Key Takeaways
- NYSE-listed energy firm KULR posted a 40% year-over-year revenue increase in Q1 2025.
- KULR posted a 40% rise in revenue and 716 BTC holding.
- The battery technology-focused firm outperformed major crypto-focused companies in the first quarter.
While Bitcoin-heavy public companies took a hit in early 2025, one unlikely contender stood out, KULR Technology Group.
Known as the first Bitcoin-holding company listed on the New York Stock Exchange (NYSE), KULR reported a 40% jump in first-quarter revenue and continued to expand its BTC holdings, even as most crypto-focused firms posted steep losses.
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Bitcoin First Company Records Massive Revenue Growth
The California-based energy and thermal management company posted $2.45 million in revenue in Q1, up from $1.75 million in the same period last year. Product sales surged 88.7% to $1.16 million, driven by growing demand for its battery cooling solutions.
At a time when Bitcoin’s price tumbled nearly 30%, KULR’s hybrid business model—spanning energy tech and digital assets—helped offset market volatility.
KULR’s Bitcoin accumulation strategy, first announced in late 2024, has also turned heads on Wall Street.
The company committed to allocating up to 90% of its excess cash to BTC. Since then, it has acquired 716 BTC, with purchases totaling $69 million at a weighted average price of $94,403 per coin.
Despite a volatile quarter for crypto markets, the company reported a year-to-date Bitcoin yield of 197.5%. As of the end of Q1, KULR holds more than $100 million in combined BTC and cash reserves.
“With over $100 million in cash and Bitcoin holdings on our balance sheet as of the present day and virtually no debt, we are well capitalized to grow our battery and AI Robotics businesses, while our capital market activities in the foreseeable future are geared to turbocharge our Bitcoin acquisition strategy, establishing KULR as a pioneer BTC-First Bitcoin Treasury Company,” KULR CEO Michael Mo added.
However, the firm still reported a net loss of $18.8 million, or $0.07 per share, compared to a $5 million loss in Q1 2024. Executives attributed the deeper quarterly loss primarily to unrealized Bitcoin losses amid January’s sharp correction.
KULR Stands Out in a Weak Quarter for Bitcoin Firms
KULR’s solid revenue numbers stand in sharp contrast to most publicly traded Bitcoin-focused firms, many of which reported steep losses.
MicroStrategy, now known as Strategy, posted a $4.2 billion net loss in Q1, marking its fifth consecutive quarterly decline.
Riot Platforms, one of the largest U.S. Bitcoin miners, reported a $296.4 million net loss, while Kraken saw a $30 million revenue drop compared to Q4 2024.
The downturn was primarily driven by Bitcoin’s price slide in early 2025, exposing the vulnerability of firms with heavy crypto exposure and little business diversification.
KULR, by contrast, has continued to benefit from a steady stream of contracts and public funding. In Q1, it received a $6.7 million grant from the Texas Space Commission to develop its cold-temperature KULR ONE Space Battery Platform.
Looking ahead, the company is well-positioned to benefit from any Bitcoin price recovery in Q2 while continuing to expand its footprint in the energy and aerospace sectors.
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