Ultralife (ULBI)
NASDAQ:ULBI
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Ultralife
(NASDAQ:ULBI)
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Rating:59Neutral
Price Target:
$6.50
▲(12.07% Upside)
Action:ReiteratedDate:03/31/26
The score is driven primarily by mixed financial performance: strong revenue growth and a solid balance sheet are offset by the 2025 net loss and weaker cash-flow trend. Earnings call commentary is moderately constructive due to a sizable backlog and margin/EBITDA improvement signals heading into 2026, while technicals are neutral-to-soft and valuation is pressured by loss-making results and no dividend support.
Positive Factors
Large, Near-Term Backlog
A $110.2M backlog equal to 58% of TTM sales provides durable revenue visibility into 2026, supporting production planning and margin recovery. High backlog reduces demand uncertainty, smooths manufacturing cadence, and underpins cash conversion as awards convert to shipments.
Negative Factors
One-Time Impairment and GAAP Loss
The $12.2M impairment reflects integration or brand consolidation write-downs that reduce reported equity and obscure operating performance. Such charges signal execution risk on prior investments and lower GAAP earnings quality, complicating trend analysis for returns and capital allocation.
Read all positive and negative factors
Positive Factors
Negative Factors
Large, Near-Term Backlog
A $110.2M backlog equal to 58% of TTM sales provides durable revenue visibility into 2026, supporting production planning and margin recovery. High backlog reduces demand uncertainty, smooths manufacturing cadence, and underpins cash conversion as awards convert to shipments.
Read all positive factors
Ultralife (ULBI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$116.76M
Dividend YieldN/A
Average Volume (3M)58.89K
Price to Earnings (P/E)―
Beta (1Y)1.43
Revenue Growth12.94%
EPS Growth-81.09%
CountryUS
Employees671
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)-0.45
Shares Outstanding16,656,504
10 Day Avg. Volume20,432
30 Day Avg. Volume58,892
Financial Highlights & Ratios
PEG Ratio0.08
Price to Book (P/B)0.73
Price to Sales (P/S)0.50
P/FCF Ratio13.37
Enterprise Value/Market Cap1.41
Enterprise Value/Revenue0.86
Enterprise Value/Gross Profit3.58
Enterprise Value/Ebitda13.99
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.86
Revenue Forecast (FY)$224.90M
Ultralife Business Overview & Revenue Model
Company Description
Ultralife Corporation, together with its subsidiaries, designs, manufactures, installs, and maintains power, and communication and electronics systems worldwide. The company operates in two segments, Battery & Energy Products and Communications Sy...
How the Company Makes Money
Ultralife makes money primarily by selling products and solutions through its two operating segments. (1) Battery & Energy Products generates revenue from the manufacture and sale of portable power solutions such as primary (non-rechargeable) and ...
Ultralife Key Performance Indicators (KPIs)
Ultralife Earnings Call Summary
Earnings Call Date:Jan 29, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 23, 2026
Earnings Call Sentiment Positive
The call shows clear operational progress and improving underlying profitability metrics: revenue growth (Q4 +10.6% YoY), a strong and growing backlog (+22.1% QoQ to $110.2M), marked segment improvements in Battery & Energy (revenue +15.1%, gross margin +170 bps), and higher adjusted EBITDA (11.7% vs 8.9% prior). These positives are tempered by a sizable one-time $12.2M noncash intangible impairment that produced a GAAP operating loss and a quarter net loss, ongoing yield/efficiency issues at Newark, and a significant decline in Communications Systems revenue and margin due to timing-related order delays. Management communicated multiple concrete remediation and growth actions (Electrochem integration, facility consolidation, rebranding, product launches, and external lean support), and expects Comm Systems to rebound and Battery margins to improve in 2026. Overall, the fundamentals and forward pipeline improvements outweigh the one-time accounting charge and near-term operational headwinds.Positive Updates
Quarterly and Full-Year Revenue Growth
Q4 revenue of $48.5M, up 10.6% year-over-year; full year 2025 revenue of $191.2M with over $30M from products launched within the last 5 years (new-product revenue growth of 16.2% YoY).
Negative Updates
Large Noncash Impairment and GAAP Loss
Recorded a $12.2M noncash intangible asset impairment (rebranding/consolidation) that drove an operating loss of $10.6M in Q4 and a GAAP net loss of $7.4M ($0.45 per share). The impairment contributed $0.57 per share of the quarterly loss (net of related tax benefits).
Read all updates
Q4-2025 Updates
Positive
Negative
Quarterly and Full-Year Revenue Growth
Q4 revenue of $48.5M, up 10.6% year-over-year; full year 2025 revenue of $191.2M with over $30M from products launched within the last 5 years (new-product revenue growth of 16.2% YoY).
Read all positive updates
Company Guidance
Management guided that 2026 should see a rebound in Communication Systems toward a $25.0 million baseline and improved Battery & Energy gross margins and revenue from new product launches, with virtually all of the $110.2 million backlog (up $20.0M Q/Q and representing 58% of TTM sales) expected to ship in 2026; they reiterated a short-term adjusted EBITDA target above 10% (TTM adjusted EBITDA is $17.3M or 9.0% of sales, while Q4 adjusted EBITDA was $5.7M or 11.7% of sales). Key 2025 metrics supporting the plan include full-year revenue of $191.2M with over $30M from products <5 years old (16.2% growth YOY), Q4 revenue of $48.5M (+10.6% YOY), consolidated gross margin of 24.9% (up 70 bps YOY) and Battery gross margin of 25.1% (up 170 bps YOY). Operational targets and timing called out include completing the Telemetry Power Systems reorganization in Q1, A-2303 deliveries beginning Q2 2026, conformal wearable shipments and other thin-cell/medical pack ramps in H1–mid‑2026, an OEM remote-surveillance pack development finishing in Q3 with production in Q4, continued cost and brand consolidation to reduce operating costs, and continued debt reduction (acquisition principal down $4.8M versus required $2.8M), with liquidity shown by $68.5M working capital and a 2.8 current ratio.Ultralife Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
71
Positive
Cash Flow
58
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 191.16M | 164.46M | 158.64M | 131.84M | 98.27M |
| Gross Profit | 46.02M | 42.31M | 39.20M | 29.40M | 24.64M |
| EBITDA | 11.78M | 14.40M | 15.04M | 4.96M | 3.63M |
| Net Income | -5.90M | 6.31M | 7.20M | -119.00K | -234.00K |
Balance Sheet | |||||
| Total Assets | 216.91M | 220.45M | 178.28M | 168.43M | 159.54M |
| Cash, Cash Equivalents and Short-Term Investments | 9.35M | 6.85M | 10.28M | 5.71M | 8.41M |
| Total Debt | 49.65M | 58.39M | 29.16M | 23.51M | 23.47M |
| Total Liabilities | 86.78M | 86.26M | 52.85M | 52.03M | 41.80M |
| Stockholders Equity | 130.00M | 134.00M | 125.33M | 116.28M | 117.62M |
Cash Flow | |||||
| Free Cash Flow | 7.12M | 14.70M | -623.00K | -2.94M | 1.51M |
| Operating Cash Flow | 10.99M | 16.64M | 1.93M | -1.26M | 4.33M |
| Investing Cash Flow | -3.87M | -49.95M | -2.55M | -1.68M | -26.33M |
| Financing Cash Flow | -4.68M | 29.86M | 5.49M | 518.00K | 19.64M |
Ultralife Technical Analysis
Positive
5.80
Price Trends
6.31
Positive
6.10
Positive
6.69
Positive
Market Momentum
0.23
Negative
69.50
Neutral
85.15
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ULBI, the sentiment is Positive. The current price of 5.8 is below the 20-day moving average (MA) of 6.70, below the 50-day MA of 6.31, and below the 200-day MA of 6.69, indicating a bullish trend. The MACD of 0.23 indicates Negative momentum. The RSI at 69.50 is Neutral, neither overbought nor oversold. The STOCH value of 85.15 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ULBI.
Ultralife Risk Analysis
Ultralife disclosed 29 risk factors in its most recent earnings report. Ultralife reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Ultralife Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | $178.98M | 11.56 | 19.09% | 3.00% | 4.90% | 31.13% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
59 Neutral | $116.76M | ― | -4.35% | ― | 12.94% | -81.09% | |
48 Neutral | $71.81M | -7.95 | -0.03% | ― | -22.02% | -156.65% | |
46 Neutral | $151.94M | -7.06 | -1158.25% | ― | 7.06% | 12.25% | |
45 Neutral | $24.33M | 10.40 | 365.40% | ― | 2.14% | 5.01% | |
42 Neutral | $25.27M | -209.02 | 664.41% | ― | 18.24% | 24.49% |
* Industrials Sector Average
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.