Financial Data and Key Metrics Changes - The company reported Q1 sales of $50.7 million, an increase from $41.9 million in the same quarter last year, representing a year-over-year growth of 21% [10][12] - Operating income for Q1 was $3.4 million, down from $4.1 million in the previous year, leading to a decrease in operating margin to 6.7% from 9.7% [15] - Net income was $1.9 million or $0.11 per share on a GAAP basis, compared to $2.9 million or $0.18 per share for the same quarter last year [15][16] - Adjusted EBITDA was $5.4 million, or 10.7% of sales, compared to $5.2 million or 12.5% for the prior year quarter [16] Business Line Data and Key Metrics Changes - Revenues from the Battery and Energy Products segment were $46.3 million, up from $35 million last year, with a 10.6% organic growth excluding Electrochem sales [10][11] - Government defense sales in the Battery segment increased by 53.6%, while medical battery sales decreased by 12.3% [11] - The Communications Systems segment saw revenues decline by 36.2% to $4.4 million, primarily due to large shipments in the prior year [12][14] Market Data and Key Metrics Changes - The sales split between commercial and government defense for the battery business was 64% to 36%, with a domestic to international split of 78% to 22% [11] - The total backlog exiting Q1 was $95 million, representing 55% of trailing twelve-month sales, indicating a healthy demand outlook [12] Company Strategy and Development Direction - The company aims to complete the integration of the Electrochem acquisition by the end of Q2, focusing on ERP system setup and leveraging vertical integration opportunities [19][27] - There is a commitment to improve sales pipelines and stabilize gross margins through pricing adjustments and lean productivity projects [20][21] - The company is expanding its product offerings in both the Communications Systems and Battery segments, targeting military and medical markets [22][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in profitable growth despite macroeconomic uncertainties, noting that Q1 performance exceeded expectations [42][43] - The government defense sector is expected to remain strong, with potential increases in NATO spending anticipated over the next 18 to 24 months [54] - The medical battery segment is expected to stabilize as replacement cycles for COVID-related devices approach [52] Other Important Information - The company ended Q1 with working capital of $70 million and a current ratio of 3.2, indicating solid liquidity [17] - The company received $1.5 million from the employee retention credit, which was used to reduce acquisition debt [17] Q&A Session Summary Question: How have conversations with customers on tariff pass-throughs evolved? - Management noted that customers are concerned about cash flow impacts due to tariffs, which could affect their ability to invest in product development [32][34] Question: What are the major milestones left for the Electrochem integration? - The integration is on track for completion by Q2, with most systems set up and data transitioned [36][37] Question: What markets are targeted for the IVAS battery? - The focus is primarily on foreign military markets, with some commercial engagements anticipated [41] Question: Can you discuss trends across key end markets? - The medical market is steady with known replacement cycles, while government defense remains strong with a good backlog [52][54] Question: How is free cash flow expected to trend over 2025? - Free cash flow is expected to be consistent, with plans to continue paying down debt ahead of schedule [55][56]

[Performance Highlights & Management Commentary](index=1&type=section&id=Performance%20Highlights%20%26%20Management%20Commentary) Ultralife's Q1 2025 revenue grew 21% to $50.7 million, driven by Battery & Energy Products and Electrochem, with management focused on integration, tariff mitigation, and debt reduction Q1 2025 Key Performance Indicators vs. Q1 2024 | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Sales | $50.7 million | $41.9 million | | Gross Profit | $12.7 million (25.1%) | $11.5 million (27.4%) | | Operating Income | $3.4 million | $4.1 million | | GAAP EPS | $0.11 | $0.18 | | Adjusted EBITDA | $5.4 million | $5.2 million | | Backlog (High Confidence) | $95.0 million | N/A (vs $102.2M Q4'24) | - Management's strategic focus includes: - Integrating the Electrochem acquisition to capture manufacturing cost efficiencies and savings through U.S.-based vertical integration - Actively implementing a tariff mitigation plan, which includes surcharges, adjusting inventory movements, and reviewing sourcing/manufacturing locations - Generating incremental cash flow to reduce acquisition-related debt while continuing to invest in strategic product development - Accelerating organic growth through enhanced sales and marketing leadership[2](index=2&type=chunk) [First Quarter 2025 Financial Results](index=2&type=section&id=First%20Quarter%202025%20Financial%20Results) Q1 2025 revenue increased 21% to $50.7 million, driven by Battery & Energy Products growth, while gross margin and operating income declined due to product mix and lower Communications Systems sales Revenue by Segment (Q1 2025 vs. Q1 2024) | Segment | Q1 2025 Revenue | Q1 2024 Revenue | % Change | | :--- | :--- | :--- | :--- | | Battery & Energy Products | $46.3 million | $35.0 million | +32.4% | | Communications Systems | $4.4 million | $6.9 million | -36.2% | | **Total Revenue** | **$50.7 million** | **$41.9 million** | **+21.0%** | - The organic growth in Battery & Energy Products was primarily driven by a **53.6% increase** in government/defense sales, which was partially offset by a **12.3% decrease** in medical battery sales[4](index=4&type=chunk) Gross Margin by Segment (Q1 2025 vs. Q1 2024) | Segment | Q1 2025 Gross Margin | Q1 2024 Gross Margin | | :--- | :--- | :--- | | Battery & Energy Products | 24.7% | 25.7% | | Communications Systems | 29.5% | 35.8% | | **Total Gross Margin** | **25.1%** | **27.4%** | - Operating expenses increased to **$9.3 million** from **$7.4 million** in Q1 2024, reflecting the inclusion of Electrochem, a **24.0% increase** in new product development costs, and one-time, non-recurring expenses[6](index=6&type=chunk) - The company's backlog of high-confidence orders was **$95.0 million** at the end of Q1 2025, down from **$102.2 million** at the end of Q4 2024, but indicative of a strong replenishment rate during the quarter[4](index=4&type=chunk) [Financial Statements](index=4&type=section&id=Financial%20Statements) Ultralife's consolidated financial statements for Q1 2025 show total assets of $223.8 million, total equity of $136.6 million, and a net income of $1.9 million [Consolidated Balance Sheets](index=4&type=section&id=CONSOLIDATED%20BALANCE%20SHEETS) Key Balance Sheet Items (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash | $8,719 | $6,854 | | Inventories, Net | $47,853 | $51,363 | | Total Current Assets | $101,469 | $97,160 | | Total Assets | $223,753 | $220,451 | | Total Current Liabilities | $31,496 | $29,291 | | Long-Term Debt, Net | $50,510 | $51,502 | | Total Liabilities | $87,149 | $86,264 | | Total Shareholders' Equity | $136,604 | $134,187 | [Consolidated Statements of Income](index=5&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20INCOME) Consolidated Statements of Income (in thousands, except per share amounts) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total Revenues | $50,746 | $41,927 | | Gross Profit | $12,745 | $11,470 | | Operating Income | $3,399 | $4,063 | | Income Before Income Tax | $2,446 | $3,607 | | Net Income Attributable to Ultralife | $1,865 | $2,891 | | Diluted EPS | $0.11 | $0.18 | [Non-GAAP Financial Measures](index=6&type=section&id=Non-GAAP%20Financial%20Measures) Ultralife presents Adjusted EBITDA of $5.4 million and Adjusted Diluted EPS of $0.13 for Q1 2025 as non-GAAP measures, excluding specific items to reflect ongoing operational performance [Adjusted EBITDA Reconciliation](index=6&type=section&id=Adjusted%20EBITDA) - Adjusted EBITDA is defined as net income before interest, taxes, depreciation, amortization, stock-based compensation, and other expenses not considered reflective of ongoing operations; for Q1 2025, these other expenses included severance costs, acquisition costs, and a non-cash purchase accounting adjustment[19](index=19&type=chunk)[21](index=21&type=chunk) Adjusted EBITDA Reconciliation (in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net Income Attributable to Ultralife | $1,865 | $2,891 | | Interest Expense, Net | $1,032 | $520 | | Income Tax Provision | $567 | $703 | | Depreciation & Amortization | $1,355 | $968 | | Stock-Based Compensation | $227 | $161 | | Severance/Acquisition/Other Costs | $402 | $0 | | **Adjusted EBITDA** | **$5,448** | **$5,243** | [Adjusted EPS Reconciliation](index=7&type=section&id=Adjusted%20Earnings%20Per%20Share) - Adjusted EPS is defined as net income excluding the provision for deferred taxes; the company believes this is useful for comparison as it expects U.S. taxes to be fully offset by net operating loss carryforwards and other tax credits[22](index=22&type=chunk) Adjusted EPS Reconciliation | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Diluted GAAP EPS | $0.11 | $0.18 | | Deferred Tax Provision per Share | $0.02 | $0.03 | | **Adjusted Diluted EPS** | **$0.13** | **$0.21** | [About Ultralife Corporation & Investor Information](index=3&type=section&id=About%20Ultralife%20Corporation%20%26%20Investor%20Information) Ultralife Corporation, a global provider of power and communication solutions, will host an earnings call and cautions investors about potential risks including economic conditions, tariffs, and supply chain disruptions - Ultralife serves its markets with products ranging from power solutions to communications and electronics systems, with operations in North America, Europe, and Asia[10](index=10&type=chunk)[11](index=11&type=chunk) - The company will hold its Q1 earnings conference call at **10:00 AM ET**, with registration required for dial-in participation and a live webcast available on its investor relations website[12](index=12&type=chunk)[13](index=13&type=chunk) - Potential risks that could cause actual results to differ materially include uncertain global economic conditions, tariffs, inflation, military spending reductions, and supply chain disruptions[14](index=14&type=chunk)

Core Insights - Ultralife Corporation reported a strong first quarter for 2025, with a 21% year-over-year revenue increase driven by robust growth in Battery & Energy Products, particularly in government/defense sales, and the contribution from the Electrochem acquisition [1][2] - The company is focused on improving gross margins and has successfully reduced inventory by 7%, which has freed up cash for strategic investments [1] - Ultralife is actively implementing a tariff mitigation plan to manage operational impacts from tariffs across its supply chains [1] Financial Performance - Revenue for the first quarter of 2025 was $50.7 million, an increase of $8.8 million or 21% compared to $41.9 million in the same quarter of 2024 [2][6] - Battery & Energy Products sales increased by 32.4% to $46.3 million, while Communications Systems sales decreased by 36.2% to $4.4 million [2][6] - Gross profit was $12.7 million, representing 25.1% of revenue, compared to $11.5 million or 27.4% of revenue in the prior year [3][6] Operating Metrics - Operating expenses rose to $9.3 million from $7.4 million in the previous year, reflecting the inclusion of Electrochem and increased costs for new product development [4][6] - Operating income decreased to $3.4 million, with an operating margin of 6.7%, down from 9.7% in the prior year [5][6] - Net income attributable to Ultralife Corporation was $1.9 million or $0.11 per diluted share, compared to $2.9 million or $0.18 per diluted share in the first quarter of 2024 [7][6] Backlog and Future Outlook - The total backlog and high-confidence orders at the end of the first quarter stood at $95.0 million, down from $102.2 million at the end of the fourth quarter of 2024, indicating a strong replenishment rate [2][6] - The company is confident in its ability to sustain profitable growth and generate incremental cash flow to reduce acquisition-related debt while continuing to invest in strategic product development [1]

Core Viewpoint - Ultralife Corporation is set to report its first quarter results for the period ending March 31, 2025, on May 9, 2025, before market opening [1] Group 1: Earnings Report - The earnings report will be followed by an investor conference call and webcast scheduled for 10:00 AM ET on the same day [1] - Participants are required to pre-register for the conference call to ensure a reliable connection [2] Group 2: Webcast Information - A live webcast of the conference call will be available on the company's website, with a replay accessible shortly after the call [3] Group 3: Company Overview - Ultralife Corporation provides a range of products and services, including power solutions and communications systems, serving government, defense, and commercial customers globally [4] - The company operates in two main segments: Battery & Energy Products and Communications Systems, with a presence in North America, Europe, and Asia [5]

Financial Data and Key Metrics Changes - For Q4 2024, the company reported sales of $43.9 million, a decrease from $44.5 million in Q4 2023 [13] - The operating income for Q4 was $1.5 million, which includes a one-time cost of $1.1 million related to the Electrochem acquisition, resulting in an EPS of $0.01 [8] - For the full year 2024, total sales were $164.5 million with an operating income of $10 million, leading to an EPS of $0.38 [9] Business Line Data and Key Metrics Changes - Battery & Energy Products segment revenues were $39.9 million, up from $35.7 million year-over-year, but excluding Electrochem sales, there was a decline of $1.9 million or 5.3% [14] - Government/defense sales increased by 48.1%, while medical battery sales saw a decline of 47.2% compared to last year [14] - Communications Systems segment revenues fell to $4 million, a 55.1% decrease from $8.8 million in the previous year, primarily due to delayed shipments [15] Market Data and Key Metrics Changes - The sales split between commercial and government defense for the battery business was 70-30, compared to 77-23 in the previous year, indicating increased domestic demand [14] - The total backlog exiting Q4 was $102.2 million, representing 62% of trailing twelve months (TTM) sales, indicating a healthy replenishment rate [16] Company Strategy and Development Direction - The company aims to leverage the Electrochem acquisition to enhance vertical integration and expand into adjacent markets [10] - Key operational priorities for 2025 include completing the transition of the Electrochem acquisition, improving gross margins, and enhancing sales opportunities [33][43] - The company is focusing on lean productivity projects to offset rising costs and has initiated several projects to improve throughput and efficiency [30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2025, citing a strong pipeline of new products and growth initiatives [10][43] - The company is addressing a material weakness in internal controls and is actively seeking to strengthen its accounting personnel [27] - Management noted that the decline in industrial sales was primarily due to order push-outs rather than macroeconomic weakness [58] Other Important Information - The company is pursuing legal action regarding a business interruption claim from a cyberattack, seeking a fair settlement after receiving only a fraction of the claimed amount [24] - The IRS has approved a $1.5 million employee retention credit, which will be used to reduce acquisition debt [25] Q&A Session Summary Question: Where are you ahead of schedule with Electrochem and what are the major hurdles? - Management indicated they are already utilizing Electrochem cells in their packs, which positively impacts the bottom line. The main hurdle is gaining total control over the business from its previous parent [52][53] Question: What part of the industrial sales timing is a push-out versus macro-related weakness? - Management clarified that it is all push-out, with no significant economic trends affecting their markets [56][58] Question: What does the initial production look like for the thin cell medical opportunity? - Management expects around $1 million in sales for the current year, with significant growth potential in the following years depending on hospital adoption and CapEx spending [60][62]

Financial Data and Key Metrics Changes - For Q4 2024, the company reported sales of $43.9 million, a decrease from $44.5 million in Q4 2023 [13] - The operating income for Q4 was $1.5 million, which includes a one-time cost of $1.1 million related to the Electrochem acquisition, resulting in an EPS of $0.01 [8] - For the full year 2024, total sales were $164.5 million with an operating income of $10 million, leading to an EPS of $0.38 [9] Business Line Data and Key Metrics Changes - Battery & Energy Products segment revenues were $39.9 million, up from $35.7 million year-over-year; however, excluding Electrochem sales, there was a decline of $1.9 million or 5.3% [14] - Government/defense sales increased by 48.1%, while medical battery sales saw a decline of 47.2% compared to last year [14] - Communications Systems segment revenues fell to $4 million, a 55.1% decrease from $8.8 million in the previous year, primarily due to delayed shipments [15] Market Data and Key Metrics Changes - The sales split between commercial and government defense for the battery business was 70-30, compared to 77-23 in the previous year, indicating increased domestic demand [14] - The total backlog exiting Q4 was $102.2 million, representing 62% of trailing twelve months (TTM) sales, indicating a healthy replenishment rate [16] Company Strategy and Development Direction - The company aims to leverage the Electrochem acquisition to enhance vertical integration and expand into adjacent markets [10] - Key operational priorities for 2025 include completing the transition of the Electrochem acquisition, improving gross margins, and growing the sales opportunity pipeline [33][43] - The company is focusing on lean productivity projects to offset rising costs and has initiated several projects to enhance throughput and efficiency [30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2025, citing a strong pipeline of new products and growth initiatives [10][43] - The company noted that the decline in industrial sales was primarily due to order push-outs rather than macroeconomic weakness [58] - Management highlighted the importance of hospital adoption and capital expenditure in driving growth for the thin cell medical opportunity [62] Other Important Information - The company is pursuing legal action regarding a business interruption claim from a cyberattack, seeking a fair settlement after receiving only a fraction of the claimed amount [24] - The IRS has approved a $1.5 million employee retention credit, which will be used to reduce acquisition debt [25] - A material weakness in internal control processes has been identified, prompting the company to seek additional qualified accounting personnel [27] Q&A Session Summary Question: Where are you ahead of schedule with Electrochem and what are the major hurdles? - Management indicated they are already utilizing Electrochem cells in their packs, which is a positive development. The main hurdle is gaining total control over the business and finalizing the transition from the previous parent company [52][53] Question: What part of the industrial sales timing is a push-out versus macro-related weakness? - Management clarified that the decline in industrial sales is entirely due to push-outs, with no significant economic trends affecting their markets [56][58] Question: What does the initial production for the thin cell medical opportunity look like this year? - Management expects around $1 million in sales for the thin cell medical opportunity this year, with significant growth potential in the following years depending on hospital adoption and capital expenditure [60][62]

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].

Exhibit 99.1 Ultralife Corporation Reports Fourth Quarter Results Acquisition of Electrochem Completed and Integration Has Commenced NEWARK, N.Y. – April 1, 2025 -- Ultralife Corporation (NASDAQ: ULBI) reported operating results for the fourth quarter and full year ended December 31, 2024 as follows: Fourth Quarter: Fiscal Year 2024: "For the fourth quarter the contribution of Electrochem compensated for delays in the timing of expected larger orders for our Communications Systems segment and customer reque ...

Core Insights - Ultralife Corporation has completed the acquisition of Electrochem and has begun the integration process to realize the benefits of this investment [3][4] - The company reported a revenue of $43.9 million for Q4 2024, slightly down from $44.5 million in Q4 2023, with Electrochem contributing $6.1 million to this figure [5][6] - The company is optimistic about its future growth, citing a healthy backlog of $102.2 million and plans for new product launches in high-growth markets [4][5] Financial Performance - Q4 2024 revenue was $43.9 million, including $6.1 million from Electrochem, compared to $44.5 million in Q4 2023 [5][6] - Battery & Energy Products sales increased by 11.7% to $39.9 million, while Communications Systems sales decreased by 55.1% to $4.0 million [5][6] - Gross profit for Q4 2024 was $10.6 million, or 24.2% of revenue, down from $11.4 million, or 25.6% of revenue, in Q4 2023 [6][7] Operating Metrics - Operating income for Q4 2024 was $1.5 million, down from $3.6 million in Q4 2023, impacted by one-time acquisition costs and a decline in Communications Systems sales [6][9] - Operating expenses increased to $9.1 million in Q4 2024 from $7.8 million in Q4 2023, reflecting costs associated with the acquisition of Electrochem [8][9] - The company reported a GAAP EPS of $0.01 for Q4 2024, compared to $0.17 for Q4 2023 [10][21] Yearly Overview - For the fiscal year 2024, total revenue was $164.5 million, a 3.7% increase year-over-year, remaining flat when excluding Electrochem [6][20] - Operating income for the year was $10.0 million, compared to $9.5 million in 2023, despite one-time costs related to the acquisition [6][20] - The company achieved an adjusted EBITDA of $16.5 million for the year, up from $15.7 million in 2023 [6][11] Strategic Outlook - The company is focused on completing the integration of Electrochem to achieve manufacturing cost efficiencies and vertical integration savings [4][5] - Ultralife aims to leverage its strengthened sales and marketing leadership to expedite organic growth and enhance its global brand [4][5] - The company is confident in its ability to deliver profitable growth and incremental cash flow, which will support debt reduction and strategic capital expenditures [4][5]

Core Viewpoint - Ultralife Corporation is set to report its fourth quarter results for the period ending December 31, 2024, on April 1, 2025, before market opening [1] Group 1: Financial Reporting - The fourth quarter results will be announced before the market opens on April 1, 2025 [1] - An investor conference call and webcast will be hosted by Ultralife's management at 8:30 AM ET on the same day [1] Group 2: Participation Details - Participants planning to join the conference call by phone must pre-register to ensure a reliable connection [2] - A live webcast of the conference call will be available on the company's website, with a replay accessible shortly after the call [3] Group 3: Company Overview - Ultralife Corporation provides products and services in power solutions, communications, and electronics systems, serving government, defense, and commercial customers globally [4] - The company is headquartered in Newark, New York, and operates in North America, Europe, and Asia, with business segments including Battery & Energy Products and Communications Systems [5]