Why KULR Stock Plummeted 74.9% in the First Half of 2025 -- and What Comes Next

Key Points

• KULR stock surged more than 1,800% in 2024's trading, but it's seen a big reversal this year.

• The huge sell-offs for the stock in 2025 have partially been a reaction to meme-stock-related trading last year.

• KULR's business performance, strategic pivot, and reverse stock split have also played roles in the valuation pullback.

• 10 stocks we like better than KULR Technology Group ›

Despite gains for the broader market, KULR Technology (NYSEMKT: KULR) stock got hit with a huge valuation pullback across the first half of 2025. The company's share price fell 74.9% across the stretch despite gains of 5.5% for the S&P 500 index, according to data from S&P Global Market Intelligence.

KULR stock saw a massive rally at the end of 2024 thanks to meme-stock momentum and excitement surrounding the company's new focus on cryptocurrency investments, but the rally has collapsed this year. The stock has also continued to move lower at the start of this year's second half.

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KULR stock got crushed in the first half of 2025

Thanks to its relatively small size, a surge of meme-stock-related trading, and some business-related news, KULR stock saw an incredible surge late in 2024's trading. The late rally helped push the company's share price up more than 1,800% across the stretch, but momentum started to reverse aggressively moving through this year.

KULR then published its first-quarter results in May and reported a 40% year-over-year increase for its sales. On the other hand, revenue for the period still came in at only $2.45 million -- a relatively small amount in the context of the company's valuation. The company also posted a net loss of roughly $18.8 million in the period. While the increased loss in the period largely stemmed from the company's ramped-up focus on Bitcoin (CRYPTO: BTC) mining operations, overall results for the quarter were still not particularly encouraging and corresponded with a big valuation pullback.

The stock then saw another big round of sell-offs in June after the company announced that it would be moving forward with an 8-for-1 reverse stock split. The move restructured the company's stock setup and boosted its share price by combining eight shares of the company's stock into one new share. As a result, the stock regained compliance with the NYSE American exchange rules that require all stocks listed on the exchange to be trading above $1 per share.

Thanks to the reverse split, the stock has been able to continue trading on the NYSE American exchange -- which helps support visibility and trading volume for the stock. In turn, this typically helps prevent mass sell-offs that can come with being delisted from a major exchange. But reverse stock splits are still viewed as a bearish indicator by many investors because they're often an indication that a company and its stock are struggling.

What's next for KULR?

KULR has now repositioned itself as a Bitcoin-first company and is aiming to make investments in the cryptocurrency the center of its growth strategy. By taking on debt or selling new stock, the company can secure funds that allow it to purchase Bitcoin.

Despite strong performance for the cryptocurrency as KULR has continued to increase its Bitcoin holdings, the stock has continued to see poor performance. The company's share price has fallen an additional 8% in this year's second half. If the value of its cryptocurrency holdings go up substantially as it continues to add Bitcoin to its treasury holdings, KULR stock could see a dramatic rebound -- but the stock looks very risky.

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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy.