Kulr Technology (NYSEMKT:KULR) stock is falling on Thursday following the release of the thermal management technology company’s earnings report for the first quarter of 2024.
Unfortunately for KULR stockholders, the company reported earnings per share of -4 cents during the quarter. That’s worse than the -2 cents per share Wall Street expected. That’s despite it improving from -6 cents per share in the same period of the year prior.
Another negative for KULR stock today is the company’s Q1 revenue of $1.75 million. That’s another miss next to analysts’ estimate of $4.6 million for the quarter. Investors will note that revenue growth was flat on a year-over-year basis.
Kulr Technology Chief Financial Officer Shawn Canter said the following in the earnings report:
“While the first quarter presented some unanticipated revenue challenges, management continues to see customer demand for KULR products and services. We are constantly examining how we allocate capital. We are focused on investing in growth while staying lean. We have made significant strides in improving our balance sheet and continue to reduce our costs where we see opportunities to do so.”
KULR Stock Movement on Thursday
KULR stock isn’t seeing much movement today despite its lackluster earnings report. Only about 800,000 of the company’s shares have changed hands as of this writing. That’s a far way off from its daily average trading volume of about 12.6 million shares.
KULR stock is down 27.7% as of Thursday morning. However, shares were up 159.2% year-to-date when markets closed yesterday.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
