Ultralife Corporation
- Open
- 6.25
- Day high
- 6.48
- Day low
- 6.03
- Prev close
- 6.32
- Volume
- 918
- Mkt cap
- $104M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 0.8
- P/S
- 0.6
- Yield
- —
- Per share
- —
- ▲Insiders net buying $728K over the last 3 months (4 open-market buys, 0 sales)
- 🏛Institutions reducing (13F)
Ultralife Corporation (ULBI) is a Industrials company listed on NASDAQ. The stock is down 30% over the past year. Over the trailing 3 months, insiders filed 4 open-market buys and 0 sales (SEC Form 4).
Ultralife Corporation (ULBI) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ULBI earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 8, 2026 | $0.15 | $-0.03 | -120.0% | $47M | -9.5% |
| Mar 10, 2026 | $0.24 | $0.12 | -50.0% | $48M | -14.9% |
| Nov 18, 2025 | $0.21 | $-0.07 | -133.3% | $43M | -18.2% |
| Aug 7, 2025 | $0.22 | $0.07 | -68.2% | $49M | -8.4% |
| May 9, 2025 | $0.15 | $0.13 | -13.3% | $51M | -6.9% |
| Feb 26, 2025 | $0.23 | $0.18 | -21.7% | $44M | +9.6% |
| Nov 8, 2024 | $0.21 | $0.01 | -95.2% | $36M | -21.6% |
| Jul 25, 2024 | $0.14 | $0.22 | +57.1% | $43M | +2.3% |
| Apr 25, 2024 | $0.10 | $0.21 | +110.0% | $42M | -5.9% |
| Feb 15, 2024 | $0.07 | $0.18 | +157.1% | $45M | +14.2% |
| Oct 26, 2023 | $0.10 | $0.10 | +0.0% | $39M | +1.3% |
| Jul 27, 2023 | $0.04 | $0.29 | +625.0% | $43M | +29.4% |
ULBI insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 26, 2026 | WHITMORE BRADFORD Tdirector, 10 percent owner: | Buy | 32,876 | $6.13 |
| May 26, 2026 | WHITMORE BRADFORD Tdirector, 10 percent owner: | Buy | 8,700 | $6.33 |
| May 26, 2026 | WHITMORE BRADFORD Tdirector, 10 percent owner: | Buy | 67,302 | $6.81 |
| May 18, 2026 | Manna Michael Edwarddirector, officer: President and CEO | Buy | 2,000 | $6.47 |
| Mar 16, 2026 | WHITMORE BRADFORD Tdirector, 10 percent owner: | Buy | 100,640 | $6.32 |
| Mar 16, 2026 | WHITMORE BRADFORD Tdirector, 10 percent owner: | Buy | 53,131 | $6.76 |
| Mar 16, 2026 | WHITMORE BRADFORD Tdirector, 10 percent owner: | Buy | 33,741 | $5.97 |
| Mar 16, 2026 | Manna Michael Edwarddirector, officer: President and CEO | Buy | 200 | $6.03 |
| Mar 16, 2026 | Manna Michael Edwarddirector, officer: President and CEO | Buy | 1,800 | $6.01 |
| Dec 16, 2025 | WHITMORE BRADFORD Tdirector, 10 percent owner: | Buy | 14,882 | $5.66 |
| Dec 16, 2025 | WHITMORE BRADFORD Tdirector, 10 percent owner: | Buy | 9,530 | $5.63 |
| Dec 16, 2025 | WHITMORE BRADFORD Tdirector, 10 percent owner: | Buy | 28,588 | $5.70 |
| Dec 15, 2025 | Goddard Janiedirector | Buy | 1,739 | $5.75 |
| Nov 26, 2025 | Robert W. Shawdirector | Buy | 1,750 | $5.67 |
| Nov 21, 2025 | WHITMORE BRADFORD Tdirector, 10 percent owner: | Buy | 53,900 | $4.97 |
Source: ULBI SEC Form 4 filings, latest May 26, 2026. For informational purposes only — not investment advice.
See the full ULBI insider & 13F page →Ultralife Corporation company profile
Overview
Ultralife Corporation (NASDAQ:ULBI) is a specialized manufacturer of batteries and communication systems founded in 1990 and headquartered in Newark, New York. The company went public in 1992 and has evolved into a niche provider of power solutions and communications equipment primarily serving government, defense, medical, and industrial markets. Ultralife operates through two main business segments and has built its reputation on developing specialized battery technologies and ruggedized communication systems for demanding applications where reliability and performance are critical.
Business
Ultralife operates in the specialized battery and communications equipment industry, focusing on applications where standard consumer products cannot meet the demanding requirements of professional users. The company's business is divided into two primary segments: Battery & Energy Products (approximately 91% of revenue) manufactures various types of specialized batteries and power systems. This segment produces lithium 9-volt batteries commonly used in smoke detectors and professional equipment, cylindrical lithium batteries for industrial applications, and thin lithium manganese dioxide batteries for compact devices. The company also manufactures rechargeable lithium-ion battery systems ranging from individual cells to multi-kilowatt module systems, along with uninterruptible power supplies. Additionally, this segment produces military-grade battery charging systems including smart chargers, multi-bay charging systems, and various cables and accessories. These products serve markets including medical devices (such as hospital equipment and wearable monitors), oil and gas monitoring systems, government and defense applications, and industrial equipment. Communications Systems (approximately 9% of revenue) designs and manufactures communication equipment and accessories primarily for military applications. This segment produces radio frequency amplifiers that boost signal strength for military communications, power supplies and cables for communication equipment, connector assemblies, amplified speakers, and equipment mounting systems. The segment also develops man-portable communication systems and integrated vehicle-mounted communication solutions, including vehicle adapters, power-enhanced systems, and satellite communication (SATCOM) systems. These products are designed to enhance and extend the operation of military communication equipment such as vehicle-mounted radios, backpack-portable radios, and handheld transceivers used by armed forces.
Revenue model
Ultralife generates revenue primarily through direct product sales to original equipment manufacturers (OEMs), industrial distributors, defense contractors, and government agencies. The Battery & Energy Products segment sells specialized batteries and power systems to medical device manufacturers, oil and gas companies, defense contractors, and industrial equipment makers. The Communications Systems segment sells directly to the U.S. Department of Defense and international defense departments, as well as to defense contractors who integrate these components into larger systems. The company's revenue model is largely project-based and contract-driven, particularly in the defense sector where multi-year contracts and backlog provide some revenue visibility. Ultralife also sells consumer 9-volt batteries through retail channels, though this represents a smaller portion of total revenue. The company's margins are influenced by several factors including raw material costs (particularly lithium and other battery materials), manufacturing efficiency through lean production initiatives, pricing power with customers, and product mix between higher-margin specialized products and more commoditized offerings. Key factors that can increase margins include successful implementation of lean manufacturing processes, negotiating favorable long-term supply contracts for raw materials, developing proprietary technologies that command premium pricing, and focusing on higher-value specialized applications. Conversely, margins face pressure from commodity price inflation, increased competition in standard battery markets, supply chain disruptions, and customer pricing pressure, particularly in government contracts where competitive bidding is common.
Competitive moat
Ultralife's competitive moat is moderate and primarily built on specialized technical expertise and established customer relationships rather than strong structural advantages. The company's strongest moat elements include its specialized knowledge in developing batteries for extreme environments and demanding applications, long-standing relationships with government and defense customers who value reliability and proven performance, and regulatory certifications and security clearances required for defense work that create barriers to entry. The company has developed proprietary technologies in areas like thin-cell batteries for medical wearables and thionyl chloride batteries for monitoring applications, though these are not necessarily insurmountable technological barriers. Ultralife's recent acquisition of Electrochem provides some vertical integration advantages in specialized battery cell production, potentially improving cost structure and supply chain control. However, the company's moat faces several challenges. The battery industry includes large, well-capitalized competitors who could potentially enter Ultralife's niche markets. Many of the company's products, while specialized, are not protected by strong intellectual property positions. The defense market, while providing stable demand, is subject to budget cycles and competitive bidding processes that can pressure margins. Additionally, the company's relatively small size limits its ability to invest in research and development compared to larger competitors, and technological disruption in battery chemistry or manufacturing processes could erode existing advantages.
Risks & safety
Ultralife demonstrates a reasonable margin of safety with solid financial fundamentals, though some metrics warrant attention: • Liquidity and Solvency: Strong current ratio of 3.22 and quick ratio of 1.70 indicate good short-term liquidity. Cash position of $8.7 million provides adequate working capital, though not excessive. Debt-to-equity ratio of 0.02 shows minimal debt burden, indicating low solvency risk. • Cash Flow: Positive operating cash flow of $3.4 million and free cash flow of $2.5 million in Q1 2025 demonstrate the company's ability to generate cash from operations. Full-year 2024 free cash flow of $14.7 million shows strong cash generation capability. • Valuation Metrics: Trading at P/E ratio of 12.0 and P/B ratio of 0.66, suggesting reasonable valuation. EV/EBITDA of 6.2 appears attractive for a specialized industrial company. • Other Considerations: Backlog provides some revenue visibility, though concentration in government/defense markets creates dependency on budget cycles. Recent acquisition integration adds execution risk but also potential synergies.
Recent development
Over the past few years, Ultralife has pursued several strategic initiatives to drive growth and improve operational efficiency. The most significant recent development was the acquisition of Electrochem Solutions in October 2024 for approximately $34 million, which provides vertical integration in thionyl chloride battery cell production and expands the company's capabilities in specialized battery technologies. The company has focused heavily on operational improvements through lean manufacturing initiatives, completing multiple lean projects across its facilities that have achieved 30% greater throughput and efficiency improvements. Management has also prioritized material cost reduction, successfully negotiating favorable long-term contracts for key inputs like lithium metal and printed circuit boards, resulting in hundreds of thousands of dollars in annual savings. On the product development front, Ultralife has been expanding its portfolio with new technologies including ThinCell batteries for medical wearables and tracking applications, enhanced 123A product lines for IoT markets, and conformal wearable batteries for military applications. In the Communications Systems segment, the company has developed new ruggedized server cases for edge computing applications, advanced radio amplifiers for international markets, and DC power supplies for vehicular use. The company has also invested in sales and marketing capabilities, hiring new sales resources and implementing a global CRM system to improve its sales funnel and capture processes.
ULBI company profile · for informational purposes only — not investment advice.
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