ULBI · ULTRALIFE CORP
Ultralife Corporation, together with its subsidiaries, designs, manufactures, installs, and maintains power, and communication and electronics systems worldwide. The company operates in two segments, Battery & Energy Products and Communications Systems. The Battery & Energy Products segment offers lithium 9-volt, cylindrical, thin lithium manganese dioxide, rechargeable, and other non-rechargeable batteries; lithium-ion cells, multi-kilowatt module lithium-ion battery systems, and uninterruptable power supplies; and rugged military and commercial battery charging systems and accessories, including smart chargers, multi-bay charging systems, and various cables. The Communications Systems segment provides communications systems and accessories to support military communications systems, such as radio frequency amplifiers, power supplies and cables, connector assemblies, amplified speakers, equipment mounts, case equipment, man-portable systems, and integrated communication systems for fixed or vehicle applications comprising vehicle amplifier-adaptors, vehicle installed power enhanced rifleman appliqué systems, and SATCOM systems. This segment's military communications systems and accessories are designed to enhance and extend the operation of communications equipment, such as vehicle-mounted, manpack, and handheld transceivers. The company sells its products under the Ultralife, Ultralife HiRate, Ultralife Thin Cell, Lithium Power, McDowell Research, AMTI, ABLE, ACCUTRONICS, ACCUPRO, ENTELLION, SWE Southwest Electronic Energy Group, SWE SEASAFE, Excell Battery Group, Criterion Gauge, and POW-R BMS brands through original equipment manufacturers, and industrial and defense supply distributors. In addition, it sells its 9-volt battery to the broader consumer market through national and regional retail chains and online retailers. It serves government, defense, and commercial sectors. The company was incorporated in 1990 and is headquartered in Newark, New York.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $5.72 |
| SO | 16.7M |
| Options | 1.0M |
| Warrants | 0.0M |
| FD SO | 17.6M |
| MC | $100.9M |
| Cash | $8.9M |
| Total debt | $47.6M |
| EV | $139.6M |
| TTM Multiples | |
|---|---|
| EV / Revenue | 0.7x |
| EV / EBITDA | — |
| MC / Net Income | — |
| EV / FCF | 22.8x |
| MC / FCF | 16.5x |
| Ownership & coverage | |
|---|---|
| Institutional | 74.2% |
| Insiders | 3.2% |
| # Institutions | 76 |
| Analysts | 0 |
| Consensus | — |
| Avg target | — |
| Short % float | 0.7% |
| Days to cover | 2.72 |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-05-01. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-07-13 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-06-29; the float denominator can be unreliable on tiny floats.
Financial statements
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Total Revenue | 47.45 | 48.48 | 43.37 | 48.56 |
| Revenue YoY % | (6.5%) | 10.6% | 21.5% | 13.0% |
| Cost of Revenue | 37.34 | 36.42 | 33.75 | 36.96 |
| Gross Profit | 10.11 | 12.06 | 9.62 | 11.60 |
| Gross Profit YoY % | (20.7%) | 13.7% | 10.8% | 0.3% |
| Gross Margin % | 21.3% | 24.9% | 22.2% | 23.9% |
| SG&A | 7.36 | 7.66 | 7.71 | 7.03 |
| R&D | 2.96 | 2.82 | 2.85 | 2.32 |
| Operating Expense | 10.32 | 22.66 | 10.57 | 9.35 |
| Operating Income | (0.21) | (10.61) | (0.95) | 2.26 |
| Operating Income YoY % | (106.3%) | (819.5%) | (286.1%) | (42.4%) |
| Operating Margin % | (0.5%) | (21.9%) | (2.2%) | 4.6% |
| EBITDA | 0.84 | (9.59) | 0.06 | 3.26 |
| EBITDA Margin % | 1.8% | (19.8%) | 0.1% | 6.7% |
| Other Income / (Expense) | — | — | (0.80) | (1.14) |
| Pretax Income | (0.66) | (10.21) | (1.75) | 1.11 |
| Tax Provision | (0.19) | (2.75) | (0.50) | 0.24 |
| Net Income | (0.47) | (7.45) | (1.25) | 0.87 |
| Net Income to Common | (0.45) | (7.42) | (1.22) | 0.88 |
| Net Margin % | (1.0%) | (15.4%) | (2.9%) | 1.8% |
| Diluted EPS | -$3.00 | -$35.09 | -$0.07 | $0.05 |
| Basic EPS | -$3.00 | -$35.09 | -$0.07 | $0.05 |
| Diluted Avg Shares | 16.7 | — | 16.6 | 16.7 |
| Basic Avg Shares | 16.7 | — | 16.6 | 16.6 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Total Revenue | 187.86 | 191.16 | 164.46 | 158.64 | 131.84 |
| Revenue YoY % | (1.7%) | 16.2% | 3.7% | 20.3% | — |
| Cost of Revenue | 144.47 | 145.14 | 122.14 | 119.44 | 102.44 |
| Gross Profit | 43.39 | 46.02 | 42.31 | 39.20 | 29.40 |
| Gross Profit YoY % | (5.7%) | 8.8% | 7.9% | 33.3% | — |
| Gross Margin % | 23.1% | 24.1% | 25.7% | 24.7% | 22.3% |
| SG&A | 29.77 | 29.34 | 24.08 | 22.19 | 22.19 |
| R&D | 10.96 | 10.40 | 8.27 | 7.53 | 7.08 |
| Operating Expense | 52.90 | 51.92 | 32.35 | 29.73 | 29.27 |
| Operating Income | (9.52) | (5.90) | 9.96 | 9.47 | 0.13 |
| Operating Income YoY % | (61.2%) | (159.2%) | 5.2% | 7245.0% | — |
| Operating Margin % | (5.1%) | (3.1%) | 6.1% | 6.0% | 0.1% |
| EBITDA | (5.43) | (1.92) | 13.09 | 13.39 | 4.59 |
| EBITDA Margin % | (2.9%) | (1.0%) | 8.0% | 8.4% | 3.5% |
| Other Income / (Expense) | (1.99) | (2.50) | (1.66) | — | (0.57) |
| Pretax Income | (11.51) | (8.40) | 8.30 | 9.12 | (0.45) |
| Tax Provision | (3.21) | (2.45) | 1.89 | 1.95 | (0.33) |
| Net Income | (8.30) | (5.95) | 6.41 | 7.17 | (0.12) |
| Net Income to Common | (8.21) | (5.90) | 6.31 | 7.20 | (0.12) |
| Net Margin % | (4.4%) | (3.1%) | 3.9% | 4.5% | (0.1%) |
| Diluted EPS | -$38.11 | -$35.00 | $38.00 | $0.44 | $0.05 |
| Basic EPS | -$38.11 | -$35.00 | $38.00 | $0.44 | $0.05 |
| Diluted Avg Shares | 16.7 | 16.6 | 16.8 | 16.2 | 16.1 |
| Basic Avg Shares | 16.7 | 16.6 | 16.6 | 16.2 | 16.1 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 8.89 | 9.35 | 9.26 | 10.94 |
| Receivables | 34.43 | 33.95 | 30.93 | 32.32 |
| Inventory | 57.29 | 54.01 | 52.75 | 50.58 |
| Other Current Assets | 9.50 | 8.50 | 7.68 | 5.17 |
| Total Current Assets | 110.10 | 105.80 | 100.62 | 99.00 |
| Net PPE | 40.12 | 40.40 | 40.54 | 40.61 |
| Operating Lease ROU | 3.12 | 3.34 | 3.51 | 3.75 |
| Goodwill | 45.33 | 45.38 | 45.34 | 45.41 |
| Intangible Assets | 10.65 | 10.93 | 23.41 | 23.84 |
| Other Assets | 11.31 | 11.06 | 8.84 | 8.35 |
| Total Assets | 220.63 | 216.91 | 222.25 | 220.96 |
| Accounts Payable | 24.06 | 17.42 | 14.16 | 15.03 |
| Current Debt | 3.44 | 4.12 | 3.78 | 3.44 |
| Current Lease Liabilities | 0.93 | 0.98 | 1.06 | 1.11 |
| Other Current Liabilities | 14.63 | 14.81 | 14.69 | 10.32 |
| Total Current Liabilities | 43.05 | 37.33 | 33.70 | 29.90 |
| Long-term Debt | 44.19 | 45.53 | 46.52 | 47.51 |
| Long-term Lease Liabilities | 2.18 | 2.36 | 2.44 | 2.63 |
| Other Liabilities | 1.47 | 1.56 | 2.16 | 2.28 |
| Total Liabilities | 90.89 | 86.78 | 84.81 | 82.32 |
| Retained Earnings | (40.79) | (40.34) | (32.92) | (31.70) |
| Total Equity | 129.75 | 130.13 | 137.43 | 138.65 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 8.89 | 9.35 | 6.85 | 10.20 | 5.63 |
| Receivables | 34.43 | 33.95 | 29.37 | 31.76 | 27.78 |
| Inventory | 57.29 | 54.01 | 51.36 | 42.22 | 41.19 |
| Other Current Assets | 9.50 | 8.50 | 9.57 | 6.03 | 4.38 |
| Total Current Assets | 110.10 | 105.80 | 97.16 | 90.20 | 78.99 |
| Net PPE | 40.12 | 40.40 | 40.48 | 21.12 | 21.72 |
| Operating Lease ROU | 3.12 | 3.34 | 4.15 | 3.59 | — |
| Goodwill | 45.33 | 45.38 | 45.01 | 37.57 | 37.43 |
| Intangible Assets | 10.65 | 10.93 | 24.56 | 15.11 | 15.92 |
| Other Assets | 11.31 | 11.06 | 9.09 | 10.69 | 14.38 |
| Total Assets | 220.63 | 216.91 | 220.45 | 178.28 | 168.43 |
| Accounts Payable | 24.06 | 17.42 | 14.16 | 11.34 | 16.07 |
| Current Debt | 3.44 | 4.12 | 2.75 | 2.00 | 2.00 |
| Current Lease Liabilities | 0.93 | 0.98 | 1.14 | 0.89 | — |
| Other Current Liabilities | 14.63 | 14.81 | 11.24 | 9.50 | 10.84 |
| Total Current Liabilities | 43.05 | 37.33 | 29.29 | 23.73 | 28.91 |
| Long-term Debt | 44.19 | 45.53 | 51.50 | 23.62 | 19.31 |
| Long-term Lease Liabilities | 2.18 | 2.36 | 3.00 | 2.64 | — |
| Other Liabilities | 1.47 | 1.56 | 2.47 | 2.85 | 3.80 |
| Total Liabilities | 90.89 | 86.78 | 86.26 | 52.85 | 52.03 |
| Retained Earnings | (40.79) | (40.34) | (34.44) | (40.75) | (47.95) |
| Total Equity | 129.75 | 130.13 | 134.19 | 125.43 | 116.40 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Net Income | (0.47) | (7.45) | (1.25) | 0.87 |
| D&A | 1.05 | 1.01 | 1.01 | 1.01 |
| Stock-Based Comp | (0.00) | 0.24 | 0.24 | 0.23 |
| Δ Working Cap & Other | 1.67 | 7.69 | 0.20 | 3.82 |
| Operating Cash Flow | 2.26 | 1.49 | 0.20 | 5.93 |
| CapEx | (0.77) | (0.88) | (0.99) | (1.10) |
| Investing Cash Flow | (0.77) | (0.89) | (0.99) | (1.10) |
| Other Financing | (2.06) | (0.69) | (0.65) | (2.65) |
| Financing Cash Flow | (2.06) | (0.69) | (0.65) | (2.65) |
| Effect of FX on Cash | 0.12 | 0.17 | (0.24) | 0.04 |
| Free Cash Flow | 1.49 | 0.61 | (0.80) | 4.83 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Net Income | (8.30) | (5.95) | 6.41 | 7.17 | (0.12) |
| D&A | 4.08 | 3.98 | 3.12 | 3.91 | 4.46 |
| Stock-Based Comp | 0.71 | 0.94 | 0.70 | 0.53 | 0.78 |
| Δ Working Cap & Other | 13.39 | 12.03 | 6.40 | (9.68) | (6.38) |
| Operating Cash Flow | 9.88 | 10.99 | 16.64 | 1.93 | (1.26) |
| CapEx | (3.75) | (3.87) | (1.93) | (2.55) | (1.68) |
| Acquisitions | — | — | — | — | 0.00 |
| Other Investing | — | — | (48.02) | — | — |
| Investing Cash Flow | (3.75) | (3.87) | (49.95) | (2.55) | (1.68) |
| Other Financing | (6.05) | (4.68) | 29.86 | 5.49 | 0.52 |
| Financing Cash Flow | (6.05) | (4.68) | 29.86 | 5.49 | 0.52 |
| Effect of FX on Cash | 0.09 | 0.05 | 0.03 | (0.30) | (0.28) |
| Free Cash Flow | 6.13 | 7.12 | 14.70 | (0.62) | (2.94) |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Current Ratio | 2.56 | 2.83 | 2.99 | 3.31 |
| Quick Ratio | 1.23 | 1.39 | 1.42 | 1.62 |
| Debt / Equity | 0.70 | 0.67 | 0.62 | 0.59 |
| EBITDA Margin % | 1.8% | (19.8%) | 0.1% | 6.7% |
| Working Capital | 67.05 | 68.47 | 66.92 | 69.11 |
| Net Debt | 35.30 | 36.18 | 37.26 | 36.57 |
| ROE % | (0.4%) | (5.7%) | (0.9%) | 0.6% |
| ROA % | (0.2%) | (3.4%) | (0.6%) | 0.4% |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Current Ratio | 2.56 | 2.83 | 3.32 | 3.80 | 2.73 |
| Quick Ratio | 1.23 | 1.39 | 1.56 | 2.02 | 1.31 |
| Debt / Equity | 0.70 | 0.67 | 0.64 | 0.42 | 0.45 |
| EBITDA Margin % | (2.9%) | (1.0%) | 8.0% | 8.4% | 3.5% |
| Working Capital | 67.05 | 68.47 | 67.87 | 66.47 | 50.08 |
| Net Debt | 35.30 | 36.18 | 44.65 | 13.43 | 13.68 |
| ROE % | (6.4%) | (4.6%) | 4.8% | 5.7% | (0.1%) |
| ROA % | (3.8%) | (2.7%) | 2.9% | 4.0% | (0.1%) |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-05-26 | WHITMORE BRADFORD T | Director, 10% Owner | 2026-05-26 | P | 67,302 | $6.81 | $458,576 |
| 2026-05-26 | WHITMORE BRADFORD T | Director, 10% Owner | 2026-05-22 | P | 8,700 | $6.33 | $55,067 |
| 2026-05-26 | WHITMORE BRADFORD T | Director, 10% Owner | 2026-05-21 | P | 32,876 | $6.13 | $201,671 |
| 2026-05-18 | Manna Michael Edward | Director, Officer (President and CEO) | 2026-05-18 | P | 2,000 | $6.47 | $12,939 |
| 2026-03-16 | WHITMORE BRADFORD T | Director, 10% Owner | 2026-03-16 | P | 53,131 | $6.76 | $359,112 |
| 2026-03-16 | WHITMORE BRADFORD T | Director, 10% Owner | 2026-03-13 | P | 100,640 | $6.32 | $636,488 |
| 2026-03-16 | WHITMORE BRADFORD T | Director, 10% Owner | 2026-03-12 | P | 33,741 | $5.97 | $201,309 |
| 2026-03-16 | Manna Michael Edward | Director, Officer (President and CEO) | 2026-03-12 | P | 1,800 | $6.01 | $10,818 |
| 2026-03-16 | Manna Michael Edward | Director, Officer (President and CEO) | 2026-03-12 | P | 200 | $6.03 | $1,206 |
| 2025-12-16 | WHITMORE BRADFORD T | Director, 10% Owner | 2025-12-16 | P | 28,588 | $5.70 | $163,026 |
| 2025-12-16 | WHITMORE BRADFORD T | Director, 10% Owner | 2025-12-15 | P | 14,882 | $5.66 | $84,263 |
| 2025-12-16 | WHITMORE BRADFORD T | Director, 10% Owner | 2025-12-12 | P | 9,530 | $5.63 | $53,613 |
| 2025-12-15 | Goddard Janie | Director | 2025-12-15 | P | 1,739 | $5.75 | $9,999 |
| 2025-11-26 | Robert W. Shaw | Director | 2025-11-24 | P | 1,750 | $5.67 | $9,922 |
| 2025-11-21 | WHITMORE BRADFORD T | Director, 10% Owner | 2025-11-19 | P | 53,900 | $4.97 | $267,915 |
| 2025-11-19 | Manna Michael Edward | Director, Officer (President and CEO) | 2025-11-19 | P | 1,000 | $4.94 | $4,943 |
| 2025-11-19 | Manna Michael Edward | Director, Officer (President and CEO) | 2025-11-19 | P | 1,000 | $4.99 | $4,990 |
| 2025-08-21 | WHITMORE BRADFORD T | Director, 10% Owner | 2025-08-21 | P | 29,766 | $6.63 | $197,310 |
| 2025-08-21 | WHITMORE BRADFORD T | Director, 10% Owner | 2025-08-20 | P | 13,000 | $6.57 | $85,423 |
| 2025-08-21 | WHITMORE BRADFORD T | Director, 10% Owner | 2025-08-19 | P | 15,898 | $6.56 | $104,367 |
| 2025-06-13 | WHITMORE BRADFORD T | Director, 10% Owner | 2025-06-13 | P | 10,000 | $7.64 | $76,392 |
| 2025-06-13 | Goddard Janie | Director | 2025-06-13 | P | 1,548 | $7.68 | $11,889 |
| 2025-05-28 | WHITMORE BRADFORD T | Director, 10% Owner | 2025-05-23 | P | 11,980 | $5.41 | $64,778 |
| 2025-05-15 | WHITMORE BRADFORD T | Director, 10% Owner | 2025-05-15 | P | 2,140 | $5.72 | $12,234 |
| 2025-05-15 | WHITMORE BRADFORD T | Director, 10% Owner | 2025-05-14 | P | 16,063 | $5.47 | $87,889 |
| 2025-05-15 | WHITMORE BRADFORD T | Director, 10% Owner | 2025-05-13 | P | 8,957 | $5.40 | $48,353 |
| 2025-05-14 | Saeli Thomas Louis | Director | 2025-05-14 | P | 5,000 | $5.44 | $27,200 |
| 2025-05-14 | Robert W. Shaw | Director | 2025-05-14 | P | 4,000 | $5.49 | $21,960 |
| 2025-05-13 | Manna Michael Edward | Director, Officer (President and CEO) | 2025-05-13 | P | 3,000 | $5.29 | $15,870 |
| 2024-11-21 | Manna Michael Edward | Director, Officer (President and CEO) | 2024-11-21 | P | 1,500 | $7.25 | $10,868 |
| 2024-11-12 | Robert W. Shaw | Director | 2024-11-12 | P | 2,500 | $7.91 | $19,775 |
| 2024-06-07 | Goddard Janie | Director | 2024-06-07 | P | 1,397 | $10.91 | $15,241 |