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Side-by-side financial comparison of KULR Technology Group, Inc. (KULR) and MERCURY SYSTEMS INC (MRCY). Click either name above to swap in a different company.
MERCURY SYSTEMS INC is the larger business by last-quarter revenue ($232.9M vs $2.9M, roughly 81.3× KULR Technology Group, Inc.). MERCURY SYSTEMS INC runs the higher net margin — -6.5% vs -1545.5%, a 1539.0% gap on every dollar of revenue. On growth, MERCURY SYSTEMS INC posted the faster year-over-year revenue change (4.4% vs -15.0%). MERCURY SYSTEMS INC produced more free cash flow last quarter ($45.7M vs $-16.2M). Over the past eight quarters, KULR Technology Group, Inc.'s revenue compounded faster (28.0% CAGR vs 5.7%).
KULR Technology Group, Inc. develops and manufactures high-performance thermal management and energy safety solutions. Its core offerings include heat dissipation materials, battery safety systems and temperature control components, serving clients across aerospace, electric vehicle, consumer electronics and renewable energy sectors in major global markets.
Mercury Systems, Inc. is a technology company serving the aerospace and defense industry. It designs, develops and manufactures open architecture computer hardware and software products, including secure embedded processing modules and subsystems, avionics mission computers and displays, rugged secure computer servers, and trusted microelectronics components, modules and subsystems.
KULR vs MRCY — Head-to-Head
Income Statement — Q4 2025 vs Q2 2026
| Metric | | |
|---|---|---|
| Revenue | $2.9M | $232.9M |
| Net Profit | $-44.3M | $-15.1M |
| Gross Margin | -27.2% | 26.0% |
| Operating Margin | -536.6% | -4.6% |
| Net Margin | -1545.5% | -6.5% |
| Revenue YoY | -15.0% | 4.4% |
| Net Profit YoY | -857.9% | 14.1% |
| EPS (diluted) | $-1.54 | $-0.26 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $2.9M | $232.9M | ||
| Q3 25 | $6.9M | $225.2M | ||
| Q2 25 | $4.0M | $273.1M | ||
| Q1 25 | $2.4M | $211.4M | ||
| Q4 24 | $3.4M | $223.1M | ||
| Q3 24 | $3.2M | $204.4M | ||
| Q2 24 | $2.4M | $248.6M | ||
| Q1 24 | $1.7M | $208.3M |
| Q4 25 | $-44.3M | $-15.1M | ||
| Q3 25 | $-7.0M | $-12.5M | ||
| Q2 25 | $8.1M | $16.4M | ||
| Q1 25 | $-18.8M | $-19.2M | ||
| Q4 24 | $-4.6M | $-17.6M | ||
| Q3 24 | $-2.0M | $-17.5M | ||
| Q2 24 | $-5.9M | $-10.8M | ||
| Q1 24 | $-5.0M | $-44.6M |
| Q4 25 | -27.2% | 26.0% | ||
| Q3 25 | 9.1% | 27.9% | ||
| Q2 25 | 18.0% | 31.0% | ||
| Q1 25 | 8.4% | 27.0% | ||
| Q4 24 | 63.6% | 27.3% | ||
| Q3 24 | 70.9% | 25.3% | ||
| Q2 24 | 23.5% | 29.5% | ||
| Q1 24 | 29.2% | 19.5% |
| Q4 25 | -536.6% | -4.6% | ||
| Q3 25 | -126.9% | -3.8% | ||
| Q2 25 | -237.9% | 8.6% | ||
| Q1 25 | -385.7% | -8.2% | ||
| Q4 24 | -105.1% | -5.6% | ||
| Q3 24 | -53.7% | -6.6% | ||
| Q2 24 | -219.0% | -3.2% | ||
| Q1 24 | -266.2% | -21.9% |
| Q4 25 | -1545.5% | -6.5% | ||
| Q3 25 | -101.3% | -5.6% | ||
| Q2 25 | 204.9% | 6.0% | ||
| Q1 25 | -768.1% | -9.1% | ||
| Q4 24 | -137.1% | -7.9% | ||
| Q3 24 | -62.9% | -8.6% | ||
| Q2 24 | -242.2% | -4.3% | ||
| Q1 24 | -286.4% | -21.4% |
| Q4 25 | $-1.54 | $-0.26 | ||
| Q3 25 | $-0.17 | $-0.21 | ||
| Q2 25 | $0.22 | $0.28 | ||
| Q1 25 | $-0.07 | $-0.33 | ||
| Q4 24 | $-0.37 | $-0.30 | ||
| Q3 24 | $-0.08 | $-0.30 | ||
| Q2 24 | $-0.26 | $-0.18 | ||
| Q1 24 | $-0.04 | $-0.77 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $13.3M | $335.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $121.6M | $1.5B |
| Total Assets | $129.0M | $2.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $13.3M | $335.0M | ||
| Q3 25 | $20.6M | $304.7M | ||
| Q2 25 | $20.6M | $309.1M | ||
| Q1 25 | $24.4M | $269.8M | ||
| Q4 24 | $29.8M | $242.6M | ||
| Q3 24 | $912.4K | $158.1M | ||
| Q2 24 | $1.0M | $180.5M | ||
| Q1 24 | $798.8K | $142.6M |
| Q4 25 | $121.6M | $1.5B | ||
| Q3 25 | $148.0M | $1.5B | ||
| Q2 25 | $136.4M | $1.5B | ||
| Q1 25 | $89.7M | $1.5B | ||
| Q4 24 | $57.4M | $1.5B | ||
| Q3 24 | $5.2M | $1.5B | ||
| Q2 24 | $3.8M | $1.5B | ||
| Q1 24 | $2.6M | $1.5B |
| Q4 25 | $129.0M | $2.5B | ||
| Q3 25 | $156.1M | $2.5B | ||
| Q2 25 | $141.5M | $2.4B | ||
| Q1 25 | $93.8M | $2.4B | ||
| Q4 24 | $62.9M | $2.4B | ||
| Q3 24 | $12.4M | $2.4B | ||
| Q2 24 | $11.4M | $2.4B | ||
| Q1 24 | $11.3M | $2.4B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-13.8M | $51.6M |
| Free Cash FlowOCF − Capex | $-16.2M | $45.7M |
| FCF MarginFCF / Revenue | -567.4% | 19.6% |
| Capex IntensityCapex / Revenue | 84.0% | 2.5% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-47.9M | $99.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-13.8M | $51.6M | ||
| Q3 25 | $-9.3M | $2.2M | ||
| Q2 25 | $-11.9M | $38.1M | ||
| Q1 25 | $-9.8M | $30.0M | ||
| Q4 24 | $-4.8M | $85.5M | ||
| Q3 24 | $-3.3M | $-14.7M | ||
| Q2 24 | $-5.3M | $71.8M | ||
| Q1 24 | $-3.9M | $-17.8M |
| Q4 25 | $-16.2M | $45.7M | ||
| Q3 25 | $-9.6M | $-4.4M | ||
| Q2 25 | $-12.2M | $34.0M | ||
| Q1 25 | $-9.9M | $24.1M | ||
| Q4 24 | $-5.2M | $81.9M | ||
| Q3 24 | $-3.4M | $-20.9M | ||
| Q2 24 | $-5.4M | $61.4M | ||
| Q1 24 | $-3.9M | $-25.7M |
| Q4 25 | -567.4% | 19.6% | ||
| Q3 25 | -138.9% | -1.9% | ||
| Q2 25 | -306.1% | 12.4% | ||
| Q1 25 | -404.0% | 11.4% | ||
| Q4 24 | -155.1% | 36.7% | ||
| Q3 24 | -105.3% | -10.2% | ||
| Q2 24 | -222.6% | 24.7% | ||
| Q1 24 | -224.2% | -12.4% |
| Q4 25 | 84.0% | 2.5% | ||
| Q3 25 | 3.6% | 2.9% | ||
| Q2 25 | 5.4% | 1.5% | ||
| Q1 25 | 4.9% | 2.8% | ||
| Q4 24 | 11.4% | 1.6% | ||
| Q3 24 | 1.7% | 3.1% | ||
| Q2 24 | 5.0% | 4.2% | ||
| Q1 24 | 0.8% | 3.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -1.47× | 2.33× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
KULR
Segment breakdown not available.
MRCY
| Airborne | $84.2M | 36% |
| Components | $48.7M | 21% |
| Other End Applications | $36.8M | 16% |
| Electronic Warfare | $27.5M | 12% |
| Other Sensor And Effector Applications | $23.9M | 10% |
| Space | $11.9M | 5% |
