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Ultralife
(NASDAQ:ULBI)
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Rating:63Neutral
Price Target:
$6.00
▲(3.45% Upside)
Action:Reiterated
Date:06/01/26
The score is driven primarily by solid financial footing (low leverage and positive cash flow) and constructive technical momentum. It is held back by weakened profitability (recent net losses and margin pressure), a negative P/E tied to those losses, and a balanced earnings-call outlook where backlog strength is offset by near-term operational and margin headwinds.
Positive Factors
Conservative balance sheet
Very low leverage and a sizable equity base give Ultralife durable financial flexibility to fund production ramps, absorb setbacks, and invest in vertical integration. This conservative capital structure supports multi‑quarter execution on backlog without material refinancing risk.
Negative Factors
Profitability deterioration
Margin erosion and a shift to net losses indicate structural pressure on returns and operating leverage. Sustained lower gross and EBITDA margins reduce free cash flow potential and depress ROE, constraining the firm's ability to fund growth without improving pricing, mix, or cost structure.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Very low leverage and a sizable equity base give Ultralife durable financial flexibility to fund production ramps, absorb setbacks, and invest in vertical integration. This conservative capital structure supports multi‑quarter execution on backlog without material refinancing risk.
Read all positive factors
Ultralife Key Performance Indicators (KPIs)
Any
Revenue by Geography
Shows how sales split across regions (U.S., Europe, Asia, other), revealing dependence on defense contracts or commercial markets in specific areas and the geographic drivers of growth and risk.
Shows how sales split across regions (U.S., Europe, Asia, other), revealing dependence on defense contracts or commercial markets in specific areas and the geographic drivers of growth and risk.
Data provided by:
The Fly
The FlyUltralife (ULBI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$97.44M
Dividend YieldN/A
Average Volume (3M)25.57K
Price to Earnings (P/E)―
Beta (1Y)1.43
Revenue Growth8.42%
EPS Growth-254.85%
CountryUS
Employees692
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)-0.50
Shares Outstanding16,656,670
10 Day Avg. Volume23,017
30 Day Avg. Volume25,566
Financial Highlights & Ratios
PEG Ratio0.09
Price to Book (P/B)0.73
Price to Sales (P/S)0.50
P/FCF Ratio13.37
Enterprise Value/Market Cap1.47
Enterprise Value/Revenue0.76
Enterprise Value/Gross Profit3.42
Enterprise Value/Ebitda-63.70
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 battery and power products and related services to OEMs, integrators, and end customers, including significant sales into government/defense supply chains and commercial/industrial markets.
Key revenue s...
Ultralife Earnings Call Summary
Earnings Call Date:May 08, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 23, 2026
Earnings Call Sentiment Neutral
The call delivered a mixed message: near-term financial performance was negatively impacted by lower revenue, significant margin compression and a number of one-time operational disruptions that produced an operating and net loss in Q1. Offsetting these near-term headwinds are a record and growing backlog, multiple product wins and development milestones (including the conformal wearable battery and validated 19 amp cell), progress on vertical integration via the Electrochem acquisition, and continued investments in production capacity and leadership meant to drive margin recovery. Given the sizable operational and profitability issues reported for the quarter but meaningful forward-looking backlog and product progress, the tone is balanced between concern for short-term execution and cautious optimism for future revenue capture.Positive Updates
Record Backlog
Total backlog exited Q1 at $115.1 million, a $20.1 million or 21.1% increase year-over-year; backlog includes over $12 million from products released within the last year and represents 61% of trailing 12-month sales.
Negative Updates
Consolidated Revenue Decline
Consolidated Q1 revenue was $47.4 million versus $50.7 million a year ago, a decline of approximately $3.3 million or -6.5% year-over-year.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Backlog
Total backlog exited Q1 at $115.1 million, a $20.1 million or 21.1% increase year-over-year; backlog includes over $12 million from products released within the last year and represents 61% of trailing 12-month sales.
Read all positive updates
Company Guidance
Management’s guidance emphasized converting a record $115.1M backlog (up $20.1M or 21.1% YoY, representing 61% of trailing‑12‑month sales, including >$12M of new‑product backlog and >$8M conformal wearable backlog expected to ship in 2026) into revenue and margin recovery via: ramping Communications product launches (multiple initial orders, a $4M multiyear universal vehicle adapter award, 20W amplifier orders with Q2–Q3 deliveries) to rebuild baseline revenue; driving Battery & Energy gross‑margin improvement (Q1 battery revenue $44.2M vs $46.3M LY, battery gross profit $9.4M and margin 21.2% vs 24.7% LY) with Newark corrective actions to eliminate major scrap midyear (Q1 lost production days cost ≈$0.8M, including 3+ days Newark substation outage and ~16 days at Ranum, ≈25% of Q1 production days), expanding vertical integration (plan to more than double internal use of Electrochem cells this year), and completing company‑wide brand realignment in 2026; financial context for the plan included Q1 consolidated revenue $47.4M (vs $50.7M), consolidated gross profit $10.1M (21.3% margin, down 380 bps), operating expenses $10.3M (up $1.0M or 10.5%), an operating loss of $0.2M, net loss $0.5M (‑$0.03/sh), Adjusted EBITDA $3.2M (6.8%) with TTM Adjusted EBITDA $15M (8%), working capital $67.1M and current ratio 2.6.Ultralife Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
78
Positive
Cash Flow
66
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 187.86M | 191.16M | 164.46M | 158.64M | 131.84M | 98.27M |
| Gross Profit | 42.01M | 44.50M | 42.31M | 39.20M | 29.40M | 24.64M |
| EBITDA | -2.25M | 1.05M | 14.40M | 15.04M | 4.96M | 3.63M |
| Net Income | -8.21M | -5.90M | 6.31M | 7.20M | -119.00K | -234.00K |
Balance Sheet | ||||||
| Total Assets | 220.63M | 216.91M | 220.45M | 178.28M | 168.43M | 159.54M |
| Cash, Cash Equivalents and Short-Term Investments | 8.89M | 9.35M | 6.85M | 10.28M | 5.71M | 8.41M |
| Total Debt | 47.63M | 49.65M | 58.39M | 29.16M | 23.51M | 23.47M |
| Total Liabilities | 90.89M | 86.78M | 86.26M | 52.85M | 52.03M | 41.80M |
| Stockholders Equity | 129.63M | 130.00M | 134.00M | 125.33M | 116.28M | 117.62M |
Cash Flow | ||||||
| Free Cash Flow | 6.13M | 7.12M | 14.70M | -623.00K | -2.94M | 1.51M |
| Operating Cash Flow | 9.88M | 10.99M | 16.64M | 1.93M | -1.26M | 4.33M |
| Investing Cash Flow | -3.75M | -3.87M | -49.95M | -2.55M | -1.68M | -26.33M |
| Financing Cash Flow | -6.05M | -4.68M | 29.86M | 5.49M | 518.00K | 19.64M |
Ultralife Technical Analysis
Negative
5.80
Price Trends
6.46
Negative
6.50
Negative
6.38
Negative
Market Momentum
-0.20
Positive
36.33
Neutral
8.84
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ULBI, the sentiment is Negative. The current price of 5.8 is below the 20-day moving average (MA) of 6.21, below the 50-day MA of 6.46, and below the 200-day MA of 6.38, indicating a bearish trend. The MACD of -0.20 indicates Positive momentum. The RSI at 36.33 is Neutral, neither overbought nor oversold. The STOCH value of 8.84 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ULBI.
Ultralife Risk Analysis
Ultralife disclosed 30 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | $179.52M | 15.13 | 20.38% | 3.00% | -8.09% | 42.56% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | $97.44M | -11.76 | -6.14% | ― | 8.42% | -254.85% | |
52 Neutral | $170.79M | ― | -432.85% | ― | 7.52% | 13.21% | |
46 Neutral | $44.96M | -2.70 | -14.94% | ― | 50.51% | -4669.05% | |
45 Neutral | $22.30M | -0.07 | 1227.16% | ― | 6.76% | 56.18% | |
42 Neutral | $16.59M | -2.29 | -737.52% | ― | -19.55% | 31.32% |
* Industrials Sector Average
ULBI
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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.