ULTRALIFE CORP ULBI
We offer products and services ranging from power solutions to communications and electronics systems to customers across the globe in the government, defense and commercial sectors. With an emphasis on strong engineering and a collaborative approach to problem solving, we design and manufacture power and communications systems including rechargeable and non-rechargeable batteries, charging systems, communications and electronics systems and accessories, and custom engineered systems related to those product lines. We continually evaluate ways to grow, including the design, development and sale of new products, expansion of our sales force to penetrate new markets and territories, as well as seeking opportunities to expand through acquisitions.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $191.2M | $164.5M | $158.6M | $131.8M | $98.3M | $107.7M | $106.8M | $87.2M | $85.5M | $82.5M |
| Cost of revenue | $145.1M | $122.1M | $119.4M | $102.4M | $73.6M | $78.6M | $75.6M | $61.6M | $59.3M | $57.4M |
| Gross profit | $46.0M | $42.3M | $39.2M | $29.4M | $24.6M | $29.2M | $31.2M | $25.6M | $26.2M | $25.1M |
| R&D | $10.4M | $8.3M | $7.5M | $7.1M | $6.8M | $5.9M | $6.8M | $4.5M | $4.7M | $5.9M |
| SG&A | $29.3M | $24.1M | $22.2M | $22.2M | $17.8M | $17.5M | $17.0M | $14.5M | $15.0M | $15.4M |
| Total operating expenses | $51.9M | $32.3M | $29.7M | $29.3M | $24.6M | $23.5M | $23.8M | $19.0M | $19.8M | $21.3M |
| Operating income | -$5.9M | $10.0M | $9.5M | $129.0K | $35.0K | $5.7M | $7.4M | $6.6M | $6.5M | $3.8M |
| Pre-tax income | -$8.4M | $8.3M | $9.1M | -$446.0K | -$151.0K | $7.0M | $6.8M | $6.6M | $6.3M | $3.6M |
| Income tax | $2.4M | $1.9M | $2.0M | $326.0K | $79.0K | $1.7M | $1.5M | $18.4M | $1.4M | $98.0K |
| Net income | -$5.9M | $6.3M | $7.2M | -$119.0K | -$234.0K | $5.2M | $5.2M | $24.9M | $7.6M | $3.5M |
| EPS, basic | -35.00 | 38.00 | 0.44 | 0.05 | 0.05 | 0.33 | 33.00 | 1.57 | 0.49 | 0.23 |
| EPS, diluted | -35.00 | 38.00 | 0.44 | 0.05 | 0.05 | 0.33 | 32.00 | 1.53 | 0.48 | 0.23 |
| Shares, diluted (wtd. avg.) | $16.6M | $16.8M | $16.2M | $16.1M | $16.0M | $16.1K | $16.2M | $16.3M | $15.9K | $15.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $9.3M | $6.9M | $10.3M | $5.7M | $8.4M | $10.7M | $7.4M | $25.9M | $18.3M | $10.7M |
| Receivables | $33.9M | $29.4M | $31.8M | $27.8M | $20.2M | $21.1M | $30.1M | $16.0M | $14.7M | $13.2M |
| Inventory | $54.0M | $51.4M | $42.2M | $41.2M | $33.2M | $28.2M | $29.8M | $22.8M | $26.3M | $23.5M |
| Total current assets | $105.8M | $97.2M | $90.2M | $79.0M | $66.5M | $64.5M | $70.4M | $67.2M | $61.9M | $49.4M |
| Property, plant and equipment | $40.4M | $40.5M | $21.1M | $21.7M | $23.2M | $22.9M | $22.5M | $10.7M | $7.6M | $8.0M |
| Goodwill | $45.4M | $45.0M | $37.6M | $37.4M | $38.1M | $27.0M | $26.8M | $20.1M | $20.5M | $20.0M |
| Other intangibles | $10.9M | $24.6M | $15.1M | $15.9M | $17.4M | $9.2M | $9.7M | $6.5M | $7.1M | $7.2M |
| Total assets | $216.9M | $220.5M | $178.3M | $168.4M | $159.5M | $137.7M | $144.6M | $120.8M | $97.2M | $84.7M |
| Accounts payable | $17.4M | $14.2M | $11.3M | $16.1M | $9.8M | $10.8M | $9.4M | $9.9M | $8.8M | $7.3M |
| Short-term debt | $4.1M | $2.8M | $2.0M | $2.0M | $2.0M | $1.4M | $1.4M | — | — | — |
| Total current liabilities | $37.3M | $29.3M | $23.7M | $28.9M | $18.9M | $18.7M | $17.2M | $15.4M | $14.2M | $11.3M |
| Long-term debt | $45.5M | $51.5M | $23.6M | $19.3M | $18.9M | $0 | $15.8M | — | — | — |
| Total liabilities | $86.8M | $86.3M | $52.8M | $52.0M | $41.8M | $20.8M | $34.8M | $16.4M | $18.1M | $16.9M |
| Retained earnings | -$40.3M | -$34.4M | -$40.8M | -$48.0M | -$47.8M | -$47.6M | -$52.8M | -$58.0M | -$82.9M | -$90.5M |
| Total equity | $130.0M | $134.0M | $125.4M | $116.4M | $117.7M | $116.9M | $109.8M | $104.5M | $79.0M | $67.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $11.0M | $16.6M | $1.9M | -$1.3M | $4.3M | $21.7M | -$3.0M | $10.9M | $7.3M | $7.7M |
| Depreciation and amortisation | $4.0M | $3.1M | $3.0M | $3.2M | $2.9M | $2.3M | $2.2M | $2.0M | $2.0M | $2.2M |
| Stock-based compensation | $935.0K | $698.0K | $528.0K | $776.0K | $671.0K | $943.0K | $753.0K | $890.0K | $653.0K | $710.0K |
| Capital expenditure | $3.9M | $1.9M | $2.6M | $1.7M | $2.8M | $3.1M | $6.3M | $4.2M | $1.4M | $1.2M |
| Investing cash flow | -$3.9M | -$50.0M | -$2.6M | -$1.7M | -$26.3M | -$3.0M | -$31.5M | -$4.2M | -$1.4M | -$11.1M |
| Financing cash flow | -$4.7M | $29.9M | $5.5M | $518.0K | $19.6M | -$15.7M | $16.1M | $1.2M | $1.4M | -$175.0K |
| Buybacks | — | — | — | — | — | $0 | $2.0M | $742.0K | $26.0K | $607.0K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-26-019134.
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