Core Insights - Ultralife Corporation has been included in the Russell 2000® Index and the broader Russell 3000® Index, indicating a significant enhancement in its financial profile and earnings potential as a result of successful new product investments and margin recovery [1][4]. Company Overview - Ultralife Corporation is headquartered in Newark, New York, and operates in two main business segments: Battery & Energy Products and Communications Systems. The company has a global presence with operations in North America, Europe, and Asia [2][5]. Index Inclusion Details - The annual reconstitution of the Russell U.S. Indexes, effective July 1, 2024, identified Ultralife among the 4,000 largest U.S. stocks based on total market capitalization. This inclusion in the Russell 3000® Index also secures its position in the small-cap Russell 2000® Index and relevant growth and value style indexes [3][4]. Market Impact - The inclusion in the Russell Index is expected to increase Ultralife's visibility among institutional investors who are interested in companies operating in the expanding markets for power solutions and electronic systems, thereby contributing to shareholder value through sustainable and profitable growth [1][4].

Business Overview Performance, Safety and Reliability for Their Critical Applications Revenue Mix TTM by Revenues TTM by Business Segment Market Segment ent & Defense I Battery & Energy Products #Communications Systems Safety & Security & Industrial Medical & Healthcare Energy Storage Oll & Gas and SubSea History & Background Founded in 1991; NASDAQ - ULBI Headquarters - Newark, NY Employees – 545 Business Segments: Battery & Energy Products Communications Systems Strategic Business Locations in N. America, ...

Ultralife Corporation (NASDAQ:ULBI) Q1 2024 Earnings Call Transcript April 25, 2024 8:30 AM ET Company Participants Jody Burfening - IR Mike Manna - President and CEO Phil Fain - CFO Conference Call Participants Josh Sullivan - The Benchmark Company Samuel McColgan - Breakout Investors Operator Good day, and thank you for standing by. Welcome to the Ultralife Corporation First Quarter Conference Call. At this time, all participants are in listen-only mode. After the speakers’ presentation, there will be a q ...

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, 2024 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 ...

[First Quarter 2024 Financial Results](index=1&type=section&id=First%20Quarter%202024%20Financial%20Results) Ultralife achieved strong Q1 2024 results, driven by gross margin improvements and robust demand from key customer segments [Overview of Q1 2024 Performance](index=1&type=section&id=Overview%20of%20Q1%202024%20Performance) Ultralife reported strong Q1 2024 results, driven by gross margin initiatives and sustained demand from core customers - The CEO attributed the strong Q1 results to teamwork, gross margin improvement initiatives, and continued demand from core government/defense and medical customers[2](index=2&type=chunk) Q1 2024 Key Performance Indicators (in millions) | Metric | Q1 2024 | Q1 2023 | % Change | | :--- | :--- | :--- | :--- | | Sales | $41.9M | $31.9M | +31.4% | | Gross Profit | $11.5M | $7.4M | +55.4% | | Gross Margin | 27.4% | 23.3% | +410 bps | | Operating Income | $4.1M | $0.0M | N/A | | GAAP EPS | $0.18 | ($0.02) | N/A | | Adjusted EBITDA | $5.2M | $1.2M | +333.3% | | Backlog | $97.4M | N/A | N/A | [Detailed Financial Analysis](index=1&type=section&id=Detailed%20Financial%20Analysis) A detailed review of revenue, profitability, and non-GAAP measures reveals significant financial improvements [Revenue Analysis](index=1&type=section&id=Revenue%20Analysis) Total revenue increased significantly, propelled by strong government/defense sales and growth in the medical market Revenue by Segment (in millions) | Segment | Q1 2024 | Q1 2023 | % Change | | :--- | :--- | :--- | :--- | | Battery & Energy Products | $35.0 | $28.5 | +22.9% | | Communications Systems | $6.9 | $3.4 | +101.3% | | **Total Revenue** | **$41.9** | **$31.9** | **+31.4%** | - Growth was primarily driven by an **83.4% increase in government/defense sales** and an **8.6% increase in commercial sales**[3](index=3&type=chunk) - Within commercial sales, the medical battery market was a key contributor with **54.7% growth**, while oil & gas market sales declined by **13.9%**[3](index=3&type=chunk) [Profitability Analysis](index=1&type=section&id=Profitability%20Analysis) Profitability improved substantially due to higher volume, production efficiencies, and a favorable product mix Gross Margin by Segment | Segment | Q1 2024 Gross Margin | Q1 2023 Gross Margin | | :--- | :--- | :--- | | Battery & Energy Products | 25.7% | 22.9% | | Communications Systems | 35.8% | 26.8% | | **Total Gross Margin** | **27.4%** | **23.3%** | - Operating expenses remained flat at **$7.4 million** year-over-year, representing **17.7% of revenue** compared to **23.2%** in the prior year, demonstrating strong operating leverage[6](index=6&type=chunk) Operating and Net Income (in millions) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Operating Income | $4.1 | $0.0 | | Net Income | $2.9 | ($0.3) | | Diluted EPS (GAAP) | $0.18 | ($0.02) | [Non-GAAP Measures](index=2&type=section&id=Non-GAAP%20Measures) Non-GAAP performance showed strong growth in Adjusted EBITDA and a significant turnaround in Adjusted EPS - Adjusted EBITDA, which includes non-cash stock-based compensation, reached **$5.2 million** (**12.5% of sales**), a four-fold increase from **$1.2 million** (**3.6% of sales**) in Q1 2023[5](index=5&type=chunk)[9](index=9&type=chunk) - Adjusted EPS, which excludes non-cash deferred tax provisions, was **$0.21 per diluted share**, compared to a loss of **$0.05** in the prior-year period[8](index=8&type=chunk) [Financial Statements](index=3&type=section&id=Financial%20Statements) Key financial statements provide a comprehensive overview of the company's assets, liabilities, equity, and income [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) The balance sheet reflects a slight increase in total assets and shareholders' equity, with a decrease in liabilities Key Balance Sheet Items (in thousands) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total Current Assets | $94,302 | $90,203 | | **Total Assets** | **$180,551** | **$178,276** | | Total Current Liabilities | $23,376 | $23,730 | | **Total Liabilities** | **$51,606** | **$52,849** | | **Total Shareholders' Equity** | **$128,945** | **$125,427** | [Consolidated Statements of Income](index=4&type=section&id=Consolidated%20Statements%20of%20Income) Income statements highlight substantial revenue growth and a significant turnaround from a net loss to net income Consolidated Income Statement Highlights (in thousands) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Total Revenues | $41,927 | $31,916 | | Gross Profit | $11,470 | $7,436 | | Operating Income (Loss) | $4,063 | $26 | | Net Income (Loss) Attributable to Ultralife | $2,891 | ($346) | | Diluted EPS | $0.18 | ($0.02) | [Reconciliation of Non-GAAP Financial Measures](index=5&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures) Reconciliations provide clarity on the adjustments made to derive non-GAAP financial metrics like EBITDA and EPS [Adjusted EBITDA Reconciliation](index=5&type=section&id=Adjusted%20EBITDA%20Reconciliation) Net Income is reconciled to Adjusted EBITDA, showing a substantial increase in this key profitability metric Adjusted EBITDA Calculation (in thousands) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net Income (Loss) Attributable to Ultralife | $2,891 | ($346) | | Interest Expense, Net | $520 | $424 | | Income Tax Provision (Benefit) | $703 | ($133) | | Depreciation Expense | $740 | $762 | | Amortization of Intangible Assets | $228 | $209 | | Stock-Based Compensation Expense | $161 | $139 | | Non-Recurring – Cyber Insurance Deductible | $0 | $100 | | **Adjusted EBITDA** | **$5,243** | **$1,155** | [Adjusted EPS Reconciliation](index=6&type=section&id=Adjusted%20EPS%20Reconciliation) GAAP EPS is adjusted to exclude deferred tax provisions, resulting in a positive adjusted earnings per share Adjusted EPS Calculation (in thousands, except per share) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net Income (Loss) Attributable to Ultralife | $2,891 | ($346) | | Diluted EPS (GAAP) | $0.18 | ($0.02) | | Deferred Tax Provision (Benefit) | $650 | ($390) | | **Adjusted Net Income (Loss)** | **$3,541** | **($736)** | | **Adjusted Diluted EPS** | **$0.21** | **($0.05)** | [Company Information and Forward-Looking Statements](index=2&type=section&id=Company%20Information%20and%20Forward-Looking%20Statements) Essential company details, conference call logistics, and important forward-looking statement disclaimers are provided [About Ultralife Corporation](index=2&type=section&id=About%20Ultralife%20Corporation) Ultralife Corporation provides power solutions and communications systems to government/defense and commercial customers globally - Ultralife serves government/defense and commercial markets with products ranging from power solutions to communications and electronics systems[10](index=10&type=chunk) - The company's business is organized into two segments: Battery & Energy Products and Communications Systems, with operations in North America, Europe, and Asia[11](index=11&type=chunk) [Conference Call Information](index=2&type=section&id=Conference%20Call%20Information) Ultralife scheduled an earnings conference call and provided access details for participants and webcast viewers - A conference call to discuss Q1 earnings was held at **8:30 AM ET** on the day of the announcement[12](index=12&type=chunk) - Dial-in participants were required to pre-register, and a live webcast was also made available for investors[13](index=13&type=chunk) [Forward-Looking Statements](index=2&type=section&id=Forward-Looking%20Statements) This press release contains forward-looking statements subject to various risks and uncertainties, as detailed in SEC filings - The press release includes forward-looking statements that are based on current expectations and involve a number of risks and uncertainties[14](index=14&type=chunk) - Potential risks cited include uncertain global economic conditions, reductions in military spending, and supply chain disruptions[14](index=14&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 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 other ...

Ultralife Corporation (NASDAQ:ULBI) Q4 2023 Earnings Call Transcript February 15, 2024 8:30 AM ET Company Participants Jody Burfening - IR Mike Manna - President and CEO Phil Fain - CFO Conference Call Participants Josh Sullivan - The Benchmark Company Brett Davidson - Investletter John Deysher - Pinnacle Operator Thank you for standing by, and welcome to Ultralife Corporation's Fourth Quarter 2023 Results Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ present ...

Ultralife Corporation (NASDAQ:ULBI) Q3 2023 Earnings Conference Call October 26, 2023 8:30 AM ET Company Participants Jody Burfening - Investor Relations Michael Manna - President & Chief Executive Officer Philip Fain - Chief Financial Officer Conference Call Participants Josh Sullivan - Benchmark Company Operator Good day, and thank you for standing by. Welcome to the Ultralife Corporation Third Quarter 2020 Results Conference Call. All participants are in a listen mode. After the speaker's presentation, t ...

Financial Performance - Consolidated revenues for the three-month period ended September 30, 2023, were $39,488, an increase of $6,254 or 18.8% compared to $33,234 for the same period in 2022, driven by a 48.1% increase in government/defense sales and a 5.6% increase in commercial sales [82]. - Gross profit for the three-month period ended September 30, 2023, was $9,774, or 24.8% of revenue, compared to $6,715, or 20.2% of revenue for the same quarter a year ago, reflecting a 460-basis point improvement [83]. - Operating income for the three-month period ended September 30, 2023, was $2,135, or 5.4% of revenues, compared to a loss of $586 for the year-earlier period, resulting from the increase in revenues and improved gross margin [85]. - Net income attributable to Ultralife Corporation was $1,330 or $0.08 per share for the third quarter of 2023, compared to a net loss of $239 or $0.01 per share for the same period in 2022 [86]. - Adjusted EBITDA for the third quarter of 2023 amounted to $3,480, or 8.8% of revenues, compared to $1,255 or 3.8% of revenues for the third quarter of 2022 [87]. - Consolidated revenues for the nine-month period ended September 30, 2023, were $114,096, an increase of $18,363, or 19.2%, from $95,733 in the same period of 2022 [101]. - Adjusted EPS for the nine-month period ended September 30, 2023, was $0.34, compared to ($0.04) for the same period in 2022 [111]. - Adjusted EBITDA for the nine-month period ended September 30, 2023, was $5,569,000, compared to an adjusted loss of $578,000 for the same period in 2022 [120]. Sales Performance - Battery & Energy Products segment revenues increased by $3,336, or 11.7%, from $28,583 in Q3 2022 to $31,919 in Q3 2023, with government/defense sales increasing by 36.2% [90]. - Communications Systems sales increased by $2,918, or 62.7%, from $4,651 in Q3 2022 to $7,569 in Q3 2023, primarily due to defense contracts [91]. - Government/defense sales increased by $15,198, or 59.4%, while commercial sales rose by $3,165, or 4.5% for the nine-month period ended September 30, 2023 [101]. - Communications Systems revenues surged by $11,986, or 152.5%, from $7,860 in the nine-month period ended September 30, 2022, to $19,846 in 2023 [103]. Expenses and Costs - Operating expenses increased to $7,639 for the three-month period ended September 30, 2023, compared to $7,301 for the same period in 2022, representing 19.3% of revenues [84]. - Research and development costs were $1,869 for the three-month period ended September 30, 2023, a decrease of 1.4% from $1,896 for the same period in 2022 [96]. - Operating expenses for the nine-month period ended September 30, 2023, were $21,972, an increase of $565, or 2.6%, from $21,407 in 2022 [107]. - Research and development costs increased by $254, or 4.7%, to $5,679 for the nine-month period ended September 30, 2023, driven by new product development investments [108]. Cash Flow and Financing - As of September 30, 2023, cash totaled $9,301,000, an increase of $3,588,000 from $5,713,000 at December 31, 2022 [123]. - Cash used in operations for the nine-month period ended September 30, 2023, was $503,000, significantly improved from $3,827,000 used in operations for the same period in 2022 [124]. - Cash provided by financing activities for the nine months ended September 30, 2023, was $5,791,000, primarily due to draws on the credit facility [126]. - The company had $19,580,000 outstanding borrowings on the Revolving Credit Facility and $6,667,000 on the Term Loan Facility as of September 30, 2023 [129]. - The company expects positive operating cash flow and sufficient availability under its Revolving Credit Facility to meet general funding requirements for the foreseeable future [127]. Tax and Interest - The effective tax rate for the nine-month period ended September 30, 2023, was 28.1%, down from 259.1% in the same period of 2022 [110]. - Interest and financing expense increased by $867, or 148.7%, from $583 in the first nine months of 2022 to $1,450 in 2023 [109]. Future Commitments - The company made commitments to purchase approximately $925,000 of production machinery and equipment as of September 30, 2023 [130]. - The company filed a shelf registration statement allowing for the potential offering of up to $100 million in securities for general corporate purposes, including potential acquisitions and strategic capital expenditures [128].

Financial Data and Key Metrics Changes - Consolidated revenues for Q2 2023 totaled $42.7 million, an increase of 32.9% compared to $32.1 million in Q2 2022 [8] - Operating profit increased over 360% year-over-year, reaching $3.7 million compared to $0.8 million in the previous year [6][13] - Adjusted EPS was $0.29 for Q2 2023, up from $0.03 in Q2 2022 [15][38] - Net income was $3.3 million or $0.21 per share, compared to $0.2 million or $0.03 per share in the prior year [38] Business Line Data and Key Metrics Changes - Battery & Energy Products segment revenues were $33.9 million, a 12.3% increase from $30.1 million last year, with government/defense sales up 26.6% and medical battery sales up 25.2% [9] - Communications Systems segment revenues were $8.8 million, a more than four-fold increase from $2.0 million last year, driven by defense contracts [10] Market Data and Key Metrics Changes - The commercial to government/defense sales split was 63-37, compared to 71-29 for the full year 2022 [11] - The backlog exiting Q2 increased 2.6% over Q1 to $110.9 million, the highest in company history, representing a 40.1% increase year-over-year [32] - The backlog for Battery & Energy Products increased 12.1% over Q1 to $98.5 million, while the Communications Systems backlog decreased 38.8% to $12.3 million [33][34] Company Strategy and Development Direction - The company is focused on executing its backlog and improving gross margins, with operational initiatives in place to enhance production flow and manage materials [41][42] - There is an emphasis on organic growth through new product development, particularly in the Battery & Energy segment, targeting medical and telemetry applications [43][44] - The company is exploring opportunities in the electrification and 5G market spaces, leveraging cell design expertise [58] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery from the Q1 cyber-attack, noting that the attack did not disrupt manufacturing systems significantly [49][62] - Supply chain conditions have improved, with lead times for many components reduced to manageable levels [50][63] - The company anticipates continued revenue growth in defense contracts, supported by long-term agreements [56] Other Important Information - The company confirmed its eligibility for the Employee Retention Credit, with a receivable of $1.5 million reported [37] - The total backlog is diverse across commercial and government defense customers, with expectations for approximately 70% to ship in the second half of 2023 [32] Q&A Session Summary Question: How did the company recover from the cyber-attack? - Management highlighted the team's efforts and external resources that facilitated a quick recovery, with minimal disruption to technology and manufacturing systems [49] Question: What details can be provided about supply chain bottlenecks? - Management noted that lead times have improved, allowing for better execution on backlogs, although some components still face long lead times [50] Question: What is the outlook for government/defense sales? - Management indicated a strong backlog in defense contracts, with expectations for continued revenue growth from long-term agreements [56]