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ULBI

Ultralife Corporation

ULBI

Ultralife Corporation • NASDAQ
$5.69 ▼ -1.90% (-0.11)
Market Cap $94.70 M
52w High $9.52
52w Low $4.07
Dividend Yield 0%
P/E 56.9
Volume 11.81K
Outstanding Shares 16.64M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $43.371M ▼ $10.57M ▲ $-1.22M ▼ -2.813% ▼ $-0.073 ▼ $660K ▼
Q2-2025 $48.561M ▼ $9.345M ▼ $879K ▼ 1.81% ▼ $0.053 ▼ $3.523M ▼
Q1-2025 $50.746M ▲ $9.346M ▲ $1.865M ▲ 3.675% ▲ $0.11 ▲ $4.833M ▲
Q4-2024 $43.852M ▲ $9.125M ▲ $194K ▼ 0.442% ▼ $0.012 ▼ $2.503M ▲
Q3-2024 $35.694M $8.171M $258K 0.723% $0.015 $1.52M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $9.26M ▼ $222.246M ▲ $84.813M ▲ $137.263M ▼
Q2-2025 $10.941M ▲ $220.961M ▼ $82.316M ▼ $138.448M ▲
Q1-2025 $8.719M ▲ $223.753M ▲ $87.149M ▲ $136.398M ▲
Q4-2024 $6.854M ▲ $220.451M ▲ $86.264M ▲ $133.995M ▼
Q3-2024 $6.774M $172.44M $37.811M $134.476M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-1.22M ▼ $174K ▼ $-991K ▲ $-627K ▲ $-1.681M ▼ $-821K ▼
Q2-2025 $879K ▼ $5.935M ▲ $-1.1M ▼ $-2.651M ▼ $2.222M ▲ $4.835M ▲
Q1-2025 $1.865M ▲ $3.368M ▲ $-895K ▲ $-687K ▼ $1.865M ▲ $2.473M ▲
Q4-2024 $194K ▼ $3.046M ▼ $-48.628M ▼ $45.68M ▲ $80K ▼ $2.44M ▼
Q3-2024 $279K $4.746M $-594K $-4.077M $84K $4.152M

Revenue by Products

Product Q1-2023Q2-2023Q3-2023Q4-2023
Battery Energy Products Segment
Battery Energy Products Segment
 $30.00M ▲$30.00M ▲$30.00M ▲$40.00M ▲
Communications Systems Segment
Communications Systems Segment
 $0 ▲$10.00M ▲$10.00M ▲$10.00M ▲
Corporate Segment
Corporate Segment
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Ultralife’s sales have trended upward over the last five years, with revenue now clearly above its pre‑pandemic level. Profitability has improved from essentially breakeven results in the middle of the period to solid, though still modest, profits in the most recent years. Margins are positive but not wide, which means results can move around if volumes or pricing change. The latest year shows steady revenue and continued profits, but earnings per share dipped slightly versus the prior year, suggesting some pressure on costs or mix even as the top line held up.

Balance Sheet

Balance Sheet The balance sheet shows a company that has gradually grown its asset base while keeping shareholder equity fairly steady. Ultralife has taken on some debt in recent years after operating with little to no borrowings earlier in the period. Debt is still moderate relative to equity, but the direction is toward more leverage, likely tied to growth initiatives and the recent acquisition. Cash on hand has remained roughly stable, so the company is not sitting on a large cash cushion but also does not appear overly stretched based on the available figures.

Cash Flow

Cash Flow Cash generation has been a bit uneven, with some years of only marginal operating cash flow and other years showing clearly positive inflows. When cash is generated from operations, most of it tends to fall through to free cash flow because capital spending has been quite light. This low investment requirement helps support cash flow, but it can also mean that growth depends more on acquisitions or focused R&D than on big capacity expansions. The latest year stands out as a better cash year, more aligned with the improved profitability.

Competitive Edge

Competitive Edge Ultralife operates in specialized corners of the battery and communications markets rather than in mass‑market consumer products. Its strength lies in mission‑critical applications for defense, medical, and industrial customers, where reliability and long life matter more than lowest price. Long relationships with government agencies and medical device makers, along with technical know‑how in niche battery chemistries and rugged communications gear, create notable switching costs and barriers to entry. At the same time, reliance on defense and other concentrated customers can expose the company to contract timing, budget cycles, and regulatory demands.

Innovation and R&D

Innovation and R&D The company’s strategy leans heavily on technical differentiation: advanced lithium‑based chemistries, custom‑engineered battery packs, integrated power‑and‑communications systems, and ruggedized field equipment. Ultralife works closely with customers to design bespoke solutions, which deepens relationships and can lock in long‑term programs. Recent moves, such as acquiring Electrochem Solutions and developing new wearable and thin‑cell battery products, show an ongoing push to expand capabilities and address new applications. The opportunity is to translate this innovation into broader adoption across defense, medical, and international markets, while the key risk is execution—successfully integrating acquisitions, scaling new products, and staying ahead of rapid technology shifts.

Summary

Overall, Ultralife looks like a niche industrial technology player that has moved from a period of near‑breakeven performance to more consistent, if still modest, profitability. The balance sheet has become somewhat more leveraged as the company invests for growth, but not to an obviously aggressive degree based on the limited data. Cash flow has improved alongside earnings, helped by low capital spending needs. Strategically, its edge comes from specialized, high‑reliability power and communications solutions for demanding end markets, backed by deep customer integration and technical expertise. Future outcomes will likely hinge on how well it can sustain innovation, integrate recent acquisitions, and navigate the inherent cyclicality and concentration risks in defense and medical‑related demand.

NEWS

November 18, 2025 · 7:00 AM UTC

Ultralife Corporation Reports Third Quarter Results

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November 13, 2025 · 4:30 PM UTC

Ultralife Corporation to Report Third Quarter Results on November 18, 2025

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November 7, 2025 · 4:30 PM UTC

Ultralife Corporation Files Form 12b-25 Notification of Late Filing

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September 4, 2025 · 11:30 AM UTC

Ultralife Corporation Receives Award for Its BA-5390 Military Batteries from U.S. Defense Logistics Agency

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