olivLaw · US equity research
Ultralife Corporation ULBI
Miscellaneous Electrical Machinery, Equipment & Supplies · SIC 3690 · Vertical: Miscellaneous Electrical Machinery, Equipment & Supplies (SIC 3690)
Ultralife Corporation designs and manufactures power and communications systems for customers in government, defense and commercial markets. Consolidated revenue for fiscal 2025 was about 191.2 million USD, and its backlog reached a record level, which makes the company relevant to lithium battery and RF systems demand.
At the close of 04 Nov 2026, Ultralife Corporation (ULBI) stock was 15.62 USD (−0.06% on the day), with market capitalisation 260.3 m USD, P/E 1.4 on diluted EPS of 11.48 USD over the last 12 months, beta 1.32, 52-week range 5.05–15.63 USD. Latest reported quarter (Q2 2026): revenue of 47.9 m USD (−1.3% YoY), net income of 2.5 m USD (+189.3% YoY), diluted EPS 15.00 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 93.3
- overbought (≥ 70)
- Bollinger (20, 2)
- 0.32 – 17.67
- in the upper half of the band · %B 0.88 · band width 192.9%
- SMA 50 / 200
- 7.24 / 6.60
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 2.49 / 1.49
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +142.9% | −1.1% | +144.0 pp | — |
| 3 months | +194.2% | −0.5% | +194.6 pp | — |
| 6 months | +131.8% | +4.4% | +127.4 pp | — |
| Year to date | +173.1% | +12.3% | +160.8 pp | — |
| 1 year | +127.7% | +13.5% | +114.2 pp | −60.2% |
| 3 years | +88.0% | +76.4% | +11.6 pp | −50.2% |
| 5 years | +156.5% | +63.7% | +92.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 35.7 m | 43.9 m | 50.7 m | 48.6 m | 43.4 m | 48.5 m | 47.4 m | 47.9 m |
| Cost of revenue | 27.0 m | 33.3 m | 38.0 m | 37.0 m | 33.8 m | 36.4 m | 37.3 m | 34.1 m |
| Gross profit | 8.7 m | 10.6 m | 12.7 m | 11.6 m | 9.6 m | 12.1 m | 10.1 m | 13.9 m |
| Research & development | 2.1 m | 2.4 m | 2.4 m | 2.3 m | 2.9 m | 2.8 m | 3.0 m | 3.2 m |
| SG&A | 6.1 m | 6.7 m | 6.9 m | 7.0 m | 7.7 m | 7.7 m | 7.4 m | 7.2 m |
| Operating income | 511.0 k | 1.5 m | 3.4 m | 2.3 m | -951.0 k | -10.6 m | -215.0 k | 3.4 m |
| Interest expense | 173.0 k | 829.0 k | 1.0 m | 992.0 k | 992.0 k | 937.0 k | 868.0 k | 839.0 k |
| Pre-tax income | 353.0 k | 495.0 k | 2.4 m | 1.1 m | -1.8 m | -10.2 m | -663.0 k | 3.0 m |
| Income tax | 74.0 k | 262.0 k | 567.0 k | 243.0 k | -504.0 k | -2.8 m | -192.0 k | 468.0 k |
| Net income | 258.0 k | 194.0 k | 1.9 m | 879.0 k | -1.2 m | -7.4 m | -451.0 k | 2.5 m |
| Diluted EPS | 0.02 | 0.01 ≈ | 11.00 | 5.00 | -0.07 | -0.45 ≈ | -3.00 | 15.00 |
| Operating cash flow | 4.7 m ≈ | 3.0 m | 3.4 m | 5.9 m ≈ | 198.0 k ≈ | 1.5 m | 2.3 m | 1.2 m ≈ |
| Capex | 594.0 k ≈ | 606.0 k | 895.0 k | 1.1 m ≈ | 995.0 k ≈ | 882.0 k | 770.0 k | 453.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 35 percentile of its own 26-quarter history (min 0.0, median 17.7, max 310.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 87.2 m | 106.8 m | 107.7 m | 98.3 m | 131.8 m | 158.6 m | 164.5 m | 191.2 m |
| Revenue YoY | +1.9% | +22.5% | +0.9% | −8.8% | +34.2% | +20.3% | +3.7% | +16.2% |
| Net income | 24.9 m | 5.2 m | 5.2 m | -234.0 k | -119.0 k | 7.2 m | 6.3 m | -5.9 m |
| Net income YoY | +226.0% | −79.1% | +0.5% | −104.5% | unavailable | unavailable | −12.3% | −193.4% |
| Diluted EPS | 1.53 | 32.00 | 0.33 | 0.05 | 0.05 | 0.44 | 38.00 | -35.00 |
| Diluted EPS YoY | +218.8% | +1,991.5% | −99.0% | −84.8% | 0.0% | +780.0% | +8,536.4% | −192.1% |
| net % | 28.6% | 4.9% | 4.9% | -0.2% | -0.1% | 4.5% | 3.8% | -3.1% |
| Free cash flow | 6.7 m | -9.3 m | 18.6 m | 1.5 m | -2.9 m | -623.0 k | 14.7 m | 7.1 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 9.3 m USD
- Financial debt
- 49.7 m USD
- Net debt
- 40.3 m USD
- Equity
- 130.1 m USD
- Total assets
- 216.9 m USD
- Debt / equity
- 0.38x
- Current ratio
- 2.83x
- ROE
- -4.5%
- ROA
- -2.7%
- FCF margin
- 3.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 107.7 m | 98.3 m | 131.8 m | 158.6 m | 164.5 m | 191.2 m | SEC (XBRL)· 23 Mar 2026verified |
| Cost of revenue | 78.6 m | 73.6 m | 102.4 m | 119.4 m | 122.1 m | 145.1 m | SEC (XBRL)· 23 Mar 2026verified |
| Gross profit | 29.2 m | 24.6 m | 29.4 m | 39.2 m | 42.3 m | 46.0 m | SEC (XBRL)· 23 Mar 2026verified |
| Research & development | 5.9 m | 6.8 m | 7.1 m | 7.5 m | 8.3 m | 10.4 m | SEC (XBRL)· 23 Mar 2026verified |
| SG&A | 17.5 m | 17.8 m | 22.2 m | 22.2 m | 24.1 m | 29.3 m | SEC (XBRL)· 23 Mar 2026verified |
| Operating income | 5.7 m | 35.0 k | 129.0 k | 9.5 m | 10.0 m | -5.9 m | SEC (XBRL)· 23 Mar 2026verified |
| Depreciation & amortisation | 2.9 m | 3.5 m | 4.5 m | 3.9 m | — | — | SEC (XBRL)· 21 Mar 2024verified |
| EBITDA | 8.6 m ≈ | 3.6 m ≈ | 4.6 m ≈ | 13.4 m ≈ | — | — | SEC (XBRL)· 21 Mar 2024derived |
| Interest expense | 436.0 k | 242.0 k | 951.0 k | 2.0 m | 1.9 m | 4.0 m | SEC (XBRL)· 23 Mar 2026verified |
| Pre-tax income | 7.0 m | -151.0 k | -446.0 k | 9.1 m | 8.3 m | -8.4 m | SEC (XBRL)· 23 Mar 2026verified |
| Income tax | 1.7 m | 79.0 k | -326.0 k | 2.0 m | 1.9 m | -2.4 m | SEC (XBRL)· 23 Mar 2026verified |
| Net income | 5.2 m | -234.0 k | -119.0 k | 7.2 m | 6.3 m | -5.9 m | SEC (XBRL)· 23 Mar 2026verified |
| Diluted EPS | 0.33 | 0.05 | 0.05 | 0.44 | 38.00 | -35.00 | SEC (XBRL)· 23 Mar 2026verified |
| Weighted average diluted shares | 16.1 k | 16.0 m | 16.1 m | 16.2 m | 16.8 m | 16.6 m | SEC (XBRL)· 23 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 10.6 m | 8.3 m | 5.6 m | 10.2 m | 6.9 m | 9.3 m | SEC (XBRL)· 23 Mar 2026verified |
| Receivables | 21.1 m | 20.2 m | 27.8 m | 31.8 m | 29.4 m | 33.9 m | SEC (XBRL)· 23 Mar 2026verified |
| Inventories | 28.2 m | 33.2 m | 41.2 m | 42.2 m | 51.4 m | 54.0 m | SEC (XBRL)· 23 Mar 2026verified |
| Current assets | 64.5 m | 66.5 m | 79.0 m | 90.2 m | 97.2 m | 105.8 m | SEC (XBRL)· 23 Mar 2026verified |
| Property, plant & equipment, net | 22.9 m | 23.2 m | 21.7 m | 21.1 m | 40.5 m | 40.4 m | SEC (XBRL)· 23 Mar 2026verified |
| Goodwill | 27.0 m | 38.1 m | 37.4 m | 37.6 m | 45.0 m | 45.4 m | SEC (XBRL)· 23 Mar 2026verified |
| Intangibles (excl. goodwill) | 9.2 m | 17.4 m | 15.9 m | 15.1 m | 24.6 m | 10.9 m | SEC (XBRL)· 23 Mar 2026verified |
| Total assets | 137.7 m | 159.5 m | 168.4 m | 178.3 m | 220.5 m | 216.9 m | SEC (XBRL)· 23 Mar 2026verified |
| Accounts payable | 10.8 m | 9.8 m | 16.1 m | 11.3 m | 14.2 m | 17.4 m | SEC (XBRL)· 23 Mar 2026verified |
| Short-term debt | 1.4 m | 2.0 m | 2.0 m | 2.0 m | 2.8 m | 4.1 m | SEC (XBRL)· 23 Mar 2026verified |
| Long-term debt | 0 | 18.9 m | 19.3 m | 23.6 m | 51.5 m | 45.5 m | SEC (XBRL)· 23 Mar 2026verified |
| Current liabilities | 18.7 m | 18.9 m | 28.9 m | 23.7 m | 29.3 m | 37.3 m | SEC (XBRL)· 23 Mar 2026verified |
| Total liabilities | 20.8 m | 41.8 m | 52.0 m | 52.8 m | 86.3 m | 86.8 m | SEC (XBRL)· 23 Mar 2026verified |
| Equity | 116.9 m | 117.7 m | 116.4 m | 125.4 m | 134.2 m | 130.1 m | SEC (XBRL)· 23 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 21.7 m | 4.3 m | -1.3 m | 1.9 m | 16.6 m | 11.0 m | SEC (XBRL)· 23 Mar 2026verified |
| Capex | 3.1 m | 2.8 m | 1.7 m | 2.6 m | 1.9 m | 3.9 m | SEC (XBRL)· 23 Mar 2026verified |
| Free cash flow | 18.6 m ≈ | 1.5 m ≈ | -2.9 m ≈ | -623.0 k ≈ | 14.7 m ≈ | 7.1 m ≈ | SEC (XBRL)· 23 Mar 2026derived |
| Investing cash flow | -3.0 m | -26.3 m | -1.7 m | -2.6 m | -50.0 m | -3.9 m | SEC (XBRL)· 23 Mar 2026verified |
| Financing cash flow | -15.7 m | 19.6 m | 518.0 k | 5.5 m | 29.9 m | -4.7 m | SEC (XBRL)· 23 Mar 2026verified |
| Share repurchases | 0 | — | — | — | — | — | SEC (XBRL)· 04 Feb 2021verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 45 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 260.3 m USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet100
- Growth56
- Valuation39
- Quality27
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 2.96 – 29.44 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)2.96 – 6.08 (Mid 4.15)WACC 8.7% · starting FCFF 5.1 m USD · terminal value share of EV 76%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/Sales6.84 – 29.44 (Mid 14.72)15 companies used · median multiple 1.5x · quartiles 0.8x – 2.8xATKR, CHPT, DFLI, ELVA, ENR, ENS, EOSE, EPOW, GAUZ, MVST, NOVT, NRGV, SPB, UCAR, XPON
- Peers: EV/EBITDAunavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 45/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 24.4% | 0 (on a fixed band) | 12% |
| EBIT margin · Quality | -4.5% | 82 (vs peers) | 10% |
| FCF margin · Quality | 1.1% | 4 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 13.2% | 53 (on a fixed band) | 19% |
| Revenue growth (YoY) · Growth | 16.2% | 64 (vs peers) | 10% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.9x | 100 (on a fixed band) | 7% |
| EV/Sales · Valuation | 1.6x | 57 (vs peers) | 19% |
| FCF yield · Valuation | 0.8% | 16 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/2 factors with a value
- Growth56/100 · 2/2 factors with a value
- Quality27/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation39/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
EnerSys (ULBI). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 191.2 m USD in 2025; YoY growth 16.2%; net margin -3.5%; ROE -4.8%.
The estimated value range is 4.90–17.76 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 9.43 USD, the price of 15.62 USD leaves a potential of -39.6% (value / price − 1) and a margin of safety of -65.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 45/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EBIT margin: -4.5%
- Current ratio: 2.9x
What contradicts it
- Gross margin: 24.4%
- FCF margin: 1.1%
- FCF yield: 0.8%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, Shareholder yield (distributions).
Versus the vertical median
Miscellaneous Electrical Machinery, Equipment & Supplies (SIC 3690) · same industry (4-digit SIC) · compared with 38 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ENSEnerSys | 5.6 bn | 16.7 | 18.4% | 9.3% | +3.7% | +9% / +76% |
| NOVTNovanta Inc. | 5.5 bn | 92.8 | 5.1% | 6.0% | +3.3% | +28% / +1% |
| ATKRAtkore Inc. | 3.2 bn | — | -11.9% | -5.5% | −11.0% | +37% / −24% |
| SPBSpectrum Brands Holdings, Inc. | 2.1 bn | 28.0 | 4.2% | 2.8% | −5.2% | +54% / +32% |
| NVXNOVONIX Ltd | 1.9 bn | — | -62.0% | -1,650.8% | −4.1% | −81% / −88% |
| ENREnergizer Holdings, Inc. | 1.7 bn | 21.3 | 42.2% | 2.7% | +2.3% | +38% / −18% |
| AMPXAmprius Technologies, Inc. | 1.2 bn | — | -36.1% | -33.4% | +202.1% | −25% / +106% |
| EMATEvolution Metals & Technologies Corp. | 1.2 bn | — | — | — | unavailable | unavailable / unavailable |
| EOSEEos Energy Enterprises, Inc. | 779.3 m | — | — | -246.8% | +631.8% | −86% / +95% |
| ENVXEnovix Corporation | 612.3 m | — | -82.2% | -473.9% | +37.9% | −64% / −75% |
| NRGVEnergy Vault Holdings, Inc. | 578.2 m | — | -225.9% | -48.6% | +340.9% | −8% / +38% |
| SLDPSolid Power, Inc. | 515.7 m | — | -20.5% | -1,152.2% | +8.0% | −57% / +60% |
| FLNCFluence Energy, Inc. | 312.1 m | — | -20.7% | -3.1% | −16.1% | −69% / −76% |
| CHPTChargePoint Holdings, Inc. | 306.4 m | — | -1,015.1% | -40.6% | −1.4% | +39% / −69% |
| SESSES AI Corporation | 286.4 m | — | -31.2% | -289.6% | +929.4% | −60% / −63% |
| ULBIEnerSys | 260.3 m | 1.4 | -4.8% | -3.5% | +16.2% | +128% / +88% |
| MVSTMicrovast Holdings, Inc. | 255.7 m | — | 11.4% | 13.9% | +12.6% | −81% / −43% |
| ELVAElectrovaya Inc. | 173.4 m | — | -673.8% | -3.4% | +170.8% | +7% / +94% |
| ELPWElong Power Holding Ltd. | 145.7 m | — | — | -271.3% | +430.7% | −100% / −100% |
| NEOVNeoVolta, Inc. | 134.6 m | — | -101.1% | -161.0% | +58.2% | −44% / +28% |
| GAUZGauzy Ltd. | 127.5 m | — | — | -51.4% | +32.8% | −86% / unavailable |
| BYRNByrna Technologies Inc. | 97.4 m | — | -14.9% | -9.2% | +37.7% | −77% / −29% |
| EPOWE-Power Inc. | 88.8 m | — | — | -35.8% | −28.6% | −88% / −87% |
| BLNKBlink Charging Co. | 65.4 m | — | -79.9% | -52.2% | −18.0% | −66% / −86% |
| STISolidion Technology, Inc. | 37.8 m | — | -1,382.4% | -23,852.8% | unavailable | −59% / −99% |
1- and 3-year price returns: for ULBI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Ultralife Corporation designs and manufactures power and communications systems for customers in government, defense and commercial markets. Consolidated revenue for fiscal 2025 was about 191.2 million USD, and its backlog reached a record level, which makes the company relevant to lithium battery and RF systems demand.
SWOT
Strengths
- The company has a record order backlog and a diversified customer base across defense, medical and industrial markets 3.
- Lithium technology and custom engineering capability offer advantages in energy density and operating life 1.
- Vertical integration through Electrochem could support cost control and a US-based supply chain 1.
Weaknesses
Opportunities
Risks
- Dependence on one major customerhigh
A single prime contractor accounts for a large share of revenue, and delays or cancellations from it could affect results 1.
- Dependence on military fundinghigh
A significant portion of revenue comes from government and armed forces contracts, and budgets can be reduced or delayed 1.
- Cost and tariff pressuremedium
Tariffs and component shortages could delay production and reduce margins if they cannot be passed on to customers 1.
- Rebranding and impairmentlow
The rebranding led to an impairment of 12,181 thousand USD and could affect brand recognition during the transition 12.
- Debt and interest costsmedium
Debt taken on for Electrochem generates interest costs that could weigh on net income, especially if rates rise 2.
Investment thesis
What would need to be true (bull case)
- If the record backlog converts into revenue and new communications and drone programs reach production, growth could become visible in coming quarters 3.
- Gross margin improvement in Q2 2026 suggests efficiency initiatives are producing measurable effects 3.
- Integration of Electrochem and US-based vertical integration could strengthen the company's competitive position 1.
What to watch
- Conversion of the order backlog into revenueQ3 2026
- Launch of new communications products and defense drone programs2026
- Gross margin trend excluding IEEPA refund effectsQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Ultralife Corporation designs and manufactures power and communications systems, including rechargeable and non-rechargeable batteries, charging systems and electronics systems, for government, defense and commercial customers 1. It sells through OEMs, industrial and defense distributors and directly to US and foreign defense departments 1. Consolidated revenue for fiscal 2025 was 191,159 thousand USD 1, and Q2 2026 sales were 47.9 million USD 3.
In October 2025 the company launched a global rebranding that consolidates all sub-brands under the single name Ultralife, with a non-cash impairment of 12,181 thousand USD on intangible assets 1. The change aims at clearer identity and better operational efficiency, though it could affect brand recognition among existing customers in the short term 2.
Ultralife operates sales, operations and product development facilities in North America, Europe and Asia and is listed on NASDAQ under ULBI 3. The Electrochem acquisition completed in October 2024 expanded its primary lithium cell portfolio and added US-based vertical integration 1.
Market context
The market for lithium batteries in military, medical and industrial uses is driven by demand for high energy density and wide operating temperature ranges 1. US and foreign military customers accounted for 34% of 2025 revenue, which makes the business sensitive to government funding cycles 1.
Commercial markets such as oil and gas, medical devices and utility metering showed mixed results in 2025, with declines in oil and gas and growth in industrial sales 1. Oil prices influence demand for downhole drilling, so this market remains cyclical 2.
Trends
- Military and defense demandtailwind
The order backlog reached a record level in Q2 2026, which suggests sustained demand from defense contractors 3. If military funding remains stable, this could support revenue growth.
- Costs and tariffsheadwind
Tariffs and supply chain disruptions raised component costs and pressured margins in 2025, although pass-through measures partly offset the effect 1. IEEPA refunds in Q2 2026 helped margins, but the pressure remains 3.
- Electrification and dronesmixed
Demand for electrification and defense drone applications could open new development programs, given the projects management highlighted 3. Realizing these opportunities depends on moving to high-volume production 1.
- Acquisition integrationmixed
The Electrochem acquisition brings cost synergies and cross-selling opportunities, but raised interest expense and weighed on net income in 2025 1. If integration succeeds, margins could benefit.
Competitive position
In non-rechargeable batteries Ultralife competes with carbon zinc and alkaline technologies, where lithium offers weight and runtime advantages but higher prices 1. In military communications it competes with other RF systems suppliers and integrators for radio programs 1.
Direct competitors include lithium battery makers and defense systems integrators, and the same government programs can be contested by several suppliers 1. Ultralife's advantage lies in custom engineering and its relationships with prime contractors 3.
- Alkaline and carbon zinc battery suppliers
Compete in consumer non-rechargeable batteries with lower prices but lower energy density, as described in the source 1.
- Defense lithium battery producers
Compete in military and industrial applications where wide temperature range and high safety are required 1.
- Military RF systems integrators
Compete for radio and amplifier programs for the armed forces, a segment where Ultralife has prime contractor relationships 1.
- Smart battery system producers
Compete in battery packs and charging systems for medical and industrial devices 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Stocks making the biggest moves premarket: Ultralife, SK Hynix, Robinhood, Enphase Energy & moreCNBC — Top News · 28 Oct 2026 · EN
SEC filings
- Current report28 Oct 2026Material agreement · Regulation FD disclosure · Financial statements and exhibits
- Current report07 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report07 Aug 2026
- Current report23 Jul 2026Shareholder vote
- Proxy statement02 Jun 2026
- Quarterly report08 May 2026
- Current report08 May 2026Results of operations · Financial statements and exhibits
- Annual report23 Mar 2026
- Current report10 Mar 2026Results of operations · Financial statements and exhibits
- Current report18 Nov 2025Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Ultralife Corporation · 23 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Ultralife Corporation · 07 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Ultralife Corporation · 07 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.