Ultralife (ULBI)
NASDAQ:ULBI
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Ultralife
(NASDAQ:ULBI)
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Rating:61Neutral
Price Target:
$8.00
▲(37.93% Upside)
Action:Reiterated
Date:05/09/26
ULBI’s score is driven mainly by solid underlying financial resilience (low leverage and positive free cash flow) and a constructive earnings outlook supported by a large and growing backlog and guidance for improved margins. These positives are offset by currently weak profitability (recent net losses), softening cash-flow momentum versus 2024, and bearish technical trends with the stock trading below key moving averages; valuation is also challenged due to negative earnings.
Positive Factors
Balance-sheet strength
Very low leverage and a substantial equity base provide lasting financial flexibility. This cushion reduces refinancing and distress risk, supports continued working-capital and product-investment needs, and allows Ultralife to execute backlog fulfillment and restructuring without forcing asset sales.
Negative Factors
GAAP losses from impairment
A large noncash impairment reflects meaningful restructuring and brand/consolidation write-downs that depressed GAAP profitability and ROE. Until operational gains and new-product revenue offsets are realized, reported losses will constrain return metrics and can limit strategic optionality for acquisitions or share actions.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance-sheet strength
Very low leverage and a substantial equity base provide lasting financial flexibility. This cushion reduces refinancing and distress risk, supports continued working-capital and product-investment needs, and allows Ultralife to execute backlog fulfillment and restructuring without forcing asset sales.
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.
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The Fly
The FlyUltralife (ULBI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$120.76M
Dividend YieldN/A
Average Volume (3M)54.30K
Price to Earnings (P/E)―
Beta (1Y)1.35
Revenue Growth8.42%
EPS Growth-254.85%
CountryUS
Employees671
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)-0.50
Shares Outstanding16,656,670
10 Day Avg. Volume88,815
30 Day Avg. Volume54,296
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 Cap0.95
Enterprise Value/Revenue0.61
Enterprise Value/Gross Profit2.75
Enterprise Value/Ebitda12.37
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 Earnings Call Summary
Earnings Call Date:Jan 29, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 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
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 | 9.32M | 14.72M | 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 | 3.44M | 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 | 6.11M | 7.12M | 14.70M | -623.00K | -2.94M | 1.51M |
| Operating Cash Flow | 9.85M | 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 | -6.03M | -4.68M | 29.86M | 5.49M | 518.00K | 19.64M |
Ultralife Technical Analysis
Positive
5.80
Price Trends
6.80
Positive
6.49
Positive
6.44
Positive
Market Momentum
0.10
Negative
58.01
Neutral
80.78
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 6.53, below the 50-day MA of 6.80, and below the 200-day MA of 6.44, indicating a bullish trend. The MACD of 0.10 indicates Negative momentum. The RSI at 58.01 is Neutral, neither overbought nor oversold. The STOCH value of 80.78 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 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 |
|---|---|---|---|---|---|---|---|
81 Outperform | $173.61M | 14.99 | 20.38% | 3.00% | -8.09% | 42.56% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
61 Neutral | $120.76M | -14.70 | -6.14% | ― | 8.42% | -254.85% | |
48 Neutral | $70.92M | -4.18 | -0.06% | ― | 50.51% | -4669.05% | |
48 Neutral | $151.97M | -4.35 | -432.85% | ― | 7.52% | 13.21% | |
44 Neutral | $27.04M | -0.04 | 1227.16% | ― | 6.76% | 56.18% | |
42 Neutral | $23.07M | -3.65 | -737.52% | ― | -19.55% | 31.32% |
* Industrials Sector Average
ULBI
Ultralife
7.25
0.53
7.89%
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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.