Ultralife(ULBI)

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Ultralife(ULBI) - 2023 Q3 - Earnings Call Transcript
2023-10-26 17:42
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 ...
Ultralife(ULBI) - 2023 Q3 - Quarterly Report
2023-10-26 11:32
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].
Ultralife(ULBI) - 2023 Q2 - Earnings Call Transcript
2023-07-28 02:25
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]
Ultralife(ULBI) - 2023 Q2 - Quarterly Report
2023-07-27 11:31
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 June 30, 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 2000 Technology Parkway Newark, New York 14513 (Address of principal executive offices) (Zip Code) ...
Ultralife(ULBI) - 2023 Q1 - Quarterly Report
2023-05-04 20:43
[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section presents the unaudited consolidated financial statements and management's analysis of the company's financial condition and results of operations [Item 1. Consolidated Financial Statements](index=4&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) Ultralife Corporation's Q1 2023 unaudited financials report $171.2 million in assets, $31.9 million revenue, a net loss, and negative operating cash flow due to inventory increase [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Details Ultralife Corporation's financial position, showing assets, liabilities, and equity as of March 31, 2023, and December 31, 2022 Consolidated Balance Sheet Highlights (In Thousands) | Account | March 31, 2023 | December 31, 2022 | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | **$171,154** | **$168,430** | **+$2,724** | | Cash | $5,605 | $5,713 | -$108 | | Inventories, net | $47,311 | $41,192 | +$6,119 | | **Total Liabilities** | **$54,750** | **$52,027** | **+$2,723** | | Long-term debt | $21,126 | $19,310 | +$1,816 | | **Total Shareholders' Equity** | **$116,404** | **$116,403** | **+$1** | [Consolidated Statements of Loss and Comprehensive Income (Loss)](index=5&type=section&id=Consolidated%20Statements%20of%20Loss%20and%20Comprehensive%20Income%20%28Loss%29) Presents Ultralife Corporation's financial performance for the three-month periods ended March 31, 2023 and 2022 Q1 2023 vs Q1 2022 Performance (In Thousands, except per share amounts) | Metric | Q1 2023 | Q1 2022 | Change | | :--- | :--- | :--- | :--- | | Revenues | $31,916 | $30,373 | +5.1% | | Gross Profit | $7,436 | $6,958 | +6.9% | | Operating Income (Loss) | $26 | ($295) | +$321 | | Net Loss Attributable to Ultralife | ($346) | ($168) | -$178 | | Net Loss Per Share (basic & diluted) | ($0.02) | ($0.01) | -$0.01 | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Summarizes Ultralife Corporation's cash inflows and outflows from operating, investing, and financing activities for the quarter Cash Flow Summary for Three-Month Periods (In Thousands) | Activity | March 31, 2023 | March 31, 2022 | | :--- | :--- | :--- | | Net cash used in operating activities | ($1,365) | ($3,222) | | Net cash used in investing activities | ($497) | ($371) | | Net cash provided by financing activities | $1,800 | $1,223 | | **Decrease in Cash** | **($108)** | **($2,363)** | - The primary reason for negative operating cash flow in Q1 2023 was a significant increase in inventories of **$6.0 million**[14](index=14&type=chunk) [Notes to Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Offers detailed explanations and supplementary information supporting the consolidated financial statements - As of March 31, 2023, the company had **$7.7 million** outstanding on its Term Loan Facility and **$15.6 million** on its Revolving Credit Facility, and was in full compliance with all debt covenants[25](index=25&type=chunk)[28](index=28&type=chunk) - The effective tax rate for Q1 2023 was **28.4%**, a significant decrease from **60.9%** in Q1 2022, primarily due to the geographic mix of operating results[46](index=46&type=chunk) Segment Revenue Breakdown (Q1 2023 vs Q1 2022, In Thousands) | Segment | Q1 2023 Revenue | Q1 2022 Revenue | Change | | :--- | :--- | :--- | :--- | | Battery & Energy Products | $28,470 | $29,150 | -2.3% | | Communications Systems | $3,446 | $1,223 | +181.8% | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=18&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2023 revenue growth driven by Communications Systems, operational impacts from a cybersecurity attack, improved gross margin, and strategic focus on backlog fulfillment and debt reduction [Results of Operations](index=20&type=section&id=Results%20of%20Operations) Analyzes key drivers of revenue, gross profit, and operating expenses, highlighting segment performance and backlog - A cybersecurity ransomware attack in Q1 2023 significantly impacted the company's ability to process orders and ship products, with no ransom paid and a **$100 thousand** insurance deductible recorded[83](index=83&type=chunk)[90](index=90&type=chunk) - Battery & Energy Products revenues decreased by **2.3%** due to the cybersecurity attack's impact on medical and government sales, partially offset by a **21.3%** increase in oil & gas market sales[92](index=92&type=chunk) - Communications Systems sales grew **181.8%**, primarily due to shipments for a large vehicle-amplifier adaptor order from a global defense contractor[94](index=94&type=chunk) - Total backlog was **$108.1 million** at March 31, 2023, with **$96.1 million** scheduled to ship in the remainder of 2023, representing a **30.2%** increase over the comparable prior-year period[95](index=95&type=chunk) - Gross margin increased to **23.3%** from **22.9%** year-over-year, reflecting higher volume in Communications Systems, tempered by inefficiencies from the cyber attack and higher material costs[96](index=96&type=chunk) [Adjusted EBITDA](index=22&type=section&id=Adjusted%20EBITDA) Reconciles net loss to Adjusted EBITDA, a non-GAAP measure used to assess operational performance - Adjusted EBITDA is a non-GAAP measure used by management to evaluate operating performance by excluding items like interest, taxes, depreciation, amortization, and stock-based compensation[104](index=104&type=chunk) Adjusted EBITDA Reconciliation (In Thousands) | Line Item | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Net loss attributable to Ultralife | $(346) | $(168) | | Interest expense | 424 | 134 | | Income tax benefit | (133) | (251) | | Depreciation expense | 762 | 816 | | Amortization of intangible assets | 209 | 328 | | Stock-based compensation expense | 139 | 189 | | Cyber insurance deductible | 100 | - | | **Adjusted EBITDA** | **$1,155** | **$1,103** | [Liquidity and Capital Resources](index=23&type=section&id=Liquidity%20and%20Capital%20Resources) Discusses the company's cash position, sources and uses of funds, and overall financial flexibility - Cash decreased by **$108 thousand** during Q1 2023 to **$5.6 million**, primarily due to the cybersecurity attack and strategic inventory procurement[109](index=109&type=chunk) - Cash used in operations was **$1.4 million**, driven by a **$6.0 million** increase in inventory to manage supply chain challenges and prepare for customer orders[110](index=110&type=chunk) - Financing activities provided **$1.8 million** in cash, reflecting draws on the credit facility to manage the sales impact of the cyber attack and fund inventory purchases, offset by **$500 thousand** in term loan payments[112](index=112&type=chunk) - The company has an effective S-3 shelf registration statement allowing it to offer and sell up to **$100 million** in securities for general corporate purposes, including potential acquisitions[115](index=115&type=chunk) [Item 4. Controls and Procedures](index=25&type=section&id=Item%204.%20Controls%20and%20Procedures) The Principal Executive and Financial Officers concluded that disclosure controls were effective, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of March 31, 2023[120](index=120&type=chunk) - No changes occurred during the fiscal quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[121](index=121&type=chunk) [PART II. OTHER INFORMATION](index=26&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section includes supplementary information, primarily detailing exhibits filed with the report [Item 6. Exhibits](index=26&type=section&id=Item%206.%20Exhibits) Lists all exhibits filed with the Form 10-Q, including required certifications and Inline XBRL financial data - The report includes required CEO and CFO certifications under Rule 13a-14(a) / 15d-14(a) and Section 1350[123](index=123&type=chunk) - Financial statements and notes are provided in iXBRL (Inline eXtensible Business Reporting Language) format as Exhibit 101[123](index=123&type=chunk) [Signatures](index=27&type=section&id=Signatures) Confirms the official signing and authorization of the Form 10-Q report by the company's Principal Executive and Financial Officers - The report was signed and authorized on May 4, 2023, by the company's Principal Executive Officer and Principal Financial Officer[127](index=127&type=chunk)
Ultralife(ULBI) - 2023 Q1 - Earnings Call Transcript
2023-04-30 20:52
Financial Data and Key Metrics - Consolidated revenues for Q1 2023 totaled $31.9 million, a 5.1% increase compared to $30.4 million in Q1 2022 [8] - Government defense sales increased by 24.7%, while commercial sales decreased by 1.7% compared to the same period last year [8] - Consolidated gross profit for Q1 2023 was $7.4 million, up 6.9% from the previous year, with a gross margin of 23.3% compared to 22.9% in Q1 2022 [10] - Operating profit was breakeven, inclusive of a $0.1 million one-time insurance deductible, compared to an operating loss of $0.3 million in Q1 2022 [11] - Net loss for Q1 2023 was $0.3 million or $0.02 per share, compared to a net loss of $0.2 million or $0.01 per share in Q1 2022 [12] - Adjusted EBITDA for Q1 2023 was $1.2 million or 3.6% of sales, compared to $1.1 million or 3.6% in Q1 2022 [12] Business Segment Performance - Battery & Energy Products segment revenues were $28.5 million, a 2.3% decrease compared to $29.2 million in Q1 2022 [8] - Medical and government defense businesses within this segment declined by 8.5% and 4.7%, respectively, partially offset by a 21.3% increase in oil and gas market sales [8] - Gross margin for this segment was 22.9%, a sequential increase of 130 basis points from Q4 2022 [10] - Communications Systems segment revenues were $3.4 million, a 181.8% increase compared to $1.2 million in Q1 2022 [9] - Gross margin for this segment was 26.8%, up from 19.4% in Q1 2022 [11] Market and Backlog Data - Total backlog at the end of Q1 2023 was $108.1 million, with $96.1 million due to ship over the remaining 9 months of 2023, representing a 30.2% increase compared to $73.8 million in the same period last year [8] - Battery & Energy Products backlog was $87.9 million, virtually identical to the $88.6 million backlog at the end of Q4 2022 [9] - Communications Systems backlog was $20.2 million, down 9.8% from $22.4 million at the end of Q4 2022 [9] Strategic Direction and Industry Competition - The company is focused on executing its backlog and improving gross margins, with initiatives such as price realization activities, extending the sales and operations planning process, and improving new product launches [14][15] - On the Battery & Energy side, the company is developing products for medical wearables, IoT, and utility monitoring applications, with new products expected to launch in 2023 [16][17][18] - On the Communications Systems side, the company is working on advanced amplification and power products for military applications and is close to initial commercial orders for its EL8000 server case and power system [19] - The company is also exploring opportunities in electrification and 5G markets, leveraging its cell design expertise and power system capabilities [19] Management Commentary on Operating Environment and Outlook - The company faced operational inefficiencies in Q1 due to a cybersecurity attack, which delayed production and impacted the ability to take full advantage of the backlog [4][5] - Despite the challenges, the company saw improvement in gross margins and remains focused on returning to profitable growth [14][20] - Supply chain issues persist, particularly with specialty parts, but there are signs of improvement in component lead times and part availability [14] Other Important Information - The cybersecurity attack resulted in a $100,000 insurance deductible, which was recognized in operating expenses [7] - Inventory increased by $6.1 million or 14.9% over Q4 2022, with $5.1 million of the increase occurring at the Newark and Virginia Beach locations [12] - The company ended Q1 2023 with working capital of $52.5 million and a current ratio of 2.8 [13] Q&A Session Summary - No specific questions were asked during the Q&A session, and the call concluded with closing remarks from the CEO [20][21][22]
Ultralife(ULBI) - 2022 Q4 - Annual Report
2023-03-31 11:00
[PART I](index=4&type=section&id=PART%20I) This section provides a comprehensive overview of Ultralife Corporation's business, including its segments, products, history, operations, and competitive landscape [ITEM 1. BUSINESS](index=5&type=section&id=Item%201.%20Business) Ultralife Corporation provides power solutions and communications/electronics systems to government, defense, and commercial sectors globally, focusing on custom-engineered solutions and continuous growth [General Business Overview](index=5&type=section&id=General%20Business%20Overview) Ultralife Corporation specializes in designing and manufacturing power and communications systems for global government, defense, and commercial sectors - Ultralife Corporation designs and manufactures power and communications systems, including rechargeable and non-rechargeable batteries, charging systems, and custom-engineered solutions for government, defense, and commercial customers globally[17](index=17&type=chunk) - The company's products are sold through OEMs, industrial and defense supply distributors, and directly to U.S. and foreign defense departments, with strong brand recognition[18](index=18&type=chunk) - Ultralife reports in two operating segments: Battery & Energy Products and Communications Systems, with segment performance measured at the gross profit level[19](index=19&type=chunk) [Battery & Energy Products Segment](index=5&type=section&id=Battery%20%26%20Energy%20Products%20Segment) This segment focuses on manufacturing and marketing advanced non-rechargeable and rechargeable battery solutions and charging systems - The Battery & Energy Products segment manufactures and markets Lithium Manganese Dioxide, Lithium Manganese Dioxide Carbon Monofluoride hybrid, and Lithium Thionyl Chloride non-rechargeable batteries (9-volt, cylindrical, thin cell) for applications like smoke alarms, wireless security, military radios, and medical devices[20](index=20&type=chunk) - Lithium batteries offer significant advantages over other non-rechargeable technologies, including higher energy density, lighter weight, longer operating time, longer shelf life, and wider operating temperature range[20](index=20&type=chunk) - The segment also develops and markets lightweight, high-energy Lithium-ion and Nickel Metal Hydride (NiMH) rechargeable batteries and charging systems for communications, medical, and portable electronic devices[21](index=21&type=chunk) Battery & Energy Products Segment Financials (2022) | Metric | Value (in thousands) | | :----- | :------------------- | | Revenues | $119,995 | | Gross Profit | $26,154 | [Communications Systems Segment](index=6&type=section&id=Communications%20Systems%20Segment) This segment designs and manufactures robust communications systems and accessories primarily for military and commercial applications - The Communications Systems segment designs and manufactures communications systems and accessories under McDowell Research and AMTI brands, supporting military requirements with products like RF amplifiers, power supplies, and integrated communication systems for fixed or vehicle applications[24](index=24&type=chunk)[25](index=25&type=chunk) - Commercial products integrate information technology equipment and power conversion into rugged cases for automotive, cellular carriers, and manufacturing industries[26](index=26&type=chunk) Communications Systems Segment Financials (2022) | Metric | Value (in thousands) | | :----- | :------------------- | | Revenues | $11,845 | | Gross Profit | $3,246 | [Corporate Operations](index=6&type=section&id=Corporate%20Operations) This section details the allocation of corporate income and expenses, including research and development and administrative costs, without direct revenue generation - Corporate reports the balance of income and expense, including research and development, and selling, general and administrative expenses, with no direct revenues[27](index=27&type=chunk) Corporate Operating Expenses (2022) | Metric | Value (in thousands) | | :----- | :------------------- | | Operating Expenses | $29,271 | [Company History and Acquisitions](index=7&type=section&id=Company%20History%20and%20Acquisitions) Ultralife's history includes its formation, public offering, and strategic acquisitions aimed at expanding its product portfolio and market reach - Ultralife was formed in December 1990, acquired Kodak's 9-volt Lithium Manganese Dioxide battery technology in March 1991, and went public in December 1992[30](index=30&type=chunk) - Key acquisitions include ABLE New Energy Co., Ltd. (2006) for Lithium batteries, McDowell Research, Ltd. (2006) for military communications, Accutronics Limited (2016) for smart batteries, Southwest Electronic Energy Corporation (SWE, 2019) for high-performance smart battery systems, and Excell Battery Canada Inc. (2021) for smart battery systems in industrial markets[31](index=31&type=chunk)[32](index=32&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk)[37](index=37&type=chunk) - The Excell acquisition in 2021 aimed to diversify commercial revenue, expand into new OEM device verticals, and scale the Battery & Energy Products business[37](index=37&type=chunk) [Products, Services and Technology](index=8&type=section&id=Products%2C%20Services%20and%20Technology) The company offers a diverse range of non-rechargeable and rechargeable batteries, along with advanced communications systems, leveraging proprietary technologies - Non-rechargeable batteries include Lithium Manganese Dioxide, Lithium Manganese Dioxide Carbon Monofluoride hybrid, and Lithium Thionyl Chloride technologies, offering advantages like lighter weight, longer operating time, and stable power[38](index=38&type=chunk)[39](index=39&type=chunk) - Rechargeable batteries, primarily Lithium-ion and Nickel Metal Hydride, are designed for high energy density, long cycle life, and design flexibility, serving military, medical, and portable electronic devices[46](index=46&type=chunk)[47](index=47&type=chunk)[48](index=48&type=chunk) - Communications Systems products include RF amplifiers, integrated systems (vehicle-mounted, SATCOM), and power systems for military and commercial applications, designed for extreme environments[53](index=53&type=chunk)[54](index=54&type=chunk)[55](index=55&type=chunk)[56](index=56&type=chunk) [Sales and Marketing Strategy](index=10&type=section&id=Sales%20and%20Marketing%20Strategy) Ultralife employs a multi-channel sales approach, targeting commercial OEMs and government agencies globally through direct sales, agents, and distributors - The company employs sales and marketing personnel in North America, Europe, and Asia, selling directly to commercial customers (OEMs) and government/defense agencies, and through sales agents, distributors, and retailers[58](index=58&type=chunk)[59](index=59&type=chunk) - A significant portion of business comes from U.S. and foreign government contracts, which are subject to procurement laws and competitive bidding processes[60](index=60&type=chunk) Sales to Major Customer and Geographic Breakdown | Metric | 2022 (in thousands) | 2021 (in thousands) | | :-------------------------------- | :------------------ | :------------------ | | Sales to L3Harris Technologies | **17% of total revenues** | **20% of total revenues** | | Total U.S. Sales | **$67,914** | **$48,819** | | Total Foreign Sales | **$63,926** | **$49,448** | Backlog by Segment (as of December 31) | Segment | 2022 (in thousands) | 2021 (in thousands) | YoY Change (%) | | :----------------------- | :------------------ | :------------------ | :------------- | | Battery & Energy Products | **$88,600** | **$55,300** | **60%** | | Communications Systems | **$22,400** | **$8,400** | **167%** | | Total Backlog | **$111,000** | **$63,700** | **74.2%** | [Intellectual Property](index=12&type=section&id=Patents%2C%20Trade%20Secrets%20and%20Trademarks) The company protects its innovations through a combination of patents, trade secrets, and trademarks, emphasizing employee expertise as a core asset - Ultralife relies on patented and unpatented proprietary information, know-how, and trade secrets, holding **36 U.S. patents** and numerous international patents[73](index=73&type=chunk)[74](index=74&type=chunk) - The company's success is primarily dependent on the expertise of its employees rather than solely on patent protection[73](index=73&type=chunk) - Ultralife protects its proprietary rights through confidentiality agreements with employees, customers, consultants, and strategic partners, and owns numerous registered trademarks[75](index=75&type=chunk)[76](index=76&type=chunk) [Manufacturing and Supply Chain](index=12&type=section&id=Manufacturing%20and%20Raw%20Materials) Ultralife's manufacturing operations rely on a global supply chain, which faced significant disruptions and cost inflation in 2022 - Ultralife manufactures products from purchased raw materials and components, with ISO 9001 and ISO 13485 certified facilities in North America, Europe, and Asia[77](index=77&type=chunk) - Raw material prices and availability were impacted by COVID-19 and supply chain disruptions in 2022, with potential continued effects in 2023[79](index=79&type=chunk) - Certain materials for Battery & Energy Products are from single or limited sources, posing risks of supply interruption, though alternative sources are believed to be available in some cases[81](index=81&type=chunk)[82](index=82&type=chunk) Inventory Carrying Value (as of December 31, in thousands) | Segment | 2022 | 2021 | YoY Change (%) | | :----------------------- | :---------- | :---------- | :------------- | | Battery & Energy Products | **$32,771** | **$25,677** | **28%** | | Communications Systems | **$8,421** | **$7,512** | **12%** | [Research and Development](index=15&type=section&id=Research%20and%20Development) The company invests in R&D to drive new product development in battery and power solutions, with anticipated expenditure increases for future initiatives Research and Development Expenditures (in thousands) | Category | 2022 | 2021 | YoY Change (%) | | :------------------------------------- | :------ | :------ | :------------- | | Total R&D Expenditures | **$7,874** | **$8,042** | **-2.1%** | | Customer Sponsored R&D (in COGS) | **$793** | **$1,216** | **-34.8%** | - The decrease in customer-sponsored R&D in 2022 was offset by increased costs for engineering resources to support new product development in the Battery & Energy Products segment, including the full-year impact of Excell's operations[88](index=88&type=chunk) - Future R&D expenditures are expected to increase by **10% or more** over 2022 levels, driven by initiatives in new battery and power solutions, Thionyl Chloride battery projects, and Communications Systems products[89](index=89&type=chunk) [Safety, Regulatory, and Environmental Compliance](index=15&type=section&id=Safety%3B%20Regulatory%20Matters%3B%20Environmental%20Considerations) Ultralife adheres to stringent international regulations governing battery transportation, hazardous substances, export controls, and conflict minerals - Lithium batteries are subject to strict transportation regulations (PHMSA, ICAO, IATA, IMDG) requiring specific testing, packaging, labeling, and shipping, which the company believes it complies with[94](index=94&type=chunk) - The company complies with environmental directives such as EU RoHS, EU Battery Directive, and China RoHS 2, which restrict hazardous substances and mandate battery recycling and disposal responsibilities[95](index=95&type=chunk)[96](index=96&type=chunk)[98](index=98&type=chunk) - Operations are subject to U.S. and international trade and export controls (ITAR, EAR), with compliance crucial to avoid fines or loss of export privileges[102](index=102&type=chunk)[103](index=103&type=chunk)[104](index=104&type=chunk)[106](index=106&type=chunk) - The Dodd-Frank Act requires disclosure on 'conflict minerals,' necessitating due diligence inquiries of suppliers to ascertain mineral origins[111](index=111&type=chunk) [Competition](index=18&type=section&id=Competition) The company operates in highly competitive markets, differentiating itself through design flexibility, performance, and customer support against a wide range of competitors - Competition in battery and communications systems markets is intense, ranging from startups to major international companies with greater resources[112](index=112&type=chunk) - Ultralife competes on design flexibility, performance, price, reliability, and customer support, but faces risks of technological obsolescence and rapid market acceptance of competitors' products[112](index=112&type=chunk) - The Lithium battery cell industry has high technological and economic barriers to entry, requiring large capital expenditures and significant production/design expertise[113](index=113&type=chunk) [Employees](index=18&type=section&id=Employees) This section provides an overview of Ultralife's workforce, categorized by function, and notes the absence of labor union representation Employee Count (as of December 31, 2022) | Category | Number of Employees | | :------------------- | :------------------ | | Production | **424** | | Sales and Administration | **78** | | Research and Development | **45** | | **Total** | **547** | - None of Ultralife's employees are represented by a labor union[114](index=114&type=chunk) [ITEM 1A. RISK FACTORS](index=18&type=section&id=Item%201A.%20Risk%20Factors) Ultralife faces numerous risks, including adverse impacts from economic conditions, supply chain disruptions, and inflation, which significantly affected gross margins in 2022 - Economic conditions, including inflation and supply-chain disruptions, adversely affected business, revenues, and earnings in 2022, leading to a gross margin reduction from **25.1% in 2021 to 22.3% in 2022**[116](index=116&type=chunk)[193](index=193&type=chunk) - Key contributing factors to gross margin decline included rapid cost inflation on raw materials, incremental fees for expedited critical components, and internal manufacturing inefficiencies due to irregular component availability[116](index=116&type=chunk)[193](index=193&type=chunk) - A significant portion of revenues (**17% in 2022, 20% in 2021**) is derived from a single major customer, L3Harris Technologies, a global defense primary contractor, posing a concentration risk[121](index=121&type=chunk)[296](index=296&type=chunk) - Operations in China are subject to unique risks, including regulatory changes, labor laws, environmental regulations, taxes, intellectual property enforcement, currency fluctuations, and geopolitical factors[127](index=127&type=chunk)[344](index=344&type=chunk) - The company experienced an unauthorized entry into its IT systems in January 2023, causing a partial disruption of business operations and production/shipping downtime of approximately **two weeks**[129](index=129&type=chunk)[130](index=130&type=chunk) - Rising interest rates will increase the cost of variable borrowings under the Amended Credit Facilities, adversely affecting earnings[145](index=145&type=chunk)[146](index=146&type=chunk) [ITEM 1B. UNRESOLVED STAFF COMMENTS](index=30&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) There are no unresolved staff comments to report for the fiscal year ended December 31, 2022 - No unresolved staff comments were reported[170](index=170&type=chunk) [ITEM 2. PROPERTIES](index=30&type=section&id=Item%202.%20Properties) Ultralife Corporation owns two buildings in Newark, New York (250,000 sq ft) and one in Missouri City, Texas (69,000 sq ft), primarily serving the Battery & Energy Products segment - Ultralife owns two buildings in Newark, New York (**250,000 sq ft**) and one in Missouri City, Texas (**69,000 sq ft**), primarily for Battery & Energy Products operations[171](index=171&type=chunk) - Leased facilities include approximately **97,000 sq ft** in Shenzhen, China; **25,000 sq ft** in Newcastle-under-Lyme, UK; **24,000 sq ft** in Canada (Calgary, Mississauga, Vancouver) for Battery & Energy Products, and **32,500 sq ft** in Virginia Beach, Virginia for Communications Systems[171](index=171&type=chunk) - Research and development efforts are conducted across multiple locations, including Newark, New York; Missouri City, Texas; Newcastle-under-Lyme, UK; Shenzhen, China; Canada; Tallahassee, Florida; and Virginia Beach, Virginia[171](index=171&type=chunk) [ITEM 3. LEGAL PROCEEDINGS](index=30&type=section&id=Item%203.%20Legal%20Proceedings) Ultralife Corporation is subject to routine legal proceedings and claims but believes their final disposition will not materially adversely affect the company's financial position, results of operations, or cash flows - The company is involved in legal proceedings and claims arising in the normal course of business[172](index=172&type=chunk)[341](index=341&type=chunk) - Management believes the ultimate resolution of these matters will not have a material adverse effect on the company's financial position, results of operations, or cash flows[172](index=172&type=chunk)[341](index=341&type=chunk) [ITEM 4. MINE SAFETY DISCLOSURES](index=30&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to Ultralife Corporation's operations - Mine Safety Disclosures are not applicable to the registrant[173](index=173&type=chunk) [PART II](index=31&type=section&id=PART%20II) This section covers Ultralife's market for common equity, management's financial discussion, and the company's audited financial statements and related disclosures [ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES](index=31&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Ultralife's common stock is listed on the NASDAQ Global Market under 'ULBI', with approximately 5,000 registered holders as of March 1, 2023, and no cash dividends have ever been paid - Ultralife's common stock is listed on the NASDAQ Global Market under the symbol '**ULBI**'[175](index=175&type=chunk) - As of March 1, 2023, there were approximately **5,000 registered holders** of common stock[175](index=175&type=chunk) - The company did not purchase any of its common stock in 2022 or 2021[176](index=176&type=chunk) - Ultralife has never declared or paid cash dividends and does not anticipate doing so in the foreseeable future, intending to retain earnings for future operations and expansion[177](index=177&type=chunk) [ITEM 6. [RESERVED]](index=31&type=section&id=Item%206.%20%5BReserved%5D) This item is reserved and contains no information [ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](index=32&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Ultralife's consolidated revenues increased by **34.2% to $131.8 million** in 2022, driven by strong growth in Battery & Energy Products, while gross margin decreased to **22.3%** due to supply chain disruptions and cost inflation Consolidated Financial Highlights (in thousands, except EPS) | Metric | 2022 | 2021 | YoY Change ($) | YoY Change (%) | | :-------------------------------------- | :---------- | :---------- | :------------- | :------------- | | Revenues | **$131,840** | **$98,267** | **$33,573** | **34.2%** | | Cost of Products Sold | **$102,440** | **$73,625** | **$28,815** | **39.1%** | | Gross Profit | **$29,400** | **$24,642** | **$4,758** | **19.3%** | | Gross Margin | **22.3%** | **25.1%** | **-2.8 pp** | | | Operating Expenses | **$29,271** | **$24,607** | **$4,664** | **19.0%** | | Operating Income | **$129** | **$35** | **$94** | **268.6%** | | Net Loss Attributable to Ultralife | **$(119)** | **$(234)** | **$115** | **49.1%** | | Net Loss Per Diluted Share | **$(0.01)** | **$(0.01)** | **$0.00** | **0.0%** | | Adjusted EBITDA | **$6,575** | **$4,418** | **$2,157** | **48.8%** | - The **280-basis point decrease** in gross margin was primarily due to supply chain disruptions, rapid cost inflation not fully offset by timely price increases, incremental fees for expedited components, and internal manufacturing inefficiencies[193](index=193&type=chunk)[208](index=208&type=chunk) - Operating expenses increased by **$4.7 million**, mainly due to the full-year contribution of Excell (**$4.4 million**) and a one-time severance charge of **$0.8 million** for the former President and CEO[195](index=195&type=chunk)[212](index=212&type=chunk)[213](index=213&type=chunk) - Cash used in operations was **$1.3 million** in 2022, compared to **$4.3 million** generated in 2021, primarily due to an **$8.7 million increase** in inventory procurement to manage supply chain challenges and meet customer orders[225](index=225&type=chunk) [General Overview](index=32&type=section&id=General%20Overview) Ultralife's strategic focus on power and communications solutions, growth through acquisitions, and the impact of ongoing supply chain challenges are discussed - Ultralife provides power solutions and communications/electronics systems to government, defense, and commercial customers globally, operating in Battery & Energy Products and Communications Systems segments[182](index=182&type=chunk)[183](index=183&type=chunk) - The company pursues growth through mergers, acquisitions, and joint ventures to broaden product scope and market opportunities, with recent acquisitions including Accutronics (2016), SWE (2019), and Excell (2021)[184](index=184&type=chunk)[185](index=185&type=chunk)[186](index=186&type=chunk)[187](index=187&type=chunk) - COVID-19 continued to cause supply chain disruptions and increased lead times in 2022, making financial impact estimation difficult, but demand for products remained strong, evidenced by a **74.2% increase** in backlog to **$111.0 million**[191](index=191&type=chunk) [Results of Operations (2022 vs. 2021)](index=36&type=section&id=Results%20of%20Operations) This section analyzes the company's financial performance, highlighting revenue growth, gross margin decline, and changes in operating expenses and net loss Revenue Breakdown (in thousands) | Segment | 2022 | 2021 | YoY Change ($) | YoY Change (%) | | :----------------------- | :---------- | :---------- | :------------- | :------------- | | Battery & Energy Products | **$119,995** | **$87,083** | **$32,912** | **37.8%** | | Communications Systems | **$11,845** | **$11,184** | **$661** | **5.9%** | | Total Revenues | **$131,840** | **$98,267** | **$33,573** | **34.2%** | - Battery & Energy Products revenue growth was primarily driven by the full-year contribution of Excell (**$27.0 million**) and organic sales growth in the oil & gas market (**14.6%**), while medical sales were slightly down due to component shortages[192](index=192&type=chunk)[204](index=204&type=chunk) - Communications Systems revenue increase was due to the receipt of components for large international and U.S. Army Leader radio program orders[192](index=192&type=chunk)[205](index=205&type=chunk) Gross Profit Breakdown (in thousands) | Segment | 2022 Gross Profit | 2022 Gross Margin | 2021 Gross Profit | 2021 Gross Margin | YoY Margin Change (pp) | | :----------------------- | :---------------- | :---------------- | :---------------- | :---------------- | :--------------------- | | Battery & Energy Products | **$26,154** | **21.8%** | **$21,062** | **24.2%** | **-2.4** | | Communications Systems | **$3,246** | **27.4%** | **$3,580** | **32.0%** | **-4.6** | | Total Gross Profit | **$29,400** | **22.3%** | **$24,642** | **25.1%** | **-2.8** | - Operating expenses as a percentage of revenues improved to **22.2%** in 2022 (**21.6%** excluding severance) from **25.0%** in 2021[195](index=195&type=chunk)[213](index=213&type=chunk) - Interest and financing expense increased by **$0.7 million** to **$0.95 million** in 2022 due to debt financing for the Excell acquisition[196](index=196&type=chunk)[214](index=214&type=chunk) - The company reported a net loss attributable to Ultralife of **$0.119 million** in 2022, an improvement from **$0.234 million** in 2021, with diluted EPS remaining at **$(0.01)** for both years[198](index=198&type=chunk)[216](index=216&type=chunk) [Adjusted EBITDA](index=39&type=section&id=Adjusted%20EBITDA) This section provides a reconciliation and analysis of Adjusted EBITDA, a key non-GAAP metric used to evaluate the company's operational profitability - Adjusted EBITDA, a non-GAAP measure, is used to assess operating performance and enhance comparability, defined as net income (loss) before net interest expense, income taxes, depreciation, amortization, stock-based compensation, and certain non-recurring items[218](index=218&type=chunk) Adjusted EBITDA Reconciliation (in thousands) | Metric | 2022 | 2021 | | :-------------------------------------- | :------ | :------ | | Net loss attributable to Ultralife | **$(119)** | **$(234)** | | Add: | | | | Interest and financing expense, net | **$951** | **$242** | | Income tax (benefit) provision | **$(326)** | **$79** | | Depreciation expense | **$3,177** | **$2,906** | | Amortization of intangible assets | **$1,282** | **$633** | | Stock-based compensation expense | **$776** | **$671** | | Non-cash purchase accounting adjustments| **$55** | **$121** | | Severance to Former President & CEO | **$779** | **$-** | | **Adjusted EBITDA** | **$6,575** | **$4,418** | - Adjusted EBITDA increased by **48.8%** to **$6.6 million** in 2022 from **$4.4 million** in 2021[199](index=199&type=chunk)[223](index=223&type=chunk) [Liquidity and Capital Resources](index=40&type=section&id=Liquidity%20and%20Capital%20Resources) This section details Ultralife's cash position, working capital, debt obligations, and capital allocation strategies, including the use of net operating loss carryforwards Liquidity Metrics (as of December 31, in thousands) | Metric | 2022 | 2021 | | :------------- | :-------- | :-------- | | Cash on Hand | **$5,713** | **$8,413** | | Working Capital| **$50,075** | **$47,600** | | Current Ratio | **2.7** | **3.5** | - Cash decreased by **$2.7 million** in 2022, primarily due to **$8.7 million** used for inventory procurement amidst challenging supply chain conditions[224](index=224&type=chunk)[225](index=225&type=chunk) - Cash used in investing activities was **$1.7 million** for capital expenditures in 2022, reflecting investments in equipment for new products[226](index=226&type=chunk) - Cash provided by financing activities was **$0.5 million** in 2022, mainly from net borrowings on the credit facility for raw material purchases[227](index=227&type=chunk) - As of December 31, 2022, the company had **$8.2 million** outstanding on the Term Loan Facility and **$13.3 million** on the Revolving Credit Facility, and was in full compliance with debt covenants[229](index=229&type=chunk)[325](index=325&type=chunk) - The company has significant U.S. net operating loss carryforwards (**$41.0 million**) and tax credit carryforwards (**$2.6 million**) available to offset future taxable income[150](index=150&type=chunk)[243](index=243&type=chunk)[364](index=364&type=chunk) [Critical Accounting Policies and Estimates](index=41&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) This section outlines the significant accounting policies and estimates that require management's judgment, such as revenue recognition, inventory valuation, and goodwill impairment - Revenue is recognized upon transfer of control to the customer, generally upon shipment, or delivery for specific contract terms, with extended warranty contracts recognized evenly over their term[234](index=234&type=chunk)[235](index=235&type=chunk)[286](index=286&type=chunk)[287](index=287&type=chunk) - Inventories are valued at the lower of cost (FIFO method) or net realizable value, with provisions for excess, obsolete, or slow-moving inventory based on future demand and market conditions[237](index=237&type=chunk)[258](index=258&type=chunk)[280](index=280&type=chunk) - Goodwill and indefinite-lived intangible assets are not amortized but are tested for impairment annually or when circumstances indicate, using discounted cash flow models and other income-based valuation models[238](index=238&type=chunk)[239](index=239&type=chunk)[261](index=261&type=chunk)[283](index=283&type=chunk)[284](index=284&type=chunk) - Income taxes are accounted for using the asset and liability method, with deferred tax assets and liabilities determined by temporary differences, and a valuation allowance recognized if deferred tax asset realizability is not more likely than not[242](index=242&type=chunk)[295](index=295&type=chunk) - Stock-based compensation cost is measured at grant date fair value (using Black-Scholes or Monte Carlo simulation) and expensed over the employee's service period[245](index=245&type=chunk)[301](index=301&type=chunk)[356](index=356&type=chunk) [ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](index=43&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, Ultralife Corporation is not required to provide quantitative and qualitative disclosures about market risk - Ultralife Corporation is exempt from providing quantitative and qualitative disclosures about market risk as a smaller reporting company[249](index=249&type=chunk) [ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA](index=44&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents Ultralife Corporation's audited consolidated financial statements for the years ended December 31, 2022 and 2021, including the balance sheets, statements of loss and comprehensive loss, changes in shareholders' equity, and cash flows - The financial statements include Consolidated Balance Sheets, Consolidated Statements of Loss and Comprehensive Loss, Consolidated Statements of Changes in Shareholders' Equity, and Consolidated Statements of Cash Flows for 2022 and 2021[252](index=252&type=chunk) - Freed Maxick CPAs, P.C. provided an unqualified opinion on the financial statements, stating they present fairly, in all material respects, the financial position and results of operations in conformity with GAAP[253](index=253&type=chunk) - Critical audit matters identified were the estimate for excess, obsolete, and slow-moving inventory reserve and the goodwill impairment analysis, both requiring a high degree of auditor judgment[257](index=257&type=chunk)[259](index=259&type=chunk)[261](index=261&type=chunk)[262](index=262&type=chunk) [Report of Independent Registered Public Accounting Firm](index=45&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) This section presents the auditor's opinion on the consolidated financial statements and highlights critical audit matters - Freed Maxick CPAs, P.C. issued an unqualified opinion on Ultralife's consolidated financial statements for 2022 and 2021, affirming fair presentation in accordance with GAAP[253](index=253&type=chunk) - Critical audit matters included the estimate for excess, obsolete, and slow-moving inventory reserve and the goodwill impairment analysis, both involving significant auditor judgment[257](index=257&type=chunk)[259](index=259&type=chunk)[261](index=261&type=chunk)[262](index=262&type=chunk) [Consolidated Balance Sheets](index=47&type=section&id=Consolidated%20Balance%20Sheets) This section provides a snapshot of Ultralife's financial position, detailing assets, liabilities, and shareholders' equity at year-end Consolidated Balance Sheet Highlights (as of December 31, in thousands) | Asset/Liability/Equity | 2022 | 2021 | YoY Change ($) | | :--------------------- | :---------- | :---------- | :------------- | | Total Current Assets | **$78,988** | **$66,524** | **$12,464** | | Total Assets | **$168,430** | **$159,538** | **$8,892** | | Total Current Liabilities| **$28,913** | **$18,924** | **$9,989** | | Total Liabilities | **$52,027** | **$41,795** | **$10,232** | | Total Shareholders' Equity| **$116,403** | **$117,743** | **$(1,340)** | - Cash decreased from **$8.4 million** in 2021 to **$5.7 million** in 2022, while inventories increased from **$33.2 million** to **$41.2 million**[267](index=267&type=chunk) - Long-term debt, net, increased from **$18.9 million** in 2021 to **$19.3 million** in 2022[267](index=267&type=chunk) [Consolidated Statements of Loss and Comprehensive Loss](index=48&type=section&id=Consolidated%20Statements%20of%20Loss%20and%20Comprehensive%20Loss) This section presents the company's revenues, expenses, net loss, and comprehensive loss for the reported fiscal periods Consolidated Statements of Loss and Comprehensive Loss (Years Ended December 31, in thousands, except per share) | Metric | 2022 | 2021 | | :-------------------------------------- | :---------- | :---------- | | Revenues | **$131,840** | **$98,267** | | Gross profit | **$29,400** | **$24,642** | | Operating income | **$129** | **$35** | | Loss before income taxes | **$(446)** | **$(151)** | | Income tax (benefit) provision | **$(326)** | **$79** | | Net loss | **$(120)** | **$(230)** | | Loss attributable to Ultralife Corporation| **$(119)** | **$(234)** | | Net loss per share (Basic & Diluted) | **$(0.01)** | **$(0.01)** | | Comprehensive loss attributable to Ultralife Corporation | **$(2,216)** | **$(105)** | - Foreign currency translation adjustments contributed to a significant increase in comprehensive loss in 2022, reaching **$(2,097) thousand** compared to **$129 thousand** in 2021[268](index=268&type=chunk) [Consolidated Statements of Changes in Shareholders' Equity](index=49&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Shareholders%27%20Equity) This section details the changes in Ultralife's equity accounts, including net loss, stock-based compensation, and foreign currency adjustments - Total Ultralife Corporation equity decreased from **$117.7 million** in 2021 to **$116.3 million** in 2022[269](index=269&type=chunk) - The accumulated other comprehensive loss increased significantly from **$(1.653) million** in 2021 to **$(3.750) million** in 2022, primarily due to foreign currency translation adjustments of **$(2.097) million**[269](index=269&type=chunk) - Stock-based compensation expense (stock options and restricted stock) totaled **$776 thousand** in 2022, up from **$671 thousand** in 2021[269](index=269&type=chunk)[352](index=352&type=chunk) [Consolidated Statements of Cash Flows](index=51&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) This section reports the cash inflows and outflows from operating, investing, and financing activities for the fiscal periods Consolidated Statements of Cash Flows (Years Ended December 31, in thousands) | Activity | 2022 | 2021 | | :-------------------------------------- | :---------- | :---------- | | Net cash (used in) provided by operating activities | **$(1,263)** | **$4,325** | | Net cash used in investing activities | **$(1,679)** | **$(26,333)** | | Net cash provided by financing activities | **$518** | **$19,642** | | Decrease in cash | **$(2,700)** | **$(2,240)** | | Cash - End of year | **$5,713** | **$8,413** | - Cash used in operating activities in 2022 was primarily due to an **$8.7 million increase** in inventories[272](index=272&type=chunk) - Investing activities in 2021 included **$23.5 million** for the Excell acquisition, which was not present in 2022[272](index=272&type=chunk) - Interest paid increased significantly from **$142 thousand** in 2021 to **$930 thousand** in 2022[272](index=272&type=chunk) [Notes to Consolidated Financial Statements](index=52&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section provides detailed explanations and additional information supporting the amounts presented in the primary financial statements [Note 1 - Summary of Operations and Significant Accounting Policies](index=52&type=section&id=Note%201%20-%20Summary%20of%20Operations%20and%20Significant%20Accounting%20Policies) This note describes Ultralife's business, consolidation principles, and key accounting policies for revenue, inventory, and R&D - Ultralife Corporation and its subsidiaries (ABLE, Accutronics, SWE, Excell, Ultralife India) offer power solutions and communications/electronics systems globally[273](index=273&type=chunk)[274](index=274&type=chunk) - Financial statements are prepared in accordance with GAAP, requiring management estimates for goodwill, inventory reserves, deferred tax assets, and business combinations[276](index=276&type=chunk) - Revenue is recognized upon transfer of control, typically at shipment, with extended warranty revenue recognized over the contract term[286](index=286&type=chunk)[287](index=287&type=chunk) - Research and development expenditures were **$7.874 million** in 2022 and **$8.042 million** in 2021, including customer-sponsored activities[293](index=293&type=chunk) - One customer, a large global defense primary contractor, accounted for **17% of total consolidated revenues** in 2022 and **20% in 2021**[296](index=296&type=chunk) [Note 2 – Acquisition](index=57&type=section&id=Note%202%20%E2%80%93%20Acquisition) This note details the acquisition of Excell Battery Canada Inc., including the purchase price allocation and its financial contribution - On December 13, 2021, Ultralife acquired Excell Battery Canada Inc. and its subsidiaries (Excell) for a net purchase price of **$23.519 million** in cash[308](index=308&type=chunk) - Excell, a designer and manufacturer of high-performance smart battery systems, serves industrial markets including downhole drilling, medical devices, and automated meter reading[310](index=310&type=chunk) - The acquisition was funded by cash on hand and borrowings under Amended Credit Facilities[312](index=312&type=chunk) Excell Acquisition Purchase Price Allocation (in thousands) | Asset/Liability Acquired | Value | | :----------------------- | :---------- | | Cash | **$736** | | Accounts receivable | **$3,570** | | Inventories | **$3,622** | | Property, plant and equipment | **$429** | | Goodwill | **$10,989** | | Other intangible assets | **$8,870** | | Net assets acquired | **$24,256** | - For 2022, Excell contributed **$28.145 million** in revenue and **$1.844 million** in pre-tax income[320](index=320&type=chunk) [Note 3 – Debt](index=59&type=section&id=Note%203%20%E2%80%93%20Debt) This note outlines Ultralife's credit facilities, outstanding debt, interest terms, and future principal repayment obligations - Ultralife entered into the Third Amendment Agreement in November 2022, amending its Credit Agreement to replace LIBOR with SOFR and facilitate Excell Battery Canada's joinder as a guarantor[323](index=323&type=chunk) - The Amended Credit Agreement provides for a **5-year, $10.0 million** Term Loan Facility and extends the **$30.0 million** Revolving Credit Facility through May 30, 2025[324](index=324&type=chunk) Outstanding Debt (as of December 31, 2022, in thousands) | Debt Facility | Outstanding Principal | | :--------------------- | :-------------------- | | Term Loan Facility | **$8,167** | | Revolving Credit Facility| **$13,330** | - Borrowings are secured by substantially all company assets, with interest accruing at Daily Simple SOFR Rate plus an index spread adjustment and applicable margin[329](index=329&type=chunk) Future Minimum Principal Repayment Obligations (as of December 31, 2022, in thousands) | Year | Amount | | :--------- | :----- | | 2023 | **$2,000** | | 2024 | **$2,000** | | 2025 | **$15,330** | | 2026 | **$2,000** | | 2027 | **$167** | | Thereafter | **$0** | | **Total** | **$21,497** | [Note 4 - Supplemental Balance Sheet Information](index=61&type=section&id=Note%204%20-%20Supplemental%20Balance%20Sheet%20Information) This note provides additional detail on specific balance sheet accounts, including cash, inventory, property, plant, equipment, and goodwill Cash and Restricted Cash (as of December 31, in thousands) | Category | 2022 | 2021 | | :------------- | :------ | :------ | | Cash | **$5,634** | **$8,329** | | Restricted cash| **$79** | **$84** | | **Total** | **$5,713** | **$8,413** | Inventory Composition (as of December 31, in thousands) | Category | 2022 | 2021 | | :-------------- | :---------- | :---------- | | Raw materials | **$29,200** | **$21,660** | | Work in process | **$2,757** | **$4,227** | | Finished products | **$9,235** | **$7,302** | | **Total** | **$41,192** | **$33,189** | Property, Plant and Equipment (as of December 31, in thousands) | Category | 2022 | 2021 | | :----------------------------- | :---------- | :---------- | | Total Cost | **$92,660** | **$91,423** | | Less: Accumulated depreciation | **$(70,944)** | **$(68,218)** | | **Net Total** | **$21,716** | **$23,205** | - No goodwill impairment was identified in the annual test as of October 1, 2022[338](index=338&type=chunk) Goodwill by Segment (as of December 31, in thousands) | Segment | 2022 | 2021 | | :----------------------- | :---------- | :---------- | | Battery & Energy Products | **$25,935** | **$26,575** | | Communications Systems | **$11,493** | **$11,493** | | **Total Goodwill** | **$37,428** | **$38,068** | Amortization of Other Intangible Assets (in thousands) | Financial Statement Caption | 2022 | 2021 | | :---------------------------------- | :----- | :----- | | Research and development expense | **$97** | **$118** | | Selling, general and administrative expense | **$1,185** | **$515** | | **Total** | **$1,282** | **$633** | [Note 5 - Commitments and Contingencies](index=63&type=section&id=Note%205%20-%20Commitments%20and%20Contingencies) This note discloses the company's contractual commitments, risks associated with foreign operations, and warranty obligations - Ultralife has commitments to purchase approximately **$661 thousand** of production machinery and equipment as of December 31, 2022[343](index=343&type=chunk) - The company's operating facility in China is subject to various risks, including regulatory changes, labor laws, environmental regulations, and geopolitical factors[344](index=344&type=chunk) - The former President and CEO, Michael D. Popielec, was involuntarily terminated on November 22, 2022, resulting in a one-time severance charge of **$779 thousand** in Q4 2022[345](index=345&type=chunk)[346](index=346&type=chunk) Accrued Warranty Obligations (in thousands) | Metric | 2022 | 2021 | | :--------------------------- | :---- | :---- | | Beginning Balance | **$133** | **$149** | | Accruals for warranties issued | **$287** | **$142** | | Settlements made | **$(97)** | **$(158)** | | **Ending Balance** | **$323** | **$133** | [Note 6 – Stock-Based Compensation](index=64&type=section&id=Note%206%20%E2%80%93%20Stock-Based%20Compensation) This note details the company's stock-based compensation plans, related expenses, and outstanding stock options Non-Cash Stock Compensation Expense (in thousands) | Category | 2022 | 2021 | | :-------------- | :---- | :---- | | Stock options | **$761** | **$618** | | Restricted stock| **$15** | **$53** | | **Total** | **$776** | **$671** | - The 2014 Long-Term Incentive Plan (LTIP) was amended in July 2021 to increase authorized shares to **2,750,000**, with grants available through June 2, 2024[354](index=354&type=chunk) - As of December 31, 2022, there were **1,425,693 stock options** outstanding under the 2014 LTIP, with **$691 thousand** in unrecognized compensation costs expected to be recognized over **1.4 years**[355](index=355&type=chunk)[356](index=356&type=chunk) Stock Options Activity (Year Ended December 31, 2022) | Metric | Number of Shares | Weighted Average Exercise Price Per Share | | :----------------------------------- | :--------------- | :---------------------------------------- | | Shares under option – January 1 | **1,306,824** | **$6.87** | | Options granted | **289,950** | **$5.42** | | Options exercised | **(59,500)** | **$3.82** | | Options forfeited or expired | **(111,581)** | **$6.56** | | **Shares under option – December 31**| **1,425,693** | **$6.72** | | Options exercisable – December 31 | **881,804** | **$7.13** | - The weighted average fair value of options granted was **$2.55** in 2022 and **$2.90** in 2021[360](index=360&type=chunk) [Note 7 - Income Taxes](index=67&type=section&id=Note%207%20-%20Income%20Taxes) This note provides information on the company's income tax provision, effective tax rate, and utilization of net operating loss and tax credit carryforwards Income Tax (Benefit) Provision (Years Ended December 31, in thousands) | Category | 2022 | 2021 | | :------- | :------ | :----- | | Current | **$636** | **$226** | | Deferred | **$(962)** | **$(147)** | | **Total**| **$(326)** | **$79** | - The effective tax rate was **73.1%** in 2022 compared to **(52.3%)** in 2021, primarily due to the geographic mix of earnings[215](index=215&type=chunk)[364](index=364&type=chunk) - As of December 31, 2022, Ultralife had **$40.952 million** in U.S. net operating loss carryforwards (expiring 2025-2035) and **$2.6 million** in U.S. tax credit carryforwards (expiring 2028-2042), which are expected to be fully realized[364](index=364&type=chunk) - A valuation allowance of approximately **$10.0 million** is maintained for U.K. net operating loss carryforwards due to limitations on utilization[365](index=365&type=chunk) [Note 8 – Operating Leases](index=69&type=section&id=Note%208%20%E2%80%93%20Operating%20Leases) This note details the company's operating lease arrangements, including lease costs, right-of-use assets, and future minimum lease payments Lease Expense (Years Ended December 31, in thousands) | Category | 2022 | 2021 | | :---------------- | :---- | :---- | | Operating lease cost| **$894** | **$762** | | Variable lease cost | **$95** | **$79** | | **Total lease cost**| **$989** | **$841** | - Operating lease right-of-use assets were **$2.187 million** and operating lease liabilities were **$2.202 million** as of December 31, 2022[370](index=370&type=chunk) - The weighted-average remaining lease term was **4.4 years**, with a weighted-average discount rate of **4.5%** as of December 31, 2022[370](index=370&type=chunk) Future Minimum Lease Payments (as of December 31, 2022, in thousands) | Year | Amount | | :--------- | :----- | | 2023 | **$918** | | 2024 | **$518** | | 2025 | **$215** | | 2026 | **$217** | | 2027 | **$217** | | Thereafter | **$425** | | **Total** | **$2,510** | [Note 9 - 401(k) Retirement Benefit Plan](index=70&type=section&id=Note%209%20-%20401%28k%29%20Retirement%20Benefit%20Plan) This note describes the company's defined contribution 401(k) plan and its matching contributions to employee accounts - Ultralife maintains a defined contribution 401(k) plan for substantially all employees[371](index=371&type=chunk) - The company matched **100% on the first 3%** and **50% on the next 2%** contributed by employees, up to a maximum of **4% of income**, contributing **$600 thousand** in 2022 and **$586 thousand** in 2021[371](index=371&type=chunk) [Note 10 - Business Segment Information](index=70&type=section&id=Note%2010%20-%20Business%20Segment%20Information) This note provides detailed financial information for Ultralife's two operating segments, including revenue and contribution breakdowns - Ultralife reports in two operating segments: Battery & Energy Products and Communications Systems, with performance evaluated at the gross profit level[372](index=372&type=chunk) Segment Revenue and Contribution (2022, in thousands) | Segment | Revenue | Segment Contribution | | :----------------------- | :---------- | :------------------- | | Battery & Energy Products | **$119,995** | **$26,154** | | Communications Systems | **$11,845** | **$3,246** | | Corporate | **$-** | **$(29,271)** | | **Total** | **$131,840** | **$129** | Commercial and Government/Defense Revenue (2022, in thousands) | Segment | Total Revenue | Commercial | Government/Defense | | :----------------------- | :------------ | :--------- | :----------------- | | Battery & Energy Products | **$119,995** | **$93,045** | **$26,950** | | Communications Systems | **$11,845** | **$-** | **$11,845** | | **Total** | **$131,840** | **$93,045** | **$38,795** | | Percentage | | **71%** | **29%** | U.S. and Non-U.S. Revenue (2022, in thousands) | Segment | Total Revenue | United States | Non-United States | | :----------------------- | :------------ | :------------ | :---------------- | | Battery & Energy Products | **$119,995** | **$58,820** | **$61,175** | | Communications Systems | **$11,845** | **$9,094** | **$2,751** | | **Total** | **$131,840** | **$67,914** | **$63,926** | | Percentage | | **52%** | **48%** | [ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE](index=72&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) There were no changes in or disagreements with accountants on accounting and financial disclosure for the fiscal year ended December 31, 2022 - No changes in or disagreements with accountants on accounting and financial disclosure were reported[382](index=382&type=chunk) [ITEM 9A. CONTROLS AND PROCEDURES](index=72&type=section&id=Item%209A.%20Controls%20and%20Procedures) Ultralife's management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of December 31, 2022, and internal control over financial reporting was also effective - The President and CEO, and Chief Financial Officer and Treasurer, evaluated and concluded that disclosure controls and procedures were effective as of December 31, 2022[383](index=383&type=chunk) - Management assessed and concluded that internal control over financial reporting was effective as of December 31, 2022, based on the COSO Internal Control-Integrated Framework (2013)[385](index=385&type=chunk)[386](index=386&type=chunk) - There were no changes in internal control over financial reporting during the fourth quarter of 2022 that materially affected, or are reasonably likely to materially affect, internal control over financial reporting[384](index=384&type=chunk) [ITEM 9B. OTHER INFORMATION](index=72&type=section&id=Item%209B.%20Other%20Information) There is no other information to report under this item - No other information was reported under this item[387](index=387&type=chunk) [PART III](index=73&type=section&id=PART%20III) This section incorporates by reference information regarding directors, executive compensation, security ownership, related transactions, and principal accountant fees [ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE](index=73&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information regarding directors, executive officers, and corporate governance is incorporated by reference from the company's definitive proxy statement - Information on directors, executive officers, and corporate governance is incorporated by reference from the Proxy Statement[391](index=391&type=chunk) [ITEM 11. EXECUTIVE COMPENSATION](index=73&type=section&id=Item%2011.%20Executive%20Compensation) Details on executive compensation are incorporated by reference from the company's definitive proxy statement - Information on executive compensation is incorporated by reference from the Proxy Statement[392](index=392&type=chunk) [ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS](index=73&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information on security ownership of beneficial owners and management, along with equity compensation plan details, is incorporated by reference from the company's definitive proxy statement - Information on security ownership of certain beneficial owners and management is incorporated by reference from the Proxy Statement[393](index=393&type=chunk) Equity Compensation Plan Information (as of December 31, 2022) | Plan Category | Number of securities to be issued upon exercise of outstanding options, warrants and rights (a) | Weighted-average exercise price of outstanding options, warrants and rights (b) | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) (c) | | :---------------------------------------------- | :------------------------------------------------------------------------------------------ | :------------------------------------------------------------------------------ | :-------------------------------------------------------------------------------------------------------------------------------------------------- | | Equity compensation plans approved by security holders | **1,425,693** | **$6.72** | **763,617** | | Equity compensation plans not approved by security holders | **-** | **-** | **-** | | **Total** | **1,425,693** | **$6.72** | **763,617** | [ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE](index=73&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information regarding certain relationships, related transactions, and director independence is incorporated by reference from the company's definitive proxy statement - Information on certain relationships, related transactions, and director independence is incorporated by reference from the Proxy Statement[396](index=396&type=chunk) [ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES](index=73&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information concerning principal accountant fees and services is incorporated by reference from the company's definitive proxy statement - Information on principal accountant fees and services is incorporated by reference from the Proxy Statement[397](index=397&type=chunk) [PART IV](index=74&type=section&id=PART%20IV) This section lists all exhibits and financial statement schedules filed with the 10-K report, along with the required signatures [ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES](index=74&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists all exhibits and financial statement schedules filed as part of the 10-K report, including acquisition agreements, organizational documents, credit agreements, and certifications - Financial statements and schedules are included in Part II, Item 8 of this Form 10-K[398](index=398&type=chunk) - Freed Maxick CPAs, P.C. (PCAOB ID 317) is the auditor, based in Rochester, New York[398](index=398&type=chunk) - Exhibits include various agreements such as Share Purchase Agreements for Excell and Southwest Electronic Energy, Credit and Security Agreements, and amendments[398](index=398&type=chunk)[399](index=399&type=chunk) - Certifications (CEO, CFO, Section 1350) and Inline XBRL documents are also filed as exhibits[399](index=399&type=chunk) [SIGNATURES](index=76&type=section&id=SIGNATURES) The 10-K report is duly signed on behalf of Ultralife Corporation by its President, Chief Executive Officer, and Director, Michael E. Manna, and Chief Financial Officer and Treasurer, Philip A. Fain, along with other directors, as of March 31, 2023 - The report is signed by Michael E. Manna, President, Chief Executive Officer and Director, and Philip A. Fain, Chief Financial Officer and Treasurer, as well as other directors[405](index=405&type=chunk)[406](index=406&type=chunk) - The signing date for the report is March 31, 2023[405](index=405&type=chunk)[406](index=406&type=chunk)
Ultralife(ULBI) - 2022 Q4 - Earnings Call Transcript
2023-03-03 01:31
Financial Data and Key Metrics Changes - Consolidated revenues for Q4 2022 totaled $36.1 million, a 51.9% increase from $23.8 million in Q4 2021, marking the highest quarterly sales in over 10 years [9][10] - Gross profit for Q4 2022 was $8.1 million, up 52.8% from the previous year, with a gross margin of 22.4% compared to 22.3% in Q4 2021 [14] - Net loss for Q4 2022 was $0.2 million or $0.01 per share, an improvement from a net loss of $1.1 million or $0.07 per share in Q4 2021 [16] Business Line Data and Key Metrics Changes - Battery & Energy Products segment revenues were $32.1 million, a 45.4% increase from $22.1 million last year, with government defense sales up 67.5% and oil and gas market sales up 26.9% [12] - Communications Systems segment revenues increased by 138.1% to $4 million, driven by large international and U.S. orders [13] Market Data and Key Metrics Changes - Total backlog at the end of Q4 2022 reached $111 million, a 74.2% increase from the previous year, indicating strong demand across various markets [11] - The sales split between commercial and government defense for the battery business was 71-29, reflecting growth in U.S. government defense sales [13] Company Strategy and Development Direction - The company aims to diversify its business across multiple markets and enhance value for stakeholders, focusing on improving gross margins and executing its backlog [5][20] - Strategic initiatives include enhancing product development, particularly in medical and IoT markets, and leveraging existing capabilities to capture new opportunities [23][24] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing supply chain disruptions and inflationary pressures but expressed optimism about gradual improvements in the second half of 2023 [21][32] - The company is committed to executing its backlog and improving gross margins while navigating the challenges posed by the current economic environment [20][28] Other Important Information - The company experienced a cybersecurity incident that caused partial disruptions in operations, but no ransom was paid, and recovery efforts are ongoing [18][19] - Inventory levels increased significantly to support the backlog, with a focus on reducing working capital in the future [17][35] Q&A Session Summary Question: What tactical opportunities might be executed externally? - Management emphasized the need for internal improvements to enhance gross margins and execution of the backlog [29] Question: How durable is the backlog given supply chain issues? - Management reported strong demand across various sectors, with no significant declines in backlog anticipated [30] Question: What are the expectations for supply chain improvements? - Management expects supply chain conditions to improve by Q3 or Q4 2023, but challenges remain [32] Question: Will there be further costs related to the cyber event? - Management indicated that costs related to the cyber incident would be isolated to Q1, with potential additional costs for enhancing security measures [42][45] Question: What were the other expenses for the quarter? - Management detailed that other expenses included interest and foreign currency impacts, totaling approximately $600,000 [46][48]
Ultralife(ULBI) - 2022 Q3 - Earnings Call Transcript
2022-10-29 10:00
Ultralife Corporation (NASDAQ:ULBI) Q3 2022 Earnings Conference Call October 27, 2022 8:30 AM ET Company Participants Jody Burfening - Investor Relations Michael Popielec - President and Chief Executive Officer Philip Fain - Chief Financial Officer Conference Call Participants Josh Sullivan - The Benchmark Company, LLC Operator Hello and welcome to Ultralife Corporation Third Quarter 2022 Earnings Release. My name is Pricilla and I will be your coordinator for today's event. Please note this call is being r ...
Ultralife(ULBI) - 2022 Q3 - Quarterly Report
2022-10-27 11:33
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 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 jurisdiction of incorporation of 16-1387013 (I.R.S. Employer Identification No.) (315) 332-7100 (Registrant's telephone number, including area code:) 14 ...