KULR Stock Falls After Q3 Results: Details
Portfolio Pulse from Erica Kollmann
KULR Technology Group, Inc. (AMEX:KULR) shares fell after the company reported Q3 financial results. The company posted a loss of three cents per share, meeting analyst estimates, and quarterly sales of $2.432 million, beating estimates but down 9.79% year-over-year. Contract services revenue increased by 75.7%. CEO Michael Mo voluntarily reduced his cash compensation by 33%, opting for an equity incentive grant. Despite positive developments, shares dropped 16.73% after-hours.
August 12, 2024 | 8:54 pm
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KULR Technology Group reported Q3 losses of three cents per share, meeting analyst estimates. Quarterly sales of $2.432 million beat estimates but were down 9.79% year-over-year. Contract services revenue increased by 75.7%. CEO Michael Mo reduced his cash compensation by 33%, opting for an equity incentive grant. Despite these developments, shares fell 16.73% after-hours.
Despite meeting earnings estimates and beating sales estimates, the year-over-year decline in sales and the significant after-hours drop in share price indicate a negative short-term impact. The CEO's compensation adjustment and increased contract services revenue are positive signs but not enough to offset the overall negative market reaction.
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