KULR Technology Group, Inc. — Earnings Quality Grade F
KULR · Technology
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 47 days, change -43 days YoY
AR growth -21.5% vs revenue growth 50.6%
Revenue grew 50.6% but CFFO declined -158.8%
Small-cap context: Small-cap revenue/CFFO ratio is sensitive to growth-stage working-capital draws.
Expense Quality
Inventory 6.5% vs COGS 193.1%. Normal
CapEx growth 559.3% is >2x revenue growth 50.6%
SG&A/Gross Profit = 3592.5%, exceeds 70%
Gross margin swung -46.3pp (51.1% → 4.8%)
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.0B)
Accruals ratio = -13.2%. Low accruals
Cash $0.0B covers debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 0% of equity. Manageable
Interest coverage = -173.1x (<2x). Financial stress
Insufficient data
Write-offs normal
Acquisition Risk
FCF after acquisitions negative for 3 years
Small-cap context: A single acquisition on a small balance sheet can trip serial-acquirer logic.
Goodwill+Intangibles change -36% YoY. Normal
Manipulation Score
M-Score = 2.61 (> -1.78). LIKELY MANIPULATOR
Small-cap context: Beneish M-Score was calibrated on large-caps; small-cap DSO/inventory volatility mechanically inflates it.
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25