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MARKETS / NASDAQ / Technology / Electronic components / ULBI
NASDAQ · MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES · MID CAP

Ultralife Corp. ULBI

17 fiscal years on record · USD · FY2025 reported · SEC filings only
$191.2M
▲ 16.2% YoY
$-5.9M
▼ 193.4% YoY
$7.1M
▼ 51.6% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

Ultralife Corporation offers products and services ranging from power solutions to communications and electronics systems to customers across the globe in the government, defense and commercial sectors. The company designs and manufactures 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. It reports results in two operating segments: Battery & Energy Products and Communications Systems. The Battery & Energy Products segment includes Lithium 9-volt, cylindrical, thin cell and other non-rechargeable batteries, in addition to rechargeable batteries, uninterruptable power supplies, charging systems and accessories. The Communications Systems segment includes RF amplifiers, power supplies, cable and connector assemblies, amplified speakers, equipment mounts, case equipment, man-portable systems, integrated communication systems for fixed or vehicle applications, and communications and electronics systems design. Its one major customer, L3Harris Technologies, comprised 27% of total revenues in 2025 and 23% in 2024. As of December 31, 2025, the company employed a total of 678 permanent and temporary employees: 525 in production, 92 in sales and administration, and 61 in research and development.

Written from the business description in ULTRALIFE CORPORATION's annual report to the U.S. Securities and Exchange Commission, filed 23 March 2026. Every sentence was checked against that document before publication.

Growth

USD 191.2M
Revenue, FY2025 · full 17-year series below
Revenue $M Net income $M
FY2025 · Revenue 191.2 · Net income -5.9
100M200M
2009201220152018202120242025
Compound annual growth
+13.2%
+12.2%
+9.6%
+0.9%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +12.2% a year over the five years to FY2025.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

−3 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -3.1% · Net -3.1%
10%20%-2%-4%
200920172025
ROE
FY2025 · ROE -4.5%
10%20%-5%-10%
200920172025
Three returns, three denominators.
Gross margin24.1%
Operating margin-3.1%
Net margin-3.1%
EBITDAUSD -1.9M

Each USD of equity lost 4 cents this year.

Cash & shareholders

·
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF 7.1
10M20M-4M-8M
200920172025
Net buybacks $M Dividends $M
FY2020 · Dividends · · Net buybacks -0.2
4M8M
200920152016201820192020
Dividends paid·
Net buybacks·
Share of profit·
Consecutive raises·

Total assetsUSD 216.9M
EquityUSD 130.0M
CashUSD 9.3M
Gross debtUSD 49.7M
Net debtUSD 40.3M
Current ratio2.83×

Net debt stands at 31% of equity.

The 17-year record

17 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative—not applicable◌not available in our data
ULBI, 17-year financial record
Metric 20252024202320222021202020192018201720162015201420132012201120102009
Revenue $B0.20.20.20.10.10.10.10.10.10.10.10.10.10.10.10.20.2
Operating income $B−0.00.00.00.00.00.00.00.00.00.00.0−0.0−0.0−0.00.00.0−0.0
EBITDA $B−0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Income tax $B−0.00.00.0−0.00.00.00.0−0.0−0.00.00.00.00.00.00.0−0.00.0
Net income $B−0.00.00.0−0.0−0.00.00.00.00.00.00.0−0.0−0.0−0.0−0.0−0.0−0.0
Free cash flow $B0.00.0−0.0−0.00.00.0−0.00.00.00.00.00.00.00.00.00.00.0
EPS, diluted $−35.0038.000.440.050.050.3332.001.530.480.230.17◌−0.05−0.09−0.12−0.36−0.54
Dividend / sh $◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌
Payout % — not applicable: no dividend—————————————————
ROE %−4.54.96.0−0.1−0.24.64.927.110.45.24.2−2.9−1.3−2.2−2.8−8.1−11.8
Shares out B0.020.020.020.020.020.020.020.020.020.020.020.020.02◌◌◌◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

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Provenance

Company facts, as filed

How we verify · 5 failures in 83 reconciliationsAUDITED

Reconciled in 12 of the 17 fiscal years we could check. Six checks were skipped: the balance sheet is not tagged before 2010. Two checks were skipped: EPS is not tagged before 2009. Two checks were skipped: revenue is not tagged before 2009.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency5 failures
ActivityMiscellaneous Electrical Machinery, Equipment & Supplies
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsDecember 31
SEC categorysmaller reporting company
Data on record since2009

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