KULR Technology upgraded to Buy at Benchmark after 2024 repositioning

As previously reported, Benchmark upgraded KULR Technology (KULR) to Buy from Speculative Buy with a price target of $5, up from $1. Recent stock appreciation and related ATM proceeds have fortified the balance sheet with significant cash, positioning the company to become free cash flow positive in 2026, the analyst tells investors. The firm believes current service revenues are indicators of future product orders and believes operational leverage, alongside a significant revenue ramp over the next few years, will produce $37M of free cash flow in 2027, the analyst added.