KULR · CIK 1662684
What KULR Technology Group, Inc. told the SEC could break it.
KULR's biggest swing factor is its bitcoin treasury: it holds 1,082.71 BTC (about $72 million), recognized a $13.1 million unrealized loss in 2025, and saw bitcoin fall more than 20% in early 2026, tying its earnings directly to crypto price volatility. Its revenue is also concentrated in a small number of customers — its Mining of Digital Assets segment came entirely from one customer, and a customer insolvency already forced a $780,000 receivable write-off in 2025. And it flags trade-policy risk: higher U.S. tariffs or restrictions involving China, Canada and Mexico could raise its raw-material and component costs and disrupt cross-border supply chains.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Other disclosures
- Bitcoin treasury holdings price exposurehigh
KULR holds a large Bitcoin treasury (1,082.71 BTC, ~$72M) and recognized a $13.1M unrealized loss in 2025; BTC fell over 20% in early 2026, exposing earnings to crypto price volatility.
“The market price of bitcoin has declined over 20 % from approximately $ 87,500 at December 31, 2025 to under $ 66,338 as of March 27, 2026.”
Customer concentration
- few customers; mining segment 100% from one customermedium
KULR expects to depend on a small number of customers for most revenue (its Mining of Digital Assets segment was 100% one customer), and a customer insolvency already caused a $780K receivable write-off in 2025.
“Due to the nature of our business and the relatively large size of many of the applications our customers are developing, we anticipate that we will be dependent on a relatively small number of customers for the majority of our revenues for the next several years.”
SEC filing →As of 2026
Regulatory & policy
- tariffs / trade restrictions (China, Canada, Mexico)medium
Increased U.S. tariffs and trade restrictions involving China, Canada and Mexico could raise KULR's raw-material and component costs and disrupt cross-border supply chains.
“Increased tariffs or other trade restrictions involving the United States and key trading partners, including, among others, China, Canada and Mexico, may increase the cost of raw materials and components, disrupt cross-border supply chains and adversely affect our customers' financial condition and demand for our products.”
SEC filing →As of 2026
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