Good afternoon, and thank you for joining us for the KULR Technology Group Fourth Quarter and Full Year 2024 Earnings Call. Joining me on the call today will be Michael Mo, the Chief Executive Officer of the company, as well as Shawn Canter, the Chief Financial Officer of the company. I am Stuart Smith, and I will be your moderator for the call today. After we receive opening statements from both Michael and Shawn, we will dive into a question-and-answer portion of the call, which will be the answering of questions submitted by you via email and social media. Before we begin the call, please listen to the following safe harbor statement. This call contains certain forward-looking statements based on the company's current expectations, forecasts, and assumptions that involve risks and uncertainties. Forward-looking statements made on this call are based on information available to the company as of the date hereof. The company's actual results may differ materially from those stated or implied in such forward-looking statements due to risks and uncertainties associated with KULR Technology Group's business, which include the risk factors disclosed in their Form 10-K filed with the Securities and Exchange Commission on April 12, 2024, as may be amended or supplemented by other reports KULR files with the Securities and Exchange Commission from time to time. Forward-looking statements include statements regarding their expectations, beliefs, intentions, or strategies regarding the future and can be identified by forward-looking words such as anticipate, believe, could, estimate, expect, intend, may, should, and would, or similar words. All forecasts provided by management on this call are based on information that is available at this time, and management expects that internal projections and expectations may change over time. In addition, the forecasts are entirely based on management's best estimate of their future financial performance given their current contracts, current backlog of opportunities, and conversations with new and existing customers about their products and services. KULR Technology Group assumes no obligation to update the information included on this call, whether as a result of new information, future events, or otherwise. With that, I will now turn the call over to Michael Mo, CEO of KULR Technology Group. Michael, the call is yours. Thank you, Stuart. This is Michael Mo. Thanks, everyone, for joining us today. KULR closed out 2024 with a record quarter in Q4. Revenue increased to $3.37 million, up 44% from Q4 2023, while our operating loss decreased by 29% year-over-year. Gross margin was 64% in Q4 2024 compared to 29% in the same quarter 2023. Product sale customers increased 35% to 53% in 2024 compared to 39% in 2023. Service revenue customers increased 100% to 34% in 2024 from 17% in 2023. By the end of 2024, KULR had approximately $30 million in cash and $20 million in Bitcoin holdings. As of March 26, 2025, we have over $80 million in cash and Bitcoin holdings and no debt. KULR is in its strongest financial position ever with a rock-solid balance sheet, and 2025 will be a transformational year for us. Energy consumption and thermal management are the key bottlenecks for artificial intelligence, AI infrastructure, and applications. At KULR, we will leverage our energy management expertise to serve multiple fast-growing markets in space exploration, robotics, physical AI at the edge, and AI infrastructure platforms. We expect to at least double our revenue in 2025 as we grow our energy management business and expand into new applications. To accommodate our growth, we're expanding our Webster, Texas headquarters. We've signed a lease for over 13,000 sq ft of additional office space next door to our current facility, making the total size to over 31,000 sq ft of manufacturing and office space. Our headquarters facility has received AS9100 certification, which is a significant milestone reflecting KULR's dedication to producing the highest quality products within the aerospace and defense industries. AS9100 is the globally recognized quality management standard for organizations that design, develop, and provide aerospace, defense, and aviation products and services. We're now well-positioned as the one-stop-shop total solution provider to design, test, manufacture, and certify battery products of the highest quality in the United States. As you all know, we've been investing in our KULR ONE battery platform. We're now reaping the benefits of that investment. For KULR ONE Space product, we now have multiple customer engagements to design their 20793 compliant batteries. We're going through the 20793 certification process now with NASA for one of our customers. We have KULR ONE Space reference platform for 100, 200, and 400-watt-hour batteries. We have our own battery management system, BMS, for both terrestrial and space applications that are radiation tolerant. We're entering the production stage for both KULR ONE Space and Guardian customers in 2025. In addition KULR ONE Space and Guardian products, we're seeing growing demand for battery-pack design and manufacturing services from U.S. companies developing drones and robotics. Defense tech and warehouse automation are two areas of particular interest. The new generation of defense tech companies are focused on innovating rapidly and delivering cost-effective systems to the battlefield. Bomb costs and performance are more important than ever, and KULR is focused on delivering cost-effective solutions for these companies by leveraging our supply chain and advanced technology portfolio across multiple projects. Robots for warehouse operations is another rapidly growing area, and these solutions are all battery-operated. Safety is paramount in these applications, and KULR is able to offer companies in this space a range of solutions to improve safety profile and performance for their battery packs. NVIDIA CEO Jensen Huang has highlighted the emergence of physical AI. AI systems capable of understanding and interacting with the physical world is a significant, rapidly growing market opportunity. He has referred to the sector as a multi-trillion-dollar opportunity, particularly emphasizing the potential in robotics and autonomous machines. At KULR, our exposure to this market began through our battery customer interactions, but we quickly realized that this is a massive market opportunity that we must participate in with more than just batteries. We will announce our strategic partnership to enter the robotics and physical AI market in the next few weeks. We announced on Tuesday that we now have 668 Bitcoins, which is more than two-thirds way towards our near-term goal of 1,000 Bitcoins. I get asked a lot about how we stomach the volatility in Bitcoin. Michael Saylor said it best, "Volatility is vitality." In this age of AI, where things are transforming at a crazy rate overnight, someone may call it the DeepSeek moment. We better get used to volatility. I believe that to survive and to thrive in this new era of AI, KULR needs to build a culture that embraces volatility so that it can reduce the risk of our own DeepSeek moments. Bitcoin's treasury strategy serves two objectives for us. One, we believe that Bitcoin is a long-term store of value that beats inflation and gains in value. Number two, it's a training ground for building dynamic corporate culture and execution cadence that positions KULR to succeed in the new AI era. We're doubling down our commitment to BTC with BTC mining. We're actively exploring partnership opportunities. As we roll out our AI products and energy management technology applied to AI data centers, we expect to apply them to BTC mining as well to reduce energy costs. Cathie Wood has predicted Bitcoin to reach $1.5 million by 2030. Michael Saylor is projecting Bitcoin to reach $20 trillion in market capitalization within the next four to eight years from the $2 trillion market cap right now. I hope they're both right. Speaking of Cathie Wood, I would like to wrap up my portion of the presentation with her big ideas for 2025: AI, robotics, energy storage, and blockchain Bitcoin. These ideas are not isolated. Their convergence accelerates innovation, leading to potential growth or exponential growth to profound social impact that are fundamentally and structurally changing our financial systems. At KULR, although we're a small company with limited resources, we view these convergences as a generational opportunity for us to participate in because we are all at the very early stage of AI, and we have not even yet started the physical AI and the robotics age yet. There will be many DeepSeek moments to come, and we want to be ready to take advantage of those moments. We'll focus on applications where we can add our expertise, and the existing business is disrupted by AI, and we can pivot to these businesses that could be accretive to KULR quickly. To give some context around our thinking and strategy, I'd like to share with you a couple of data points. In a recent interview at Tokyo University in Japan, Sam Altman, CEO of OpenAI, predicted that OpenAI's software programming AI agent will be the top one program in the world by the end of 2025. SoftBank CEO Masayoshi Son expects AI intelligence to advance 1,000 times every technology cycle, which lasts about two to three years. At that rate, we can expect AI intelligence to be 1 million times more intelligent than what they are today by the end of this decade. As these predictions become realities over the coming months and years, every company in the world will become an AI and software company. KULR needs to get there as fast as possible. Now, before I hand the call over to Shawn, I'd like to encourage you to check out our new website at www.kulr.ai. It's a fresh new look to showcase all of our products and services. Thank you very much. Next, Shawn will discuss financial details. Thank you, Mike. Let's cover some key highlights now for both the fourth quarter and the full year 2024. Topics worth noting include revenue, a record revenue quarter, and record revenue year for KULR. Gross margin. Gross margin was up 100% fourth quarter 2024 over fourth quarter 2023. Operating expenses were down. We continued the trend of expanding our paying customer base and reduced our customer concentration. KULR's balance sheet is strong. We have a meaningful net cash position with no material debt obligations. Our cash and Bitcoin holdings are worth over $80 million as of the close on March 25th. We established our Bitcoin treasury position in 2024 and now own 667 Bitcoin. Let's start with our income statement. In the fourth quarter, KULR set a new revenue record. Revenue was approximately $3.4 million, and this is about 44% higher than the same period last year and 6% higher than the third quarter 2024, which was then itself another revenue record quarter. In 2024, KULR delivered $10.7 million of revenue, another revenue record for KULR. This was up 9% from 2023, which was itself also a revenue record year. In 2024, product revenue was approximately $3.6 million, down 47% year-over-year, and service revenue was approximately $4.4 million in 2024, up 51% from the same period last year. In 2024, KULR signed its first two revenue-generating license agreements and recorded $2.7 million in revenue. We are excited about this business model and hope to be able to announce similar type deals in the coming quarters. Gross margin for the fourth quarter was 64% versus 29% in the same period last year. For the full year 2024, gross margin was 51% versus 37% in 2023, a 37% increase year-over-year. 2024 versus 2023 full year R&D expenses were down 34%, and SG&A was down 16%. 2024 earnings per share improved 55% over 2023. Now let's spend a moment on customers. In 2024, KULR had 71 paying customers, up from 53 in 2023. Paying product customers were up 36% from 39 in 2023 to 53 in 2024. Service customers were up 100% to 34 in 2024. In addition to expanding our customer base, we are reducing our paying customer concentration. Now a few points on our balance sheet. Compared to the end of 2023, our balance sheet has improved materially. At the end of 2024, our cash balance sheet was $30 million, our cash on hand was $30 million. Our current accounts receivable was $2.6 million, and we held $20 million in Bitcoin. Total assets were $63 million at 12/31/2024 versus $11 million at the end of 2023, up 479%, and we had no material financial debts. Total liabilities were down 58% to $5.5 million. Before moving on, as a reminder, we currently hold about 667 Bitcoin. KULR has decided to early adopt the new FASB rule for marking to market our Bitcoin holdings. You'll see on our 2024 income statement a line item called, "Change in fair value of digital assets." At the end of 2024, this line item was a $719,000 charge. This is a non-cash item. It just reflects the change in value from the purchase date to the mark date, in this case, 12/31/2024. It does not reflect that we sold any Bitcoin. Going forward, our Bitcoin holdings will be marked on a monthly basis. Back to you, Stuart. Thank you, Shawn. Let's jump right into the questions now. This first question is for you, Michael. Here it goes. I saw the news on Thursday, March 12, about the deal with a space agency to provide M35A batteries. How prevalent do you think space travel becomes over the next 10 years? Will there be applications on Earth as well? Yeah, thanks, Stuart. Yeah, space travel will definitely become more affordable and prevalent over the next 10 years. We believe that the bigger market opportunity is privatized space exploration with new satellites, equipment into space that they are all going to require batteries to power them. Also, as the volume goes up, the cost will go down. As that happens, we expect some of these more higher-end technologies to be available for applications on Earth. All right, excellent. Next question is for you, Shawn. Here it is. Are there plans to diversify crypto or buy more? Thanks, Stuart. Sure. As we've indicated before several times, from a crypto point of view, we are focused on our BTC or Bitcoin treasury program. Okay, thank you for that. Okay, here's the next question, and it's for you again, Michael. There is a rumor circulating on Twitter, aka X, that KULR is providing materials to Rocket Lab Archimedes' engine, specifically a carbon composite material to be used in a rocket called Neutron. One, can KULR please confirm or deny that they are providing any materials to Rocket Lab? Two, if they are providing any materials to Rocket Lab, can KULR confirm or deny if the materials provided would be sufficient for the two companies to announce a partnership? And three, if the partnership will be announced, can KULR please give details of any further opportunities that may arise from working together with Rocket Lab and how much money KULR expects to realize from the partnership and how often they would be providing materials? I'm pretty sure he slipped about seven questions in there, Michael. I'll leave it to you. No, thanks, Stuart. Yeah, I'm glad that this investor really did a lot of homework on both KULR and Rocket Lab, sounds like. I really can't comment on any rumors that we have not officially announced that we have any relationship with. I'm just going to leave it to that. Understood. The next question, Shawn, is for you. Why is such a large portion of cash being invested into Bitcoin? Could this money be better allocated to focus on the growth of the KULR brand at this clearly pivotal time for the company? Also, I would like to know what the company plans to do with their Bitcoin reserve if the company comes on financial hardship. More than that, would they rather dilute investors or sell a portion of the Bitcoin holdings? Thanks, Stuart. Good topic. Our treasury strategy is to retain liquidity and significant cash reserves in addition to building our BTC treasury position, as I've said before. Given the economic context in today's world and the fundamentals of Bitcoin, and what I mean by that is sort of the growing demand across several dimensions: individuals, institutions, state organizations, government bodies, and the fixed supply of Bitcoin that there'll only be 21 million ever created, we consider BTC a good store of value over time and therefore a positive for KULR shareholders. We consider our liquidity and our cash on hand to fund operations as we go through our internal decision-making processes. All of our decisions get analyzed through a lens of what we think is in the overall best interests of the KULR shareholder base. Decisions around cash management and our BTC treasury program are no different than that. Our strategy is to be a long-term holder of BTC, Bitcoin, and we do not see a scenario today that would cause us to change that strategy. Okay, Shawn, let's stay on this topic and let's stay with you. Here's the question. Why invest in Bitcoin and not invest in your company? I would imagine you need to improve product and facilities to create revenue. Sure. You know, excellent question. We do not really see the two; we do not see that we have to make a decision between the two, though, that we would have to make a choice between the two today. We are investing in our company, and we consider our BTC treasury program a very valuable asset to KULR and its shareholders. We are also investing in our people, our facilities, and our product development. Excellent. All right, next question. This is for you, Michael. During the last earnings call, you were asked if KULR could deliver or produce if any large battery contract was awarded. You said yes, and that KULR had a partner that was also ready to go if that big volume contract came along. What do you consider to be a "big contract"? What is the name of the company or partner you mentioned you would be ready to help take on the production of a big contract? Yeah, I mean, we do have a number of customers with contracts over $1 million, and we do have customers ready on production. As I talked earlier, we have expanded our facility in Webster, Texas, to over 31,000 sq ft. Now we are actually ready to take on some of these bigger contracts. I think that in our new facility, we can manage, you know, we can manufacture thousands of batteries per year without blinking an eye. Yeah, we are ready for these big contracts. All right. During the last two earnings calls, you've mentioned that revenues were down in part because KULR's biggest customer had not re-signed a contract or agreement. However, you said they were expected to do so in 2024. Did that transpire? Yeah, in 2024, that particular customer did not order any products, but we were still able to make up the difference with new customers and finish the year on a record quarter. As you've seen in the general battery market in the United States, it's been a very challenging time for a lot of, you know, a lot of people, a lot of our customers. We won't make any prediction right now on when and how much this customer will order for 2025. Without any forecast from this one particular customer, we still expect our revenue to at least double in 2025. Okay, here's another question on a different topic, though. This is for you, Michael. Has KULR considered pursuing a service contract providing a service technician on every U.S. military airbase with helicopters to utilize KULR Zero Vibe? That's a great idea, but it's really up to the U.S. military to grant such contracts. So far, we haven't received any indication of such contract or arrangement. It is welcomed by the U.S. military at this moment. Okay. Michael, next question. Are there any data centers that have a KULR product at this time? Yep. Our Japanese licensed customer is testing the KULR Zero Vibe product. I believe some of their engagements are for data center customers. Okay, Michael, this is about the sales team. How big is KULR's sales team, and do you contract third-party sales agents as well? Yes, we are growing our sales team, our sales and marketing team together. Yes, we do have third-party sales agents for our SafeCase and other products. We've just added a new VP of Business Development, John Song. He was at EaglePicher in Lubbock, and he's helping develop new battery customers. Josh Steinman also just joined us as VP of AI and Robotics. Josh started his career at Qualcomm, where he developed the CDMA footprint for Southeast Asian markets, and he has a lot of experience in IoT as well as AI software. Our whole team is about 10 people. Okay, another question for you then, Michael. What has the partnership or collaboration with the United States Postal Service produced? Yeah, we are working on final approval for a couple of very large-sized SafeCase configurations. I believe it's over 3 kWh to have UPS permits. Once that's granted, then we have the power tools and EV customers ready to ship their recycle batteries on the UPS network. All right, very good. Let's change gears and talk to you again, Shawn, with another question. How much revenue in Q4 came from licensing deals? Sure. In the fourth quarter of 2024, KULR generated $1.7 million in revenue from licensing. While we're on the topic, for the full year 2024, we generated $2.7 million from licensing. All right, thank you, Shawn. Michael, here's another question. What new products or customers is KULR pursuing to utilize its TRS to potentially gain new business? Yeah, well, TRS will be utilized across all of our products for the KULR ONE battery for space, for DOD, for the robotics. It is across all of our new battery initiatives. Okay, another question for you here, Michael. Can you provide an update on KULR's current and future endeavors with private space stations, particularly with Axiom Station and Starlab? Given your partnerships with Axiom Space and Voyager Space, what growth opportunities do private space stations present for the company? Yeah, we can't comment on individual customer activities, but we feel very strongly KULR ONE Space platform is gaining traction with private space companies, especially with the 20793 certification. Also, our off-the-shelf products, you know, the KULR ONE Space platforms, the 100 Wh 200 and the 400 Wh configurations. These are very competitive products for satellites and other private space missions. Okay, Shawn, let's talk to you. Here's another question. The January 25, 2024 lease amendment extended the San Diego facility lease at 4863 Shawline Street to November 30, 2025, known as the first renewal. What are KULR's plans for its California operations after this date? Does management anticipate extending this lease again? Thanks, Stuart. Sure. As you know, we have moved our official headquarters to our Texas, Webster, Texas facility. Our California activity continues to be an important part of our company. Whether we stay in this particular facility in California long-term or identify a different facility for our California-based activities is simply an optimized operating decision that we will make based on the long-term best interests of KULR, its customers, and its shareholders. Once that decision's made and it's appropriate to share it, we'll certainly share that with everyone. All right, very good. Michael, a March 2025 announcement stated KULR ONE Space battery incorporating the Molicel M35A cells is set for completion this month, followed by NASA Safety Board review. Can you share the key progress made in March towards this completion? Yes, we are going through the NASA JSC 20793 certification testing right now. I believe the customer will be ready for NASA mission in 2025. Okay, Michael, the next question is for you. With Archer Aviation and Vertical Aerospace disclosing their use of the Molicel battery cells, what opportunities exist for KULR to integrate its patented Thermal Runaway Shield as a thermal management solution in their aircraft, given KULR's partnership with Molicel to enhance battery safety? Great question. Molicel is very well respected in the industry. You see industry leaders like Archer and Vertical use them. We have a very close relationship with Moli. We have done FTRC and IZM testing on the M35A cells and also their new power cells, such as the P50, and they have actually a new version, more powerful cell coming as well. We have gained a lot of knowledge about that, and we are building KULR ONE Air reference platform with the Molicel for electric aviation and drone markets. TRS will play an integral role for that, and we are looking forward to really leverage that relationship and grow business for both us and Moli. Okay, the next question is also for you, Michael. A September 2024 announcement stated that KULR completed its initial engagement with the U.S. Army under the expanded $2.4 million battery contract, focusing on silicon anode lithium-ion battery prototypes, with plans for KULR ONE Guardian battery production in 2025. Can you provide an update on the progress of this project since Q3 2024, including any developments in testing, production timelines, or expanded applications for the Army? Sure. We actually received another development and testing order from the Army. We believe we're doing cell screening testing for them to show the value of cell screening for qualified cells to find defective cells before they're built into the battery pack. Therefore, we can build the most reliable battery pack for the Army. We will go to production with them, pilot production with them in the fall of 2025. Okay, here's the next question, Michael. After the Japanese deal regarding cathode applications, what is your involvement in nuclear energy? Is there any upcoming project about that? Yes, the nuclear energy is a long-term investment for our customers. It's going to take some time. I actually met with Charlie Oppenheimer, the grandson of Mr. Oppenheimer, which the movie was based on. We had dinner together, and we talked about his new company, Oppenheimer Energy. I learned a lot about how long it takes and how much money it takes to build a nuclear power plant, and it's kind of mind-boggling. We're just, you know, getting started, starting engaging with these customers, but it's going to be a long, long time for some of them to get to fruition. Understood. Michael, here's the next question. You announced the first sale of your M35A battery cells. Is there only one customer so far? Did that customer just make a one-time purchase, or are there ongoing sales expected? Yes, I think this question is about the M35A Golden Lot, or what we call the Golden Lot cell that has gone through the NASA Work Instruction 37. Then we have other customers for those cells, as well as we're using those cells to KULR ONE Space batteries for customers that need to meet the JSC 20793 certification. Okay, Michael, what is the current status of your Guardian One contract with the Army? Yeah, I think this is probably similar to the previous question. We're going through more testing, cell screening with the customer right now, and targeting prototype production in fall of 2025. All right, and another topic here for you, Michael. Has your fan customer started selling fans? How far off might sales be that are larger than the minimum? Are there any other VIBE customers since then? Yes, they have not gone into volume production yet. We are working on faster throughput on the balancing system to lower the cost. We are also developing acoustic energy elimination technology to combine that with vibration elimination. It actually turns out that acoustic energy is as important to eliminate as vibration energy in server environments. We are working with the customer pretty hard on that. Hopefully later this year, we will be announcing those kinds of products into the market. All right, excellent. Thank you for that, Michael. Shawn, as you deplete your cash, is this next question, will you sell Bitcoin to support the company's operations? Thanks, Stuart. We believe our Bitcoin holdings will account for meaningful shareholder value over the long term. We do not anticipate using our BTC holdings to meet normal course working capital funding and think we will have available cash on hand to meet those needs. Shawn, the final question is for you. Here we go. Given the growing interest in cryptocurrency adoption and electrification driven by policies such as the Bitcoin Strategic Reserve announced by President Trump, how does KULR Technology Group plan to leverage its thermal management and battery solutions to support Bitcoin mining and energy storage infrastructure in the United States? What impact does the company expect this to have on the revenue and margins over the next 12 to 18 months? Sure, good question. We think the announcement of the Strategic Bitcoin Reserve is a strong positive for Bitcoin and therefore for KULR and its shareholders. We're one of the largest corporate owners of Bitcoin, and we are always looking to leverage our knowledge, resources, and asset base to explore potential sources of shareholder value. As you know, we've already signed a license for our KULR Zero Vibe cooling solutions. As we continue to explore these opportunities, we'll look to execute on those that drive material revenue growth and positive margin contribution. All right, thank you for that, Shawn. As mentioned, that was our final question, which concludes the question and answer portion of this call. I'd like to thank both of our guests, Shawn Canter, CFO of the company, as well as, of course, Michael Mo, the CEO of KULR Technology Group. Most of all, I know Michael and Shawn want to extend their deepest gratitude to all of you shareholders who have tuned in and those that have submitted their questions. With that, that concludes our call, and I'll turn the call back over to our operator, Thomas. Thank you. This does conclude today's conference call and webcast. You may disconnect at this time and have a wonderful day. Thank you for your participation.