Limited Market Adoption and Competition: The market for KULR's advanced thermal management and battery safety solutions may not grow as anticipated, or they may face intense competition from established players and new entrants developing alternative technologies, which could impact revenue and market share.

Dependence on Key Customers and Government Contracts: A significant portion of KULR's revenue may come from a limited number of customers, particularly government agencies, making them vulnerable to budget cuts, changes in priorities, or contract non-renewal from these critical clients.

Need for Additional Capital and Dilution Risk: KULR is a growth company that may require substantial additional funding to scale operations, conduct research and development, and penetrate new markets, potentially leading to further equity dilution for existing shareholders if capital is raised through new stock offerings.