Part I: Financial Information [Consolidated Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Consolidated%20Financial%20Statements%20(unaudited)) Q1 2021 revenues slightly increased to $26.0 million, net income decreased, and operating cash flow improved to $3.9 million [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Total assets slightly decreased to $136.4 million, liabilities fell, and shareholders' equity increased to $117.9 million Consolidated Balance Sheet Highlights (In Thousands) | Account | March 31, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Total Current Assets** | $63,520 | $64,496 | | **Total Assets** | **$136,390** | **$137,701** | | **Total Current Liabilities** | $16,635 | $18,706 | | **Total Liabilities** | **$18,529** | **$20,778** | | **Total Shareholders' Equity** | **$117,861** | **$116,923** | [Consolidated Statements of Income and Comprehensive Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income%20and%20Comprehensive%20Income) Q1 2021 revenues were flat at $26.0 million, while gross profit and operating income declined, leading to lower net income Q1 2021 vs. Q1 2020 Income Statement (In Thousands, except per share data) | Metric | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | **Revenues** | $25,973 | $25,814 | | **Gross Profit** | $6,978 | $7,334 | | **Operating Income** | $952 | $1,485 | | **Net Income Attributable to Ultralife** | $671 | $1,059 | | **Diluted EPS** | $0.04 | $0.07 | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow significantly improved to $3.9 million in Q1 2021, resulting in a $3.0 million increase in cash balance Q1 2021 vs. Q1 2020 Cash Flow Summary (In Thousands) | Activity | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | **Net cash provided by (used in) operating activities** | $3,903 | $(365) | | **Net cash used in investing activities** | $(489) | $(445) | | **Net cash used in financing activities** | $(420) | $(322) | | **Increase (Decrease) in Cash** | $3,009 | $(1,296) | | **Cash, End of period** | $13,662 | $6,109 | [Notes to Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail debt compliance, effective tax rate changes, and segment performance, with Battery & Energy Products growing - The company is in full compliance with its debt covenants as of March 31, 2021, which include a consolidated fixed charge coverage ratio and a senior leverage ratio[26](index=26&type=chunk) - The effective tax rate for Q1 2021 was **24.2%**, compared to **22.9%** for Q1 2020, with the change primarily due to the geographic mix of earnings. The company has significant domestic NOL carryforwards of **$47.8 million**[45](index=45&type=chunk)[46](index=46&type=chunk) Segment Revenue (In Thousands) | Segment | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | Battery & Energy Products | $22,111 | $20,761 | | Communications Systems | $3,862 | $5,053 | | **Total** | **$25,973** | **$25,814** | Revenue by Source (In Thousands) | Source | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | Commercial | $14,345 (55%) | $14,802 (57%) | | Government/Defense | $11,628 (45%) | $11,012 (43%) | [Management's Discussion and Analysis (MD&A)](index=18&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) MD&A discusses slight revenue growth, gross margin decline, lower operating income, COVID-19 impact, and liquidity - The COVID-19 pandemic had an estimated net negative impact in Q1 2021, reducing sales by approximately **$2.0 million**, operating income by **$0.9 million**, and diluted EPS by **$0.04**[80](index=80&type=chunk) - Battery & Energy Products revenues grew **6.5%**, driven by a **32.2%** increase in medical sales and a **30.3%** increase in government/defense sales, but offset by a **30.0%** decrease in oil & gas market sales[90](index=90&type=chunk) - Communications Systems revenues decreased **23.6%**, primarily due to the completion of large delivery orders to the U.S. Army in 2020 that were not repeated in Q1 2021[91](index=91&type=chunk) - The company filed a shelf registration statement on Form S-3, effective April 2, 2021, allowing it to offer and sell up to **$100 million** in securities for general corporate purposes, including potential acquisitions[114](index=114&type=chunk) [Results of Operations](index=20&type=section&id=Results%20of%20Operations) Q1 2021 revenues increased slightly, driven by Battery & Energy Products growth, while gross margin declined - Consolidated gross margin decreased by **150 basis points** to **26.9%**, primarily reflecting sales mix, costs to transition new products to higher volume, and higher freight costs[83](index=83&type=chunk)[92](index=92&type=chunk) - Operating expenses increased by **3.0%** to **$6.0 million**, driven by a **6.4%** increase in R&D and a **9.6%** increase in sales and marketing, reflecting investments in new product development and market launches[84](index=84&type=chunk)[95](index=95&type=chunk) [Adjusted EBITDA and Adjusted EPS (Non-GAAP)](index=23&type=section&id=Adjusted%20EBITDA%20and%20Adjusted%20EPS) Non-GAAP Adjusted EBITDA decreased to $2.0 million and Adjusted EPS fell to $0.05 per diluted share in Q1 2021 Adjusted EBITDA Reconciliation (In Thousands) | Metric | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | Net income attributable to Ultralife | $671 | $1,059 | | Add: Interest, Taxes, D&A, Stock Comp. | $1,341 | $1,463 | | **Adjusted EBITDA** | **$2,012** | **$2,522** | Adjusted EPS Reconciliation | Metric | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | Diluted EPS (GAAP) | $0.04 | $0.07 | | Deferred tax provision per share | $0.01 | $0.01 | | **Adjusted Diluted EPS (Non-GAAP)** | **$0.05** | **$0.08** | [Liquidity and Capital Resources](index=25&type=section&id=Liquidity%20and%20Capital%20Resources) Cash increased by $3.0 million to $13.7 million due to strong operating cash flow and a litigation settlement - Cash increased by **$3.0 million** during the quarter, primarily due to **$3.9 million** generated from operations, which included net proceeds of **$1,593 thousand** from a class action lawsuit[109](index=109&type=chunk)[110](index=110&type=chunk) - As of March 31, 2021, the company had no amounts outstanding on its **$30 million** Revolving Credit Facility and was in full compliance with all debt covenants[115](index=115&type=chunk) [Controls and Procedures](index=26&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were effective, with no material changes to internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of March 31, 2021[119](index=119&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[120](index=120&type=chunk) Part II: Other Information [Exhibits](index=27&type=section&id=Item%206.%20Exhibits) This section lists key exhibits filed with the Form 10-Q, including CEO/CFO certifications and XBRL data - The report includes CEO and CFO certifications (Exhibits 31.1, 31.2, and 32) and financial statements formatted in Inline XBRL (Exhibit 101)[122](index=122&type=chunk) [Signatures](index=28&type=section&id=Signatures) The Form 10-Q was signed by the CEO and CFO on April 29, 2021 - The Form 10-Q was signed and authorized on April 29, 2021[127](index=127&type=chunk)

Ultralife Corporation (NASDAQ:ULBI) Q4 2020 Earnings Conference Call February 4, 2021 8:30 AM ET Company Participants Jody Burfening – Investor Relations Mike Popielec – President and Chief Executive Officer Phil Fain – Chief Financial Officer Conference Call Participants Gary Siperstein – Eliot Rose Wealth Management Operator Good day, and welcome to the Ultralife Corporation Fourth Quarter 2020 Earnings Release Conference Call. At this time, for opening remarks and introductions, I’d like to turn the call ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission file number: 0-20852 ULTRALIFE CORPORATION (Exact name of registrant as specified in its charter) Delaware (State or other ...

Ultralife Corporation. (NASDAQ:ULBI) Q3 2020 Results Earnings Conference Call October 29, 2020 8:30 AM ET Company Participants Jody Burfening - Lippert/Heilshorn & Associates, Inc. Michael Popielec - CEO and President Philip Fain - CFO, Treasurer, and Corporate Secretary Conference Call Participants Gary Siperstein - Eliot Rose Wealth Management Operator Good day and welcome to the Ultralife Corporation Third Quarter 2020 Earnings Release Conference Call. Today’s conference is being recorded. At this time, ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 For the transition period from ____________ to ____________ 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 September 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ULTRALIFE CORPORATION 2000 Technology Parkway Newark, New York 14513 (Address of principal executive offices) (Zip Code) (I.R ...

Ultralife Corporation (NASDAQ:ULBI) Q2 2020 Earnings Conference Call July 30, 2020 8:30 AM ET Company Participants Jody Burfening - Lippert/Heilshorn & Associates, Inc. Michael D. Popielec - CEO and President Philip A. Fain - CFO, Treasurer, and Corporate Secretary Conference Call Participants Gary Siperstein - Eliot Rose Asset Management Operator Good day and welcome to the Ultralife Corporation Second Quarter 2020 Earnings Release Conference Call. At this time, for opening remarks and introductions, I'd ...

Ultralife Corporation Investor Presentation Michael D. Popielec PRESIDENT & CEO Philip A. Fain CFO & TREASURER Updated July 30, 2020 1 IMPORTANT REMINDER – FORWARD LOOKING STATEMENTS This presentation may contain forward-looking statements based on current expectations that involve a number of risks and uncertainties. The Company cautions investors not to place undue reliance on forward-looking statements, which reflect the Company's analysis only as of today's date. The Company undertakes no obligation to ...

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, 2020 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 ot ...

Ultralife Corporation (NASDAQ:ULBI) Q1 2020 Earnings Conference Call April 30, 2020 8:30 AM ET Company Participants Jody Burfening – Investor Relations Mike Popielec – President and Chief Executive Officer Phil Fain – Chief Financial Officer Conference Call Participants Gary Siperstein – Eliot Rose Wealth Management Operator Good day, and welcome to the Ultralife Corporation First Quarter 2020 Earnings Release Conference Call. As a reminder, today’s call is being recorded. At this time, for opening remarks ...

PART I. FINANCIAL INFORMATION [Item 1. Consolidated Financial Statements](index=3&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) This section presents Ultralife Corporation's unaudited consolidated financial statements for Q1 2020, highlighting a significant revenue increase to **$25.81 million** and net income of **$1.06 million** [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Total assets increased slightly to **$146.15 million** as of March 31, 2020, driven by higher trade accounts receivable, with total liabilities and shareholders' equity also rising Consolidated Balance Sheet Highlights (In Thousands) | Account | March 31, 2020 | December 31, 2019 | | :--- | :--- | :--- | | **Total Current Assets** | $73,568 | $70,373 | | **Total Assets** | $146,150 | $144,557 | | **Total Current Liabilities** | $18,928 | $17,190 | | **Total Liabilities** | $35,881 | $34,807 | | **Total Shareholders' Equity** | $110,269 | $109,750 | [Consolidated Statements of Income and Comprehensive Income](index=4&type=section&id=Consolidated%20Statements%20of%20Income%20and%20Comprehensive%20Income) Q1 2020 revenues increased **36.7%** year-over-year to **$25.81 million**, with gross profit rising to **$7.33 million** and net income more than doubling to **$1.06 million** Q1 2020 vs. Q1 2019 Income Statement (In Thousands, except per share data) | Metric | Q1 2020 | Q1 2019 | | :--- | :--- | :--- | | **Revenues** | $25,814 | $18,882 | | **Gross Profit** | $7,334 | $5,084 | | **Operating Income** | $1,485 | $548 | | **Net Income Attributable to Ultralife** | $1,059 | $425 | | **Diluted EPS** | $0.07 | $0.03 | [Consolidated Statements of Cash Flows](index=5&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Q1 2020 operating activities used **$365 thousand** in cash, primarily due to increased accounts receivable, resulting in an overall **$1.30 million** decrease in cash for the quarter Q1 2020 vs. Q1 2019 Cash Flow Summary (In Thousands) | Activity | Q1 2020 | Q1 2019 | | :--- | :--- | :--- | | **Net cash used in operating activities** | $(365) | $(545) | | **Net cash used in investing activities** | $(445) | $(2,581) | | **Net cash used in financing activities** | $(322) | $(1,609) | | **Decrease in Cash** | $(1,296) | $(4,694) | | **Cash, End of period** | $6,109 | $21,240 | [Notes to Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail accounting policies, the SWE acquisition contributing **$5,437 thousand** revenue and **$271 thousand** net income in Q1 2020, and the repayment of a **$3.459 million** PPP loan - On April 14, 2020, the company entered into a **$3.459 million** PPP loan agreement, which it repaid on April 27, 2020, to ensure compliance with revised government guidelines[21](index=21&type=chunk)[22](index=22&type=chunk) - The acquisition of Southwest Electronic Energy Corporation (SWE) on May 1, 2019, contributed revenue of **$5,437 thousand** and net income of **$271 thousand** for the three months ended March 31, 2020[31](index=31&type=chunk) Segment Revenue by Source - Q1 2020 vs Q1 2019 (In Thousands) | Segment & Source | Q1 2020 Revenue | Q1 2019 Revenue | | :--- | :--- | :--- | | **Battery & Energy Products** | | | | Commercial | $14,802 | $10,010 | | Government/Defense | $5,959 | $5,988 | | *Total Battery & Energy* | *$20,761* | *$15,998* | | **Communications Systems** | | | | Government/Defense | $5,053 | $2,884 | | *Total Communications* | *$5,053* | *$2,884* | | **Total Company** | **$25,814** | **$18,882** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=19&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management reported a **36.7%** increase in Q1 2020 consolidated revenues, with operating income rising **170.5%** to **$1.485 million**, despite an estimated **$500 thousand** COVID-19 impact on net income - The COVID-19 pandemic adversely impacted net income by an estimated **$500 thousand** for the quarter ended March 31, 2020, mainly from the temporary shutdown of the China facility and supply chain disruptions[86](index=86&type=chunk) Q1 2020 Performance Summary (In Thousands) | Metric | Q1 2020 | Q1 2019 | Change | | :--- | :--- | :--- | :--- | | **Revenues** | $25,814 | $18,882 | +36.7% | | **Gross Profit** | $7,334 | $5,084 | +44.3% | | **Operating Income** | $1,485 | $548 | +170.5% | | **Net Income (to Ultralife)** | $1,059 | $425 | +149.2% | - Revenue growth was driven by the SWE acquisition in the Battery & Energy Products segment and higher shipments of vehicle amplifier-adaptor systems in the Communications Systems segment[97](index=97&type=chunk)[98](index=98&type=chunk) Reconciliation of Net Income to Adjusted EBITDA (In Thousands) | Line Item | Q1 2020 | Q1 2019 | | :--- | :--- | :--- | | **Net income attributable to Ultralife** | $1,059 | $425 | | Interest expense | 174 | 5 | | Income tax provision | 319 | 41 | | Depreciation expense | 579 | 447 | | Amortization & financing fees | 161 | 101 | | Stock-based compensation expense | 230 | 185 | | **Adjusted EBITDA** | **$2,522** | **$1,204** | [Item 4. Controls and Procedures](index=27&type=section&id=Item%204.%20Controls%20and%20Procedures) As of March 31, 2020, the company's disclosure controls and procedures were deemed effective, with no material changes to internal control over financial reporting during Q1 2020 - The Principal Executive Officer and Principal Financial Officer concluded that disclosure controls and procedures were effective as of the end of the period covered by the report[125](index=125&type=chunk) - No changes in internal control over financial reporting occurred during the fiscal quarter that materially affected, or are reasonably likely to materially affect, these controls[126](index=126&type=chunk) PART II. OTHER INFORMATION [Item 1A. Risk Factors](index=28&type=section&id=Item%201A.%20Risk%20Factors) The primary risk factor is the adverse impact of the COVID-19 pandemic on business, operating results, and financial condition, including supply chain and demand disruptions - The company's business, operating results, and financial condition may be adversely impacted by the COVID-19 pandemic, which already affected Q1 2020 results through a facility closure in China and supply chain disruptions[129](index=129&type=chunk)[130](index=130&type=chunk) - Potential future effects of COVID-19 that pose a material risk include: limited availability or increased cost of raw materials and components; reduced demand and/or pricing for products; inability of customers to pay or remain solvent; reduced availability of the workforce; and increased cyber threats[130](index=130&type=chunk) [Item 6. Exhibits](index=29&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO and CFO certifications required by Sarbanes-Oxley Act and XBRL data files List of Filed Exhibits | Exhibit Index | Description | | :--- | :--- | | 31.1 | Rule 13a-14(a) / 15d-14(a) CEO Certifications | | 31.2 | Rule 13a-14(a) / 15d-14(a) CFO Certifications | | 32 | Section 1350 Certifications | | 101 | XBRL Data Files (Instance, Schema, etc.) | [Signatures](index=30&type=section&id=Signatures) The quarterly report was signed on April 30, 2020, by the company's principal executive and financial officers, authorizing its submission - The report was signed on April 30, 2020, by Michael D. Popielec (President and CEO) and Philip A. Fain (CFO and Treasurer)[136](index=136&type=chunk)