Q: Could you give an update on where KULR is positioned in the AI data center backup power market and what investors should be watching for to know whether this can become a meaningful source of growth? A: Michael Mo, CEO: We started developing our AI data center BBU product in 2025 and joined the OCP platform membership at the end of 2025. This positions us within the working group that writes the next generation of power standards for hyperscaler infrastructures. We are building products to meet market demands for the next growth cycle. In 2026, we will work on UL9540 certification and integration with hyperscaler customers, with revenue opportunities expected in 2027.

Q: Where do things stand in telecom and energy infrastructure, and what still needs to happen before those opportunities can start contributing in a bigger way? A: Michael Mo, CEO: We have taken control of the battery manufacturing equipment and process from Kaban and commenced production. We plan to consolidate operations into our Webster facility in Q2 to improve efficiency and reduce costs. We have set up the supply chain for 48-volt, 100-amp hour battery production. Additionally, we are engaging with telecom operators and service providers to offer Cooler One batteries as a battery-as-a-service offering, aiming to lower the total cost of ownership for operators transitioning from lead-acid to lithium-ion batteries.

Q: Since KULR is involved in several areas like aerospace, defense, telecom, e-mobility, and data centers, where is management most focused right now, and where will most of the company's attention and resources go over the next year? A: Michael Mo, CEO: The focus for 2026 is to build and sell more Cooler One batteries, with the primary focus on the Cooler One Air platform. This platform shows the highest growth with over 20 active customer engagements for autonomous systems across air, land, and maritime applications. We have shipped thousands of battery packs, and this is where we see the highest growth in 2026.

Q: Looking at the rest of 2026, what are the biggest goals and milestones investors should be on the lookout for, and what would management consider a successful year? A: Michael Mo, CEO: Across our portfolio, the Cooler One Space and Guardian products will continue to gain customer traction, especially in the growing private space exploration market. We aim to secure new telecom contracts for battery-as-a-service. The most important milestone is the ramp-up of the Cooler One Air product, with a baseline target of 10,000 packs per month as we establish our automated production line.

Q: How stable and repeatable is the CoolerOne platform revenue base becoming? A: Michael Mo, CEO: The need for power battery packs has emerged in fast-growing markets like autonomous platforms and digital infrastructure. Our customer engagements are broader and more diversified, with customized solutions for each program. Customers have their own roadmaps to ramp up volume in 2026, giving us confidence in building our production capability. We are moving towards a more stable and repeatable product sales business model in 2026.

Q: As space-based AI data centers become more of a long-term discussion point, does KULR see a potential role there given its background in space applications, thermal management, and battery safety? A: Michael Mo, CEO: While this is a long-term conversation, space-based AI data centers are a significant idea. Some private space companies working on these projects are already KULR customers, indicating potential opportunities. However, this is not a focus for us in 2026.

Q: You have recently announced drone partnerships with Helio, a backup power partnership with Kaban Energy, and a standards body looking to modularize AI data center building blocks. How much, if any, will you see in 2026? A: Michael Mo, CEO: Both Helio and Kaban are 2026 revenue contributors. Kaban is in production and will grow throughout 2026. Helio is in active engineering collaboration, with revenue expected in the second half of 2026 following qualification and production milestones. The AI data center BBU business is anticipated to be more of a 2027 opportunity.

Q: Regarding your ability to power drones, given recent global developments, are you aligning yourself with companies that plan to rapidly increase output as a result? A: Michael Mo, CEO: Cooler One Air for drone autonomous platforms is a focus for 2026, with many active engagements across air, land, and maritime applications. We are setting up an automated production line for these batteries, expected to be operational in the second half of 2026. We are well-positioned to serve both defense and commercial applications rapidly growing in 2026.

For the complete transcript of the earnings call, please refer to the full earnings call transcript .