Ultralife's Management will also host an investor conference call and simultaneous webcast at 8:30 AM ET on July 25, 2024. Please see the call-in procedures which follow below. 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. Company Contact: Inv ...

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)

Financial Performance - Revenues for the Battery & Energy Products segment for the year ended December 31, 2023, were $129,953, with a segment contribution (gross profit) of $30,775[23] - Revenues for the Communications Systems segment for the year ended December 31, 2023, were $28,691, with a segment contribution (gross profit) of $8,425[26] - Corporate operating expenses for the year ended December 31, 2023, were $29,725, with no revenues reported[27] - Consolidated revenues increased by $26,804 or 20.3% to $158,644 for the year ended December 31, 2023, compared to $131,840 for 2022[193] - Net income attributable to Ultralife Corporation was $7,197, or $0.44 per share for 2023, compared to a net loss of $119, or $0.01 per share for 2022[198] - Adjusted EPS for 2023 was $0.52 per share, compared to a loss of $0.07 per share in 2022[198] - The effective tax rate for 2023 was 21.4%, down from 73.1% in 2022, primarily due to the increase in income before income taxes[214] Market Presence and Demand - The company operates in multiple global markets, with sales, operations, and product development facilities in North America, Europe, and Asia[18] - The company reported sales to U.S. customers of approximately $81.4 million and to foreign customers of approximately $77.2 million in 2023, compared to $67.9 million and $63.9 million in 2022, respectively[59] - The backlog for Battery & Energy Products increased by 4% year-over-year to approximately $92 million at the end of 2023, driven by demand in medical, government, defense, and oil and gas sectors[65] - The year-end backlog for 2023 was $103,535, indicating strong demand for the company's products[193] - Sales to non-U.S. customers accounted for 49% of total revenues in 2023, up from 48% in 2022, indicating a significant reliance on international markets[149] Product Development and Innovation - The company continues to seek funding for new product development through contracts with government agencies and private sector third parties[22] - The company has expanded its product offerings through strategic acquisitions, including Excell Battery Group, which enhances its Battery & Energy Products business[36] - The company is actively developing new battery and power solutions, including a Thionyl Chloride battery project in China[85] - Research and development expenditures rose to $8,587 in 2023 from $7,874 in 2022, with customer-sponsored R&D increasing from $793 to $1,056, reflecting a focus on developing new products[84] - Research and development costs increased by $450 or 6.4% in 2023, reflecting investments in new product development[212] Competitive Landscape - The rechargeable batteries market is competitive, with cycle life being a critical factor; Lithium-ion batteries generally offer higher energy density and longer cycle life compared to Nickel Metal Hydride batteries[46] - The company faces intense competition in the battery and communications systems markets, with competitors having significantly greater resources[107] - The company continues to develop new products and applications, but faces risks related to market acceptance and competition[118] Operational Efficiency - The company has adequate manufacturing capacity for its 9-volt Lithium batteries to meet forecasted customer demand over the next three years[41] - Manufacturing facilities in Newark, New York, and Shenzhen, China, have the capacity to produce significant volumes of batteries and energy products, with no constraints on manufacturing equipment capacity[79] - The company has invested in new machinery to alleviate production bottlenecks and ensure capacity meets customer demand[76] - The company has implemented proactive measures to align cost increases with customer price increases and improve its sales and operations planning process[111] Financial Health and Risks - As of December 31, 2023, the company had $6,167 outstanding principal on the Term Loan Facility and $19,580 on the Revolving Credit Facility, with rising interest rates expected to adversely impact financial results[142] - The company is highly dependent on key personnel, and the loss of these employees could materially affect its business and financial condition[129] - The company has experienced supply chain disruptions in 2023, impacting raw material prices and availability, which may continue into 2024[75] - The company is subject to compliance with export regulations, and any failure could have a material adverse effect on its business[101] - The company is subject to annual impairment testing for goodwill and other indefinite-lived intangible assets, which could lead to significant non-cash impairment charges if future valuations decline[150] Environmental and Compliance Issues - Environmental compliance costs were $199 in 2023, down from $264 in 2022, reflecting ongoing efforts to manage hazardous waste disposal[95] - The company is committed to responsible product stewardship and compliance with recycling regulations, with current estimated costs not expected to be significant[160] - Compliance with environmental regulations may impose future liabilities and costs, although current operations are believed to be in substantial compliance[156] - The company is required to perform due diligence regarding the use of conflict minerals, which may increase operational costs and affect supplier relationships[162] Cybersecurity and Operational Risks - The company has maintained a cybersecurity insurance policy to mitigate the impact of potential cybersecurity incidents[124] - The company experienced production and shipping downtime for several weeks due to a cybersecurity incident, resulting in a deductible of $100 recognized in the 2023 results[126] - The company continues to monitor cybersecurity risks and has implemented measures to mitigate potential impacts on operations[171] - The company has filed a business interruption claim with its cyber insurance underwriter, which is currently under review[126] Employee and Workforce Management - The company employed a total of 536 employees as of December 31, 2023, with 412 in production, 75 in sales and administration, and 49 in research and development[109] - The company is subject to safety risks associated with Lithium batteries, which could lead to significant production delays or claims for damages[140]

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].