UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission file number: 0-20852 ULTRALIFE CORPORATION (Exact name of registrant as specified in its charter) Delaware (State or o ...

Ultralife (ULBI) Q1 2025 Earnings Call May 09, 2025 10:00 AM ET Company Participants Alex Villalta - Vice PresidentMichael Manna - President & CEOPhilip Fain - CFO & TreasurerJustin Mechetti - Equity Research Associate Conference Call Participants Josh Sullivan - Equity Research Analyst - Industrial Technology, Aerospace & Defense Operator Good day, and thank you for standing by. Welcome to the Ultralife Corporation First Quarter twenty twenty five Results. At this time, all participants are in listen only ...

Ultralife (ULBI) Q1 2025 Earnings Call May 09, 2025 10:00 AM ET Company Participants Alex Villalta - Vice PresidentMichael Manna - President & CEOPhilip Fain - CFO & TreasurerJustin Mechetti - Equity Research Associate Conference Call Participants Josh Sullivan - Equity Research Analyst - Industrial Technology, Aerospace & Defense Operator Good day, and thank you for standing by. Welcome to the Ultralife Corporation First Quarter twenty twenty five Results. At this time, all participants are in listen only ...

Ultralife (ULBI) Q1 2025 Earnings Call May 09, 2025 10:00 AM ET Speaker0 Good day, and thank you for standing by. Welcome to the Ultralife Corporation First Quarter twenty twenty five Results. At this time, all participants are in listen only mode. After the speakers' presentation, there will be a question and answer session. To ask a question during the session, you will need to press 11 on your telephone. You will then hear automated message by viewing your hand is raised. To withdraw your question, pleas ...

Exhibit 99.1 Mr. Manna concluded, "We are confident in our ability to deliver and sustain profitable growth, generating incremental cash flow to reduce acquisition-related debt, and continuing to invest in strategic product development. Our strong backlog replenishment this quarter, combined with a growing pipeline of innovative products targeting high-growth markets, positions us to scale efficiently and capitalize on market demand. With enhanced sales and marketing leadership in place, we're accelerating ...

NEWARK, N.Y., May 09, 2025 (GLOBE NEWSWIRE) -- Ultralife Corporation (NASDAQ: ULBI) reported operating results for the first quarter ended March 31, 2025 with the following highlights: Sales of $50.7 million compared to $41.9 million for the 2024 first quarter, including a 32.4% increase for Batteries & Energy Products and a 36.2% decrease in Communications Systems salesGross profit of $12.7 million, or 25.1% of revenue, compared to $11.5 million, or 27.4% of revenue, for the 2024 first quarterOperating inc ...

A live webcast of the conference call will be available to investors in the Events & Presentations Section of the Company's website at http://investor.ultralifecorporation.com. For those who cannot listen to the live broadcast, a replay of the webcast will be available shortly after the call at the same location. About Ultralife Corporation Ultralife Corporation serves its markets with products and services ranging from power solutions to communications and electronics systems. Through its engineering and c ...

Ultralife (ULBI) Q4 2024 Earnings Call April 01, 2025 06:27 PM ET Company Participants None - ExecutiveMichael Manna - President & CEOPhilip Fain - CFO & TreasurerJosh Sullivan - Managing Director Operator Good day, and thank you for standing by. Welcome to the Ultralife Corporation Fourth Quarter twenty twenty four Results. At this time, all participants are in a listen only mode. After the speakers' presentation, there'll be a question and answer session. Please be advised today's conference is being reco ...

Ultralife Corporation (NASDAQ:ULBI) Q4 2024 Earnings Conference Call April 1, 2025 8:30 AM ET Company Participants Alex Villalta - IR Mike Manna - President and CEO Phil Fain - CFO Conference Call Participants Josh Sullivan - The Benchmark Company Operator Good day, and thank you for standing by. Welcome to the Ultralife Corporation Fourth Quarter 2024 Results. At this time, all participants are in a listen-only mode. After the speakers' presentation, there'll be a question-and-answer session. [Operator Ins ...

Revenue Performance - Revenues for the Battery & Energy Products segment for the year ended December 31, 2024, were $144.1 million, with a segment contribution of $19.0 million, compared to revenues of $130.0 million and a segment contribution of $14.3 million for the year ended December 31, 2023[24]. - Revenues for the Communications Systems segment for the year ended December 31, 2024, were $20.4 million, with a segment contribution of $1.2 million, compared to revenues of $28.7 million and a segment contribution of $4.0 million for the year ended December 31, 2023[27]. - Consolidated revenues increased by $5,812 or 3.7% to $164,456 for the year ended December 31, 2024, compared to $158,644 for 2023, with organic revenue growth of 6.2% in the Battery & Energy Products segment[193]. - The Battery & Energy Products segment experienced a revenue increase of $12,888 or 44.3% from $29,111 in 2023 to $41,999 in 2024, while the Communications Systems segment saw a decline of $8,316 or 29.0%[193]. - Battery & Energy Products revenues increased by $14,128, or 10.9%, for the year ended December 31, 2024, while Communications Systems revenues decreased by $8,316, or 29.0%[204][205]. Operating Expenses and Profitability - Corporate operating expenses, including costs incurred in connection with business acquisitions, were $10.2 million for the year ended December 31, 2024, compared to $8.8 million for the year ended December 31, 2023[29]. - Operating expenses increased by $2,624 or 8.8% to $32,349 during the year ended December 31, 2024, primarily due to one-time costs related to the acquisition of Electrochem[195]. - Gross margin improved to 25.7% for the year ended December 31, 2024, up from 24.7% in 2023, attributed to better alignment of customer price increases with cost inflation[194]. - Net income attributable to Ultralife Corporation for the year ended December 31, 2024 was $6,312, or $0.38 per share, a decrease from $7,197, or $0.44 per share for 2023, representing a decline of 12.2%[198]. - Adjusted EBITDA for the year ended December 31, 2024 was $16,480, compared to $15,703 for the prior year, reflecting an increase of 4.9%[199]. Research and Development - Research and development expenditures rose to $9,549 in 2024 from $8,587 in 2023, with a year-over-year increase in customer-sponsored R&D from $1,056 to $1,281[85]. - Future research and development expenditures are expected to increase by 10% or more over 2024 levels, driven by initiatives in battery and power solutions and communications systems[86]. - Research and development costs increased to $8,268 in 2024, up by $737, or 9.8%, from $7,531 in 2023, reflecting additional investments in new product development[212]. Acquisitions and Growth Opportunities - The acquisition of Electrochem Solutions, Inc. on October 31, 2024, is expected to create opportunities for gross margin expansion and revenue growth through cross-selling platforms[39]. - The company continues to seek opportunities for growth through the design, development, and sale of new products, expansion of the sales force, and potential acquisitions[17]. - The company acquired Electrochem Solutions, Inc. on October 31, 2024, which is expected to enhance revenue growth through cross-selling opportunities and operational efficiencies[191]. Inventory and Backlog - The backlog and high confidence orders for Battery & Energy Products were approximately $95,000 million as of December 31, 2024, indicating strong demand[67]. - The backlog and high confidence orders at December 31, 2024 were $102,156, a decrease of $1,379, or 1.3% from $103,535 at December 31, 2023[206]. - The total carrying value of Battery & Energy Products inventory increased by 27% year-over-year, amounting to $44,614 in 2024 compared to $35,221 in 2023, primarily due to the acquisition of Electrochem and increased materials for government and defense sectors[81]. - The total carrying value of Communications Systems inventory decreased by 4% year-over-year, totaling $6,749 in 2024 compared to $6,994 in 2023, due to fulfillment of large purchase orders[84]. Market Dynamics and Customer Base - In 2024, sales to U.S. customers were $97,040 million, while sales to foreign customers were $67,416 million, showing an increase from 2023[62]. - Sales to non-U.S. customers accounted for 41% of total revenues in 2024, down from 49% in 2023, indicating a shift in market dynamics[151]. - The company has a major customer that accounted for 23% of total revenues in 2024, highlighting reliance on key contracts[62]. - Sales to U.S. and foreign militaries accounted for $62,374 (38%) of revenues in 2024 and $57,802 (36%) in 2023[119]. - Approximately $54,077 (33%) of net revenue in 2024 was from U.S. Government customers, compared to $43,476 (27%) in 2023[120]. Cybersecurity and Compliance - The company has implemented security measures to mitigate risks of cyberattacks and breaches, including maintaining a cybersecurity insurance policy[129]. - The company engages leading cybersecurity firms for security assessments and audits to enhance its cybersecurity posture[170]. - The Board of Directors oversees the company's cybersecurity risk and receives updates on incidents at least quarterly[172]. - The company experienced production and shipping downtime for several weeks due to a cybersecurity incident, resulting in lost sales orders[131]. - The company is required to comply with the EU RoHS Directive, which restricts the use of certain hazardous substances in electrical and electronic equipment, and is currently compliant with associated regulations[159]. Financial Position and Risks - The company has a $55 million senior secured term loan and a $30 million revolving credit facility, with $2.75 million due in 2025[142][143]. - As of December 31, 2024, the company had $55 million outstanding on the term loan facility and no balance on the revolving credit facility[143]. - The cash on hand as of December 31, 2024 was $6,854, down from $10,278 as of December 31, 2023, indicating a decrease in liquidity[200]. - The company is highly dependent on key personnel, and the loss of such employees could materially affect its business and financial condition[134]. - The company faces unique risks in its operations in China, including political changes and trade restrictions, which could adversely impact its financial results[135].