KULR Technology Group, Inc.
KULR Technology Electronic Components
KULR Technology Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $16.2 million, up 50.6% from fiscal 2024. In the quarter to June 2026, revenue fell 43.1%, EPS fell 313.6%, free cash flow grew 75.4% and total debt rose 128,105.1%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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KULR Technology Group, Inc. (KULR) Beneish M-score
KULR Technology Group, Inc.'s Beneish M-score for fiscal 2025 is 3.05; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | 3.05 | 3.37 |
| FY2024 | −0.32 | 6.44 |
| FY2023 | −6.76 | (9.40) |
| FY2022 | 2.64 | (65.58) |
| FY2021 | 68.21 | 69.48 |
| FY2020 | −1.27 | 18.57 |
| FY2019 | −19.84 | (12.31) |
| FY2018 | −7.53 | (28.29) |
| FY2017 | 20.76 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.99 | — | 0.92 | |
| Gross margin index | 10.71 | — | 5.65 | |
| Asset quality index | 1.90 | — | 0.77 | |
| Sales growth index | 1.51 | — | 1.34 | |
| Depreciation index | 2.09 | — | 0.24 | |
| SG&A index | 1.15 | — | −0.20 | |
| Total accruals to total assets | (0.13) | — | −0.62 | |
| Leverage index | 0.66 | — | −0.21 | |
| Beneish M-score | Flagged by the model | 3.05 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| WBX Wallbox N.V. compare | −4.9× |
| DAIO Data I/O Corporation compare | −3.5× |
| OPTX Syntec Optics Holdings, Inc. compare | −3.4× |
| LINK Interlink Electronics, Inc. compare | −3.2× |
| HOLO MicroCloud Hologram Inc. compare | −2.9× |
| CPSH CPS Technologies Corp. compare | −2.8× |
| ELTK Eltek Ltd. compare | −2.0× |
| DSWL Deswell Industries, Inc. compare | −1.8× |
| KULR KULR Technology Group, Inc. | 3.1× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI