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Did Ultralife beat or miss consensus estimates last quarter?

What were the key takeaways from Ultralife’s earnings call?

What is the revenue and EPS growth rate for Ultralife year over year?

What factors drove the changes in Ultralife's revenue and profit?

What is the market's earnings forecast for Ultralife next quarter?

What guidance did Ultralife's management provide for the next earnings period?

- **Revenue Growth**: Q4 2025 revenue up 10.6% YoY to $48.5M, full year +16.2% from new products
- **Margin Expansion**: Adjusted EBITDA of 11.7%, up from 8.9%, with Battery & Energy gross margin improving 170bps
- **Backlog Strength**: $110M backlog (58% of TTM sales), $6M from 2025 new products
- **2026 Priorities**: Communications Systems profitability, Battery margin improvement, brand consolidation
- **Medical Opportunity**: 6+ figure annual revenue from new medical battery orders
- **Risks**: Customer qualification delays, program launch timing

**【CEO Opening Remarks】**
- Q4 2025 revenue: $48.5 million (+10.6% YoY), full year revenue: $191.2 million (+16.2% YoY from new products under 5 years old)
- Operating loss of $10.6 million due to $12.2 million noncash intangible asset impairment charge
- Backlog of $110 million exiting Q4, 58% of TTM sales, with $6 million from 2025 new products
- 2026 priorities: Communications Systems profitability, Battery & Energy margin improvement, brand consolidation, and operational efficiency

**【CFO Financial Commentary】**
- Battery & Energy segment revenue: $45.9 million (+15.1% YoY), driven by medical (+39.6%), industrial/commercial (+20.4%)
- Communications Systems revenue: $2.6 million (-35.2% YoY) due to U.S. government shutdown delays
- Gross margin: 24.9% (up 70bps YoY), with Battery & Energy at 25.1% (up 170bps)
- Operating expenses flat YoY, excluding one-time costs
- Adjusted EBITDA: $5.7 million (11.7% of sales), up from $3.9 million (8.9%)
- Balance sheet: $68.5 million working capital, reduced debt by $4.8 million

**【CEO Strategic Updates】**
- Communication Systems: 2026 roadmap includes new products, joint programs with partners, and OPC-compliant power supplies
- Battery & Energy: 
  - Conformal wearable batteries shipping in Q1, with 2026 orders in backlog
  - 19Ah Thin Cell awaiting customer certification
  - Medical cart power system (X5-SuperLite) in production
  - Thin cell R&D for smaller, more discrete medical sensors
- Operational improvements: 
  - Closed 2 North American facilities, consolidated systems
  - Lean manufacturing support at Newark
  - Global rebranding to 'Ultralife' master brand

**【Q&A Highlights】**
- Growth targets: 2x GDP organic growth, aiming for 10%+ EBITDA margin
- Communications Systems baseline: $25 million annual revenue
- Medical order: 6+ figure annual opportunity for battery packs in medical devices
- Risks: Long customer qualification timelines, delayed program launches

Ultralife Corporation (ULBI) Q4 2025 Earnings Call Transcript

- **Revenue Growth Despite Challenges**: $43.4 million Q3 revenue (+15% YoY) offset by 22.2% gross margin decline due to supply chain issues.
- **Strategic Restructuring**: Calgary closure to save $0.8 million annually; rebranding to unify Ultralife identity.
- **New Product Momentum**: Thin cell technology for wearables, ruggedized servers, and electronic warfare amplifiers with 2026 production starts.
- **Financial Health**: $2.0 million adjusted EBITDA, $66.9 million working capital, and $4.1 million debt reduction YTD.
- **Future Growth Drivers**: Electrochem vertical integration, pipeline expansion, and lean productivity projects.

**【CEO Summary Section】**
- Q3 2025 revenue reached $43.4 million, up 15% YoY, driven by Battery & Energy sales growth. However, an operating loss of $1 million was reported due to $1.1 million one-time costs from Calgary closure and Electrochem transition.
- Gross margin declined to 22.2% (down 210 bps YoY) due to supply chain quality issues and lower-margin product mix. Calgary closure aims to save $0.8 million annually starting 2026.
- Rebranding initiative underway to unify Ultralife brand, with Phase 1 targeting Q4 completion. New products include thin cell technology for wearables and ruggedized server cases.

**【CFO Financial Commentary】**
- Battery & Energy segment revenue grew 1.9% YoY to $39.9 million, with 19% growth in government defense sales offsetting 13.3% decline in oil & gas. Communications Systems revenue rose 8.2% to $3.4 million.
- Consolidated gross profit was $9.6 million (22.2% margin), with Battery & Energy gross margin at 22.1% vs. 24.7% YoY. Operating expenses increased 29.4% to $10.6 million due to Electrochem integration and one-time costs.
- Adjusted EBITDA was $2.0 million (4.7% of sales), up from $1.9 million YoY. Debt reduced by $4.1 million YTD, with $66.9 million working capital.

**【CEO Additional Remarks】**
- 2025 priorities: Electrochem vertical integration (e.g., pipeline inspection cells), pipeline expansion, and gross margin improvement via lean initiatives.
- New product wins include $5.2 million BA 53 Battery award and thin cell technology orders for medical wearables. Communications Systems launched next-gen amplifiers for AI/edge computing and electronic warfare.
- 2026 outlook: Electrochem transition complete, new product launches, and reduced operational costs from facility consolidation.

Ultralife Corporation(ULBI)-20251118-2025 Q3 Earnings call transcript

- **Q2 Results**: $48.6M revenue, $0.9M net profit (GAAP), $0.07 EPS (Non-GAAP)
- **Challenges**: $400K tariff impact, 20% oil & gas decline, 39% medical sales drop
- **Strategic Moves**: 
  - $0.7M debt repayment (total $3.4M YTD)
  - Electrochem integration nearing completion
  - New 20W amplifier targeting $5M+ market
- **Future Outlook**: 
  - Communication Systems rebound expected
  - 2026 vertical integration benefits with Electrochem
  - $1.8M ERTC credit used to reduce debt
- **Risks**: Tariff volatility, order timing delays, macroeconomic oil & gas factors

**【CEO Opening Remarks】**
- Q2 2025 revenue: $48.6 million (GAAP net profit: $0.9M / EPS: $0.05; Non-GAAP EPS: $0.07)
- Key challenges: tariffs ($400K net impact), unfavorable product mix, oil & gas softness
- Strategic initiatives: Electrochem integration (ERP, office systems complete; manufacturing systems to transition in Q3), $0.7M debt repayment
- Onetime costs: $0.3M related to system transitions

**【CFO Financial Commentary】**
- Revenue growth: +13% YoY (Battery & Energy: +25% vs. 2024; Communications Systems: -57%)
- Gross margin decline: 300bps to 23.9% (tariffs, mix, lower throughput)
- Operating expenses: +22% YoY ($9.3M) due to Electrochem, R&D, and integration costs
- Backlog: $89M (high confidence orders)
- Debt reduction: $3.4M YTD vs. $2.8M annual target
- Insurance lawsuit: $235K received; trial set for mid-2026 with potential millions in damages

**【CEO Business Update】**
- **Communications Systems**: 
  - New 3U server case and DC power supply in testing
  - 20W amplifier targeting $5M+ annual market
  - Q2 PO for advanced speaker ($1.8M credit used to repay debt)
- **Battery & Energy**: 
  - Thin cell tech pipeline: 7 projects in qualification
  - xFi medical power bank samples shipping
  - Vertical integration with Electrochem cells for oil & gas
- **Gross Margin Strategy**: Passing tariffs to customers, lean initiatives, and vertical integration

**【Q&A Highlights】**
- **Tariffs**: Q2 impact: $400K; Q3 outlook: lower peak rates but fluid situation
- **Oil & Gas**: WTI at $65/bbl; customers cautious on capital projects
- **Medical**: Q2 down 39% due to timing; new patch device in customer testing
- **Insurance Case**: Lawsuit in Wayne County Supreme Court; discovery ends Q1 2026

Ultralife (ULBI)-7 Aug 25-2025 Q2 Earnings call transcript

- **Revenue Growth**: Q1 2025 revenue up 21% YoY to $50.7M, driven by Battery & Energy segment (+10.6% organic growth) and full Electrochem integration.
- **Margin Challenges**: Gross margin 25.1% (down 230bps YoY) due to product mix, offset by sequential 130bps improvement in Battery segment.
- **Strategic Initiatives**: Electrochem ERP integration on track for Q2; new products (3U server case, 21W amplifier) targeting defense and oil/gas markets.
- **Tariff Mitigation**: North American manufacturing focus and lean initiatives to offset tariffs; no immediate margin impact.
- **Backlog Strength**: $95M backlog (55% of TTM sales), 78% domestic and 42% government/defense.


**【CEO Opening Remarks】**
- Q1 2025 revenue of $50.7M (+21% YoY), driven by the Battery & Energy segment (+10.6% organic growth) and full inclusion of Electrochem post-acquisition.
- Operating income of $3.4M ($0.11 EPS GAAP, $0.13 adj.), with 36.2% decline in Communications Systems due to prior-year large shipments.
- Tariff mitigation efforts include supply chain reviews, inventory management, and North American manufacturing focus.
- Mississauga plant closure and production consolidation to reduce costs and improve efficiency.

**【CFO Financial Breakdown】**
- Battery & Energy: $46.3M (+26.4% YoY), 53.6% growth in government/defense sales offset by 12.3% medical decline.
- Communications Systems: $4.4M (-36.2% YoY), impacted by delayed orders and lower factory volume.
- Gross margin: 25.1% (down 230bps YoY) due to product mix; Battery segment margin 24.7% (sequential +130bps).
- Operating expenses: $9.3M (+26.2% YoY) driven by Electrochem integration, NPD, and sales/marketing investments.
- Backlog of $95M (55% of TTM sales), with 78% domestic and 42% government/defense split.

**【CEO Strategic Updates】**
- Electrochem ERP integration on track for Q2 completion; vertical integration opportunities in oil/gas and defense.
- New product launches: 3U server case, DC power supply, 21W amplifier, and conformal wearable battery.
- ThinCell tech for medical wearables nearing FDA/EU approval; 19Ah D-cell battery gaining traction.
- $1.5M ERC funds used to reduce acquisition debt; Q2 lean initiatives expected to improve margins.

**【Q&A Highlights】**
- **Tariffs & Cash Flow**: Customers prioritize cash flow over price increases; tariffs divert resources but no immediate margin impact.
- **Electrochem Synergies**: Contribution margin accretive via internal cell usage; Q3-Q4 to see supply chain benefits.
- **Market Trends**: Government/defense demand resilient; medical cyclicality expected to stabilize in H2.
- **Free Cash Flow**: Consistent cash flow management; expect debt paydown ahead of schedule.


Ultralife (ULBI)-9 May 25-2025 Q1 Earnings call transcript

- **Q4 2024 Results**: Revenue $43.9M (-1.4% YoY), EPS $0.01 (down from $0.17 YoY) due to acquisition costs
- **Electrochem Acquisition Impact**: 
  - +$6.1M incremental Q4 sales
  - Vertical integration in oil & gas
  - Expected cost synergies with lithium business
- **2025 Growth Drivers**:
  - Thin cell medical battery ($1M+ in 2025)
  - New comms products (lighter amplifier, vehicle mount upgrade)
  - Electrochem ERP integration completion by Q2
- **Key Risks**:
  - Delays in ERP transition
  - Customer inventory management timing
  - Material cost inflation pressures

**【CEO Opening Remarks】**
- Q4 2024 revenue: $43.9M (down 1.4% YoY), operating income: $1.5M (down 58% YoY) due to one-time acquisition costs.
- Full year 2024 revenue: $164.5M, EPS: $0.38, with $10M operating income.
- Strategic acquisition of Electrochem Solutions in Q4 2024:
  - Adds high-temperature thionyl chloride cell production
  - Vertical integration in oil & gas business
  - $6.1M in incremental Q4 sales
  - Expected cost synergies with lithium cell business
- 2025 priorities: 
  - Complete ERP integration of Electrochem by Q2
  - Expand pipeline of new products (e.g., thin cell medical batteries)
  - Improve gross margin through pricing, lean projects, and material deflation

**【CFO Financial Breakdown】**
- **Battery & Energy Products Segment**:
  - Q4 revenue: $39.9M (up 11.8% YoY, excluding Electrochem)
  - Medical battery sales down 47.2% YoY (due to prior-year record highs)
  - Oil & gas sales up 1.6%, gov/defense up 48.1%
  - Gross margin: 23.4% (down 180bps YoY due to lower volumes and purchase accounting)
- **Communications Systems Segment**:
  - Q4 revenue: $4M (down 55.1% YoY due to delayed orders)
  - Gross margin: 31.9% (up 320bps YoY from favorable product mix)
- **Key Metrics**:
  - Operating expenses: $9.1M (up 17.7% YoY, including $1.8M in acquisition costs)
  - Adjusted EBITDA: $3.9M (8.9% of sales vs 10.7% YoY)
  - Backlog: $102.2M (62% of TTM sales)

**【Q&A Highlights】**
- **Electrochem Integration Progress**:
  - Ahead of schedule: already using Electrochem cells in existing oil & gas packs
  - Hurdles: delayed ERP carve-out due to former parent company prioritization
- **Industrial Sales Delay**:
  - Entirely timing-related (customer inventory management), no macro weakness
- **Thin Cell Medical Battery**:
  - Expected $1M+ in 2025 revenue
  - FDA/EU MDR approval completed for partner system
  - Long-term growth dependent on hospital CapEx trends

Actual												0.13	0.04	0.05	-0.04	-0.07	-0.01	0.03	-0.01	-0.01	-0.02	0.21	0.08	0.17	0.18	0.18	0.02	0.01	0.11	0.05	-0.07	-0.45
Forecast													0.05	0.07	0.08	-0.04	-0.06	0.01	0.04	0.09	-0.1	0.02	0.08	0.07	0.09	0.12	0.18	0.13	0.14	0.13	0.21	0.24
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-20.00%	-28.57%	-150.00%	-75.00%	+83.33%	+200.00%	-125.00%	-111.11%	+80.00%	+950.00%	0.00%	+142.86%	+100.00%	+50.00%	-88.89%	-92.31%	-21.43%	-61.54%	-133.33%	-287.50%

Actual	--	--	--	--	--	--	--	--	--	--	--	29.00M	26.00M	26.77M	21.76M	23.76M	30.37M	32.13M	33.23M	36.11M	31.92M	42.69M	39.49M	44.55M	41.93M	42.98M	35.69M	43.85M	50.75M	48.56M	43.37M	48.48M
Forecast	--	--	--	--	--	--	--	--	--	--	--	--	26.70M	28.50M	27.00M	20.50M	25.60M	31.50M	33.00M	37.00M	27.00M	32.00M	39.50M	39.00M	38.00M	42.00M	43.00M	40.00M	48.00M	51.00M	53.00M	57.00M
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-2.62%	-6.07%	-19.40%	+15.92%	+18.64%	+1.99%	+0.71%	-2.41%	+18.21%	+33.41%	-0.03%	+14.23%	+10.33%	+2.34%	-16.99%	+9.63%	+5.72%	-4.78%	-18.17%	-14.95%

ULBI

ULBI fundamentals

ULBI Q4 2025 Earnings

Earnings Call

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ULBI

ULBI fundamentals

ULBI Q4 2025 Earnings

Earnings Call

ULBI Earnings Call Summary for Q4/20258:30 AM on Mar 10, 2026

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ULBI Earnings Call Summary for Q1/202510:00 AM on May 9, 2025

ULBI Earnings Call Summary for Q4/20248:30 AM on Apr 1, 2025

You can ask Aime