Ultralife reports Q2 adjusted EPS 7c vs 22c last year

Reports Q2 revenue $48.6M vs $42.983M last year. “The second quarter was a challenging period for Ultralife (ULBI). While the addition of Electrochem lifted revenue, Battery & Energy Products organic sales were essentially flat and Communications Systems sales declined due to delayed purchase orders. We also faced headwinds from tariffs, unfavorable product mix shifts across our business and order timing, which collectively impacted gross profit. Nevertheless, we continued to invest in new product development, with several offerings advancing into validation and production. We also applied the proceeds from our Employee Retention Credit collected during the quarter to prepay some of our acquisition debt, paying down a total of $2.7 million, $2.0 million more than our quarterly debt amortization requirement,” said Mike Manna, President and Chief Executive Officer.