ULTRALIFE CORP

Listed Company

ULBICIK 0000875657NasdaqAcceleratedSmaller ReportingMiscellaneous Electrical Machinery, Equipment & SuppliesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$191.16M

Net Income

$-5.90M

Total Assets

—

Equity

—

Shares Out

16.66M

Op. Cash Flow

$10.99M

Business

ULTRALIFE CORP designs, engineers and manufactures power solutions and communications and electronics systems for government, defense and commercial customers. It offers rechargeable and non‑rechargeable lithium and nickel‑based batteries, battery packs, charging systems, power modules, RF amplifiers, power supplies, cable and connector assemblies, amplified speakers, integrated communication systems and associated accessories and services. The company reports two operating segments: Battery & Energy Products and Communications Systems. It sells worldwide through OEMs, distributors, retail channels and directly to U.S. and foreign defense departments.

Summary from filing dated 2025-04-01

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	191	164	159	132	98
Cost of products sold	145	122	119	102	74
Gross profit	46	42	39	29	25
Research and development	10	8	8	7	7
Selling, general and administrative	29	24	22	22	18
Intangible asset impairment	−12	0	—	—	—
Total operating expenses	52	32	30	29	25
Operating (loss) income	−6	10	9	129,000	35,000
Interest and financing expense	4	2	2	951,000	242,000
Miscellaneous income	−1	−276,000	−2	−376,000	−56,000
Total other expense, net	2	2	358,000	575,000	186,000
(Loss) income before income taxes	−8	8	9	−446,000	−151,000
Income tax (benefit) provision	−2	2	2	−326,000	79,000
Net (loss) income	−6	6	7	−120,000	−230,000
Net (loss) income attributable to non-controlling interest	−53,000	97,000	−31,000	−1,000	4,000
(Loss) income attributable to Ultralife Corporation	−6	6	7	−119,000	−234,000
Foreign currency translation adjustments	865,000	−346,000	90,000	−2	129,000
Comprehensive (loss) income attributable to Ultralife Corporation	−5	6	7	−2	−105,000
Net (loss) income per share attributable to Ultralife Corporation common stockholders Basic (in dollars per share)	−35	38	0.44	0.05	0.05
Net (loss) income per share attributable to Ultralife Corporation common stockholders Diluted (in dollars per share)	−35	38	0.44	0.05	0.05
Weighted average shares outstanding Basic (in shares)	17	17	16	16	16
Weighted average shares outstanding Diluted (in shares)	17	17	16	16	16

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash	9	7	10	6	8
Trade accounts receivable, net of allowance for expected credit losses of $457 and $384, respectively	34	29	32	28	20
Inventories, net	54	51	42	41	33
Prepaid expenses and other current assets	9	10	6	4	5
Total current assets	106	97	90	79	67
Property, plant and equipment, net	40	40	21	22	23
Goodwill	45	45	38	37	38
Other intangible assets, net	11	25	15	16	17
Deferred income taxes, net	10	8	11	12	11
Other noncurrent assets	4	5	4	2	3
Total assets	217	220	178	168	160
Accounts payable	17	14	11	16	10
Current portion of long-term debt	4	3	2	2	2
Accrued compensation and related benefits	3	3	3	3	2
Accrued expenses and other current liabilities	13	9	7	8	5
Total current liabilities	37	29	24	29	19
Long-term debt, net	46	52	24	19	19
Deferred income taxes	1	1	2	2	2
Other noncurrent liabilities	3	4	4	2	2
Total liabilities	87	86	53	52	42
Commitments and Contingencies	—	—	—	—	—
Preferred stock par value $.10 per share; authorized 1,000,000 shares; none issued	0	0	0	0	0
Common stock par value $.10 per share; authorized 40,000,000 shares; issued 21,092,617 shares and 21,069,079 shares, respectively; outstanding 16,656,503 shares and 16,632,965 shares, respectively	2	2	2	2	2
Capital in excess of par value	193	192	189	187	187
Accumulated deficit	−40	−34	−41	−48	−48
Accumulated other comprehensive loss	−3	−4	−4	−4	−2
Treasury stock - at cost; 4,436,114 shares and 4,436,114 shares, respectively	−21	−21	—	—	—
Total Ultralife Corporation equity	130	134	125	116	118
Non-controlling interest	139,000	192,000	95,000	126,000	127,000
Total stockholders equity	130	134	125	116	118
Total liabilities and stockholders equity	217	220	178	168	160

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	4	3	3	3	3
Amortization of intangible assets	2	1	889,000	1	633,000
Amortization of financing fees	265,000	91,000	64,000	36,000	104,000
Debt modification expense	0	162,000	0	—	—
Stock-based compensation	935,000	698,000	528,000	776,000	671,000
Deferred income tax expense	−3	1	1	−962,000	−147,000
Accounts receivable	−4	8	−4	−8	4
Inventories	−2	−109,000	−943,000	−9	−1
Prepaid expenses and other assets	2	−4	−3	911,000	64,000
Income taxes receivable and payable	−170,000	−64,000	−142,000	180,000	−91,000
Accounts payable and other liabilities	6	215,000	−3	10	−3
Net cash provided by operating activities	11	17	2	−1	4
Purchase of Electrochem	0	−48	0	—	—
Purchases of property, plant and equipment	−4	−2	−3	−2	−3
Net cash used in investing activities	−4	−50	−3	−2	−26
Borrowings on credit facility	0	55	7	3	21
Payment of debt issuance costs	24,000	1	0	−100,000	−114,000
Proceeds from exercise of stock options	98,000	2	1	116,000	398,000
Net cash used in financing activities	−5	30	5	518,000	20
Effect of exchange rate changes on cash	49,000	34,000	−302,000	−276,000	126,000
INCREASE (DECREASE) IN CASH	2	−3	5	−3	−2
Construction in process in accounts payable	424,000	248,000	347,000	339,000	135,000
Income taxes paid	147,000	722,000	769,000	354,000	324,000
Interest paid	4	2	2	930,000	142,000

Filings

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