods, raw materials, manufacturing – related costs, transportation and freight, and other indirect overhead costs.

Inventory is comprised of carbon fiber velvet thermal interface solutions and internal short circuit batteries, which are available for sale, as well as raw materials and work in process related primarily to the manufacture of safe cases. Safe cases provide a safe and cost-effective solution to commercially store and transport lithium batteries and mitigate the impacts of cell-to-cell thermal runway propagation. Inventories are stated at the lower of cost or net realizable value. Cost is determined by the first-in, first-out method. The cost of inventory that is sold to third parties is included within cost of sales. The Company periodically reviews for slow-moving, excess or obsolete inventories. Products that are determined to be obsolete, if any, are written down to net realizable value. During the year ended December 31, 2025, certain inventory related to exoskeleton suits, which are wearable robotic frames that enhance human physical capability, was written down to its net realizable value by taking a charge to cost of revenue of $697,679.

On occasion, the Company pays for inventory prior to receiving the goods. These payments are recorded as inventory deposits until the goods are received and these costs are included in the current asset section of the condensed consolidated balance sheet. As of December 31, 2025 and 2024, inventory deposits were $839,644 and $0, respectively.

#### **Table of Contents**

#### KULR TECHNOLOGY GROUP, INC. AND SUBSIDIARY

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Inventory at December 31, 2025 and 2024 consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended**  | **For the Years Ended**  |
|  | **December 31,**  | **December 31,**  |
|  | **2025** | **2024** |
| Raw materials | $237661 | $363224 |
| Finished goods | 343495 | 182243 |
| &nbsp;&nbsp;Total inventory | $581156 | $545467 |

---

Finished goods inventory is held on-site at the Webster, Texas location. Certain raw materials are held off-site with certain contract manufacturers.

*Property and Equipment*

Property and equipment are stated at cost, net of accumulated depreciation, which is recorded commencing at the in-service date using the straight-line method at rates sufficient to charge the cost of depreciable assets to operations over their estimated useful lives, which range from 3 to 10 years (see Note 9 – Property and Equipment for additional details). Leasehold improvements are amortized over the shorter of (a) the useful life of the asset; or (b) the remaining lease term. Maintenance and repairs are charged to operations as incurred. The Company capitalizes costs attributable to the betterment of property and equipment when such betterment extends the useful life of the assets. Vendor deposits toward the purchase of property and equipment are reflected as equipment deposits on the accompanying balance sheets (see Note 8 - Equipment Deposits).

The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When an impairment indicator is identified, the Company performs a recoverability test by comparing the carrying amount of the asset group to the estimated undiscounted future cash flows expected to be generated by the asset group. If the carrying amount exceeds the undiscounted cash flows, an impairment loss is recognized equal to the amount by which the carrying value exceeds the fair value of the asset group. There was a $625,967 impairment charge reflected in Impairment of property and equipment within Operating expenses on the Consolidated Statement of Operations for the year ended December 31, 2025. The Company recorded no impairment charge in 2024.

*Intangibles*

Intangible assets are stated at fair value as of the date acquired, less accumulated amortization for finite-lived intangible assets. Amortization is calculated based on the estimated useful lives of the assets using the straight-line method that fairly represents the utilization of the assets, as follows:

---

| | |
|:---|:---|
|  | **Estimated Useful Life** |
| Patent | 17.3 years |
| Intellectual property | 5.0 years |
| Supply agreement | 5.0 years |
| Technology license | 10.0 years |

---

The Company periodically evaluates the remaining useful lives of its intangible assets to determine whether events or circumstances warrant a revision to the remaining periods of amortization. In the event that the estimate of an intangible asset's remaining useful life has changed, the remaining carrying amount of the intangible asset is amortized prospectively over that revised remaining useful life.

The Company's finite-lived intangible assets are tested for impairment based on undiscounted cash flows when triggering events occur. Indefinite-lived intangible assets are subject to impairment testing annually or whenever events or circumstances indicate that its carrying value may not, based on future undiscounted cash flows or market factors, be recoverable. An impairment loss is based on the difference between the carrying amount and the fair value of the intangible asset at the measurement date and is recorded in the period in which an impairment determination is made. There was a $202,058 impairment charge reflected in Impairment of intangible assets within Operating expenses on the Consolidated Statement of Operations for the year ended December 31, 2025. The Company recorded no impairment charge in 2024.

#### **Table of Contents**

#### KULR TECHNOLOGY GROUP, INC. AND SUBSIDIARY

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
*Fair Value Measurements*

The Company measures the fair value of financial assets and liabilities based on the guidance of ASC 820, which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements.

ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value:

Level 1 — quoted prices in active markets for identical assets or liabilities

Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable

Level 3 — inputs that are unobservable (for example, cash flow modeling inputs based on assumptions)

The carrying amounts of the Company's financial assets and financial liabilities, such as cash, accounts receivable, grant receivable, accounts payable, accrued expenses and other current liabilities, purchase consideration payable, and notes payable approximate fair values due to the short-term nature of these instruments.

The carrying amount of the Company's digital assets are recorded at fair value in accordance with ASC 820, Fair Value Measurement ("ASC 820"), based on quoted prices on the active exchange(s) that the Company has determined is the principal market for such assets (Level I inputs). The cost basis of digital assets is determined using the specific identification of each unit received. Realized and unrealized gains and losses are recorded to other income (expense), net in the Company's condensed consolidated statement of operations.

The Company accounts for its equity investments under the measurement alternative provided in ASC 321, whereby the equity investment is initially recorded at cost, (including transaction costs), and is subsequently remeasured at fair value in accordance with the provisions on ASC 820 when it is impaired, or when the Company identifies observable price changes in orderly transactions for the identical or similar investment of the same issuer. See Note 7 – Investments, Impairment and Credit Losses for additional details.

*Treasury Stock*

The Company records repurchases of its own common stock at cost. Repurchased common stock is presented as a reduction of equity in the consolidated balance sheets. Subsequent reissuances of treasury stock are accounted for on a weighted average cost basis. Gains resulting from differences between the cost of treasury stock and the re-issuance proceeds are credited to additional paid-in capital. Losses resulting from differences between the cost of treasury stock and the re-issuance proceeds are debited to additional paid-in capital.

*Income Taxes*

The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The Company measures deferred tax assets and liabilities using the enacted tax rates for the years and jurisdictions in which the temporary differences are expected to be recovered. A change to the tax rates used to measure the Company's deferred taxes is recognized in income during the period in which the new rate(s) were enacted.

The Company recognizes deferred tax assets to the extent the Company's assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including the future reversals of existing taxable temporary differences, projected future taxable income exclusive of reversing temporary differences and carryforwards, tax-planning strategies, taxable income in prior carryback years if permitted under tax law, and the results from prior years. If the Company determines it is more likely than not, that all or a portion of a deferred tax asset will not be realized a valuation allowance is recorded with a charge to income tax expense. Alternatively, if the Company determines that all or a portion of a deferred tax asset previously not meeting the more likely than not threshold will be realized, the Company reduces its valuation allowance and recognizes a benefit in income tax expense.

The Company recognizes and measure uncertain tax benefits in accordance with ASC 740, Income Taxes ("ASC 740") based on a two-step process in which (1) the Company determines whether it is more likely than not that the tax position will be sustained based on the technical merits of the position, and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the Company

#### **Table of Contents**

#### KULR TECHNOLOGY GROUP, INC. AND SUBSIDIARY

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
recognizes the largest amount of tax benefit that is more than fifty percent likely to be realized upon ultimate settlement with the related tax authority. The Company's policy is to recognize interest and penalties related to uncertain tax positions, if any, in income tax expense.

*Accrued Issuable Equity*

The Company records accrued issuable equity when it is contractually obligated to issue a variable number of shares or shares with features requiring liability classification. Accrued issuable equity is recorded and carried at fair value with changes in its fair value recognized in the Company's consolidated statements of operations. Once the underlying shares of common stock are issued, the accrued issuable equity is reclassified to equity as of the share issuance date at the then current fair market value of the common stock.

*Deferred Financing Costs*

Direct, incremental fees incurred in connection with a debt or equity financing, are capitalized as deferred financing costs (a non-current asset) on the balance sheet. Once the financing closes, the Company reclassifies such costs as either discounts to notes payable or as a reduction of proceeds received from equity transactions so that such costs are recorded as a reduction of additional paid-in capital. If the completion of a contemplated financing was deemed to be no longer probable, the related deferred financing costs would be charged to general and administrative expense in the consolidated financial statements.

*Revenue Recognition*

The Company recognizes revenue in accordance with ASC Topic 606, "Revenue from Contracts with Customers" ("ASC 606"). The core principle of ASC 606 requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. ASC 606 defines a five-step process to achieve this core principle and, in doing so, it is possible more judgment and estimates may be required within the revenue recognition process, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation.

The following five steps are applied to achieve that core principle:

● Step 1: Identify the contract with the customer;

● Step 2: Identify the performance obligations in the contract;

● Step 3: Determine the transaction price;

● Step 4: Allocate the transaction price to the performance obligations in the contract; and

● Step 5: Recognize revenue when the company satisfies a performance obligation.

The Company's sales contracts typically have 30-60 day payment terms. For sales contracts with payment terms of more than one year, the Company determines whether there is a significant financing component, and if so, revenue is recognized at an amount that represents the present value of the payments, and interest income is recognized over the contractual period using the effective interest method, reflected in other income on the consolidated statements of operations.

Principal versus Agent Considerations

The Company evaluates its role under ASC 606 to determine whether it acts as a principal or agent where third-party sellers fulfill or ship orders to customers. The Company recognizes revenue on a gross or net basis depending on whether it acts as a principal or an agent in the transaction. The determination is based on an evaluation of whether the Company controls the specified good or service before it is transferred to the customer.

During the years ended December 31, 2025 and 2024, the Company recognized revenue primarily from the following different types of contracts:

● Product sales – Revenue is recognized at the point in time the customer obtains control of the goods and the Company satisfies its performance obligation, which is generally at the time it ships the product to the customer. For certain product sales contracts,

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#### KULR TECHNOLOGY GROUP, INC. AND SUBSIDIARY

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
the Company acts as an agent and revenue in connection with these contracts is presented net of the related costs. The determination of whether the Company acts as a principal or an agent in a transaction is based on an evaluation of whether the Company controls the good or service before transfer to the customer. When the Company concludes that it controls the good or service before transfer to the customer, the Company is considered a principal in the transaction and records revenue on a gross basis. When the Company concludes that it does not control the good or service before transfer to the customer but arranges for another entity to provide the good or service, the Company acts as an agent and records revenue on a net basis in the amount it earns for its agent service.

● Contract services – Revenue is recognized pursuant to the terms of each individual contract when the Company satisfies the respective performance obligations, which could be recognized at a point in time or over the term of the contract. Contract services revenue that is recognized over time may be recognized using the input method, based on labor hours expended, or using the output method based on milestones achieved, depending on the contract.

● Mining of digital assets – The Company has entered into lease agreements with a digital assets mining services company to operate digital asset mining machines on behalf of the Company and provide mining pool operating and hosting services. Pursuant to these agreements, the Company provides computing power to the mining pool operator. The Company is entitled to digital asset rewards once it begins to perform hash calculations for the pool operator in accordance with the operator's specifications. The Company's fractional share is based on the total blocks expected to be generated on the BTC network for the daily 24-hour period. Digital asset rewards are considered non-cash consideration.

● IP license – Revenue is recognized pursuant to the type of intellectual property ("IP") being licensed for each individual contract when the Company satisfies the respective performance obligations, which could be recognized at a point in time or over the term of the contract. IP license revenue for the right to access IP is recognized over time and the right to use IP is recognized at a point in time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) License fees – revenue from the right to use IP is recognized immediately at the point in time that the control of the license is transferred to the customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Minimum royalty fees related to a license to use IP – revenue is recognized at the point in time that control of the license is transferred to the customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Sales based royalty fees above the minimum – are recognized when the sale occurs.

● Grant revenue - The Company has determined that government grant revenue does not fall under the FASB ASC 606. Under the grant contract with the Texas Space Commission ("Texas Grant"), the Texas Space Commission receives no direct benefit from the product development, and therefore does not meet the definition of a customer pursuant to ASC 606. As there was no authoritative guidance under U.S. GAAP on accounting for grants to for-profit business entities when the Company entered into the Texas Grant, the Company has applied the guidance in ASC 958 Not-for-Profit Entities by analogy. Further, the Texas Grant is considered a conditional contribution because the Texas Grant can only be used to reimburse allowable expenses. The grant is for the research and development of cold-temperature lithium-ion battery solutions for the next generation of Lunar and Martian missions which is part of the Company's ongoing major or central activities. As such, reimbursement proceeds from the Texas Grant are recorded as revenue, which is generally recognized when qualifying costs are incurred and conditions

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#### KULR TECHNOLOGY GROUP, INC. AND SUBSIDIARY

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
for reimbursement have been met. Grant revenue during the year ended December 31, 2025, was $1,886,376 related to the reimbursement of equipment purchases totaling $255,728, R&D expenses totaling $1,474,100 and prepayments of $156,548.

The following table summarizes the Company's revenue recognized in its consolidated statements of operations:

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended** | **For the Years Ended** |
|  | **December 31,**  | **December 31,**  |
|  | **2025** | **2024** |
| Revenue Recognized at a Point in Time: |  |  |
| &nbsp;&nbsp;Product sales | $5052771 | $3644240 |
| &nbsp;&nbsp;Contract services | 2028201 | 3412030 |
| &nbsp;&nbsp;IP license |  | 2687218 |
| &nbsp;&nbsp;Grant revenue | 1886376 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 8967348 | 9743488 |
| Revenue Recognized Over Time: |  |  |
| &nbsp;&nbsp;Mining of digital assets | 7029924 |  |
| &nbsp;&nbsp;Contract services | 173132 | 993993 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Revenue | $16170404 | $10737481 |

---

Contract Balances

The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and deferred revenues (contract liabilities) on the Consolidated Balance Sheet. Generally, billing occurs subsequent to revenue recognition, resulting in contract assets. However, we sometimes receive advances or deposits from our customers resulting in contract liabilities (See *Deferred Revenue*, below). As of December 31, 2025 and 2024, the Company had accounts receivable, net of $3,075,328 and $4,091,679, respectively. As of December 31, 2025, the Company had non-trade receivables of $3,723,473. Deferred revenues were $107,267 and $32,768 as of December 31, 2025 and 2024, respectively.

IP License Agreements

On September 29, 2024, the Company entered into a three-year licensing agreement (the "KULR VIBE Agreement") with a customer located in Japan to use its KULR VIBE software to measure and reduce fan vibration levels. The KULR VIBE Agreement gives the customer the exclusive license to use the software in Japan (for Japanese customers) for the sole purpose of operating the Balancer. The Balancer is a hardware device used to measure vibration levels. Pursuant to this Agreement, the Company received a one-time, non-refundable license fee for the right to use the IP of $500,000 for which revenue was recognized immediately. The customer is required to pay royalty fees to the Company of $0.20 per unit of any rotational system balanced by a Balancer, and 3% of gross sales of all Balancers the customer manufactures and sells to a third party. The customer is required to make quarterly royalty payments to the Company which may vary from period to period, but there is a minimum payment of $50,000 per quarter for three years (or $600,000 over the three-year term of the Agreement). Since the payment of the minimum royalty occurs significantly after performance, a significant financing component was identified. Therefore, in 2024, the Company immediately recognized revenue in an amount equal to the present value ($528,767) of the $600,000 minimum royalty to be received, using the prevailing interest rate in the relevant market (prime rate) of 8.0%. Royalty fees above the minimum amount, if any, will be recognized when the related sales are recognized by the customer. The Company has not recognized any excess royalty fees as revenue during the years ended December 31, 2025 and 2024.

While the KULR Vibe Agreement contains a software maintenance provision, the Company expects the resources that will be dedicated to the software maintenance services to be negligible and determined an amount to be allocated to this software maintenance performance obligation to be de minimis.

On December 29, 2024, the Company entered into a ten-year licensing agreement (the "CF Cathode Agreement") with a different customer located in Japan, for the use of intellectual property in connection with its CF Cathode Design technology (including the specifications, diagrams, schematics and instructions (together the "KULR CF Intellectual Property")) for the production of the CF Cathode. The CF Cathode Agreement provides an exclusive license to use the KULR CF Intellectual Property to manufacture and sell CF Cathodes in Japan, and a non-exclusive license to manufacture and sell CF Cathodes in several other countries, including Taiwan, China, India and Korea. The license fee is $1.8 million to be paid over 5 years as follows: $300,000 due on February 15, 2025; $150,000

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#### KULR TECHNOLOGY GROUP, INC. AND SUBSIDIARY

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
due on June 15, 2026; $150,000 due on December 15, 2025; and $150,000 on each of June 15 and December 15 in 2026 through 2029 (with the last $150,000 being due on December 15, 2029).

The CF Cathode Agreement contains a significant financing component. Therefore, the Company immediately recognized revenue in an amount equal to the present value ($1,658,451) of the $1,800,000 license fee, using the prevailing interest rate in the relevant market (prime rate) of 7.5%.

*Deferred Revenue*

As of December 31, 2025 and 2024, the Company had $107,267 and $32,768 of deferred revenue, respectively, from contracts with customers. The contract liabilities included in deferred revenue represent payments received from customers for which the Company had not yet satisfied its performance obligation under the contract, or the customers have not officially accepted the goods or services provided under the contract. The Company expects to satisfy the remaining performance obligations and recognize the revenue related to its deferred revenue balance within the next twelve months. During the year ended December 31, 2025 and 2024, the Company recognized $2,500 and $529,880 of revenue that was deferred at the previous year end. The Company did not recognize revenue from performance obligations satisfied in prior periods during the years ended December 31, 2025 or 2024.

*Deferred Labor Costs*

As of December 31, 2025 and 2024, the Company had $273,746 and $356,030, respectively, of deferred labor costs, which is part of deferred expenses within prepaid expenses and other current assets in the Company's consolidated balance sheets. Deferred labor costs represent costs incurred to fulfill the Company's deferred contract service revenue. The Company will recognize the deferred labor costs as cost of revenue at the point in time that the Company satisfies its performance obligation under the respective contract, which is generally at the time the services are fulfilled and/or accepted by the customer.

*Shipping and Handling Costs*

The Company has elected to treat shipping and handling activities as fulfillment costs. Accordingly, amounts billed to a customer in a sales transaction related to shipping and handling are recorded as revenue. Costs incurred for shipping and handling are included as cost of revenue on the accompanying consolidated statements of operations.

*Research and Development*

Research and development include expenses incurred in connection with the research and development of our CFV thermal management solution, Jetson I/F board development, server acoustic analysis study, and Vibe technologies. Research and development expenses are recognized as incurred.

*Advertising and Marketing Costs*

Advertising costs are expensed in the period incurred. Advertising costs charged to operations for the years ended December 31, 2025 and 2024 were $4,937,350 and $2,825,351, respectively, and are included in selling, general and administrative expense in the consolidated statements of operations.

*Stock-Based Compensation*

The Company measures the cost of services received in exchange for an award of equity instruments based on the fair value of the award since the fair value of the award is more readily determinable than the value of the services. The fair value of the award is measured on the grant date. The fair value amount is then recognized over the period during which services are required to be provided in exchange for the award, usually the vesting period. Upon the exercise of an award, the Company generally issues new shares of common stock out of its authorized shares, but may issue treasury stock when available.

#### **Table of Contents**

#### KULR TECHNOLOGY GROUP, INC. AND SUBSIDIARY

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
*Net Loss Per Share of Common Stock*

Basic net loss per common share is computed by dividing net loss by the weighted average number of vested common shares outstanding during the period. Diluted net loss per common share is computed by dividing net loss by the weighted average number of common and dilutive common-equivalent shares outstanding during each period.

The following table presents the computation of basic and diluted net loss per common share:

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| | | |
|:---|:---|:---|
|  | **For the Years Ended** | **For the Years Ended** |
|  | **December 31,**  | **December 31,**  |
|  | **2025** | **2024** |
| Numerator: |  |  |
| &nbsp;&nbsp;Net Loss | $(61899782) | $(17523629) |
| Denominator (weighted average quantities): |  |  |
| &nbsp;&nbsp;Common shares issued | 39655202 | 23301012 |
| &nbsp;&nbsp;Less: Treasury shares purchased | (21474) | (16395) |
| &nbsp;&nbsp;Less: Unvested restricted stock awards | (7739) | (70447) |
| &nbsp;&nbsp;Add: Accrued issuable equity | 1045 | 13392 |
| &nbsp;&nbsp;Add: Vested unissued restricted stock units | 100171 | 97080 |
| &nbsp;&nbsp;Denominator for basic and diluted net loss per share | 39727205 | 23324642 |
| Basic and diluted net loss per common share | $(1.56) | $(0.75) |

---

The following shares were excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive:

---

| | | |
|:---|:---|:---|
|  | **December 31,**  | **December 31,**  |
|  | **2025** | **2024** |
| Unvested restricted stock awards | 4687 | 9375 |
| Unvested restricted stock units | 1610847 | 717826 |
| Options | 27188 | 40938 |
| Warrants | 88905 | 88902 |
| &nbsp;&nbsp;Total | 1697411 | 857041 |

---

*Operating and Finance Leases*

The Company determines if an arrangement is a lease or contains a lease at inception. The Company recognizes a liability to make lease payments, the "lease liability", and an asset representing the right to use the underlying asset during the lease term, the "right-of-use asset". The lease liability is measured at the present value of the remaining lease payments, discounted at either (1) the rate implicit in the lease, if available, or (2) the Company's incremental borrowing rate. The right-of-use asset is measured at the amount of the lease liability adjusted for the remaining balance of any lease incentives received, any cumulative prepaid or accrued rent if the lease payments are uneven throughout the lease term, any unamortized initial direct costs, and any impairment of the right-of-use-asset.

Classification criteria in Topic 842 is applied in order to determine whether the lease is a finance lease or an operating lease. Operating lease expense is recorded on a straight-line basis over the life of the lease and is included in research and development and general and administrative expenses on the accompanying statements of operations. Finance lease right-of-use assets are depreciated on a straight-line base over the estimated useful life of the asset; the depreciation expense is included in research and development expense on the accompanying statements of operations. Finance lease liabilities are subsequently remeasured by increasing the liability to reflect interest accrued during a period and decreasing the liability to reflect payments made during the period. Interest expense incurred on finance leases is included in interest expense on the statements of operations. There was a $905,630 impairment charge reflected in Impairment of right-of-use asset within Operating expenses on the Consolidated Statement of Operations for the year ended December 31, 2025 (see Note 13–Leases for additional details). The Company recorded no impairment charge in 2024.

#### **Table of Contents**

#### KULR TECHNOLOGY GROUP, INC. AND SUBSIDIARY

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
*Income Taxes*

The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of items that have been included or excluded in the financial statements or tax returns. Deferred tax assets and liabilities are determined on the basis of the difference between the tax basis of assets and liabilities and their respective financial reporting amounts ("temporary differences") at enacted tax rates in effect for the years in which the temporary differences are expected to reverse.

The Company utilizes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return.

Management has evaluated and concluded that there were no material uncertain tax positions requiring recognition in the Company's financial statements as of December 31, 2025 and 2024. The Company does not expect any significant changes in its unrecognized tax benefits within twelve months of the reporting date.

The Company's policy is to classify assessments, if any, for tax related interest as interest expense and penalties as selling, general and administrative expenses in the consolidated statements of operations.

*Reclassifications*

Certain prior period balances have been reclassified in order to conform to the current period presentation. These reclassifications have no effect on previously reported results of operations or loss per share.

*Subsequent Events*

The Company has evaluated subsequent events through the date on which the consolidated financial statements were issued. Based upon the evaluation, the Company did not identify any recognized or non-recognized subsequent events that would have required adjustment or disclosure in the consolidated financial statements, except as disclosed. See Note 19 – Subsequent Events.

*Segment Reporting*

Operating segments are components of an enterprise for which separate financial information is available and regularly reviewed by management in deciding how to allocate resources and evaluate performance. Management has determined that the Company has two significant operating segments: Energy Management Platform and Mining of Digital Assets, as discussed in Note 18. In determining the appropriateness of segment definition, the Company considers the criteria of Accounting Standards Codification ("ASC") 280, Segment Reporting.

*Recently Issued Accounting Pronouncements*

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures. ASU 2024-03 is intended to improve disclosures about a public business entity's expenses and provide more detailed information to investors about the types of expenses in commonly presented expense captions. The amendments in this ASU will be applied retrospectively and are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of implementing this guidance.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The amendments provide a practical-expedient election that permits an entity to assume that current conditions as of the reporting date will not change over the remaining life of certain current accounts receivable and contract assets arising from transactions accounted for under ASC 606, "Revenue from Contracts with Customers." The guidance is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted for reporting periods for which financial statements have not yet been issued or made available for issuance. The Company is currently evaluating the impact of implementing this guidance.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The guidance removes all references to project stages throughout ASC 350-40 and clarifies the threshold entities apply to begin capitalizing costs. It is intended to modernize the accounting for internal-use software costs to reflect the evolution of software development practices. The amendments are effective for fiscal years beginning

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#### KULR TECHNOLOGY GROUP, INC. AND SUBSIDIARY

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
after December 15, 2027, and interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of implementing this guidance.

In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832) – Accounting for Government Grants Received by Business Entities. This ASU establishes authoritative guidance on the accounting for government grants received by business entities, which previously did not exist. In the absence of specific guidance, many business entities analogized to the guidance in International Accounting Standard (IAS) 20, Accounting for Government Grants and Disclosure of Government Assistance, or Subtopic 958-605, Not-for-Profit Entities—Revenue Recognition. The ASU defines two types of government grants: (1) a grant related to an asset (for which there are two approaches to record the grant proceeds) and (2) a grant related to income. A grant related to an asset is conditioned on the purchase, construction, or acquisition of an asset (for example, a long-lived asset or inventory). A grant related to income is other than a grant related to an asset (for example, a grant that reimburses a business entity for operating expenses). The ASU defines the criteria that need to be met in order to recognize government grant proceeds and prescribes that a business entity present a grant related to income and a grant related to an asset for which the deferred income approach is elected as part of earnings either (1) separately under a general heading such as other income or (2) deducted from the related expense. The ASU is effective for fiscal years beginning after December 15, 2028, and interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of implementing this guidance.

*Recently Adopted Accounting Pronouncements*

In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"), which enhances the transparency and decision usefulness of income tax disclosures. Adjustments to the annual disclosure of income taxes include: (1) A tabular rate reconciliation comprised of eight specific categories, (2) Income taxes paid, disaggregated between significant national, state, and foreign jurisdictions, (3) Eliminates requirements to disclose the nature and estimate of reasonably possible changes to unrecognized tax benefits in the next 12 months or that an estimated range cannot be made, and (4) Adds a requirement to disclose income (or loss) from continuing operations before income tax expense (or benefit) by national and foreign, and income tax expense (or benefit) from continuing operations disaggregated between national, state and foreign. The ASU is effective for public business entities for fiscal years beginning on or after December 15, 2024 with early adoption permitted. The amendments in ASU 2023-09 were adopted by the Company on a retrospective basis. There was no material impact to the Company's financial statements as a result of adopting ASU 2023-09.

**NOTE 3 – DIGITAL ASSETS**

The Company's digital assets are comprised solely of BTC. In accordance with ASC Topic 820, Fair Value Measurement, the Company measures the fair value of its BTC based on the quoted price at 4:00pm EST on the measurement date for a single BTC on an active trading platform, Coinbase. Management has determined that Coinbase, an active exchange market, represents a principal market for BTC and at 4:00pm EST, the price is both readily available and representative of fair value (Level 1 inputs). As of December 31, 2025, the Company held 1,074.21 BTC at Coinbase with a cost basis of $108,514,113, and a fair value of $93,995,256. As of December 31, 2024, the Company held 217.18 BTC at Coinbase with a cost basis of $21,000,010, and a fair value of $20,281,184.

The following table presents the roll forward of activity related to the Company's digital assets for the years ended December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **Digital Assets** | **Digital Assets** |
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2025** | **2024** |
| Beginning balance | $20281184 | $— |
| &nbsp;&nbsp;Additions - purchased | 79700002 | 21000010 |
| &nbsp;&nbsp;Additions - mined | 7029924 |  |
| &nbsp;&nbsp;Dispositions |  |  |
| &nbsp;&nbsp;Digital assets received as downtime credits | 784187 |  |
| &nbsp;&nbsp;Change in fair value | (13800041) | (718826) |
| Ending balance | $93995256 | $20281184 |

---

During the year ended December 31, 2025, the Company purchased 783.81 BTC via trade orders on Coinbase (the "Custodian") at an average cost of $101,683 per BTC, inclusive of fees and expenses, for an aggregate cost of $79,700,002. During the year ended December 31, 2024, the Company purchased 217.18 BTC via trade orders on Coinbase at an average cost of $93,384 per BTC, inclusive of fees and expenses, for an aggregate cost of $21,000,010.

#### **Table of Contents**

#### KULR TECHNOLOGY GROUP, INC. AND SUBSIDIARY

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
On March 7, 2025, the Company entered into a 60 day lease agreement (the "First Machine Lease Agreement") with a digital asset mining services company to operate digital assets mining machines on KULR's behalf, at a total lease cost of $850,000. On May 16, 2025, the Company entered into a 228 day lease agreement (the "Second Machine Lease Agreement") with the same digital asset mining services company to operate digital assets mining machines on KULR's behalf, at a total lease cost of $3,200,000. On June 20, 2025, the Company entered into a one hundred and three-day lease agreement (the "Third Machine Lease Agreement") with a new digital asset mining services company to operate digital assets mining machines on KULR's behalf, at a total lease cost of $2,756,795. On July 30, 2025, the Company entered into a one year lease agreement (the "Fourth Machine Lease Agreement") with a digital asset mining services company to operate digital assets mining machines on KULR's behalf, at a total lease cost of $2,646,250. The Company elected the practical expedient under ASC 842 to not recognize right-of-use assets and lease liabilities for leases with a term of twelve months or less. On October 1, 2025, the Company entered into a two year lease agreement (the "Fifth Machine Lease Agreement") with a digital asset mining services company to operate digital assets mining machines on KULR's behalf, at a total lease cost of $4,200,000, of which $987,932 represents costs attributable to the machines (see Note 13 – Leases for additional details). During 2025, the Company received BTC with an aggregate fair value of $784,187 from the lessors as compensation for machine downtime, which was used to offset lease costs.

During the year ended December 31, 2025, the Company recognized revenue of $7,029,924 in connection with its digital assets mining operations. See Note 2 – Summary of Significant Accounting Policies – for further information. Bitcoin prices fell materially during the year ended December 31, 2025, resulting in a significant decline in the value of the Company's digital asset holdings.

*Loan Agreement*

In July 2025 the Company secured a $20 million credit facility with Coinbase, its digital assets custodian. Pursuant to the terms of the agreement, either party may terminate a loan on a termination date established by notice given to the other party prior to the close of any business day. On July 8, 2025, the Company entered into an agreement (the "Loan Agreement") pursuant to which the Company borrowed $8 million (the "Initial Drawdown") and segregated 232 BTC as collateral against this loan. The Initial Drawdown carried an 8% loan fee. The Company's obligations were secured by a first-priority security interest at collateral-coverage ratio of about 156.25% of the outstanding principal amount. The Initial Drawdown is subject to the terms and conditions of the Master Loan Agreement. Of the $8 million borrowed, $6.7 million was used to purchase 61.4 BTC. The Company made principal and interest payments on the loan on August 12, 2025 and September 20, 2025. As of December 31, 2025, the Company repaid the full $8 million principal balance of the loan and $49,139 of interest pursuant to the Loan Agreement. The full $20 million credit facility remains available.

**NOTE 4 – AUTO-VIBE ASSETS**

In December 2025, the Company entered into a three-year Master Vehicle Sales Agreement with a licensed Dealership (the "Dealership") in California to buy and sell automobiles for the purpose of determining whether the Company's technology known as KULR VIBE can be deployed in the automobile market. The Company purchased a range of autos and performed vibration diagnostic testing on the autos using the KULR VIBE technology. As an R&D activity, the Company intends to continue to buy vehicles, including high-end exotic supercars, run the KULR VIBE diagnostic testing, analyze the data generated, and then sell these cars within one year. The resulting analysis will help determine if the Company's VIBE technology can be successfully marketed in the auto sector. The de minimis profit from auto sales was recorded as a credit against research and development expense.

During December 2025, the Company allocated $5,000,000 toward this project and bought and subsequently sold 71 autos that went through the VIBE diagnostic testing. As of December 31, 2025, the Company has a receivable of $1,837,097 due from the Dealership related to these sales, with payment terms of 20% due on January 30, 2026 (which was received by the Company in January 2026), 20% due on February 27, 2026 (which was received by the Company in February 2026), and 60% due on March 30, 2026. The Company also has a deposit of $940,013 which is in a segregated account at the Dealership to be used for future purchases of vehicles. As of December 31, 2025, the Company also owns 122 autos (to be tested for vibration) at a cost of $2,269,649, that it expects to sell within the year. No additional funds are expected be allocated to this project. The December 2025 sales of autos to the Dealership did not qualify as sales to customers, therefore no revenue has been recorded for the sales of these autos.

---

| | |
|:---|:---|
|  | **Auto-Vibe Assets** |
| Vehicles owned | $2269649 |
| Receivables | 1837097 |
| Deposits in segregated account | 940013 |
| Balance, December 31, 2025 | $5046759 |

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#### **Table of Contents**

#### KULR TECHNOLOGY GROUP, INC. AND SUBSIDIARY

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
**NOTE 5 – INVENTORY DEPOSITS**

Inventory deposits consist of amounts paid in advance to vendors to secure future deliveries of specific finished goods and raw materials, which will be received and sold in future periods.

As of December 31, 2025 and December 31, 2024, the Company had outstanding inventory deposits of $839,644 and $0, respectively.

**NOTE 6 – PREPAID EXPENSES AND OTHER CURRENT ASSETS**

As of December 31, 2025 and 2024, prepaid expenses and other current assets consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31,** <br>**2025** | **December 31,** <br>**2024** |
| Deferred expenses | $440954 | $405463 |
| Professional fees | 378109 | 40142 |
| Insurance | 323850 |  |
| Prepaid grant expense | 317136 |  |
| Bitcoin mining leases | 206625 |  |
| Rent | 58150 |  |
| Security deposits | 50213 | 50213 |
| Dues and subscriptions | 22512 | 25355 |
| Other receivables | 10438 | 52981 |
| Marketing and advertising | 10000 | 285000 |
| Vendor receivables | 7386 | 7386 |
| Other | 476 |  |
| Compensation costs |  | 275000 |
| &nbsp;&nbsp;Total prepaid expenses and other current assets | $1825849 | $1141540 |

---

**NOTE 7 – INVESTMENTS, IMPAIRMENT AND CREDIT LOSSES**

During the year ended December 31, 2025, the Company made two investments in a private German entity ("Investee"), who was also a customer, including Series A7 Preferred Shares and a convertible loan receivable. On November 13, 2025, the Investee filed an application with a German insolvency court to open insolvency proceedings. As a result, as of December 31, 2025, the Company has fully impaired or recognized credit losses associated with the Company's investments and accounts receivable associated with the Investee. The details of these matters follow:

● On May 7, 2025, the Company purchased Series A7 Preferred Shares (the "Preferred Shares") of Investee for an aggregate purchase price of approximately $3.3 million. The Preferred Shares rank senior to all outstanding preferred as well as common shares of Investee, and are convertible on a 1 :1 basis into common shares of Investee at the Company's option, subject to anti-dilution adjustments. The Company also has the right to one voting advisory board seat and one non-voting observer seat on Investee's advisory board. Investee's Preferred Shares have a liquidation preference equal to the purchase price of the shares plus any accrued and unpaid dividends thereon. The Company's purchase of Preferred Shares represents an investment in non-marketable equity securities of a company without a readily determinable fair value. The Company accounts for this investment under the measurement alternative in ASC 321, whereby the equity investment is recorded at cost, and is subsequently remeasured to its fair value in accordance with the provisions of ASC 820 when observable price changes occur or when it is impaired (see Note 2 - Significant Accounting Policies, Equity Investment). Due to the Investee's current financial condition, the Company estimated that the fair value of its Preferred Shares investment in Investee was zero , and accordingly, recorded a full impairment expense of $3,325,045 as of September 30, 2025, reflected in Impairment of equity investment within Other Income (Expense) on the Consolidated Statement of Operations for the year ended December 31, 2025.

● On August 25, 2025, the Company executed a Convertible Loan Agreement (the "Note") with the Investee to loan up to €2,000,000 . The Note carries a 12% interest rate, and it matures on November 30, 2025. The Note is convertible into the most senior class of preferred shares of Investee at the time of conversion. The Company can demand conversion at maturity, or prior to maturity if certain defined events occur. As of September 30, 2025, the Company loaned $1,832,690 (€1,550,000) to the Investee pursuant to the Note. The Company accounts for the Note at amortized cost and records an estimate of expected credit losses using a forward-looking current expected credit loss (CECL) model in accordance with ASC 326. The estimate of expected credit losses is based on relevant information about past events, current conditions, and reasonable forecasts about

#### **Table of Contents**

#### KULR TECHNOLOGY GROUP, INC. AND SUBSIDIARY

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
the future. On October 24, 2025, the Company loaned an additional $294,875 (€250,000) pursuant to the Note. Due to the Investee's current financial condition, the Company determined the collectability of the Note was not assured and accordingly, recorded a full credit loss of $2,127,565, reflected in Credit loss on loan receivable within Other Income (Expense) on the Consolidated Statement of Operations for the year ended December 31, 2025.

In addition to the above balances, the Company had accounts receivable due from the Investee related to product sales made during the second quarter of 2025. Due to the Investee's current financial condition, the Company determined that collectability of the accounts receivable was not assured and accordingly, recorded credit losses on accounts receivable of $780,643 as of September 30, 2025, reflected within Operating Expenses for the year ended December 31, 2025.

**NOTE 8 – EQUIPMENT DEPOSITS**

Equipment deposits at December 31, 2025 and December 31, 2024 are $806,000 and $1,355,174, respectively. Equipment deposits at December 31, 2024 represented deposits paid to a vendor as a downpayment for the manufacture of an automated manufacturing system (the "System"). The System was never delivered to the Company. After negotiation, and in an effort to come to a resolution on the matter, the Company agreed to forfeit the equipment deposit while the vendor retained the unfinished equipment. During the year ended December 31, 2025, the Company recorded a write-down of $1,355,174, as a result of its agreement to forfeit the equipment deposit.

**NOTE 9 – PROPERTY AND EQUIPMENT**

As of December 31, 2025 and 2024, property and equipment consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,**  | **December 31,** | |
|  | **2025** | **2024** | <br>**Estimated Useful Life**  |
| Machinery & equipment | $7532746 | $4012527 | 5 - 8 years |
| Leasehold improvements | 2160762 | 2144565 | Lesser of the useful life of the asset or remaining life of the lease |
| Construction in progress |  | 750236 |  |
| Software | 425476 | 314932 | 3 years |
| Research and development equipment | 265625 | 216525 | 5 years |
| Computer equipment | 225645 | 212616 | 3 years |
| Research and development laboratory | 77700 | 77700 | 10 years |
| Furniture and fixtures | 22642 | 22642 | 3 years |
|  | 10710596 | 7751743 |  |
| Less: accumulated depreciation | (5227853) | (4075199) |  |
| Property and equipment, net | $5482743 | $3676544 |  |

---

Depreciation expense amounted to $1,173,190 and $1,656,988, respectively, for the years ended December 31, 2025 and 2024, which is included in selling, general and administrative, cost of revenue, and research and development expenses in the consolidated statements of operations.

**NOTE 10 – CABAN ASSET ACQUISITION**

On December 24, 2025 (the "Acquisition Date"), the Company entered into an Asset Purchase Agreement (the "Purchase Agreement") with Caban Systems, Inc. ("Caban"), a Miami-based renewable energy services and technology company, pursuant to which the Company acquired certain equipment and software used for the development, manufacture, and supply of Underwriters Laboratories ("UL")-certified battery packs in exchange for a purchase price of $2,515,987 (the "Acquisition"). The Company paid cash of $1,921,127 on the Acquisition Date, with the remainder of $594,860 ("Holdback Amount") to be paid in cash during 2026 based on timing of completion of delivery and installation of the equipment at the Company's facility. If the Company suffers any damages related to the Acquisition for which the Company is indemnified and that are not cured by Caban, the Holdback Amount may be setoff against payments for such damages that would otherwise be paid by Caban.

The Company viewed the Acquisition as a strategic opportunity to integrate telecom-focused battery solutions into its portfolio and align its technology platform with the evolving requirements of digital infrastructure operators who require reliable, high-performance backup power through batteries. No equity interests were exchanged, and there was no contingent consideration in connection with the Acquisition.

#### **Table of Contents**

#### KULR TECHNOLOGY GROUP, INC. AND SUBSIDIARY

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Concurrent with the Purchase Agreement, the Company entered into a five-year Manufacture and Supply Agreement (the "M&S Agreement") with Caban, pursuant to which KULR will manufacture and supply UL-certified battery packs (the "Battery Packs") to Caban. The M&S Agreement is non-exclusive and KULR may sell Battery Packs to third-party customers. The M&S Agreement may be renewed for an additional five-year term upon mutual agreement of the parties.

Under the M&S Agreement, Caban granted KULR a license to Caban's intellectual property and production enablement materials (together, the "Business IP"), which includes embedded software, standard operating procedures, test scripts, manuals, configurations, fixture drawings, and related know-how necessary for the manufacture and supply of the Battery Packs, as well as (i) a non-exclusive, worldwide, royalty-free license to manufacture and supply Battery Packs to Caban and its affiliates; and (ii) a non-exclusive, worldwide, royalty-bearing license to manufacture and supply Battery Packs and equivalent products to third parties (i and ii together, the "Customer Supply Contract").

In connection with the Purchase Agreement and the M&S Agreement, the Company entered into a Transition Services Agreement (the "TSA") with Caban, whereby both parties agreed to work together for approximately ninety days after the equipment is installed at the Company's facility, to ensure a smooth transition of the manufacturing of the Battery Packs from Caban to KULR. In consideration for the transition services, the Company will pay Caban service fees not to exceed $500,000 in the aggregate unless otherwise agreed in writing.

Management determined that the acquired assets did not constitute a business pursuant to ASC 805, because substantially all of the fair value of the gross assets acquired was concentrated in a group of similar assets (the manufacturing and related equipment). Three types of assets were acquired: fixed assets, consisting of equipment and machinery to conduct the manufacturing; software tools; and an intangible asset consisting of the Customer Supply Contract. The assets were recorded using a cost accumulation and allocation model prescribed under ASC 805-50, which included an allocation of the direct acquisition-related costs of approximately $381,200 (primarily related to third party legal fees) based on relative fair values as determined by third-party valuation specialists.

The following table summarizes the allocation of the cost of the Acquisition, including direct acquisition-related costs, based on the relative fair values of the assets acquired as of the Acquisition Date. No Caban liabilities were assumed by the Company in connection with the Acquisition.

---

| | |
|:---|:---|
| Purchase price: |  |
| &nbsp;&nbsp;Cash consideration | $1921127 |
| &nbsp;&nbsp;Holdback Amount (consideration payable) | 594860 |
| &nbsp;&nbsp;Direct acquisition-related costs | 381200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total purchase price | $2897187 |

---

---

| | |
|:---|:---|
| Assets acquired (at relative fair values): |  |
| Manufacturing and related equipment | $2648461 |
| Software tools | 110545 |
| Intangible asset (Customer Supply Contract) | 138181 |
|  | $2897187 |

---

**NOTE 11 – INTANGIBLE ASSETS**

The Company's intangible assets consist of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31,**  | **December 31,**  |
|  | **2025** | **2024** |
| Patent | $— | $218000 |
| Intellectual property | 543572 | 618572 |
| Technology license | 60000 | 60000 |
| Supply Agreement | 138180 |  |
|  | 741752 | 896572 |
| Less: accumulated amortization | (370827) | (319473) |
| Intangible assets, net | $370925 | $577099 |

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#### **Table of Contents**

#### KULR TECHNOLOGY GROUP, INC. AND SUBSIDIARY

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
In each of the years ended December 31, 2025 and 2024, the Company recognized amortization expense related to intangible assets of $142,296. During the years ended December 31, 2025, the Company evaluated its expected future discounted cash flows compared to the carrying value of its intangible assets. As of December 31, 2025, the Company does not expect to generate revenue from the patent and one of its intellectual property licenses and decided to fully impair the assets. Accordingly, the Company recognized impairment expense of $202,058 related to intangible assets as of December 31, 2025. During the year ended December 31, 2024, the Company had no impairments of its intangible assets.

The weighted average remaining amortization period of the Company's intangible assets is 3.56 years. Future amortization of intangible assets is as follows:

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| | |
|:---|:---|
| **For the Years Ended December 31,** |  |
| &nbsp;&nbsp;2026 | $142350 |
| &nbsp;&nbsp;2027 | 115166 |
| &nbsp;&nbsp;2028 | 33636 |
| &nbsp;&nbsp;2029 | 33636 |
| &nbsp;&nbsp;2030 | 33636 |
| &nbsp;&nbsp;&nbsp;&nbsp;Thereafter | 12501 |
| Total future intangible amortization  | $370925 |

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**NOTE 12** – **ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES**

As of December 31, 2025 and 2024, accrued expenses and other current liabilities consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31,** <br>**2025** | **December 31,** <br>**2024** |
| Professional fees | $813889 | $176875 |
| Purchase consideration payable | 594860 |  |
| Payroll and vacation | 423318 | 369847 |
| Bitcoin mining costs | 260000 |  |
| Franchise tax payable | 145380 |  |
| Research and development | 112970 | 50000 |
| Inventory purchases | 92070 | 332094 |
| Sales and marketing | 68304 |  |
| Sales tax payable | 38787 | 111732 |
| Royalties | 37266 | 48402 |
| Equipment purchases | 10966 | 21751 |
| Interest payable |  | 24102 |
| Other | 31104 | 25643 |
| &nbsp;&nbsp;Total accrued expenses and other current liabilities | $2628914 | $1160446 |

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**NOTE 13 – LEASES**

***Operating Leases***

On January 18, 2023, the Company entered into a lease agreement for office space in Webster, Texas. The initial lease term is twelve months and thirteen days. Monthly rental payments under the lease are $5,047, which is comprised of $4,245 of base rent plus $802 of common area maintenance fees. The Company determined that the value of the lease liability and the related right-of-use asset at inception was $51,154, using an estimated incremental borrowing rate of 5%.

On January 31, 2024, the initial lease for Webster, Texas dated January 18, 2023, expired. On January 27, 2024, the Company entered into a new lease agreement for new office space in Webster, Texas. The initial lease term is 63 months. The lease contains an option to renew for an additional 36 months, which is not reasonably certain to be exercised and therefore is not included in the measurement of the operating lease ROU asset and related lease liability. Monthly rental payments under the new lease are $33,818, which is comprised of $22,682 of base rent and $11,136 of common area maintenance fees. No cash payments were due for the first three months of the lease.

#### **Table of Contents**

#### KULR TECHNOLOGY GROUP, INC. AND SUBSIDIARY

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The Company determined that the value of the operating lease liability and related right-of-use asset at inception was $1,085,498, using an incremental borrowing rate of 10%. The Company paid a security deposit of $37,930 in connection with the Webster lease agreement which is recorded within the security deposits section of the balance sheet as of December 31, 2025 and December 31, 2024.

On April 15, 2025, the Company amended its original lease dated January 27, 2024 (the First Amendment"), for the property located in Webster, TX, to expand the rentable square footage by approximately 13,535 square feet (the "Expansion Premises) for a total rentable space of 31,095 square feet. The First Amendment is effective May 1, 2025 and expires April 30, 2029. Monthly payments for the Expansion Premises are $17,483. No cash payments are due for the first two months of the lease. The Company determined that the value of the operating lease liability and related right-of-use asset at inception was $691,852, using an incremental borrowing rate of 10%.

The Company also leased office space at 4863 Shawline Street, San Diego, CA, pursuant to an operating lease which originally expired May 31, 2024 (the "San Diego Lease"). On January 25, 2024, the Company entered into an amendment to the lease (the "First Renewal"), whereby the lease was extended for a period of eighteen months commencing June 1, 2024, and terminating November 30, 2025. The Company did not renew this lease upon its expiration. Monthly rental payments under the amendment are $30,511. The Company determined that the value of the modified operating lease liability and related right-of-use asset to be $559,919 using an incremental borrowing rate of 10%. The Company paid a security deposit of $50,213 in connection with the San Diego lease agreement which is recorded within the prepaid expenses and other current assets section of the balance sheet as of December 31, 2025.

During the year ended December 31, 2025 and 2024, operating lease expense was $717,505 and $576,332, respectively.

***Finance Lease***

On October 1, 2025, the Company entered into a two-year lease agreement (the "Fifth Machine Lease Agreement") with a digital asset mining services company to operate digital assets mining machines on KULR's behalf, at a total lease cost of $4,220,000. The lease term began on October 31, 2025. On October 1, 2025, the Company prepaid $1,100,000, representing the approximate fair value of the machines. The lease requires monthly fixed payments of $130,000, which cover the operational costs of using the machines. Upon lease commencement on October 31, 2025, the Company obtained the right to control the use of the identified asset and recorded a ROU asset in the amount of $987,932, with no corresponding lease liability, as the full prepayment had been made prior to commencement related to the Fifth Machine Lease Agreement. During 2025, the Company recorded an impairment charge of $905,630 on its ROU asset related to its digital asset mining operations. The impairment was driven by a significant decline in the market price of BTC, which reduced the expected future cash flows attributable to the asset below its carrying value. Accordingly, the ROU asset was written down to zero. See Note 3 for information regarding this finance lease and other short-term digital asset leases.

The Company recorded depreciation expense in the amount of $82,691 and $1,554 in connection with ROU assets held under the finance leases during the years ended December 31, 2025 and 2024, respectively. The Company recorded interest expense of $138 and $118 during the years ended December 31, 2025 and 2024, in connection with its finance lease liabilities.

***Supplemental Information***

Maturities of lease liabilities as of December 31, 2025, were as follows:

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| | |
|:---|:---|
| **For the years ended December 31,** | **Operating Lease** |
| 2026 | $496224 |
| 2027 | 511772 |
| 2028 | 527319 |
| 2029 | 180092 |
| Total future minimum lease payments | 1715407 |
| &nbsp;&nbsp;Less: amount representing imputed interest | (269895) |
| Present value of lease liabilities | 1445512 |
| &nbsp;&nbsp;Less: current portion | (366937) |
| Lease liabilities, non current portion | $1078575 |

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#### **Table of Contents**

#### KULR TECHNOLOGY GROUP, INC. AND SUBSIDIARY

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Supplemental cash flow information related to the leases is as follows:

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| | | |
|:---|:---|:---|
|  | **For the Years Ended** | **For the Years Ended** |
|  | **December 31,**  | **December 31,**  |
|  | **2025** | **2024** |
| Cash paid for amounts included in the measurement of lease liabilities: |  |  |
| &nbsp;&nbsp;Operating cash flows from operating lease | $558558 | $324870 |
| &nbsp;&nbsp;Repayment of finance lease liability | $989772 | $1453 |
| Right-of-use assets obtained in exchange for lease obligations |  |  |
| &nbsp;&nbsp;Operating leases | $691852 | $1534902 |
| &nbsp;&nbsp;Financing leases | $987932 | $7768 |
| Weighted Average Remaining Lease Term (Years) |  |  |
| &nbsp;&nbsp;Operating leases | 3.33 years | 3.51 years |
| &nbsp;&nbsp;Financing leases | 1.83 years | 2.49 years |
| Weighted Average Discount Rate |  |  |
| &nbsp;&nbsp;Operating leases | 10.0% | 10.0% |
| &nbsp;&nbsp;Financing leases | N/A | 10.0% |

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**NOTE 14 – NOTES PAYABLE**

A summary of the notes payable activity during the years ended December 31, 2025 and 2024 is presented below:

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| | | | |
|:---|:---|:---|:---|
|  | **Notes**<br>**Payable** | **Debt**<br>**Discount** | <br>**Total** |
| Outstanding, January 1, 2024 | $250000 | $— | $250000 |
| Obligations in connection with merchant cash advances | 2959200 | (1148163) | 1811037 |
| Proceeds from promissory notes | 700000 | (60000) | 640000 |
| Repayments in cash | (3331526) |  | (3331526) |
| Amortization of debt discount |  | 1125285 | 1125285 |
| Outstanding, January 1, 2025 | $577674 | $(82878) | $494796 |
| Repayments in cash | (577674) |  | (577674) |
| Amortization of debt discount |  | 82878 | 82878 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total notes payable as of December 31, 2025 | $— | $— | $— |

---

On January 22, 2024, the Company entered into a merchant cash advance agreement (the "Cash Advance Agreement") whereby the Company received $504,900 of cash (net of underwriting fees of $35,100), and paid finder's fees in cash of $21,600 and additional finder's fees to be issued in equity, with the obligation to repay a total of $804,600 over thirty-two weekly payments of $25,144, beginning January 30, 2024. The difference between the total repayment amount and the net proceeds received was accounted for as debt discount, and along with the finder's fees, was amortized over thirty-two weeks using the effective interest rate method and an annualized effective interest rate of 217%. The Cash Advance Agreement was secured by the Company's accounts receivable and related cash receipts. On February 26, 2024, the parties added an addendum to the agreement for an early payoff discount whereby the Company will owe $756,000 if paid by March 22, 2024, or $783,000 if paid by April 22, 2024. The Company did not take advantage of the early payoff discount and continued making weekly payments over the original thirty-two week term. On July 11, 2024, the Company used proceeds from the Third Cash Advance Agreement to repay this cash advance in full.

On February 26, 2024, the Company entered into a merchant cash advance agreement (the "Second Cash Advance Agreement") with the same lender mentioned above whereby the Company received $502,200 of cash (net of underwriting fees of $37,800), and paid finder's fees in cash of $21,600 and additional finder's fees to be issued in equity, with the obligation to repay a total of $804,600 over thirty weekly payments of $26,820, beginning February 29, 2024. The difference between the total repayment amount and the net proceeds received was accounted for as debt discount, and along with the finder's fees, was amortized over thirty weeks using the effective interest rate method and an annualized effective interest rate ranging from 240% to 249%. The Second Cash Advance is secured by the Company's accounts receivable and related cash receipts. On July 11, 2024, the terms of this agreement were revised whereby

#### **Table of Contents**

#### KULR TECHNOLOGY GROUP, INC. AND SUBSIDIARY

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
the weekly repayment amounts were reduced from $26,820 to $15,620 and the repayment period was extended from September 27, 2024, to November 15, 2024. On November 15, 2024, this merchant cash advance was repaid in full.

On April 2, 2024, the Company entered into an agreement (the "Promissory Note"), with a lender (the "Lender"), pursuant to which the Lender purchased an unsecured promissory note with an initial principal amount of $500,000, for cash proceeds of $440,000. The Company recorded a debt discount of $60,000, which consists of an original issue discount of $50,000 and cash issuance costs of $10,000. The debt discount was amortized using the effective interest rate method and an annualized effective interest rate of 26%. The Promissory Note carries an annual interest rate of 0%, which increased to 15% in the event of default, and has a maturity date of October 2, 2024, after which all outstanding principal and accrued interest will become immediately due. On May 28, 2024, the Company repaid the Promissory Note in full, and recognized $60,000 of amortization expense related to the debt discount.

On April 4, 2024, the Company and the finder of the First and Second Cash Advance Agreements determined that the equity compensation would be by issuance of warrants to purchase up to 10,224 shares (the "First Warrant") and up to 13,549 shares (the "Second Warrant"), respectively, of the Company's common stock at an exercise price of $1.48 per share and $1.11 per share, respectively. The First Warrant and the Second Warrant (collectively the "Warrants") were exercisable immediately and expire on January 22, 2027 and February 26, 2027, respectively. The Warrants had a grant date fair value of $112,863. The value of the Warrants was recognized as additional debt discount, which was amortized over the repayment period.

The Warrants contain a cashless exercise provision in the form of a net share settlement, whereby, if, at the time the holder exercises the Warrants, there is no effective registration statement registering the common stock subject to the Warrants, the holder may elect to receive the number of shares of the Company's common stock determined according to a formula set forth in the warrant agreements.

The following assumptions were used in the Black-Scholes Model to measure the fair value of the warrants:

---

| | |
|:---|:---|
| Market price at measurement date | $5.92 |
| Exercise price | $1.11 - $1.48 |
| Risk free interest rate | 4.52% |
| Expected term (years) | 2.8 - 2.9 |
| Expected volatility | 93% |

---

On December 27, 2024, the holder elected the cashless exercise and exercised all the Warrants and received 22,985 shares of the Company's common stock.

On April 9, 2024, the Company entered into a note purchase agreement pursuant to which the Company issued an unsecured promissory note with an initial principal amount of $200,000 and which matures on the first anniversary of its issuance. The Company received cash proceeds of $200,000. The promissory note carries an annual interest rate of 16%. In the event the promissory note is prepaid within 9 months of its issuance, the holder is entitled to the repayment of principal and cash payment of interest equal to 12% of the prepayment amount instead of 16%. On October 31, 2024, this promissory note was repaid in full.

On July 11, 2024, the Company entered into a merchant cash advance agreement (the "Third Cash Advance Agreement") whereby the Company received $758,850 of cash (net of underwriting fees of $40,000 and $201,150 used to pay the remaining balance of the first merchant cash advance), with the obligation to repay a total of $1,350,000 over forty - three weekly payments of $31,395, beginning July 18, 2024. The difference between the total repayment amount and the net proceeds received was accounted for as debt discount and was amortized over forty - three weeks using the effective interest rate method and an annualized effective interest rate of 86%. The Third Cash Advance Agreement is secured by the Company's accounts receivable and related cash receipts. The agreement contains an early payoff discount whereby the Company owed $1,230,000 if paid by August 11, 2024, or $1,310,000 if paid by September 11, 2024. The Company did not take advantage of the early payoff discount and continued making weekly payments over the original forty-three-week term. In addition, the Third Cash Advance Agreement amended the Second Cash Advance Agreement to revise the repayment terms, whereby the weekly repayment amounts were reduced from $26,820 to $15,620, and the repayment period was extended from September 27, 2024, to November 15, 2024. This Third Cash Advance was repaid in full on January 8, 2025.

#### **Table of Contents**

#### KULR TECHNOLOGY GROUP, INC. AND SUBSIDIARY

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
**NOTE 15 – INCOME TAXES**

The following table summarizes income before income taxes:

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended,** | **For the Years Ended,** |
|  | **12/31/2025** | **12/31/2024** |
| &nbsp;&nbsp;Domestic | $(61899782) | $(17523629) |
| &nbsp;&nbsp;Foreign |  |  |
| Total | $(61899782) | $(17523629) |

---

The Company's income tax expense (benefit) is as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended,** | **For the Years Ended,** |
|  | **12/31/2025** | **12/31/2024** |
| &nbsp;&nbsp;U.S. federal | $— | $— |
| &nbsp;&nbsp;State |  |  |
| &nbsp;&nbsp;Foreign |  |  |
| Current income tax expense (benefit) |  |  |
| &nbsp;&nbsp;U.S. federal | (12746999) | (2542839) |
| &nbsp;&nbsp;State | (1642546) | (200562) |
| &nbsp;&nbsp;Foreign |  |  |
| Deferred income tax expense (benefit) | (14389545) | (2743401) |
| &nbsp;&nbsp;Change in valuation allowance | 14389545 | (2743401) |
| Total income tax expense (benefit) | $— | $— |

---

The Company's effective tax rate for the periods ended December 31, 2025 and 2024 were 0.0%. For the period ended December 31, 2025 and December 31, 2024, the primary driver of the variance from the statutory rate was valuation allowance activity.

The following is a reconciliation from the Company's statuary rate to the effective tax rate reported in the financial statements:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Years Ended,** | **For the Years Ended,** | **For the Years Ended,** | **For the Years Ended,** |
|  | **12/31/2025** | **12/31/2025** | **12/31/2024** | **12/31/2024** |
|  | **Amount** | **Percent** | **Amount** | **Percent** |
| Income tax expense (benefit) at federal statutory rate | $(13041538) | 21.0% | $(3676946) | 21.0% |
| State and local income taxes, net of federal benefit of state |  | 0.0% |  | 0.0% |
| Foreign jurisdictions |  | 0.0% |  | 0.0% |
| Federal law changes |  | 0.0% |  | 0.0% |
| Tax credits (federal) |  | 0.0% |  | 0.0% |
| &nbsp;&nbsp;Federal R&D tax credit |  | 0.0% |  | 0.0% |
| &nbsp;&nbsp;Other federal tax credits (Orphan Drug) |  | 0.0% |  | 0.0% |
| Valuation allowance (federal) | 12749892 | (20.5)% | 2539107 | (14.5)% |
| Non-deductible or non-taxable items |  | 0.0% |  | 0.0% |
| &nbsp;&nbsp;Section 162(m) limitation | 176494 | (0.3)% | 303460 | (1.7)% |
| &nbsp;&nbsp;Share based compensation | 157680 | (0.3)% | 782949 | (4.5)% |
| &nbsp;&nbsp;Other | (42529) | 0.1% | 51429 | (0.3)% |
| Unrecognized tax benefits |  | 0.0% |  | 0.0% |
| Other adjustments |  | 0.0% |  | 0.0% |
| Effective tax rate | $— | 0.0% | $— | (0.0)% |

---

For the periods ended December 31, 2025 and 2024, the Company's state tax expense was $0.00.

#### **Table of Contents**

#### KULR TECHNOLOGY GROUP, INC. AND SUBSIDIARY

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The tax effect of temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases that give rise to deferred tax assets and liabilities are as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended,** | **For the Years Ended,** |
|  | **12/31/2025** | **12/31/2024** |
| Accrued expenses | $43454 | $16113 |
| Property & equipment | 306052 | 268474 |
| Intangible assets | 110285 | 42312 |
| Credit carry-forward | 222645 | 222645 |
| Net operating losses carryforward | 25955934 | 15514550 |
| Section 174 costs | 1861126 | 2587355 |
| Stock based compensation | 909402 | 461408 |
| Lease liability (ASC 842) | 345299 | 313458 |
| Unrealized gains/losses | 3468214 | 171710 |
| Capital loss carryforward | 794275 |  |
| Gross deferred tax assets | $34016686 | $19598025 |
| Valuation allowance | (33696912) | (19307367) |
| Net deferred tax assets | 319774 | 290658 |
| Deferred tax liabilities |  |  |
| &nbsp;&nbsp;Lease liability (ASC 842) | (319774) | (290658) |
| Total deferred tax liabilities | (319774) | (290658) |
| Total deferred tax assets (liabilities) | $— | $— |

---

For the period ended December 31, 2025, the Company has federal and state post-apportioned net operating loss carryforwards of $105.3 million and $51.2 million, respectively. Of the federal amount, $3.3 million have a limited carryforward period and will begin to expire in 2033; the remaining $102.0 million will have an indefinite carryforward period. Of the state post-apportioned amount, $40.3 million have a limited carryforward period and will begin to expire in 2033; the remaining $10.9 million will have an indefinite carryforward period.

For the period ended December 31, 2025, the Company has federal and state tax credit carryforwards of $0.1 million and $0.1 million, respectively. The full federal amount of $0.1 million has a limited carryforward period and will begin to expire in 2033. The full state amount of $0.1 million has an indefinite carryforward period.

For the period ended December 31, 2025, the Company has federal capital loss carryforward of $3.3 million that will begin to expire in 2030.

In accordance with Section 382 and Section 383, utilization of the NOL and tax credit carryforwards may subject to limitations based on prior or future ownership changes.

Additionally, after weighing all available and positive and negative evidence for the period ended December 31, 2025, the Company determined a full valuation allowance was necessary, consistent with prior year.

No income tax was paid during the years ended December 31, 2025 and 2024.

*Tax Law Change*

On July 4, 2025, the President signed into law significant federal tax legislation, H.R.1 (the "Tax Reform Act of 2025"). The legislation includes numerous changes to U.S. corporate income tax law, including but not limited to: permanent 100% bonus depreciation for qualified property, immediate expensing of domestic research and experimental expenditures, modifications to the limitation on business interest expense, increased Section 179 expensing limits, changes to the international tax regime, and expanded limitations on the deductibility of executive compensation under IRC Section 162(m). Most provisions are effective for tax years beginning after December 31, 2024, with certain transition rules and exceptions.

The Company evaluated the impact of the Tax Reform Act of 2025 on its consolidated financial statements and determined the total impact on the tax expense to be immaterial.

#### **Table of Contents**

#### KULR TECHNOLOGY GROUP, INC. AND SUBSIDIARY

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
**NOTE 16 – STOCKHOLDERS' EQUITY (DEFICIT)**

*Authorized Capital*

The Company is authorized to issue 500,000,000 shares of common stock, par value of $0.0001 per share, and 20,000,000 shares of preferred stock, par value of $0.0001 per share. The holders of the Company's common stock are entitled to one vote per share. The preferred stock is designated as follows: 1,000,000 shares designated as Series A Preferred Stock, 31,000 shares designated as Series B Convertible Preferred Stock, 400 shares designated as Series C Preferred Stock, and 650 shares designated as Series D Convertible Preferred Stock.

*Equity Incentive Plan*

On August 15 and November 5, 2018, the Board of Directors and a majority of the Company's shareholders, respectively, approved the 2018 Equity Incentive Plan (the "2018 Plan"). Under the 2018 Plan, 1,875,000 shares of common stock of the Company are authorized for issuance. The 2018 Plan provides for the issuance of incentive stock options, non-statutory stock options, rights to purchase common stock, stock appreciation rights, restricted stock and restricted stock units to employees, directors and consultants of the Company and its affiliates. The 2018 Plan requires the exercise price of stock options to be not less than the fair value of the Company's common stock on the date of grant. As of December 31, 2025, there were 119,126 shares available for issuance under the 2018 Plan. No new grants will be issued under the 2018 Plan pursuant to the 2025 Equity Incentive Plan.

On November 21, 2025, the Board of Directors and a majority of the Company's shareholders, respectively, approved the 2025 Equity Incentive Plan (the "2025 Plan"). Under the 2025 Plan, 7,500,000 shares of common stock of the Company are authorized for issuance. The 2025 Plan provides for the issuance of incentive stock options, non-statutory stock options, rights to purchase common stock, stock appreciation rights, restricted stock and restricted stock units to employees, directors and consultants of the Company and its affiliates. The 2025 Plan requires the exercise price of stock options to be not less than the fair value of the Company's common stock on the date of grant. As of December 31, 2025, there were 6,953,110 shares available for issuance under the 2025 Plan.

*Standby Equity Purchase Agreement ("SEPA") and Supplemental SEPA*

On May 13, 2022, the Company entered into the SEPA with Yorkville. Pursuant to the SEPA, the Company has the right, but not the obligation, to sell to Yorkville up to an aggregate of $50,000,000 of its shares of common stock, par value $0.0001 per share, at the Company's request any time during the commitment period commencing on May 13, 2022 and terminating on the first day of the month following the 24-month anniversary of the SEPA.

Each sale (an "Advance") that the Company requests under the SEPA (via an "Advance Notice") may be for a number of shares of common stock with an aggregate value of up to $5,000,000. Shares are sold under the SEPA at 98.0% of the average of the VWAPs during each of the three consecutive trading days commencing on the trading day following the Company's submission of an Advance Notice to Yorkville. Advances are subject to certain limitations, including that Yorkville will not purchase any shares that would result in it owning more than 4.99% of the Company's outstanding common stock at the time of an Advance, or more than the amount of shares registered under the registration statement in effect at the time of the Advance. Under the terms of the Supplemental Agreement, the aggregate number of shares purchased under the SEPA could not initially exceed 19.9% of the Company's outstanding common stock as of the date of the SEPA ("Exchange Cap"). Pursuant to its obligations under the agreement, on February 9, 2024, the Company obtained stockholder approval for the issuance of shares of common stock to Yorkville beyond the Exchange Cap.

During the year ended December 31, 2024, the Company issued 6,957,435 shares of common stock pursuant to SEPA Advance Notices submitted by the Company to Yorkville for aggregate gross proceeds of $15,173,357. Of the shares issued pursuant to the SEPA Advance Notices, 2,724,854 shares valued at $6,068,407 were issued in satisfaction of $5,918,430 of principal and $118,619 of accrued interest owed in connection with the Company's prepaid advance liability. The Company recorded $31,358 in extinguishment loss and charged $13,577 of deferred financing costs to additional paid-in capital in connection with the shares issued in satisfaction of the prepaid advance liability. The remaining 4,232,581 shares were issued for cash proceeds of $9,104,950, which was retained by the Company to fund operations. Deferred financing costs in the amount of $57,031 were charged to additional paid-in capital in connection with the shares issued for cash. As of March 27, 2024, the prepaid advance liability and the related accrued interest was repaid in full and the SEPA terminated on June 1, 2024.

#### **Table of Contents**

#### KULR TECHNOLOGY GROUP, INC. AND SUBSIDIARY

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
*At the Market Offering*

On July 3, 2024, the Company entered into an At the Market Offering agreement (the "ATM Agreement") with an agent (the "Agent"), pursuant to which the Company may, from time to time, sell shares of common stock for aggregate gross proceeds of up to $20,000,000 in "at the market" ("ATM") offerings through or to the Agent. Sales of the shares of common stock, if any, will be made at prevailing market prices at the time of the sale, or as otherwise agreed with the Agent. The Agent will receive a commission from the Company of 3% of the gross proceeds of any shares of common stock sold pursuant to the ATM Agreement. On December 4, 2024, the Company increased the maximum aggregate offering amount of the shares of the Company's common stock issuable under the ATM Agreement from approximately $20 million to $46 million. On December 26, 2024, the Company increased the maximum aggregate offering amount of the shares of the Company's common stock issuable under the ATM Agreement by an additional $50 million and the Company entered into an amendment (the "Amendment") to the ATM Agreement, to provide that the Agent's compensation payable under the Sales Agreement shall be 2.5% of gross proceeds of any sales of shares of common stock sold under the ATM Agreement.

On January 24, 2025, the Company increased the maximum aggregate offering amount of the shares of the Company's common stock issuable under its At the Market Offering agreement (the "First ATM Agreement") by an additional $50 million, to a $146 million maximum offering amount.

On May 30, 2025, the Company completed its initial ATM offering under the First ATM Agreement with a total of 14,783,401 shares issued for gross proceeds of $146 million, of which 9,347,652 shares were issued and gross proceeds of $61.9 million were received in 2024.

On June 9, 2025, the Company entered into a second At the Market Offering agreement (the "Second ATM Agreement") with certain sales agents (the "Agent"), pursuant to which the Company may, from time to time, sell shares of common stock for aggregate gross proceeds of up to $300 million in an "At the Market" offering through or to the Agent. On September 30, 2025, the Company amended and reduced the aggregate offering amount pursuant to the Second ATM Agreement to $150 million. Sales of the shares of common stock, if any, will be made at prevailing market prices at the time of the sale, or as otherwise agreed with the Agent. The Agent will receive a commission from the Company of up to 3.0% of the gross proceeds of any shares of common stock sold pursuant to the Second ATM Agreement.

During the year ended December 31, 2025, the Company issued a total of 12,679,311 shares of common stock pursuant to the ATM Agreements for aggregate gross proceeds of $123 million (see Note 19 - Subsequent Events). During the year ended December 31, 2024, the Company issued a total of 9,347,652 shares of common stock pursuant to the ATM Agreement for aggregate gross proceeds of $61.9 million. As of December 22, 2025, the Company decided to pause its ATM transactions through June 30, 2026.

*Treasury Stock*

The Company's equity-based compensation plan allows for the grant of stock options, RSUs and RSAs to its employees pursuant to the terms of its equity incentive plan. Under the provision of the plan, unless otherwise elected, participants fulfill their related income tax withholding obligation by having shares withheld at the time of vesting. Generally, the shares withheld are then transferred to the Company's treasury stock at cost. During the year ended December 31, 2025, the Company repurchased 5,527 shares recorded at their cost of $97,522 in connection with paying employee payroll tax obligation for vested restricted common stock units during the period.

The Company had 21,922 and 16,395 shares held in treasury as of December 31, 2025 and 2024, respectively, recorded at their cost of $393,744 and $296,222, respectively.

*Series A Preferred Stock*

Each record holder of Series A Preferred Stock shall have the right to vote on any matter with holders of the Company's common stock and other securities entitled to vote, if any, voting together as one class. Each record holder of Series A Preferred Stock is entitled to one-hundred votes per share of Series A Preferred Stock held by such holder.

The Series A Preferred Stock is not convertible into any series or class of stock of the Company. In addition, holders of the Series A Preferred Stock shall not be entitled to receive dividends, nor do they have a right to distribution from the assets of the Company in the event of any liquidation, dissolution, or winding up of the Company.

On November 5, 2018, the Company received a written consent of the majority of the stockholders to issue 1,000,000 shares of the Company's Series A Preferred Stock to the Chief Executive Officer of the Company, if necessary, as a measure to protect the Company from an uninvited takeover.

#### **Table of Contents**

#### KULR TECHNOLOGY GROUP, INC. AND SUBSIDIARY

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
On January 26, 2024, the Board of Directors ("Board"), approved, authorized, and ratified the issuance of 730,000 shares of previously designated Non-Convertible Series A Voting Preferred Stock to the Chairman and Chief Executive Officer of the Company, Michael Mo, for no consideration, subject to the Board reserving the full and unequivocal right to revoke, rescind, transfer or otherwise cancel the issued Non-convertible Series A Voting Preferred Stock in the event Michael Mo is removed from any position with the Company or resigns from all positions with the Company. The issuance of up to 1,000,000 shares of Non-Convertible Series A Voting Preferred Stock was previously approved and authorized by a vote of the majority stockholders of the Company.

On January 16, 2025, the Board of Directors approved the issuance of an additional 270,000 shares of Non-convertible Series A Voting Preferred Stock ("Series A Preferred") to the CEO, such that the total shares of Series A Preferred held by the CEO as of December 31, 2025 is 1,000,000 shares. The issuance of up to 1,000,000 shares of Non-convertible Series A Voting Preferred Stock to the CEO was previously approved and authorized by a vote of the majority stockholders of the Company, subject to the Board reserving the full and unequivocal right to revoke, rescind, transfer or otherwise cancel the issued Non-convertible Series A Voting Preferred Stock in the event the CEO is removed from any position with the Company or resigns from all positions with the Company.

Holders of Non-Convertible Series A Voting Preferred Stock shall not be entitled to dividends, shall not convert into another series or class of stock of the Company and have no rights to distributions in the event of any liquidation. Each record holder of Non-Convertible Series A Voting Preferred Stock shall have that number of votes (identical in every other respect to the voting rights of the holders of Common Stock entitled to vote at any regular or special meeting of the shareholders or by written consent) equal to one-hundred (100) votes per share of Non-Convertible Series A Voting Preferred Stock held by such record holder.

*Series B Convertible Preferred Stock*

Holders of shares of Series B Convertible Preferred Stock are not entitled to voting rights or dividend rights. The Series B Convertible Preferred Stock does not contain any redemption provisions or other provisions requiring cash settlement within control of the holder. Series B Convertible Preferred Stock is senior in liquidation preference to common stock. Each share of Series B Convertible Preferred Stock, after 181 days after issuance and without the payment of additional consideration, is convertible at the option of the holder into fifty (50) fully paid and non-assessable shares of common stock.

There are no Series B Convertible shares outstanding or available to issue at December 31, 2025.

*Series C Convertible Preferred Stock*

Series C Convertible Preferred Stock is senior in liquidation preference to the Company's common stock for an amount equal to the stated value per share of $10,000 ("Stated Value"). Holders of shares of Series C Convertible Preferred Stock shall vote on an as-if-converted-to-common-stock basis with the common stockholders. Holders of shares of Series C Convertible Preferred Stock are entitled to receive dividends when, as and if declared by the Board of Directors, at an annual rate of twelve percent (12)% beginning one year after each share's issuance. The Company may elect to redeem all or part of each share of Series C Convertible Preferred Stock for the Stated Value.

There are no Series C Convertible shares outstanding or available to issue at December 31, 2025.

*Series D Convertible Preferred Stock*

Holders of the Series D Preferred shall vote on an as-if-converted basis and are entitled to receive cumulative dividends annually at an annual rate equal to ten percent (10%).

There are no Series D Convertible shares outstanding or available at December 31, 2025.

*Common Stock*

During the year ended December 31, 2024, the Company issued an aggregate of 99,422 shares of common stock valued at $447,677 for legal and consulting services, of which 8,554 shares valued at issuance at $13,002 were accrued at January 1, 2024 for services rendered in prior years.

During the year ended December 31, 2024, the Company issued 3,750 shares of immediately vested common stock with a grant date value of $17,400 as equity compensation to its independent members of the Board of Directors.

#### **Table of Contents**

#### KULR TECHNOLOGY GROUP, INC. AND SUBSIDIARY

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
During the year ended December 31, 2024, the Company issued 184,058 shares of common stock upon the cashless exercise of 250,421 warrants with a weighted average exercise price of $7.36.

During the year ended December 31, 2024, the Company issued 3,230 shares of common stock upon the exercise of stock options.

During the year ended December 31, 2024, the Company issued 137,766 shares of common stock upon the vesting of restricted stock units previously granted, of which no shares were withheld to cover payroll tax obligations.

During the year ended December 31, 2025, the Company issued an aggregate of 46,500 shares of common stock valued at $130,220 for legal and consulting services.

During the year ended December 31, 2025, the Company issued 1,688 shares of common stock upon the exercise of stock options.

During the year ended December 31, 2025, the Company issued 304,489 shares of common stock upon the vesting of restricted stock units previously granted, of which 69,084 shares were withheld to cover payroll tax obligations.

See *At The Market Offering*, above, for details related to additional share issuances.

During the year ended December 31, 2024, the Company repurchased and cancelled 109,375 shares issued in connection with vested equity awards held by the Company's former COO in exchange for a cash payment of $500,000. In addition, 376 shares withheld for payroll taxes were cancelled by the Company.

*Warrants*

A summary of warrants activity during the year ended December 31, 2025 is presented below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Number of**<br>**Warrants** | **Weighted** <br>**Average**<br>**Exercise**<br>**Price** | **Weighted**<br>**Average**<br>**Remaining**<br>**Term (Yrs)** | <br>**Intrinsic**<br>**Value** |
| Outstanding, January 1, 2025 | 88905 | $8.50 |  |  |
| &nbsp;&nbsp;Issued |  |  |  |  |
| &nbsp;&nbsp;Exercised |  |  |  |  |
| &nbsp;&nbsp;Expired | (88905) | (8.50) |  |  |
| &nbsp;&nbsp;Forfeited |  |  |  |  |
| Outstanding, December 31, 2025 |  | $— |  | $— |

---

There were no warrants outstanding as of December 31, 2025.

*Stock-Based Compensation*

The following table presents information related to stock-based compensation expense for the years ended December 31, 2025 and 2024:

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| | | |
|:---|:---|:---|
|  | **For The Years Ended**  | **For The Years Ended**  |
|  | **December 31,**  | **December 31,**  |
|  | **2025** | **2024** |
| Shares issued for legal and consulting services | $130220 | $61161 |
| Shares issued to board members |  | 17400 |
| Common stock issued for asset purchase |  | 565165 |
| Amortization of stock options | 51030 | 88878 |
| Amortization of restricted stock awards, units and other common stock compensation | 6341331 | 1960083 |
| &nbsp;&nbsp;Total | $6522581 | $2692687 |

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#### **Table of Contents**

#### KULR TECHNOLOGY GROUP, INC. AND SUBSIDIARY

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
During the years ended December 31, 2025 and 2024, the Company recognized stock-based compensation expense of $6,522,581 and $2,692,687, respectively, of which $4,970,435 and $2,319,207, respectively, are included within selling, general and administrative expenses, and $1,552,146 and $373,480, respectively are included within research and development expenses in the consolidated statements of operations.

*Stock Options*

A summary of options activity during the year ended December 31, 2025 is presented below:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Number of**<br>**Options** | **Weighted**<br>**Average**<br>**Exercise**<br>**Price** | **Weighted**<br>**Average**<br>**Remaining**<br>**Term (Yrs)** | <br>**Intrinsic**<br>**Value** |
| Outstanding, January 1, 2025 | 40938 | $11.88 |  |  |
| &nbsp;&nbsp;Granted | 6250 | 9.60 |  |  |
| &nbsp;&nbsp;Forfeited | (18312) |  |  |  |
| &nbsp;&nbsp;Exercised | (1688) | 6.48 |  |  |
| Outstanding, December 31, 2025 | 27188 | $11.33 | 3.6 | $— |
| Exercisable, December 31, 2025 | 13442 | $14.00 | 1.6 | $— |

---

The following table presents information related to stock options as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Options Outstanding** | **Options Outstanding** | **Options Exercisable** | **Options Exercisable** |
| <br>**Range of**<br>**Exercise**<br>**Prices** | <br>**Outstanding**<br>**Number of**<br>**Options** | **Weighted**<br>**Average**<br>**Remaining Term**<br>**In Years** | <br>**Exercisable**<br>**Number of**<br>**Options** |
| $2.24 - $7.92 | 5625 | 3.4 | 1407 |
| $9.60 - $12.00  | 8125 | 1.8 | 1407 |
| $12.40 - $15.92  | 7188 | 1.1 | 5938 |
| $16.40 - $18.48  | 6250 | 1.3 | 4688 |
|  | 27188 | 1.5 | 13440 |

---

For the years ended December 31, 2025 and 2024, the weighted average grant date fair value per share of options was $8.47 and $1.60, respectively. The Company has computed the fair value of stock options granted using the Black-Scholes option pricing model. In applying the Black-Scholes option pricing model, the Company used the following assumptions:

---

| | | |
|:---|:---|:---|
|  | **For The Years Ended**  | **For The Years Ended**  |
|  | **December 31, 2025** | **December 31, 2025** |
|  | **2025** | **2024** |
| Risk free interest rate | 4.15% | 4.27% - 4.81% |
| Expected term (years) | 6.3 | 3.8 |
| Expected volatility | 120% | 110% - 114% |
| Expected dividends | 0% | 0% |

---

Option forfeitures are accounted for at the time of occurrence. The expected term used is the estimated period of time that options granted are expected to be outstanding. The Company utilizes the "simplified" method to develop an estimate of the expected term of employee option grants. The Company utilizes an expected volatility figure based on the historical volatility of its common stock over a period of time equivalent to the expected term of the instrument being valued. The risk-free interest rate was determined from the implied yields from U.S. Treasury zero-coupon bonds with a remaining term consistent with the expected term of the instrument being valued.

As of December 31, 2025, there was $64,299 of unrecognized stock-based compensation expense related to the above stock options, which will be recognized over the weighted average remaining vesting period of 2.46 years.

#### **Table of Contents**

#### KULR TECHNOLOGY GROUP, INC. AND SUBSIDIARY

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
*Restricted Stock Awards*

The following table presents information related to restricted stock awards for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; <br>**Shares of Restricted**<br>**Common Stock** | **Weighted Average**<br>**Grant Date**<br>**Fair Value** |
| Non-vested RSAs, January 1, 2025 | 9375 | $16.48 |
| &nbsp;&nbsp;Granted |  |  |
| &nbsp;&nbsp;Vested | (4688) | 16.48 |
| &nbsp;&nbsp;Forfeited |  |  |
| Non-vested RSAs, December 31, 2025 | 4687 | $16.48 |

---

As of August 20, 2024, the President and Chief Operating Officer (the "Former COO") resigned from all positions held with the Company, and the Company agreed to provide the Former COO with certain separation benefits, including accelerated vesting of the final tranche of his restricted stock award ("RSA") consisting of 62,500 unvested shares previously granted. The Company recorded a credit in the amount of $325,000 to stock-based compensation as a result of this modification, consisting of a reversal of $435,000 of amortization related to the unvested award, net of $110,000 equal to the fair value of shares vested on an accelerated basis. On November 27, 2024, these shares were cancelled in lieu of payment. See Note - 17 Commitment and Contingencies - Separation and General Release Agreement.

During the year ended December 31, 2024, the Company issued 271,064 restricted stock units ("RSUs") in exchange for the same quantity of restricted stock awards. The exchange of RSAs for RSUs did not result in a modification of any other terms, such as the grant date fair value or vesting period.

As of December 31, 2025, there was $50,094 of unrecognized stock-based compensation expense related to restricted stock that will be recognized over the weighted average remaining vesting period of 0.75 years.

*Restricted Stock Units*

The following table presents information related to RSUs for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | <br>**Shares of Restricted**<br>**Common Stock** | **Weighted Average**<br>**Grant Date**<br>**Fair Value** |
| Non-vested RSUs, January 1, 2025 | 786257 | $10.03 |
| &nbsp;&nbsp;Granted | 1173673 | 11.68 |
| &nbsp;&nbsp;Vested | (304489) | 8.97 |
| &nbsp;&nbsp;Forfeited | (44594) | 12.13 |
| Non-vested RSUs, December 31, 2025 | 1610847 | $11.35 |
| Vested RSUs undelivered December 31, 2025 | 140625 | $16.40 |

---

During the year ended December 31, 2024, the Company cancelled 46,875 of unvested restricted stock units, upon the resignation of the Former COO. See Note 17 – Commitments and Contingencies – *Separation and General Release Agreement*.

#### **Table of Contents**

#### KULR TECHNOLOGY GROUP, INC. AND SUBSIDIARY

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
During the year ended December 31, 2025, the Company granted RSUs of 1,109,283 restricted shares of common stock with an aggregate grant date value of $13,109,331 to employees which vest in four (4) equal annual installments.

During the year ended December 31, 2025, the Company granted RSUs of 39,390 restricted shares of common stock with an aggregate grant date value of $100,051 to board members which vest in two (2) biannual installments.

During the year ended December 31, 2025, the Company granted RSUs of 25,000 restricted shares of common stock with an aggregate grant date value of $496,000 to an employee which vest in one (1) six month installment.

To date, RSUs have only been granted to employees, consultants or board members in accordance with the Company's 2018 and 2025 Equity Incentive Plans. Pursuant to the terms of the restricted stock unit agreements, the vested but undelivered units were settled on January 21, 2026.

As of December 31, 2025, there was $14,583,236 unrecognized stock-based compensation expense related to restricted stock units that will be recognized over the weighted average remaining vesting period of 2.89 years.

**NOTE 17 – COMMITMENTS AND CONTINGENCIES**

*Digital Asset Mining Leases*

As of December 31, 2025, the Company was party to contractual commitments with digital asset mining services providers related to the operation of digital asset mining machines. On July 30, 2025, the Company entered into a one-year mining services agreement with a digital asset mining services company, with total committed payments of $2,646,250, of which $1,323,125 remained as commitments as of December 31, 2025. These commitments are not recorded on the accompanying consolidated balance sheet as of December 31, 2025 because the lease term was one year or less and the Company elected the practical expedient to not record an ROU asset and related lease liability, but rather elected to record the lease expense and related payments over time as incurred during the year. In addition, on October 1, 2025, the Company entered into a two-year mining services agreement with a digital asset mining services company, that included certain non-lease operating expense commitments that were therefore not reflected on the balance sheet within lease liability. Remaining commitments as of December 31, 2025 for future operating expenses associated with this lease totaled $3,120,000. See Note 13, Leases, for additional information.

*Patent License Agreement*

During April 2023, the Company entered into a licensing agreement whereby the Company obtained an exclusive license to commercialize its patented Format Fractional Thermal Runaway Calorimeter. The agreement is effective as long as the licensed patents are enforceable, subject to certain early termination provisions specified in the agreement. In consideration, the Company agreed to pay the following: (i) a cash payment of $60,000 payable upon the execution of the agreement (which was capitalized as an intangible asset and is being amortized over its useful life), and (ii) royalties of 5.5% on the net sales price of royalty-based products and services for each accounting period, as defined in the agreement, with minimum annual royalty payments of $20,000 beginning in the 2024 calendar year. As of December 31, 2025, the Company owed a total of $20,000 pursuant to this agreement.

*Legal Matters*

The Company may be involved in litigation and arbitrations from time to time in the ordinary course of business. As of December 31, 2025, the Company was not involved in any ongoing litigation. The Company records legal costs associated with loss contingencies as incurred. Settlements are accrued when, and if, they become probable and estimable.

#### **Table of Contents**

#### KULR TECHNOLOGY GROUP, INC. AND SUBSIDIARY

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
*Separation and General Release Agreement*

On August 20, 2024, the Company entered into a Separation and General Release Agreement ("Separation Agreement") with the Former COO of the Company, covering his resignation from all appointments and positions held with the Company and any of its affiliated entities. The Former COO released the Company from any and all claims he may have against the Company, and the Company agreed to provide certain separation benefits, including (i) a one-time payment of $99,551, subject to legally required payroll withholdings/deductions, (ii) early settlement of 46,875 of vested RSUs previously granted and (iii) accelerated vesting of the final tranche of a restricted stock award ("RSA"), consisting of 62,500 unvested shares, previously granted. On November 27, 2024, the Company and Former COO amended the Separation Agreement and agreed to settle the equity component with a cash payment of $500,000 in lieu of the 109,375 shares of common stock and these shares are deemed canceled.

**NOTE 18 – SEGMENT REPORTING**

During the first quarter of 2025, the Company expanded on its treasury strategy and began mining digital assets. The Company determined these activities met the criteria of an operating segment. The Company operates as two operating and reporting segments (i) energy management platform, and (ii) mining of digital assets, namely, the development and commercialization of energy management technologies, batteries and other components across a range of applications, and the mining of digital assets. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The chief operating decision maker ("CODM"), who is the Company's chief executive officer, reviews profit and loss information on a consolidated basis in order to assess performance, make decisions about the allocation of operating and capital resources, and evaluate pricing strategies related to the energy management platform. The CODM is not regularly provided disaggregated expense information, other than the expense information included in the consolidated statements of operations. The CODM reviews financial information for mining digital assets separately from the financial information related to the energy management platform for making decisions, allocating resources and assessing financial performance, as well as making strategic operational decisions and managing the organization.

The Company does not have intra-entity sales or transfers.

The CODM does not consider gains and losses associated with digital assets when reviewing the results of operations, or allocating resources to the Company's operating segments. Gains and losses associated with the Company's digital assets (which is a corporate treasury function and is not considered an operating segment) are presented separately from segment net income.

Beginning in 2025, the Company has broken out a Corporate & Other category, which is not considered an operating segment, and includes the changes in fair value of the Company's digital asset holdings.

#### **Table of Contents**

#### KULR TECHNOLOGY GROUP, INC. AND SUBSIDIARY

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The following tables present the breakout of the operations of the energy management and mining of digital assets segments for the years ended December 31, 2025 and 2024:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | Energy<br>Management<br>Platform | <br>Mining of<br>Digital Assets | <br>Corporate &<br>Other | <br>Total | Energy<br>Management<br>Platform | <br>Mining of<br>Digital Assets | <br>Corporate &<br>Other | <br>Total |
| **Revenue** | $9140480 | $7029924 | $— | $16170404 | $10737481 | $— | $— | $10737481 |
| Cost of revenue | 7908657 | 7490775 |  | 15399432 | 5254283 |  |  | 5254283 |
| &nbsp;&nbsp;Gross Profit (Loss) | 1231823 | (460851) |  | 770972 | 5483198 |  |  | 5483198 |
| **Operating Expenses** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Research and development | 10755036 |  |  | 10755036 | 4738305 |  |  | 4738305 |
| &nbsp;&nbsp;Selling, general, and administrative<sup>(1)</sup> | 31606701 | 1409740 |  | 33016441 | 15979852 |  |  | 15979852 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Operating Expenses | 42361737 | 1409740 |  | 43771477 | 20718157 |  |  | 20718157 |
| &nbsp;&nbsp;&nbsp;&nbsp;Segment Operating Loss | (41129914) | (1870591) |  | (43000505) | (15234959) |  |  | (15234959) |
| **Other (Expense) Income** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Other segment (expense) income<sup>(2)</sup> | 353374 |  |  | 353374 | (1569844) |  |  | (1569844) |
| &nbsp;&nbsp;Impairment of equity investment | (3325045) |  |  | (3325045) |  |  |  |  |
| &nbsp;&nbsp;Credit loss on loan receivable | (2127565) |  |  | (2127565) |  |  |  |  |
| &nbsp;&nbsp;Change in fair value of digital assets |  |  | (13800041) | (13800041) |  |  | (718826) | (718826) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Other Expense, net | (5099236) |  | (13800041) | (18899277) | (1569844) |  | (718826) | (2288670) |
| **Net Loss** | $(46229150) | $(1870591) | $(13800041) | $(61899782) | $(16804803) | $— | $(718826) | $(17523629) |

---

<sup>(1)</sup> Selling, general, and administrative includes credit losses on accounts receivable, impairment of finance right-of-use asset, impairment of property and equipment, impairment of intangible assets and impairment of equipment deposits.

<sup>(2)</sup> Other segment expenses and losses include interest income, interest expense, amortization of debt discount, gain on extinguishment of debt, and change in fair value of accrued issuable equity.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** |
|  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | Energy<br>Management<br>Platform | <br>Mining of<br>Digital Assets | <br>Corporate &<br>Other | <br>Total | Energy<br>Management<br>Platform | <br>Mining of<br>Digital Assets | <br>Corporate &<br>Other | <br>Total |
| **Segment Assets** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Cash | $13300188 | $— | $— | $13300188 | $29831858 | $— |  | $29831858 |
| &nbsp;&nbsp;Digital assets |  |  | 93995256 | 93995256 |  |  | 20281184 | 20281184 |
| &nbsp;&nbsp;All other assets | 21672260 |  |  | 21672260 | 12814145 |  |  | 12814145 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $34972448 | $— | $93995256 | $128967704 | $42646003 | $— | $20281184 | $62927187 |

---

*Geographic Information*

As of December 31, 2025 and 2024, 100% of the Company's long-lived assets are located in the U.S.

During the year ended December 31, 2025, $2,579,897 of revenue was generated from non-U.S. customers. During the year ended December 31, 2024, $4,210,321 of revenue was generated from non-U.S. customers.

#### **Table of Contents**

#### KULR TECHNOLOGY GROUP, INC. AND SUBSIDIARY

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
**NOTE 19 – SUBSEQUENT EVENTS**

*Digital Assets*

During the period from January 1, 2026 through March 27, 2026, the Company earned 8.37 bitcoin from mining services and received 0.13 bitcoin as downtime credits. As of March 27, 2026, the Company held 1,082.71 BTC with an aggregate fair market value of approximately $72 million.

*Bitcoin Market Price Decline*

The market price of bitcoin has declined over 20% from approximately $87,500 at December 31, 2025 to under $66,338 as of March 27, 2026. Accordingly, the Company expects to report additional unrealized losses for the three months ended March 31, 2026.

*Loan Payable*

On March 27, 2026, the Company borrowed $5 million (the "Second Drawdown") against its $20 million credit facility with Coinbase. The Second Drawdown bears a 7% loan fee, and the Company segregated 125 bitcoin as collateral against this loan.

## Exhibit 3.9

**Exhibit 3.9**

**CERTIFICATE OF AMENDMENT**

**TO THE**

**CERTIFICATE OF INCORPORATION**

**OF**

**KULR TECHNOLOGY GROUP, INC.**

This Certificate of Amendment to the Certificate of Incorporation of KULR Technology Group, Inc. (the "<u>Corporation</u>") a corporation organized and existing under the laws of the State of Delaware, is hereby duly adopted pursuant to and in accordance with the provisions of Section 242 of the Delaware General Corporation Law.

1. Article 4 of the Certificate of Incorporation of the Corporation is hereby amended by adding the following paragraph immediately after the first paragraph of Article 4:

"Contingent upon filing and effective as of June 23, 2025 (the "Effective Time"), each eight (8) shares Common Stock issued and outstanding prior to the Effective Time shall, automatically and without any action on the part of the respective holders thereof, be combined and converted into one (1) share of Common Stock (the "Reverse Split''). No fractional share shall be issued in connection with the foregoing combination of the shares pursuant to the Reverse Split. A holder of Common Stock who would otherwise be entitled to receive a fractional share as a result of the Reverse Split will receive one whole share of Common Stock in lieu of such fractional share.

The Reverse Split shall occur automatically without any further action by the holders of Common Stock, and whether or not the certificates representing such shares have been surrendered to the Corporation; provided, however, that the Corporation shall not be obligated to issue certificates evidencing the shares of Common Stock issuable as a result of the Reverse Split unless the existing certificates evidencing the applicable shares of stock prior to the Reverse Split are either delivered to the Corporation, or the holder notifies the Corporation that such certificates have been lost, stolen or destroyed, and executes an agreement satisfactory to the Corporation to indemnify the Corporation from any loss incurred by it in connection with such certificates."

IN WITNESS WHEREOF, the undersigned authorized officer of the Corporation, for the purpose of amending the Certificate of Incorporation pursuant to the Delaware General Corporation Law, does hereby make and file this Certificate of Amendment, hereby declaring and certifying that the facts herein stated are true, and accordingly has hereunto set his hand this 20th day of June 2025.

This Certificate of Amendment shall become effective at 12:01 a.m. on June 23, 2025.

---

| | |
|:---|:---|
| By: | /s/ Michael Mo |
| Title: | Chief Executive Officer and Chairman |
| Name: | Michael Mo |

---

------

## Exhibit 4.1

**Exhibit 4.1**

**DESCRIPTION OF CAPITAL STOCK**

The following summarizes the material terms of the capital stock of KULR Technology Group, Inc. ("KULR," "our Company," "we" or "us"). KULR is a corporation incorporated under the laws of the State of Delaware, and accordingly its internal corporate affairs are governed by Delaware law and by its certificate of incorporation, as amended (our "certificate of incorporation") and its by-laws, which are filed as exhibits to our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission and available at *www.sec.gov*. The following summary is qualified in its entirety by reference to the applicable provisions of Delaware law and our certificate of incorporation and by-laws, which are subject to future amendment in accordance with the provisions thereof. Our common stock is the only class of our securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the "Exchange Act").

***Authorized Capital Stock***

Our authorized capital stock consists of 500,000,000 shares of common stock, par value $0.0001 per share, and 20,000,000 shares of preferred stock, par value $0.0001 per share. The number of shares of our common stock issued and outstanding as of a recent date is set forth on the cover page of our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission. As of December 31, 2025, we had preferred stock designated as follows: 1,000,000 shares designated as Series A Preferred Stock (of which 1,000,000 were outstanding); 31,000 shares designated as Series B Convertible Preferred Stock (of which none were outstanding); 400 shares designated as Series C Convertible Preferred Stock (of which none were outstanding); and 650 shares designated as Series D Convertible Preferred Stock (of which none were outstanding).

***Common Stock***

*Voting Rights.* Each holder of our common stock is entitled to one vote per share on all matters on which stockholders are generally entitled to vote. Our certificate of incorporation does not provide for cumulative voting in the election of directors.

*Dividends.* Subject to the preferential rights, if any, of the holders of any outstanding series of our preferred stock, holders of shares of our common stock are entitled to receive dividends out of any of our funds legally available when, as and if declared by our Board of Directors (our "Board"). The timing, declaration, amount and payment of future dividends depend upon our financial condition, earnings, capital requirements and debt service obligations, as well as legal requirements, regulatory constraints, industry practice and other factors that our Board deems relevant.

*Liquidation.* If we liquidate, dissolve or wind up our affairs, holders of our common stock will be entitled to share proportionately in our assets available for distribution to stockholders, subject to the preferential liquidation rights, if any, of the holders of any outstanding series of our preferred stock.

*Other Rights.* The holders of our common stock have no preemptive rights and no rights to convert their common stock into any other securities, and our common stock is not subject to any redemption or sinking fund provisions.

***Preferred Stock***

Under our certificate of incorporation and subject to the limitations prescribed by law, our Board, without stockholder approval, may issue our preferred stock in one or more series, and may establish from time to time the number of shares to be included in such series and may fix the designation, powers, privileges, preferences and relative participating, optional or other rights, if any, of the shares of each such series and any qualifications, limitations or restrictions thereof.

When and if we issue additional shares of preferred stock, we will establish the applicable preemptive rights, dividend rights, voting rights, conversion privileges, redemption rights, sinking fund rights, rights upon voluntary or involuntary liquidation, dissolution or winding up and any other relative rights, preferences and limitations for the particular preferred stock series.

On June 6, 2017, the Company filed a Certificate of Designation of Series A Voting Preferred Stock with the Secretary of State of the State of Delaware (the "Certificate of Designation"). Pursuant to the Certificate of Designation, the Company designated 1,000,000 shares of preferred "A" stock, $0.0001 par value per share (individually or collectively the "Series A Voting Preferred"), out of the 20,000,000 shares of authorized blank check preferred stock.

------

***Series A Voting Preferred Stock***

We have one designated class of preferred stock known as Series A Voting Preferred Stock. Each share of the Series A Voting Preferred Stock entitles the holder to one hundred (100) votes, in person or proxy, on any matter on which action of the stockholders of the corporation is sought. The Series A Voting Preferred Stock will vote together with the common stock. The holders of Series A Voting

Preferred Stock shall not be entitled to receive dividends of any kind or be entitled to any liquidation preference. The Series A Preferred Stock shall not be subject to conversion into common stock or other equity authorized to be issued by the Company.

*Rights of the Series A Voting Preferred Stock*

Holders of the Series A Voting Preferred Stock are not entitled to receive dividends nor convert their Series A Voting Preferred Stock into any series or class of stock of the Company. Additionally, in the event of any liquidation, dissolution, or winding up of the Corporation, whether voluntary or involuntary (a "Liquidation"), holders of Series A Voting Preferred Stock shall have no right to distribution from the assets of the Company available for distribution to its stockholders.

The record holders of the Series A Voting Preferred Stock have the right to vote on any matter with holders of the Company's Common Stock and other securities entitled to vote, if any, voting together as one (1) class. Each record holder of Series A Voting Preferred Stock has that number of votes (identical in every other respect to the voting rights of the holders of Common Stock entitled to vote at any regular or special meeting of the shareholders or by written consent) equal to one-hundred (100) votes per share of Series A Voting Preferred Stock held by such record holder.

The record holders of the Series A Voting Preferred Stock shall be entitled to the same notice of any regular or special meeting of the shareholders as may or shall be given to holders of Common Stock entitled to vote at such meetings. No corporate actions requiring majority shareholder approval or consent may be submitted to a vote of Common Stock which in any way precludes the Series A Voting Preferred Stock from exercising its voting or consent rights as though it is or was a Common Stock holder.

For purposes of determining a quorum for any regular or special meeting of the shareholders, the voting rights of all outstanding shares of Series A Voting Preferred Stock shall be included with all shares of Common Stock represented at and entitled to vote at such meetings.

No share or shares of Series A Voting Preferred Stock acquired by the Company shall be reissued as Series A Voting Preferred Stock, and all such shares thereafter shall be returned to the status of undesignated and unissued shares of Series A Voting Preferred Stock of the Company.

*Authorized But Unissued Preferred Stock*

We are currently authorized to issue a total of 20,000,000 shares of preferred stock of which 1,000,000 shares have been designated as Series A Voting Preferred Stock. Our articles of incorporation provide that the board of directors may issue preferred stock by resolutions, without any action of the stockholders. In the event of a hostile takeover, the board of directors could potentially use this preferred stock to preserve control.

***Anti-Takeover Effects of Provisions of Delaware Law, Our Certificate of incorporation and By-laws***

Delaware statutory law and our certificate of incorporation and by-laws contain provisions that could make acquisition of our Company by means of a tender offer, a proxy contest or otherwise more difficult. These provisions are intended to discourage certain types of coercive takeover practices and takeover bids that our Board may consider inadequate and to encourage persons seeking to acquire control of us to first negotiate with our Board. We believe that the benefits of increased protection of our ability to negotiate with the proponent of an unfriendly or unsolicited proposal to acquire or restructure us outweigh the disadvantages of discouraging takeover or acquisition proposals because, among other things, negotiation of these proposals could result in an improvement of their terms. The description of our certificate of incorporation and by-laws set forth below is only a summary and is qualified in its entirety by reference to our certificate of incorporation and by-laws, which have been filed as exhibits to our most recent Annual Report on Form 10-K.

*Blank Check Preferred Stock.* Our certificate of incorporation permits us to issue, without any further vote or action by the stockholders, up to 20,000,000 shares of preferred stock in one or more series and, with respect to each such series, to fix the number of shares constituting the series and the designation of the series, the voting powers (if any) of the shares of the series, and the preferences and

------

relative, participating, optional and other rights, if any, and any qualifications, limitations or restrictions, of the shares of such series. The ability to issue such preferred stock could discourage potential acquisition proposals and could delay or prevent a change in control.

*Number of Directors; Filling Vacancies; Removal.* Our certificate of incorporation and by-laws provide that the Board will consist of not less than one member, with the exact number of directors to be fixed exclusively by the Board. In addition, our certificate of incorporation and by-laws provide that a board vacancy resulting from the death, resignation, disqualification or removal of a director or other cause, as well as a vacancy resulting from an increase in the number of directors, may be filled solely by the affirmative vote of a majority of the remaining directors then in office even though that may be less than a quorum of the Board.

*Special Meetings.* Our certificate of incorporation and by-laws provide that special meetings of the stockholders may only be called by our Board, certain officers of our Company or two-thirds or more in amount, of each class or series of the capital stock of our Company entitled to vote at such meeting on the matters that are the subject of the proposed meeting. These provisions may make it more difficult for stockholders to take an action opposed by our Board.

*Section 203 of the Delaware General Corporation Law*. Section 203 of the DGCL provides that, subject to certain specified exceptions, a corporation will not engage in any "business combination" with any "interested stockholder" for a three-year period following the time that such stockholder becomes an interested stockholder unless (1) before that time, the board of directors of the corporation approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder, (2) upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85 percent of the voting stock of the corporation outstanding at the time the transaction commenced (excluding certain shares) or (3) on or after such time, both the board of directors of the corporation and at least 66<sup>2</sup>/<sub>3</sub> percent of the outstanding voting stock which is not owned by the interested stockholder approves the business combination. Section 203 of the DGCL generally defines an "interested stockholder" to include (x) any person that owns 15 percent or more of the outstanding voting stock of the corporation, or is an affiliate or associate of the corporation and owned 15 percent or more of the outstanding voting stock of the corporation at any time within three years immediately prior to the relevant date and (y) the affiliates and associates of any such person.

Section 203 of the DGCL generally defines a "business combination" to include (1) mergers and sales or other dispositions of 10 percent or more of the corporation's assets with or to an interested stockholder, (2) certain transactions resulting in the issuance or transfer to the interested stockholder of any stock of the corporation or its subsidiaries, (3) certain transactions which would increase the proportionate share of the stock of the corporation or its subsidiaries owned by the interested stockholder and (4) receipt by the interested stockholder of the benefit (except proportionately as a stockholder) of any loans, advances, guarantees, pledges, or other financial benefits.

Under certain circumstances, Section 203 of the DGCL makes it more difficult for a person who would be an "interested stockholder" to effect various business combinations with a corporation for a three-year period, although the certificate of incorporation or stockholder-adopted by-laws may exclude a corporation from the restrictions imposed under Section 203. Neither our certificate of incorporation nor our by-laws exclude our Company from the restrictions imposed under Section 203 of the DGCL. We anticipate that Section 203 may encourage companies interested in acquiring our Company to negotiate in advance with our Board since the statute's supermajority stockholder approval requirement would not be applicable if our Board approves, prior to the time the stockholder becomes an interested stockholder, either the business combination or the transaction which results in the stockholder becoming an interested stockholder.

***Transfer Agent and Registrar***

The transfer agent and registrar for our common stock is VStock Transfer LLC.

***Market Information***

Our common stock is currently traded on the NYSE American LLC Exchange under the symbol "KULR."

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## Exhibit 10.3

**Exhibit 10.3**

**KULR TECHNOLOGY GROUP, INC.**

**Restricted STOCK AWARD AGREEMENT**

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**This Restricted Stock Award Agreement** ("**Agreement**") is made and entered into as of the date set forth below, by and between KULR Technology Group, Inc., a Delaware corporation (the "**Company**"), and the employee, director or consultant of the Company named in Section 1(b). ("**Grantee**"):

In consideration of the covenants herein set forth, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Stock Award Information.</u> 

(a) Date of Award: <u>[DATE]</u> 

(b) Grantee: <u>[NAME]</u> 

(c) Number of Shares: <u>[# SHARES]</u> 

(d) Original Value: <u>$[CLOSNG SHARE $ DAY PRIOR TO GRANT]</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Acknowledgements.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Grantee is an employee of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company has adopted the 2018 KULR TECHNOLOGY GROUP EQUITY INCENTIVE PLAN (the "**Plan**") under which the Company's common stock ("**Stock**") may be offered to directors, officers, employees and consultants pursuant to an exemption from registration under the Securities Act of 1933, as amended (the "**Securities Act**") provided by Rule 701 thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Shares; Value.</u> The Company hereby grants to Grantee, upon and subject to the terms and conditions of Section 5 and otherwise herein stated, the number of shares of Stock set forth in Section 1(c) (the "**Shares**"), which Shares have a fair value per share ("**Original Value**") equal to the amount set forth in Section 1(d). For the purpose of this Agreement, the terms "**Share**" or "**Shares**" shall include the original Shares plus any shares derived therefrom, regardless of the fact that the number, attributes or par value of such Shares may have been altered by reason of any recapitalization, subdivision, consolidation, stock dividend or amendment of the corporate charter of the Company. The number of Shares covered by this Agreement and the Original Value thereof shall be proportionately adjusted for any increase or decrease in the number of issued shares resulting from a recapitalization, subdivision or consolidation of shares or the payment of a stock dividend, or any other increase or decrease in the number of such shares effected without receipt of consideration by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Investment Intent.</u> Grantee represents and agrees that Grantee is accepting the Shares for the purpose of investment and not with a view to, or for resale in connection with, any distribution thereof; and that, if requested, Grantee shall furnish to the Company a written statement to such effect, satisfactory to the Company in form and substance. If the Shares are registered under the Securities

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Act, Grantee shall be relieved of the foregoing investment representation and agreement and shall not be required to furnish the Company with the foregoing written statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Vesting of Shares.</u> Subject to provisions of Sections 5.1 and 5.2 hereof, the Shares shall vest during the term of Grantee's employment in [four (4) equal annual installments of twenty-five percent (25%) of the Shares covered by this Agreement, the first installment to be vested on the twelve (12) month anniversary of the Date of Award (the "Initial Vesting Date"), with an additional twenty-five percent (25%) of such Shares vesting on each of the three (3) successive twelve (12) month periods] following the Initial Vesting Date. The installments shall be cumulative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. <u>Termination of Employment</u>. If Grantee shall cease to be employed by the Company for any reason, whether voluntarily or involuntarily, other than by death, unvested Shares shall be automatically forfeited upon such termination and neither the Company nor any Affiliate shall have any further obligations to the Grantee under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. <u>Death or Disability of Grantee.</u> The foregoing vesting schedule notwithstanding, in the event of termination due to the Grantee's death or disability, 100% of the unvested Stock shall vest as of the date of such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Representations and Warranties of the Grantee.</u> This Agreement and the issuance and grant of the Shares hereunder is made by the Company in reliance upon the express representations and warranties of the Grantee, which by acceptance hereof the Grantee confirms that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Shares granted to him pursuant to this Agreement are being acquired by him for his own account, for investment purposes, and not with a view to, or for sale in connection with, any distribution of the Shares. It is understood that the Shares have not been registered under the Act by reason of a specific exemption from the registration provisions of the Act which depends, among other things, upon the bona fide nature of his representations as expressed herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Shares must be held by him indefinitely unless they are subsequently registered under the Act and any applicable state securities laws, or an exemption from such registration is available. The Company is under no obligation to register the Shares or to make available any such exemption; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Grantee further represents that Grantee has had access to the financial statements or books and records of the Company, has had the opportunity to ask questions of the Company concerning its business, operations and financial condition and to obtain additional information reasonably necessary to verify the accuracy of such information,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Unless and until the Shares represented by this Grant are registered under the Securities Act, all certificates representing the Shares and any certificates subsequently issued in substitution therefor and any certificate for any securities issued pursuant to any stock split, share reclassification, stock dividend or other similar capital event shall bear legends in substantially the following form:

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THESE SECURITIES HAVE NOT BEEN REGISTERED OR OTHERWISE QUALIFIED UNDER THE SECURITIES ACT OF 1933 (THE 'SECURITIES ACT') OR UNDER THE APPLICABLE OR SECURITIES LAWS OF ANY STATE. NEITHER THESE SECURITIES NOR ANY INTEREST THEREIN MAY BE SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF REGISTRATION UNDER THE SECURITIES ACT OR ANY APPLICABLE SECURITIES LAWS OF ANY STATE, UNLESS PURSUANT TO EXEMPTIONS THEREFROM.

THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ISSUED PURSUANT TO THAT CERTAIN RESTRICTD STOCK AWARD AGREEMENT DATED [DATE] BETWEEN THE COMPANY AND THE ISSUEE WHICH RESTRICTS THE TRANSFER OF THESE SHARES WHICH ARE SUBJECT TO REPURCHASE BY THE COMPANY UNDER CERTAIN CONDITIONS.

and/or such other legend or legends as the Company and its counsel deem necessary or appropriate. Appropriate stop transfer instructions with respect to the Shares have been placed with the Company's transfer agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Grantee understands that he or she will recognize income, for Federal and state income tax purposes, in an amount equal to the amount by which the fair market value of the Shares, as of the date of grant, exceeds the price paid by Grantee, if any. The acceptance of the Shares by Grantee shall constitute an agreement by Grantee to report such income in accordance with then applicable law. Withholding for federal or state income and employment tax purposes will be made, if and as required by law, from Grantee's then current compensation, or, if such current compensation is insufficient to satisfy withholding tax liability, the Company may require Grantee to make a cash payment to cover such liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Stand-off Agreement.</u> Grantee agrees that, in connection with any registration of the Company's securities under the Securities Act, and upon the request of the Company or any underwriter managing an underwritten offering of the Company's securities, Grantee shall not sell, short any sale of, loan, grant an option for, or otherwise dispose of any of the Shares (other than Shares included in the offering) without the prior written consent of the Company or such managing underwriter, as applicable, for a period of at least one year following the effective date of registration of such offering. This Section 7 shall survive any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Termination of Agreement.</u> This Agreement shall terminate on the occurrence of any one of the following events: (a) written agreement of all parties to that effect; (b) a proposed dissolution or liquidation of the Company, a merger or consolidation in which the Company is not the surviving entity, or a sale of all or substantially all of the assets of the Company; (c) the closing of any public offering of common stock of the Company pursuant to an effective registration statement under the Securities Act; or (d) dissolution, bankruptcy, or insolvency of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Agreement Subject to Plan; Applicable Law.</u> This Grant is made pursuant to the Plan and shall be interpreted to comply therewith. A copy of such Plan is available to Grantee, at no charge, at

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the principal office of the Company. Any provision of this Agreement inconsistent with the Plan shall be considered void and replaced with the applicable provision of the Plan. This Grant shall be governed by the laws of the State of Delaware and subject to the exclusive jurisdiction of the courts therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Miscellaneous.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Notices.</u> Any notice required to be given pursuant to this Agreement or the Plan shall be in writing and shall be deemed to have been duly delivered upon receipt or, in the case of notices by the Company, five (5) days after deposit in the U.S. mail, postage prepaid, addressed to Grantee at the last address provided by Grantee for use in the Company's records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Entire Agreement.</u> This instrument constitutes the sole agreement of the parties hereto with respect to the Shares. Any prior agreements, promises or representations concerning the Shares not included or reference herein shall be of no force or effect. This Agreement shall be binding on, and shall inure to the benefit of, the Parties hereto and their respective transferees, heirs, legal representatives, successors, and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Enforcement.</u> This Agreement shall be construed in accordance with, and governed by, the laws of the State of Delaware and subject to the exclusive jurisdiction of the courts located in the State of Delaware. If Grantee attempts to transfer any of the Shares subject to this Agreement, or any interest in them in violation of the terms of this Agreement, the Company may apply to any court for an injunctive order prohibiting such proposed transaction, and the Company may institute and maintain proceedings against Grantee to compel specific performance of this Agreement without the necessity of proving the existence or extent of any damages to the Company. Any such attempted transaction shares in violation of this Agreement shall be null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Validity of Agreement.</u> The provisions of this Agreement may be waived, altered, amended, or repealed, in whole or in part, only on the written consent of all parties hereto. It is intended that each Section of this Agreement shall be viewed as separate and divisible, and in the event that any Section shall be held to be invalid, the remaining Sections shall continue to be in full force and effect.

**In Witness Whereof**, the parties have executed this Agreement as of the date first above written.

---

| | | |
|:---|:---|:---|
| **COMPANY:** | KULR TECHNOLOGY GROUP, INC., | KULR TECHNOLOGY GROUP, INC., |
|  | a Delaware corporation | a Delaware corporation |
|  | By: |  |
|  | Name: |  |
| **GRANTEE:** |  |  |
|  | By: |  |
|  |  | (*signature*) |
|  | Name: |  |

---

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## Exhibit 10.4

**Exhibit 10.4**

**KULR TECHNOLOGY GROUP, INC.**

**INCENTIVE STOCK OPTION AWARD AGREEMENT**

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**This INCENTIVE STOCK OPTION AWARD AGREEMENT** ("**Agreement**") is made and entered into as of the date set forth below, by and between KULR Technology Group, Inc., a Delaware corporation (the "**Company**"), and the employee of the Company named in Section 1(b). ("**Optionee**"):

In consideration of the covenants herein set forth, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Option Information.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Date of Option:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Optionee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Number of Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exercise Price:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Acknowledgements.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Optionee is an employee of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Board of Directors (the "**Board**" which term shall include an authorized committee of the Board of Directors) and shareholders of the Company have heretofore adopted the 2018 KULR TECHNOLOGY GROUP EQUITY INCENTIVE PLAN (the "**Plan**"), pursuant to which this Option is being granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Board has authorized the granting to Optionee of an incentive stock option ("**Option**") as defined in Section 422 of the Internal Revenue Code of 1986, as amended, (the "**Code**") to purchase shares of common stock of the Company ("**Stock**") upon the terms and conditions hereinafter stated and pursuant to an exemption from registration under the Securities Act of 1933, as amended (the "**Securities Act**") provided by Rule 701 thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Shares; Price.</u> The Company hereby grants to Optionee the right to purchase, upon and subject to the terms and conditions herein stated, the number of shares of Stock set forth in Section 1(c) above (the "**Shares**") for cash (or other consideration as is authorized under the Plan and acceptable to the Board, in their sole and absolute discretion) at the price per Share set forth in Section 1(d) above (the "**Exercise Price**"), such price being not less than the fair market value per share of the Shares covered by this Option as of the date hereof (unless Optionee is the owner of Stock possessing ten percent or more of the total voting power or value of all outstanding Stock of

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the Company, in which case the Exercise Price shall be no less than 110% of the fair market value of such Stock).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Term of Option; Continuation of Employment.</u> This Option shall expire, and all rights hereunder to purchase the Shares shall terminate five (5) years from the date hereof. This Option shall earlier terminate subject to Sections 7 and 8 hereof upon, and as of the date of, the termination of Optionee's employment if such termination occurs prior to the end of such five (5) year period. Nothing contained herein shall confer upon Optionee the right to the continuation of his or her employment by the Company or to interfere with the right of the Company to terminate such employment or to increase or decrease the compensation of Optionee from the rate in existence at the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Vesting of Option.</u> Subject to the provisions of Sections 7 and 8 hereof, this Option shall become exercisable during the term of Optionee's employment in four (4) equal annual installments of twenty-five percent (25%) of the Shares covered by this Option, the first installment to be exercisable on the twelve (12) month anniversary of the date of this Option (the "Initial Vesting Date"), with an additional twenty-five percent (25%) of such Shares becoming exercisable on each of the three (3) successive twelve (12) month periods following the Initial Vesting Date. The installments shall be cumulative (i.e., this option may be exercised, as to any or all Shares covered by an installment, at any time or times after an installment becomes exercisable and until expiration or termination of this option).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Exercise.</u> This Option shall be exercised by delivery to the Company of (a) written notice of exercise stating the number of Shares being purchased (in whole shares only) and such other information set forth on the form of Notice of Exercise attached hereto as Appendix A, (b) a check or cash in the amount of the Exercise Price of the Shares covered by the notice (or such other consideration as has been approved by the Board of Directors consistent with the Plan) and (c) a written investment representation as provided for in Section 13 hereof. This Option shall not be assignable or transferable, except by will or by the laws of descent and distribution, and shall be exercisable only by Optionee during his or her lifetime, except as provided in Section 8 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Termination of Employment.</u> If Optionee shall cease to be employed by the Company for any reason, whether voluntarily or involuntarily, other than by his or her death, Optionee (or if the Optionee shall die after such termination, but prior to such exercise date, Optionee's personal representative or the person entitled to succeed to the Option) shall have the right at any time within three (3) months following such termination of employment or the remaining term of this Option, whichever is the lesser, to exercise in whole or in part this Option to the extent, but only to the extent, that this Option was exercisable as of the date of termination of employment and had not previously been exercised; provided, however: (i) if Optionee is permanently disabled (within the meaning of Section 22(e)(3) of the Code) at the time of termination, the foregoing three (3) month period shall be extended to six (6) months; or (ii) if Optionee is terminated "*for cause*" or by the terms of the Plan or this Option Agreement or by any employment agreement between the Optionee and the Company, this Option shall automatically terminate as to all Shares covered by this Option not exercised prior to termination. Unless earlier terminated, all rights under this Option shall terminate in any event on the expiration date of this Option as defined in Section 4 hereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Death of Optionee.</u> If the Optionee shall die while in the employ of the Company, Optionee's personal representative or the person entitled to Optionee's rights hereunder may at any time within six (6) months after the date of Optionee's death, or during the remaining term of this Option, whichever is the lesser, exercise this Option and purchase Shares to the extent, but only to the extent, that Optionee could have exercised this Option as of the date of Optionee's death; provided, in any case, that this Option may be so exercised only to the extent that this Option has not previously been exercised by Optionee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>No Rights as Shareholder.</u> Optionee shall have no rights as a shareholder with respect to the Shares covered by any installment of this Option until the effective date of issuance of Shares following exercise of this Option, and no adjustment will be made for dividends or other rights for which the record date is prior to the date such stock certificate or certificates are issued except as provided in Section 10 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Recapitalization.</u> Subject to any required action by the shareholders of the Company, the number of Shares covered by this Option, and the Exercise Price thereof, shall be proportionately adjusted for any increase or decrease in the number of issued shares resulting from a subdivision or consolidation of shares or the payment of a stock dividend, or any other increase or decrease in the number of such shares effected without receipt of consideration by the Company; provided however that the conversion of any convertible securities of the Company shall not be deemed having been "*effected without receipt of consideration by the Company*".

In the event of a proposed dissolution or liquidation of the Company, a merger or consolidation in which the Company is not the surviving entity, or a sale of all or substantially all of the assets or capital stock of the Company (collectively, a "**Reorganization**"), unless otherwise provided by the Board, this Option shall terminate immediately prior to such date as is determined by the Board, which date shall be no later than the consummation of such Reorganization. In such event, if the entity which shall be the surviving entity does not tender to Optionee an offer, for which it has no obligation to do so, to substitute for any unexercised Option a stock option or capital stock of such surviving of such surviving entity, as applicable, which on an equitable basis shall provide the Optionee with substantially the same economic benefit as such unexercised Option, then the Board may grant to such Optionee, in its sole and absolute discretion and without obligation, the right for a period commencing thirty (30) days prior to and ending immediately prior to the date determined by the Board pursuant hereto for termination of the Option or during the remaining term of the Option, whichever is the lesser, to exercise any unexpired Option or Options without regard to the installment provisions of Section 5; provided, however, that such exercise shall be subject to the consummation of such Reorganization.

Subject to any required action by the shareholders of the Company, if the Company shall be the surviving entity in any merger or consolidation, this Option thereafter shall pertain to and apply to the securities to which a holder of Shares equal to the Shares subject to this Option would have been entitled by reason of such merger or consolidation, and the installment provisions of Section 5 shall continue to apply.

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In the event of a change in the shares of the Company as presently constituted, which is limited to a change of all of its authorized Stock without par value into the same number of shares of Stock with a par value, the shares resulting from any such change shall be deemed to be the Shares within the meaning of this Option.

To the extent that the foregoing adjustments relate to shares or securities of the Company, such adjustments shall be made by the Board, whose determination in that respect shall be final, binding and conclusive. Except as hereinbefore expressly provided, Optionee shall have no rights by reason of any subdivision or consolidation of shares of Stock of any class or the payment of any stock dividend or any other increase or decrease in the number of shares of stock of any class, and the number and price of Shares subject to this Option shall not be affected by, and no adjustments shall be made by reason of, any dissolution, liquidation, merger, consolidation or sale of assets or capital stock, or any issue by the Company of shares of stock of any class or securities convertible into shares of stock of any class.

The grant of this Option shall not affect in any way the right or power of the Company to make adjustments, reclassifications, reorganizations or changes in its capital or business structure or to merge, consolidate, dissolve or liquidate or to sell or transfer all or any part of its business or assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Additional Consideration.</u> Should the Internal Revenue Service determine that the Exercise Price established by the Board as the fair market value per Share is less than the fair market value per Share as of the date of Option grant, Optionee hereby agrees to tender such additional consideration, or agrees to tender upon exercise of all or a portion of this Option, such fair market value per Share as is determined by the Internal Revenue Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Modifications, Extension and Renewal of Options.</u> The Board or Committee, as described in the Plan, may modify, extend or renew this Option or accept the surrender thereof (to the extent not theretofore exercised) and authorize the granting of a new option in substitution therefore (to the extent not theretofore exercised), subject at all times to the Plan, and Section 422 of the Code. Notwithstanding the foregoing provisions of this Section 12, no modification shall, without the consent of the Optionee, alter to the Optionee's detriment or impair any rights of Optionee hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Investment Intent; Restrictions on Transfer.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Optionee represents and agrees that if Optionee exercises this Option in whole or in part, Optionee will in each case acquire the Shares upon such exercise for the purpose of investment and not with a view to, or for resale in connection with, any distribution thereof; and that upon such exercise of this Option in whole or in part, Optionee (or any person or persons entitled to exercise this Option under the provisions of Sections 7 and 8 hereof) shall furnish to the Company a written statement to such effect, satisfactory to the Company in form and substance. If the Shares represented by this Option are registered under the Securities Act, either before or after the exercise of this Option in whole or in part, the Optionee shall be relieved of the foregoing investment representation and

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agreement and shall not be required to furnish the Company with the foregoing written statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Optionee further represents that Optionee has had access to the financial statements or books and records of the Company, has had the opportunity to ask questions of the Company concerning its business, operations and financial condition, and to obtain additional information reasonably necessary to verify the accuracy of such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless and until the Shares represented by this Option are registered under the Securities Act, all certificates representing the Shares and any certificates subsequently issued in substitution therefor and any certificate for any securities issued pursuant to any stock split, share reclassification, stock dividend or other similar capital event shall bear legends in substantially the following form:

THESE SECURITIES HAVE NOT BEEN REGISTERED OR OTHERWISE QUALIFIED UNDER THE SECURITIES ACT OF 1933 (THE 'SECURITIES ACT') OR UNDER THE APPLICABLE OR SECURITIES LAWS OF ANY STATE. NEITHER THESE SECURITIES NOR ANY INTEREST THEREIN MAY BE SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF REGISTRATION UNDER THE SECURITIES ACT OR ANY APPLICABLE SECURITIES LAWS OF ANY STATE, UNLESS PURSUANT TO EXEMPTIONS THEREFROM.

THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ISSUED PURSUANT TO THAT CERTAIN INCENTIVE STOCK OPTION AWARD AGREEMENT DATED <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> , BETWEEN THE COMPANY AND THE ISSUEE WHICH RESTRICTS THE TRANSFER OF THESE SHARES WHICH ARE SUBJECT TO REPURCHASE BY THE COMPANY UNDER CERTAIN CONDITIONS.

such other legend or legends as the Company and its counsel deem necessary or appropriate. Appropriate stop transfer instructions with respect to the Shares have been placed with the Company's transfer agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Effects of Early Disposition.</u> Optionee understands that if an Optionee disposes of shares acquired hereunder within two (2) years after the date of this Option or within one (1) year after the date of issuance of such shares to Optionee, such Optionee will be treated for income tax purposes as having received ordinary income at the time of such disposition of an amount generally measured by the difference between the purchase price and the fair market value of such stock on the date of exercise, subject to adjustment for any tax previously paid, in addition to any tax on the difference between the sales price and Optionee's adjusted cost basis in such shares. The foregoing amount may be measured differently if Optionee is an officer, director or ten percent holder of the Company. Optionee agrees to notify the Company within ten (10) working days of any such disposition.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Stand-off Agreement.</u> Optionee agrees that in connection with any registration of the Company's securities under the Securities Act, and upon the request of the Company or any underwriter managing an underwritten offering of the Company's securities, Optionee shall not sell, short any sale of, loan, grant an option for, or otherwise dispose of any of the Shares (other than Shares included in the offering) without the prior written consent of the Company or such managing underwriter, as applicable, for a period of at least one year following the effective date of registration of such offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Reserved.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Notices.</u> Any notice required to be given pursuant to this Option or the Plan shall be in writing and shall be deemed to be delivered upon receipt or, in the case of notices by the Company, five (5) days after deposit in the U.S. mail, postage prepaid, addressed to Optionee at the address last provided to the Company by Optionee for his or her employee records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Agreement Subject to Plan; Applicable Law.</u> This Option is made pursuant to the Plan and shall be interpreted to comply therewith. A copy of such Plan is available to Optionee, at no charge, at the principal office of the Company. Any provision of this Option inconsistent with the Plan shall be considered void and replaced with the applicable provision of the Plan. This Option has been granted, executed and delivered in the State of Delaware, and the interpretation and enforcement shall be governed by the laws thereof and subject to the exclusive jurisdiction of the courts therein.

**In Witness Whereof**, the parties hereto have executed this Option as of the date first above written.

---

| | | |
|:---|:---|:---|
| **COMPANY:** | KULR TECHNOLOGY GROUP, INC., | KULR TECHNOLOGY GROUP, INC., |
|  | a Delaware corporation | a Delaware corporation |
|  | By: |  |
|  | Name: |  |
|  | Date: |  |
| **GRANTEE:** |  |  |
|  | By: |  |
|  |  | (*signature*) |
|  | Name: |  |
|  | Date: |  |

---

------

**Appendix A**

NOTICE OF EXERCISE

KULR TECHNOLOGY GROUP, INC.

Re: Incentive Stock Option

Notice is hereby given pursuant to Section 6 of my Incentive Stock Option Award Agreement that I elect to purchase the number of shares set forth below at the exercise price set forth in my option agreement:

Incentive Stock Option Award Agreement dated: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Number of shares being purchased: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Exercise Price: $<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

A check in the amount of the aggregate price of the shares being purchased is attached.

I hereby confirm that such shares are being acquired by me for my own account for investment purposes, and not with a view to, or for resale in connection with, any distribution thereof. I will not sell or dispose of my Shares in violation of the Securities Act of 1933, as amended, or any applicable federal or state securities laws. Further, I understand that the exemption from taxable income at the time of exercise is dependent upon my holding such stock for a period of at least one year from the date of exercise and two years from the date of grant of the Option.

I understand that the certificate representing the Option Shares will bear a restrictive legend within the contemplation of the Securities Act and as required by such other state or federal law or regulation applicable to the issuance or delivery of the Option Shares.

I agree to provide to the Company such additional documents or information as may be required pursuant to the 2018 KULR TECHNOLOGY GROUP EQUITY INCENTIVE PLAN.

---

| | |
|:---|:---|
| By: |  |
|  | (*signature*) |
| Name: |  |

---

------

## Exhibit 10.9

**Exhibit 10.9**

**KULR TECHNOLOGY GROUP, INC.**

**2025 EQUITY INCENTIVE PLAN**

**Restricted STOCK unit AGREEMENT**

**FOR**

 **[participant name]**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.**Award of Restricted Stock Units**. KULR Technology Group, Inc., a Delaware corporation (the "***Company***") hereby grants, as of [DATE], to **[Participant Name]**, the right to receive, at the times specified in <u>Section 2</u> hereof, **[NUMBER of SHARES]** Shares of the Company (collectively the "***RSUs***"). The RSUs shall be subject to the terms, provisions and restrictions set forth in this Agreement and the KULR Technology Group, Inc. 2025 Equity Incentive Plan, as may be amended from time to time (the "***Plan***"), which is incorporated herein for all purposes. As a condition to entering into this Agreement, and to the issuance of any Shares, the Recipient agrees to be bound by all of the terms and conditions herein and in the Plan. Unless otherwise provided herein, terms used herein that are defined in the Plan and not defined herein shall have the meanings attributable thereto in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.**Vesting of RSUs**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>General Vesting</u>. Except as provided in <u>Sections 2(b)</u> and <u>3</u> of this Agreement, the RSUs shall vest in the following amounts and the following times (the "***Vesting Date***"), provided that the Continuous Service of the Recipient continues through and each such Vesting Date:

[INSERT VESTING SCHEDULE]

There shall be no proportionate or partial vesting of the RSUs in or during the months, days or periods prior to each Vesting Date, and except as otherwise provided in <u>Section 2(b)</u> hereof, all vesting shall occur only on the applicable Vesting Date provided the conditions set forth in this <u>Section 2</u> are satisfied. Any portion of the RSUs subject to this Agreement that have become vested pursuant to this <u>Section 2</u> shall be referred to hereinafter as the "***Vested RSUs***", and any portion that have not vested hereunder shall be referred to as the "***Non-Vested RSUs***."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Acceleration of Vesting Upon Change in Control</u>. In the event that a Change in Control occurs during the Recipient's Continuous Service, the Non-Vested RSUs subject to this Agreement shall become immediately vested as of the date of the Change in Control (the "***Change in Control Vesting Date***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.**Treatment of RSUs Upon Termination of Continuous Service**. If the Recipient's Continuous Service is terminated for any reason prior to the earlier of (a) a Vesting Date or (b) a Change in Control Vesting Date, the Non-Vested RSUs granted hereunder shall be immediately forfeited and revert back to the Company without any payment to the Recipient. The Committee shall have the power and authority to enforce on behalf of the Company any rights the Company may have with respect to the RSUs under this Agreement in the event of the termination of the Recipient's Continuous Service.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.**Settlement of the RSUs**. The Company shall deliver to the Recipient the number of Shares corresponding to the Vested RSUs as soon as practicable on or after the Vesting Date or Change in Control Vesting Date, whichever applicable, but in no event later than 30 days after such Vesting Date or Change in Control Vesting Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.**Rights with Respect to RSUs; Dividend Equivalents**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>No Rights as Shareholder Until Delivery</u>. Except as otherwise provided in this <u>Section 5</u> or the Plan, the Recipient shall not have any rights, benefits or entitlements with respect to the Shares corresponding to the RSUs unless and until those Shares are delivered to the Recipient. On or after delivery, the Recipient shall have, with respect to the Shares delivered, all of the rights of a holder of Shares granted pursuant to the articles of incorporation and other governing instruments of the Company, or as otherwise available at law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Adjustments to Stock</u>. If at any time while this Agreement is in effect and before any Shares have been delivered with respect to any RSUs, there shall be any increase or decrease in the number of issued and outstanding Shares of the Company through the declaration of a stock dividend or through any recapitalization resulting in a stock split-up, combination or exchange of such Shares, then and in that event, the Committee shall make any adjustments it deems fair and appropriate, in view of such change, in the number of Shares subject to the RSUs then subject to this Agreement. If any such adjustment shall result in a fractional share, such fraction shall be disregarded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>No Restriction on Certain Transactions</u>. Notwithstanding any term or provision of this Agreement to the contrary, the existence of this Agreement, or of any outstanding RSUs awarded hereunder, shall not affect in any manner the right, power or authority of the Company to make, authorize or consummate: (i) any or all adjustments, recapitalizations, reorganizations or other changes in the Company's capital structure or its business; (ii) any merger, consolidation or similar transaction by or of the Company; (iii) any offer, issue or sale by the Company of any capital stock of the Company, including any equity or debt securities, or preferred or preference stock that would rank prior to or on parity with the shares represented by the RSUs and/or that would include, have or possess other rights, benefits and/or preferences superior to those that such shares includes, has or possesses, or any warrants, options or rights with respect to any of the foregoing; (iv) the dissolution or liquidation of the Company; (v) any sale, transfer or assignment of all or any part of the stock, assets or business of the Company; or (vi) any other corporate transaction, act or proceeding (whether of a similar character or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Dividend Equivalents</u>. If, prior to the settlement date, the Company declares a cash or stock dividend on the shares of Common Stock, then, on the payment date of the dividend, the Recipient shall be credited with Dividend Equivalents in an amount equal to the dividends that would have been paid to the Recipient if one share of Common Stock had been issued on the Grant Date for each Restricted Stock Unit granted to the Recipient as set forth in this Agreement. The Dividend Equivalents credited to the Recipient's account established by the Company for such purpose will be deemed to be reinvested in additional Restricted Stock Units (rounded to the nearest whole share) and will be subject to the same terms and conditions as the Restricted Stock Units to which they are attributable and shall vest or be forfeited (if applicable) at the same time

------

as the Restricted Stock Units to which they are attributable. Such additional Restricted Stock Units shall also be credited with additional Restricted Stock Units as any further dividends are declared.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.**Transferability**. The RSUs are not transferable unless and until the Shares have been delivered to the Recipient in settlement of the RSUs in accordance with this Agreement, otherwise than by will or under the applicable laws of descent and distribution. Except as otherwise permitted pursuant to the first sentence of this <u>Section 6</u>, any attempt to effect a Transfer of any RSUs prior to the date on which the Shares have been delivered to the Recipient in settlement of the RSUs shall be void *ab initio*. For purposes of this Agreement, "***Transfer***" shall mean any sale, transfer, encumbrance, gift, donation, assignment, pledge, hypothecation, or other disposition, whether similar or dissimilar to those previously enumerated, whether voluntary or involuntary, and including, but not limited to, any disposition by operation of law, by court order, by judicial process, or by foreclosure, levy or attachment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.**Tax Matters**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Withholding</u>. As a condition to the Company's obligations with respect to the RSUs (including, without limitation, any obligation to deliver any Shares) hereunder, if applicable, the Recipient shall make arrangements satisfactory to the Company to pay to the Company any federal, state or local taxes of any kind required to be withheld with respect to the delivery of Shares corresponding to such RSUs. If the Recipient shall fail to make the tax payments as are required, the Company shall, to the extent permitted by law, have the right to deduct from any payment of any kind (including the withholding of any Shares that otherwise would be delivered to Recipient under this Agreement) otherwise due to the Recipient any federal, state or local taxes of any kind required by law to be withheld with respect to such Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Satisfaction of Withholding Requirements</u>. The Recipient may direct the Company to satisfy the withholding requirements with respect to the RSUs pursuant to the procedures and methods set forth in <u>Section 9(e)</u> of the Plan, including, but not limited to, withholding of Shares to be delivered and the cash payment by the Company in respect to satisfy the Recipient's tax obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Recipient's Responsibilities for Tax Consequences</u>. The tax consequences to the Recipient (including without limitation federal, state, local and foreign income tax consequences) with respect to the RSUs (including without limitation the grant, vesting and/or delivery thereof) are the sole responsibility of the Recipient. The Recipient shall consult with his or her own personal accountant(s) and/or tax advisor(s) regarding these matters and the Recipient's filing, withholding and payment (or tax liability) obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.**Amendment, Modification & Assignment**. The Committee may modify or amend any provision of this Agreement, except as (a) otherwise provided in the Plan or (b) may materially and adversely affect the rights of the Recipient hereunder. Notwithstanding the foregoing, this Agreement may be modified or amended in a writing signed by the parties hereto. No promises, assurances, commitments, agreements, undertakings or representations, whether oral, written, electronic or otherwise, and whether express or implied, with respect to the subject matter hereof, have been made by either party which are not set forth expressly in this Agreement. Unless otherwise consented to in writing by the Company, in its sole discretion, this Agreement

------

(and Recipient's rights hereunder) may not be assigned, and the obligations of Recipient hereunder may not be delegated, in whole or in part. The rights and obligations created hereunder shall be binding on the executors, administrators, heirs, successors and assigns of the Recipient and on the successors and assigns of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.**Complete Agreement**. This Agreement (together with those agreements and documents expressly referred to herein, for the purposes referred to herein) embody the complete and entire agreement and understanding between the parties with respect to the subject matter hereof, and supersede any and all prior promises, assurances, commitments, agreements, undertakings or representations, whether oral, written, electronic or otherwise, and whether express or implied, which may relate to the subject matter hereof in any way.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.**Miscellaneous**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>No Right to (Continued) Employment or Service</u>. This Agreement and the grant of RSUs hereunder shall not confer, or be construed to confer, upon the Recipient any right to employment or service, or continued employment or service, with the Company or any Related Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>No Limit on Other Compensation Arrangements</u>. Nothing contained in this Agreement shall preclude the Company or any Related Entity from adopting or continuing in effect other or additional compensation plans, agreements or arrangements, and any such plans, agreements and arrangements may be either generally applicable or applicable only in specific cases or to specific persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Severability</u>. If any term or provision of this Agreement is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction or under any applicable law, rule or regulation, then such provision shall be construed or deemed amended to conform to applicable law (or if such provision cannot be so construed or deemed amended without materially altering the purpose or intent of this Agreement and the grant of RSUs hereunder, such provision shall be stricken as to such jurisdiction and the remainder of this Agreement and the award hereunder shall remain in full force and effect).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>No Trust or Fund Created</u>. Neither this Agreement nor the grant of RSUs hereunder shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company or any Related Entity and the Recipient or any other person. To the extent that the Recipient or any other person acquires a right to receive payments from the Company or any Related Entity pursuant to this Agreement, such right shall be no greater than the right of any unsecured general creditor of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Law Governing</u>. The validity, construction and effect of this Agreement shall be determined in accordance with the laws of Delaware, without giving effect to principles of conflict of laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Interpretation</u>. The Recipient accepts this award of RSUs subject to all of the terms, provisions and restrictions of this Agreement and the Plan. The Recipient hereby accepts as binding, conclusive and final all decisions or interpretations of the Committee upon any questions arising under this Agreement or the Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Headings</u>. Section, paragraph and other headings and captions are provided solely as a convenience to facilitate reference. Such headings and captions shall not be deemed in any way material or relevant to the construction, meaning or interpretation of this Agreement or any term or provision hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>Notices</u>. Any notice under this Agreement shall be in writing and shall be deemed to have been duly given when delivered personally, by overnight courier, or by United States mail, registered, postage prepaid, and addressed, in the case of the Company, to the Company's General Counsel and Corporate Secretary at 555 Forge River Road, Suite 100, Webster, Texas 77598, or if the Company should move its principal office, to such principal office, and, in the case of the Recipient, to the Recipient's last permanent address as shown on the Company's records, subject to the right of either party to designate some other address at any time hereafter in a notice satisfying the requirements of this <u>Section 10</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Compliance with Section 409A</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>General</u>. It is the intention of both the Company and the Recipient that the benefits and rights to which the Recipient could be entitled pursuant to this Agreement either comply with or fall within an exception to Section 409A of the Code and the Treasury Regulations and other guidance promulgated or issued thereunder ("Section 409A"), to the extent that the requirements of Section 409A are applicable thereto, and the provisions of this Agreement shall be construed in a manner consistent with that intention.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)<u>No Representations as to Section 409A Compliance</u>. Notwithstanding the foregoing, the Company does not make any representation to the Recipient that the RSUs awarded pursuant to this Agreement are exempt from, or satisfy, the requirements of Section 409A, and the Company shall have no liability or other obligation to indemnify or hold harmless the Recipient or any Beneficiary for any tax, additional tax, interest or penalties that the Recipient or any Beneficiary may incur in the event that any provision of this Agreement, or any amendment or modification thereof or any other action taken with respect thereto is deemed to violate any of the requirements of Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)<u>No Acceleration of Payments</u>*.* Neither the Company nor the Recipient, individually or in combination, may accelerate any payment or benefit that is subject to Section 409A, except in compliance with Section 409A and the provisions of this Agreement, and no amount that is subject to Section 409A shall be paid prior to the earliest date on which it may be paid without violating Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)<u>Non-Waiver of Breach</u>. The waiver by any party hereto of the other party's prompt and complete performance, or breach or violation, of any term or provision of this Agreement shall be effected solely in a writing signed by such party, and shall not operate nor be construed as a waiver of any subsequent breach or violation, and the waiver by any party hereto to exercise any right or remedy which he or it may possess shall not operate nor be construed as the waiver of such right or remedy by such party, or as a bar to the exercise of such right or remedy by such party, upon the occurrence of any subsequent breach or violation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)<u>Clawback</u>. The Company may (i) cause the cancellation of the RSUs, (ii) require reimbursement of any benefit conferred under the RSUs to the Recipient or Beneficiary, and (iii) effect any other right of recoupment of equity or other compensation provided under the Plan or otherwise in accordance with any Company policies that currently exist, including but not limited to the KULR Technology Group, Inc. Clawback Policy effective November 29, 2023, or that may from time to time be adopted or modified in the future by the Company and/or applicable law (each, a "***Clawback Policy***"). In addition, the Recipient may be required to repay to the Company certain previously paid compensation, whether provided under the Plan or an Award Agreement or otherwise, in accordance with any Clawback Policy. By accepting this Award, the Recipient agrees to be bound by any existing or future Clawback Policy adopted by the Company, or any amendments that may from time to time be made to the Clawback Policy in the future by the Company in its discretion (including without limitation any Clawback Policy adopted or amended to comply with applicable laws or stock exchange requirements) and further agrees that all of the Recipient's Award Agreements may be unilaterally amended by the Company, without the Recipient's consent, to the extent that the Company in its discretion determines to be necessary or appropriate to comply with any Clawback Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)<u>Counterparts</u>. This Agreement may be executed in two or more separate counterparts, each of which shall be an original, and all of which together shall constitute one and the same agreement.

[*remainder of page intentionally left blank*]

------

**IN WITNESS WHEREOF,** the undersigned have executed this Agreement as of the date first above written.

---

| |
|:---|
| **COMPANY:** |
| **KULR TECHNOLOGY GROUP, INC.** |
| By: |
| Name: |
| Title: |

---

The Recipient acknowledges receipt of a copy of the Plan and Plan prospectus and represents that he or she has reviewed the provisions of the Plan and this Agreement in their entirety, is familiar with and understands their terms and provisions, and hereby accepts this RSU award subject to all of the terms and provisions of the Plan and this Agreement. The Recipient further represents that he or she has had an opportunity to obtain the advice of counsel prior to executing this Agreement.

---

| |
|:---|
| **RECIPIENT:** |
| Name: [INSERT PARTICIPANT NAME] |
| Dated: |

---

------

## Exhibit 10.10

**Exhibit 10.10**

**KULR TECHNOLOGY GROUP, INC.**

 **2025 EQUITY INCENTIVE PLAN**

**INCENTIVE STOCK OPTION AGREEMENT**

**FOR**

**[participant name]**

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** 

**Agreement**

1.***Grant of Option.*** KULR Technology Group, Inc., a Delaware corporation (the "***Company***") hereby grants, as of [DATE] (the "***Date of Grant***"), to **[Participant Name]** (the "***Optionee***") an option (the "***Option***") to purchase up to **[NUMBER of SHARES]** Shares of the Company, at an exercise price per share equal to $<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> (the "***Exercise Price***"). The Option shall be subject to the terms, provisions and restrictions set forth in this Agreement and the KULR Technology Group, Inc. 2025 Equity Incentive Plan, as may be amended from time to time (the "***Plan***"), which is incorporated herein for all purposes. Unless otherwise provided herein, terms used herein that are defined in the Plan and not defined herein shall have the meanings attributed thereto in the Plan. The Optionee hereby acknowledges receipt of a copy of the Plan and agrees to be bound by all of the terms and conditions hereof and thereof and all applicable laws and regulations. The Option is an Incentive Stock Option and not a Non-Qualified Stock Option.

2.***Vesting Schedule***. Except as otherwise provided in <u>Sections 5</u> or <u>8</u> of this Agreement or in the Plan, the Option shall vest and become exercisable in installments as set forth in the following table based upon the Optionee's Continuous Service with the Company and its Related Entities through each of the following Vesting Date:

[INSERT VESTING SCHEDULE]

There shall be no proportionate or partial vesting of the Options in or during the months, days or periods prior to each Vesting Date, and except as otherwise provided in <u>Section 8</u> hereof, all vesting shall occur only on the applicable Vesting Date provided the conditions set forth in this <u>Section 2</u> are satisfied. Except as specified in this Agreement, upon the termination of the Optionee's Continuous Service with the Company and its Related Entities, any unvested portion of the Options shall terminate and be null and void.

3.***Method of Exercise***. The vested portion of this Option shall be exercisable in whole or in part in accordance with the vesting schedule set forth in <u>Section 2</u> hereof by written notice which shall state the election to exercise the Option, the number of Shares in respect of which the Option is being exercised, and such other representations and agreements as to the holder's investment intent with respect to such Shares as may be required by the Company pursuant to the provisions of the Plan. Such written notice shall be signed by the Optionee and shall be delivered in person or by certified mail to the Secretary of the Company. The written notice shall be accompanied by payment of the Exercise Price. This Option shall be deemed to be exercised after both (a) receipt

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by the Company of such written notice accompanied by the Exercise Price and (b) arrangements that are satisfactory to the Committee in its sole discretion have been made for Optionee's payment to the Company of the amount, if any, that is necessary to be withheld in accordance with applicable Federal or state income tax withholding requirements. No Shares shall be issued pursuant to the Option unless and until such issuance and such exercise shall comply with all relevant provisions of applicable law, including the requirements of any stock exchange upon which the Shares then may be traded.

4.***Method of Payment***. Payment of the Exercise Price shall be by any of the following, or a combination thereof, at the election of the Optionee: (a) cash; (b) check; (c) to the extent permitted by the Committee, with Shares owned by the Optionee, or the withholding of Shares that otherwise would be delivered to the Optionee as a result of the exercise of the Option; or (d) pursuant to a "cashless exercise" procedure, by delivery of a properly executed notice together with such other documentation, and subject to such guidelines, as the Committee shall require to effect an exercise of the Option and delivery to the Company by a licensed broker acceptable to the Company of proceeds from the sale of the Shares.

5.***Termination of Option***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)***General***. Any unexercised portion of the Option shall automatically and without notice terminate and become null and void at the time of the earliest to occur of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)three (3) months after the date on which the Optionee's Continuous Service is terminated other than by reason of (A) by the Company or a Related Entity for Cause, (B) a Disability of the Optionee as determined by a medical doctor satisfactory to the Committee, or (C) the death of the Optionee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)immediately upon the termination of the Optionee's Continuous Service by the Company or a Related Entity for Cause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)twelve (12) months after the date on which the Optionee's Continuous Service is terminated by the Company or a Related Entity by reason of a Disability as determined by a medical doctor satisfactory to the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)twelve (12) months after the date of termination of the Optionee's Continuous Service by reason of the death of the Optionee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)the tenth (10<sup>th</sup>) anniversary of the Date of Grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)***Cancellation***. To the extent not previously exercised, (i) the Option shall terminate immediately in the event of (A) the liquidation or dissolution of the Company, or (B) any reorganization, merger, consolidation or other form of corporate transaction in which the Company does not survive or the Shares are exchanged for or converted into securities issued by another entity, or an affiliate of such successor or acquiring entity, unless the successor or acquiring entity, or an affiliate thereof, assumes the Option or substitutes an equivalent option or right pursuant to <u>Section 9(c)</u> of the Plan, and (ii) the Committee in its sole discretion may by written notice ("***cancellation notice***") cancel, effective upon the consummation of any transaction that constitutes a Change in Control, the Option (or portion thereof) that remains unexercised on such

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date. The Committee shall give written notice of any proposed transaction referred to in this <u>Section 5(b)</u> a reasonable period of time prior to the closing date for such transaction (which notice may be given either before or after approval of such transaction), in order that the Optionee may have a reasonable period of time prior to the closing date of such transaction within which to exercise the Option if and to the extent that it then is exercisable (including any portion of the Option that may become exercisable upon the closing date of such transaction). The Optionee may condition his exercise of the Option upon the consummation of a transaction referred to in this <u>Section 5(b)</u>.

6.***Transferability***. The Option granted hereby is not transferable otherwise than by will or under the applicable laws of descent and distribution, and during the lifetime of the Optionee the Option shall be exercisable only by the Optionee, or the Optionee's guardian or legal representative. In addition, the Option shall not be assigned, negotiated, pledged or hypothecated in any way (whether by operation of law or otherwise), and the Option shall not be subject to execution, attachment or similar process. Upon any attempt to transfer, assign, negotiate, pledge or hypothecate the Option, or in the event of any levy upon the Option by reason of any execution, attachment or similar process contrary to the provisions hereof, the Option shall immediately become null and void. The terms of this Option shall be binding upon the executors, administrators, heirs, successors and assigns of the Optionee.

7.***No Rights of Stockholders***. Neither the Optionee nor any personal representative (or beneficiary) shall be, or shall have any of the rights and privileges of, a stockholder of the Company with respect to any Shares purchasable or issuable upon the exercise of the Option, in whole or in part, prior to the date on which the Shares are issued.

8.***Acceleration of Exercisability of Option***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)***Acceleration Upon Certain Terminations or Cancellations of Option***. This Option shall become immediately fully exercisable in the event that, prior to the termination of the Option pursuant to <u>Section 5</u> hereof, (i) the Option is terminated pursuant to <u>Section 5(b)(i)</u> hereof, or (ii) the Company exercises its discretion to provide a cancellation notice with respect to the Option pursuant to <u>Section 5(b)(ii)</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)***Acceleration Upon Change in Control.*** This Option shall become immediately fully exercisable in the event that, prior to the termination of the Option pursuant to <u>Section 5</u> hereof, and during the Optionee's Continuous Service, there is a "Change in Control", as defined in <u>Section 8(b)</u> of the Plan.

9.***Amendment, Modification & Assignment***. The Committee may modify or amend any provision of this Agreement, except as (a) otherwise provided in the Plan or (b) may materially and adversely affect the rights of the Optionee hereunder. Notwithstanding the foregoing, this Agreement may be modified or amended in a writing signed by the parties hereto. No promises, assurances, commitments, agreements, undertakings or representations, whether oral, written, electronic or otherwise, and whether express or implied, with respect to the subject matter hereof, have been made by either party which are not set forth expressly in this Agreement. Unless otherwise consented to in writing by the Company, in its sole discretion, this Agreement (and the Optionee's rights hereunder) may not be assigned, and the obligations of the Optionee hereunder

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may not be delegated, in whole or in part. The rights and obligations created hereunder shall be binding on the executors, administrators, heirs, successors and assigns of the Optionee and on the successors and assigns of the Company.

10.***Complete Agreement***. This Agreement (together with those agreements and documents expressly referred to herein, for the purposes referred to herein) embody the complete and entire agreement and understanding between the parties with respect to the subject matter hereof, and supersede any and all prior promises, assurances, commitments, agreements, undertakings or representations, whether oral, written, electronic or otherwise, and whether express or implied, which may relate to the subject matter hereof in any way.

11.***Incentive Stock Option Treatment***. The terms of this Option shall be interpreted in a manner consistent with the intent of the Company and the Optionee that the Option qualify as an Incentive Stock Option under Section 422 of the Code. If any provision of the Plan or this Agreement shall be impermissible in order for the Option to qualify as an Incentive Stock Option, then the Option shall be construed and enforced as if such provision had never been included in the Plan or the Option. If and to the extent that the number of Options granted pursuant to this Agreement exceeds the limitations contained in Section 422 of the Code on the value of Shares with respect to which this Option may qualify as an Incentive Stock Option, this Option shall be a Non-Qualified Stock Option.

12.***Interpretation / Provisions of Plan Control***. This Agreement is subject to all the terms, conditions and provisions of the Plan, including, without limitation, the amendment provisions thereof, and to such rules, regulations and interpretations relating to the Plan adopted by the Committee as may be in effect from time to time. If and to the extent that this Agreement conflicts or is inconsistent with the terms, conditions and provisions of the Plan, the Plan shall control, and this Agreement shall be deemed to be modified accordingly. The Optionee accepts the Option subject to all of the terms and provisions of the Plan and this Agreement. The undersigned Optionee hereby accepts as binding, conclusive and final all decisions or interpretations of the Committee upon any questions arising under the Plan and this Agreement.

13.***Miscellaneous.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)***No Right to (Continued) Employment or Service***. This Agreement and the grant of Options hereunder shall not confer, or be construed to confer, upon the Optionee any right to employment or service, or continued employment or service, with the Company or any Related Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)***No Limit on Other Compensation Arrangements***. Nothing contained in this Agreement shall preclude the Company or any Related Entity from adopting or continuing in effect other or additional compensation plans, agreements or arrangements, and any such plans, agreements and arrangements may be either generally applicable or applicable only in specific cases or to specific persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)***Severability***. If any term or provision of this Agreement is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction or under any applicable law, rule or regulation, then such provision shall be construed or deemed amended to conform to

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applicable law (or if such provision cannot be so construed or deemed amended without materially altering the purpose or intent of this Agreement and the grant of Options hereunder, such provision shall be stricken as to such jurisdiction and the remainder of this Agreement and the award hereunder shall remain in full force and effect).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)***No Trust or Fund Created***. Neither this Agreement nor the grant of Options hereunder shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company or any Related Entity and the Optionee or any other person. To the extent that the Optionee or any other person acquires a right to receive payments from the Company or any Related Entity pursuant to this Agreement, such right shall be no greater than the right of any unsecured general creditor of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)***Law Governing***. The validity, construction and effect of this Agreement shall be determined in accordance with the laws of Delaware, without giving effect to principles of conflict of laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)***Interpretation***. The Optionee accepts this award of Options subject to all of the terms, provisions and restrictions of this Agreement and the Plan. The Optionee hereby accepts as binding, conclusive and final all decisions or interpretations of the Committee upon any questions arising under this Agreement or the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)***Headings***. Section, paragraph and other headings and captions are provided solely as a convenience to facilitate reference. Such headings and captions shall not be deemed in any way material or relevant to the construction, meaning or interpretation of this Agreement or any term or provision hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)***Notices***. Any notice under this Agreement shall be in writing and shall be deemed to have been duly given when delivered personally, by overnight courier, or by United States mail, registered, postage prepaid, and addressed, in the case of the Company, to the Company's General Counsel and Corporate Secretary at 555 Forge River Road, Suite 100, Webster, Texas 77598, or if the Company should move its principal office, to such principal office, and, in the case of the Optionee, to the Optionee's last permanent address as shown on the Company's records, subject to the right of either party to designate some other address at any time hereafter in a notice satisfying the requirements of this <u>Section 13</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)***Non-Waiver of Breach***. The waiver by any party hereto of the other party's prompt and complete performance, or breach or violation, of any term or provision of this Agreement shall be effected solely in a writing signed by such party, and shall not operate nor be construed as a waiver of any subsequent breach or violation, and the waiver by any party hereto to exercise any right or remedy which he or it may possess shall not operate nor be construed as the waiver of such right or remedy by such party, or as a bar to the exercise of such right or remedy by such party, upon the occurrence of any subsequent breach or violation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)***Clawback***. The Company may (i) cause the cancellation of the Options, (ii) require reimbursement of any benefit conferred under the Options to the Optionee or Beneficiary, and (iii) effect any other right of recoupment of equity or other compensation provided under the Plan or otherwise in accordance with any Company policies that currently exist,

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including but not limited to the KULR Technology Group, Inc. Clawback Policy effective November 29, 2023, or that may from time to time be adopted or modified in the future by the Company and/or applicable law (each, a "***Clawback Policy***"). In addition, the Optionee may be required to repay to the Company certain previously paid compensation, whether provided under the Plan or an Award Agreement or otherwise, in accordance with any Clawback Policy. By accepting this Award, the Optionee agrees to be bound by any existing or future Clawback Policy adopted by the Company, or any amendments that may from time to time be made to the Clawback Policy in the future by the Company in its discretion (including without limitation any Clawback Policy adopted or amended to comply with applicable laws or stock exchange requirements) and further agrees that all of the Optionee's Award Agreements may be unilaterally amended by the Company, without the Optionee's consent, to the extent that the Company in its discretion determines to be necessary or appropriate to comply with any Clawback Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)***Counterparts***. This Agreement may be executed in two or more separate counterparts, each of which shall be an original, and all of which together shall constitute one and the same agreement.

[*remainder of page intentionally left blank*]

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**IN WITNESS WHEREOF,** the undersigned have executed this Agreement as of the <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> day of <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> , 20<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>.

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| |
|:---|
| **COMPANY:** |
| **KULR TECHNOLOGY GROUP, INC.** |
| By: |
| Name: |
| Title: |

---

The Optionee acknowledges receipt of a copy of the Plan and Plan prospectus and represents that he or she has reviewed the provisions of the Plan and this Option Agreement in their entirety, is familiar with and understands their terms and provisions, and hereby accepts this Option subject to all of the terms and provisions of the Plan and the Option Agreement. The Optionee further represents that he or she has had an opportunity to obtain the advice of counsel prior to executing this Option Agreement.

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| | |
|:---|:---|
| Dated: | **OPTIONEE**: |
|  | By: |

---

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## Exhibit 19.1

**Exhibit 19.1**

**KULR Technology Group, Inc. Policy on Insider Trading.**

This Insider Trading Policy (the "Policy") describes the standards of KULR Technology Group, Inc. and its subsidiaries (the "Company") on trading, and causing the trading of, the Company's securities or securities of certain other publicly traded companies while in possession of confidential information.

This Policy is divided into two parts: the first part prohibits trading in certain circumstances and applies to all directors, officers and employees, and their respective immediate family members, of the Company and the second part imposes special additional trading restrictions and applies to (i) all directors of the Company, (ii) all executive officers of the Company and (iii) other persons who, because of their position or relationship with the Company, have regular access to material nonpublic information and are designated from time to time and informed of such status by the Compliance Oﬃcer (collectively, "Covered Persons").

One of the principal purposes of the federal securities laws is to prohibit so-called "insider trading." Simply stated, insider trading occurs when a person uses material nonpublic information obtained through involvement with the Company to make decisions to purchase, sell, give away or otherwise trade the Company's securities or to provide that information to others outside the Company.

The prohibitions against insider trading apply to trades, tips and recommendations by virtually any person, including all persons associated with the Company, if the information involved is "material" and "nonpublic." These terms are defined in this Policy under Part I, Section 3 below. The prohibitions would apply to any director, officer or employee who buys or sells Company stock on the basis of material nonpublic information that he or she obtained about the Company, its customers, suppliers, or other companies with which the Company has contractual relationships or may be negotiating transactions.

**PART I**

1.<u>Applicability</u>: This Policy applies to all trading or other transactions in the Company's securities, including common stock, options and any other securities that the Company may issue, such as preferred stock, notes, bonds and convertible securities, as well as to derivative securities relating to any of the Company's securities, whether or not issued by the Company. This Policy applies to all employees of the Company, all officers of the Company and all members of the Company's board of directors and their respective family members.

2.<u>General Policy: No Trading or Causing Trading While in Possession of Material Nonpublic Information</u>

(a)No director, officer or employee or any of their immediate family members may purchase or sell, or offer to purchase or sell, any Company security, whether or not issued by the Company, while in possession of material nonpublic information about the Company. (The terms "material" and "nonpublic" are defined in Part I, Section 3(a) and (b) below.)

(b)No director, officer or employee or any of their immediate family members who knows of any material nonpublic information about the Company may communicate that information to ("tip") any other person, including family members and friends, or otherwise disclose such information without the Company's authorization.

(c)No director, officer or employee or any of their immediate family members may purchase or sell any security of any other company, whether or not issued by the Company, while in possession of material nonpublic information about that company that was obtained in the course of his or her involvement with the Company. No director, officer or employee or any of their immediate family members who knows of any such material nonpublic information may communicate that information to, or tip, any other person, including family members and friends, or otherwise disclose such information without the Company's authorization.

(d)For compliance purposes, you should never trade, tip or recommend securities (or otherwise cause the purchase or sale of securities) while in possession of information that you have reason to believe is material and

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nonpublic unless you first consult with, and obtain the advance approval of, the Compliance Officer (which is defined in Part I, Section 3(c) below).

(e)Covered Persons must "pre-clear" all trading in securities of the Company in accordance with the procedures set forth in Part II, Section 3 below.

3.<u>Definitions</u>:

(a)<u>Material</u>. Insider trading restrictions come into play only if the information you possess is "material." Materiality, however, involves a relatively low threshold. Information is generally regarded as "material" if it has market significance, that is, if its public dissemination is likely to affect the market price of securities, or if it otherwise is information that a reasonable investor would want to know before making an investment decision.

Information dealing with the following subjects is reasonably likely to be found material in particular situations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) significant changes in the Company's prospects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) significant write-downs in assets or increases in reserves;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) developments regarding significant litigation or government agency investigations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) liquidity problems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) changes in earnings estimates or unusual gains or losses in major operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) major changes in management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) changes in dividends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) extraordinary borrowings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) award or loss of a significant contract

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) changes in debt ratings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) proposals, plans or agreements, even if preliminary in nature, involving mergers, acquisitions, divestitures, recapitalizations, strategic alliances, licensing arrangements, or purchases or sales of substantial assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) offerings of Company securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) pending statistical reports (such as, consumer price index, money supply and retail figures, or interest rate developments).

Material information is not limited to historical facts but may also include projections and forecasts. With respect to a future event, such as a merger, acquisition or introduction of a new product, the point at which negotiations or product development are determined to be material is determined by balancing the probability that the event will occur against the magnitude of the effect the event would have on a company's operations or stock price should it occur. Thus, information concerning an event that would have a large effect on stock price, such as a merger, may be material even if the possibility that the event will occur is relatively small. When in doubt about whether particular nonpublic information is material, you should presume it is material. If you are unsure whether information is material, you should either consult the Compliance Officer before making any decision to disclose such information (other than to persons who need to know it) or to trade in or recommend securities to which that information relates or assume that the information is material.

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(b)<u>Nonpublic</u>. Insider trading prohibitions come into play only when you possess information that is material and "nonpublic." The fact that information has been disclosed to a few members of the public does not make it public for insider trading purposes. To be "public" the information must have been disseminated in a manner designed to reach investors generally, and the investors must be given the opportunity to absorb the information. Even after public disclosure of information about the Company, you must wait until the close of business on the second trading day after the information was publicly disclosed before you can treat the information as public.

Nonpublic information may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) information available to a select group of analysts or brokers or institutional investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) undisclosed facts that are the subject of rumors, even if the rumors are widely circulated; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) information that has been entrusted to the Company on a confidential basis until a public announcement of the information has been made and enough time has elapsed for the market to respond to a public announcement of the information (normally two trading days). As with questions of materiality, if you are not sure whether information is considered public, you should either consult with the Compliance Officer or assume that the information is nonpublic and treat it as confidential.

(c)<u>Compliance Officers</u>. The Company has appointed the General Counsel as the Compliance Officer for this Policy. The duties of the Compliance Officer include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) assisting with implementation and enforcement of this Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) circulating this Policy to all employees and ensuring that this Policy is amended as necessary to remain up-to-date with insider trading laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) pre-clearing all trading in securities of the Company by Covered Persons in accordance with the procedures set forth in Part II, Section 3 below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) providing approval of any Rule 10b5-1 plans under Part II, Section 1(c) below and any prohibited transactions under Part II, Section 4 below; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) providing a reporting system with an effective whistleblower protection mechanism.

If the General Counsel requires pre-clearance for any transactions in the Company's securities, then the Chief Financial Officer shall act as the Compliance Officer for such purpose.

4.<u>Violations of Insider Trading Laws</u>: Penalties for trading on or communicating material nonpublic information can be severe, both for individuals involved in such unlawful conduct and their employers and supervisors, and may include jail terms, criminal fines, civil penalties and civil enforcement injunctions. Given the severity of the potential penalties, compliance with this Policy is absolutely mandatory.

(a)<u>Legal Penalties</u>. A person who violates insider trading laws by engaging in transactions in a company's securities when he or she has material nonpublic information can be sentenced to a substantial jail term and be required to pay a criminal penalty of several times the amount of profits gained or losses avoided. In addition, a person who tips others may also be liable for transactions by the tippees to whom he or she has disclosed material nonpublic information. Tippers can be subject to the same penalties and sanctions as the tippees, and the SEC has imposed large penalties even when the tipper did not profit from the transaction. The SEC can also seek substantial civil penalties from any person who, at the time of an insider trading violation, "directly or indirectly controlled the person who committed such violation," which would apply to the Company and/or management and supervisory personnel. These control persons may be held liable for up to the greater of $1 million or three times the amount of the profits gained or losses avoided. Even for violations that result in a small or no profit, the SEC can seek penalties from a company and/or its management and supervisory personnel as control persons.

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(b)<u>Company-imposed Penalties</u>. Employees who violate this Policy may be subject to disciplinary action by the Company, including dismissal for cause. Any exceptions to the Policy, if permitted, may only be granted by the Compliance Officer and must be provided before any activity contrary to the above requirements takes place.

5.<u>Inquiries</u>: If you have any questions regarding any of the provisions of this Policy, please contact the Compliance Officer.

**PART II**

1.<u>Blackout Periods</u>: All Covered Persons are prohibited from trading in the Company's securities during blackout periods as defined below.

(a)<u>Quarterly Blackout Periods</u>. Trading in the Company's securities is prohibited during the period beginning at the close of the market on the last trading day of each fiscal quarter and ending two business days after the public release of earnings data for such fiscal quarter. If the public release of earnings data is made before the opening of trading, then that trading day constitutes the first business day for this purpose. For example, if an earnings release is made before the opening of trading on a Tuesday, the first open trading day would be the following Thursday. During these blackout periods, Covered Persons generally possess or are presumed to possess material nonpublic information about the Company's financial results.

(b)<u>Other Blackout Periods</u>. From time to time, other types of material nonpublic information regarding the Company (such as negotiation of mergers, acquisitions or dispositions or new product developments) may be pending and not be publicly disclosed. While such material nonpublic information is pending, the Company may impose special blackout periods during which Covered Persons or other employees of the Company are prohibited from trading in the Company's securities. If the Company imposes a special blackout period, it will notify the Covered Persons and employees affected.

(c)<u>Exceptions</u>. These trading restrictions do not apply to the following transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Rule 10b5-1 trading plans</u>. Transactions pursuant to a Rule 10b5-1 trading plan that was approved by the Compliance Officer and meet the requirements of the Company's SEC Rule 10b5-1 Trading Plan Guidelines (attached hereto on <u>Schedule I</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Receipt, vesting and exercise of stock awards</u>. The receipt of options, restricted stock units ("RSUs") and restricted stock awards ("RSAs") awarded by the Company, and the exercise of options and the vesting of RSUs or RSA that do not involve the sale of Company securities (such as net settled exercise or vesting of stock options, RSUs or RSAs, as compared to the cashless exercise which involves the sale of Company securities to pay the exercise price of the option or the taxes associated with the transaction).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Stock splits, stock dividends and similar transactions</u>. The trading restrictions under this Policy do not apply to a change in the number of securities held as a result of a stock split or stock dividend applying equally to all securities of a class, or similar transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Bona fide gifts, inheritance or change in form of ownership</u>. Other than as set forth herein, trading restrictions under this Policy do not apply to bona fide gifts involving the Company's securities, transfers by will or the laws of descent and distribution or transfers for tax planning purposes in which your beneficial ownership and pecuniary interest in the transferred Company securities does not change. However, bona fide gifts are subject to pre-clearance provisions in order to ensure that all bona fide gifts are reported on a timely basis on Form 4 within two business days of the effective date of the gift, as applicable for Covered Persons who are subject to filing obligations under Section 16 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Some transactions that involve merely a change in the form in which you own securities may be permitted.

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2.<u>Trading Window</u>. Covered Persons are permitted to trade in the Company's securities when no blackout period is in effect. However, even during this open trading window, a Covered Person who is in possession of any material nonpublic information should not trade in the Company's securities until the information has been made publicly available for at least two full trading days or is no longer material. In addition, the Company may close this trading window if a special blackout period under Part II, Section 1(b) above is imposed and will re-open the trading window once the special blackout period has ended.

3.<u>Pre-clearance of Securities Transactions</u>:

(a)Because Covered Persons are likely to obtain material nonpublic information on a regular basis, the Company requires all such persons to refrain from trading, even during a trading window under Part II, Section 2 above, unless the Covered Person first pre-clears with the Compliance Officer all transactions in the Company's securities.

(b)Subject to the exemption in subsection (d) below, no Covered Person may, directly or indirectly, purchase or sell (or otherwise make any transfer, gift, pledge or loan of) any Company security at any time without first obtaining pre-clearance from the Compliance Officer. These procedures also apply to transactions by a Covered Person's spouse, other persons living in a Covered Person's household and a Covered Person's minor children and to transactions by entities over which such Covered Person exercises control.

(c)The Compliance Officer shall record the date each request is received and the date and time each request is approved or disapproved. Unless revoked, a grant of permission will normally remain valid until the close of trading two business days following the day on which it was granted. If the transaction does not occur during the two-day period, pre-clearance of the transaction must be re-requested.

(d)Pre-clearance is not required for purchases and sales of securities under an Approved 10b5-1 Plan. With respect to any purchase or sale under an Approved 10b5-1 Plan, the third party effecting transactions on behalf of the Covered Person should be instructed to send duplicate confirmations of all such transactions to the Compliance Officer.

4.<u>Prohibited Transactions</u>:

(a)Directors and executive officers of the Company are prohibited from trading in the Company's equity securities during a blackout period imposed under an "individual account" retirement or pension plan of the Company, during which at least 50% of the plan participants are unable to purchase, sell or otherwise acquire or transfer an interest in equity securities of the Company, due to a temporary suspension of trading by the Company or the plan fiduciary.

(b)Covered Persons, including any Covered Person's spouse, other persons living in such Covered Person's household and minor children and entities over which such person exercises control, are prohibited from engaging in the following transactions in the Company's securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Short-term trading</u>. Covered Persons who are subject to Section 16 of the Exchange Act and purchase Company securities may not sell any Company securities of the same class for at least six months after the purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Short sales</u>. Covered Persons may not sell the Company's securities short.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Options trading</u>. Covered Persons may not buy or sell puts or calls or other derivative securities on the Company's securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Trading on margin</u>. Covered Persons are prohibited from purchasing Company securities on margin.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Hedging</u>. Covered Persons may not enter into hedging or monetization transactions or similar arrangements with respect to Company securities.

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5.<u>Margin Accounts and Pledging Transactions</u>:

(a)Covered Persons may pledge the Company's securities that they own (exclusive of RSAs, RSUs, options or any other restricted securities that the Company may, from time to time, grant under the Company's equity incentive plans) as collateral for loans, subject to approval of individual plans by the Compliance Officer. In the event that the Compliance Officer wishes to pledge the Company's securities as collateral for loans, the individual plan of the Compliance Officer shall be subject to the approval of the Chief Financial Officer.

(b)In order to mitigate the risk of forced sales of pledged Company securities, and the potential reputational and financial consequences of such sales, the General Counsel (or Chief Financial Officer, if applicable) shall take into account the following guidelines when choosing to approve a pledge, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Covered Persons must present a clear rationale for the need to engage in the pledging activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The amount of Company securities pledged must not represent a substantial portion of the Covered Person's holdings of Company securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In the aggregate, Covered Persons may not pledge more than an insignificant amount of the Company's outstanding securities.

(c)On at least a quarterly basis, the Compliance Officer will update the Compensation Committee of the Board of Directors of the Company with the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The names of Covered Persons that have had pledging plans approved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The total amount of Company securities which are approved to be pledged by each Covered Person under an approved plan, and the percentage of each such Covered Person's holdings that such amount represents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The total amount of Company securities which have actually been pledged by each Covered Person under an approved plan, and the percentage of each such Covered Person's holdings that such amount represents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The aggregate amount of Company securities pledged and securities approved to be pledged by all Covered Persons as a percentage of the total amount of outstanding securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The value of the Company securities pledged pursuant to any plan as a percentage of the loan secured by such securities, the change in value of the pledged securities since the time of pledging and the estimated number of days required to unwind the pledged positions.

6.<u>Acknowledgment and Certification</u>: All Covered Persons are required to sign the attached acknowledgment and certification.

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**ACKNOWLEDGMENT AND CERTIFICATION**

The undersigned does hereby acknowledge receipt of the Company's Insider Trading Policy. The undersigned has read and understands (or has had explained) such Policy and agrees to be governed by such Policy at all times in connection with the purchase and sale of securities and the confidentiality of nonpublic information.

---

| |
|:---|
| (Signature) |
| (Please print name) |
| Date: |

---

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## Exhibit 21.1

**Exhibit 21.1**

**List of Subsidiaries**

---

| | |
|:---|:---|
| **Name of Subsidiaries** | **Jurisdiction** |
| KULR Technology Corporation | Delaware |

---

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## Exhibit 23.1

**Exhibit 23.1**

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM'S CONSENT**

We consent to the incorporation by reference in the Registration Statements on Form S-3 (File No. 333-280694) and Form S-8 (File No. 333-227751 and File No. 333-261404) of our report dated March 31, 2026, with respect to the consolidated financial statements of KULR Technology Group, Inc. included in this Annual Report on Form 10-K for the year ended December 31, 2025.

---

| |
|:---|
| /s/ CBIZ CPAs P.C. |
| CBIZ CPAs P.C. |
| Los Angeles, CA |
| March 31, 2026 |

---

------

## Exhibit 23.2

**Exhibit 23.2**

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM'S CONSENT**

We consent to the incorporation by reference in the Registration Statements on Form S-3 (File No. 333-280694) and Forms S-8 (File No. 333-227751 and File No. 333-261404) of our report dated March 31, 2025 relating to the consolidated financial statements of KULR Technology Group, Inc. for the year ended December 31, 2024 appearing in this Annual Report on Form 10-K for the year ended December 31, 2025.

---

| |
|:---|
| /s/ Marcum LLP |
| Marcum LLP |
| Los Angeles, CA |
| March 31, 2026 |

---

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## Exhibit 31.1

**Exhibit 31.1**

**Certification of**

**Principal Executive Officer**

**of KULR TECHNOLOGY GROUP, INC.**

**Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, Michael Mo, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this annual report on Form 10-K of KULR Technology Group, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and we have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this annual report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this annual report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth quarter in the case of an annual report) that has materially affected, or is likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent function):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Dated: March 31, 2026 | By: | /s/ Michael Mo |
|  |  | Michael Mo |
|  |  | Chief Executive Officer |
|  |  | (Principal Executive Officer) |

---

------

## Exhibit 31.2

**Exhibit 31.2**

**Certification of**

**Principal Financial Officer**

**of KULR TECHNOLOGY GROUP, INC.**

**Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, Shawn Canter, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this annual report on Form 10-K of KULR Technology Group, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and we have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this annual report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this annual report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth quarter in the case of an annual report) that has materially affected, or is likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent function):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Dated: March 31, 2026 | By: | /s/ Shawn Canter |
|  |  | Shawn Canter |
|  |  | Chief Financial Officer |
|  |  | (Principal Financial and Accounting Officer) |

---

------

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the annual report of KULR Technology Group, Inc. (the "Company") on Form 10-K for the fiscal year ended December 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), each of the undersigned officers of the Company certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to such officer's knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report.

---

| | | |
|:---|:---|:---|
| Dated: March 31, 2026 | By: | /s/ Michael Mo |
|  |  | Michael Mo |
|  |  | Chief Executive Officer |
|  |  | (Principal Executive Officer) |
| Dated: March 31, 2026 | By: | /s/ Shawn Canter |
|  |  | Shawn Canter |
|  |  | Chief Financial Officer |
|  |  | (Principal Financial and Accounting Officer) |

---

------

## Exhibit 97.1

**Exhibit 97.1**

**KULR TECHNOLOGY GROUP, INC. (the "Company")**

**CLAWBACK POLICY**

**Introduction**

The Board of Directors of the Company (the "**Board**") believes that it is in the best interests of the Company and its shareholders to create and maintain a culture that emphasizes integrity and accountability and that reinforces the Company's pay-for-performance compensation philosophy. The Board has therefore adopted this policy which provides for the recoupment and recovery of certain erroneously awarded incentive-based executive compensation in the event of an accounting restatement resulting from material noncompliance with financial reporting requirements under the federal securities laws (the "**Policy**"). This Policy is designed to comply with, and shall be interpreted to be consistent with, Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as codified in Section 10D of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), Rule 10D-1 promulgated under the Exchange Act ("**Rule 10D-1**") and Section 811 of the NYSE American LLC Company Guide. Unless otherwise defined in this Policy, capitalized terms shall have the meaning ascribed to such terms in the Exchange Act.

**Administration**

This Policy shall be administered by the Board or, if so designated by the Board, the Compensation Committee, in which case references herein to the Board shall be deemed references to the Compensation Committee. Any determinations made by the Board shall be final and binding on all affected individuals.

**Covered Executives**

This Policy applies to the Company's current and former executive officers, as determined by the Board in accordance with Section 10D of the Exchange Act and the listing standards of the national securities exchange on which the Company's securities are listed, and such other executives or employees who may from time to time be deemed subject to the Policy by the Board ("**Covered Executives**").

**Recoupment; Accounting Restatement**

In the event the Company is required to prepare an accounting restatement of its financial statements due to the Company's material noncompliance with any financial reporting requirement under the securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements, or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period. The Board will require reimbursement or forfeiture of any excess Incentive-Based Compensation received by any Covered Executive during the three completed fiscal years immediately preceding the date on which the Company is required to prepare an accounting restatement.

**Misconduct Event**

In the event that a Covered Executive engaged in a Misconduct Event, the Compensation Committee shall determine in its sole discretion the amount, if any, of the Incentive-Based Compensation that should be recouped.

"**Misconduct Event**" means any of the following circumstances, it being understood that in all cases, the Misconduct Event must have caused material financial or reputational harm to the Company, as determined by the Compensation Committee in its sole discretion:

(a)a material violation of the Company's Code of Business Conduct and Ethics; and/or

(b)gross negligence, willful misconduct or fraud in the performance of a person's duties.

------

**Incentive-Based Compensation**

For purposes of this Policy, Incentive-Based Compensation means any of the following; provided that, such compensation is granted, earned, or vested based wholly or in part on the attainment of a financial reporting measure:

● Annual bonuses and other short- and long-term cash incentives.

● Stock options/ equity incentive grants.

● Stock appreciation rights.

● Restricted stock.

● Restricted stock units.

● Performance shares.

● Performance units.

Incentive-Based Compensation is deemed "received" for purposes of this Policy in the Company's fiscal period during which the Financial Reporting Measure specified in the Incentive-Based Compensation award is attained, even if the payment or grant of such Incentive-Based Compensation occurs after the end of that period.

Financial reporting measure means any measure that is determined and presented in accordance with the accounting principles used in preparing the Company's financial statements and any measure that is derived wholly or in part from such measure, and which includes:

● Company stock price.

● Total shareholder return.

● Revenues.

● Net income.

● Earnings before interest, taxes, depreciation, and amortization (EBITDA).

● Funds from operations.

● Liquidity measures such as working capital or operating cash flow.

● Return measures such as return on invested capital or return on assets.

● Earnings measures such as earnings per share.

A Financial Reporting Measure is not required to be presented within the Company's financial statements or included in a filing with the U.S. Securities and Exchange Commission to qualify as a "Financial Reporting Measure."

**Excess Incentive-Based Compensation: Amount Subject to Recovery**

The amount to be recovered will be the excess of the Incentive-Based Compensation paid to the Covered Executive based on the erroneous data over the Incentive-Based Compensation that would have been paid to the Covered Executive had it been based on the restated amounts and must be computed without regard to any taxes paid.

If the Board cannot determine the amount of excess Incentive-Based Compensation received by the Covered Executive directly from the information in the accounting restatement, then it will make its determination based on a reasonable estimate of the effect of the accounting restatement.

**Method of Recoupment**

The Board will, in its sole discretion, determine the method for recouping Incentive-Based Compensation from the Covered Executives which may include, without limitation:

(a)requiring reimbursement of cash Incentive-Based Compensation previously paid;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(b)seeking recovery of any gain realized on the vesting, exercise, settlement, sale, transfer, or other disposition of any equity-based awards;

(c)offsetting the recouped amount from any compensation otherwise owed by the Company to the Covered Executive;

(d)cancelling outstanding vested or unvested equity awards; and/or

(e)taking any other remedial and recovery action permitted by law, as determined by the Board.

**No Indemnification**

The Company shall not indemnify any Covered Executives against the loss of any incorrectly awarded Incentive-Based Compensation.

**Interpretation**

The Board is authorized to interpret and construe this Policy and to make all determinations necessary, appropriate, or advisable for the administration of this Policy. It is intended that this Policy be interpreted in a manner that is consistent with the requirements of Section 10D of the Exchange Act and any applicable rules or standards adopted by the Securities and Exchange Commission or any national securities exchange on which the Company's securities are listed.

**Effective Date**

This Policy shall be effective as of the date it is adopted by the Board (the "**Effective Date**") and shall apply to Incentive-Based Compensation that is approved, awarded or granted to Covered Executives on or after October 2, 2023.

**Amendment; Termination**

The Board may amend this Policy from time to time in its discretion and shall amend this Policy as it deems necessary to reflect final regulations adopted by the Securities and Exchange Commission under Section 10D of the Exchange Act and to comply with any rules or standards adopted by a national securities exchange on which the Company's securities are listed. The Board may terminate this Policy at any time, provided such termination is in compliance with the law.

**Other Recoupment Rights**

The Board intends that this Policy will be applied to the fullest extent of the law. The Board may require that any employment agreement, equity award agreement, or similar agreement entered into on or after the Effective Date shall, as a condition to the grant of any benefit thereunder, require a Covered Executive to agree to abide by the terms of this Policy. Any right of recoupment under this Policy is in addition to, and not in lieu of, any other remedies or rights of recoupment that may be available to the Company pursuant to the terms of any similar policy in any employment agreement, equity award agreement, or similar agreement and any other legal remedies available to the Company.

**Impracticability**

The Board shall recover any excess Incentive Compensation in accordance with this Policy unless such recovery would be impracticable, as determined by the Board in accordance with Rule 10D-1 of the Exchange Act and the listing standards of the national securities exchange on which the Company's securities are listed.

**Successors**

This Policy shall be binding and enforceable against all Covered Executives and their beneficiaries, heirs, executors, administrators or other legal representatives.

------