Ultralife Financials
This page shows Ultralife (ULBI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Ultralife’s sales growth is being absorbed by heavier overhead and financing costs, turning added volume into losses.
FY2025’s loss despite record revenue looks less like weakening demand than a cost-structure reset: gross profit increased only$3.7M from FY2024 while SG&A plus R&D increased about$7.4M . With interest expense also roughly doubling, that mismatch pushed operating margin from6.1% to-3.1% even as sales advanced.
Cash generation stayed better than reported earnings: operating cash flow was
The balance sheet is still working-capital heavy: inventory plus receivables reached about
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Ultralife's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Ultralife scores 1.58, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Ultralife passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Ultralife generates $-1.86 in operating cash flow ($11.0M OCF vs -$5.9M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Ultralife earns $-1.5 in operating income for every $1 of interest expense (-$5.9M vs $4.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Ultralife generated $191.2M in revenue in fiscal year 2025. This represents an increase of 16.2% from the prior year.
Ultralife's EBITDA was -$403K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 102.9% from the prior year.
Ultralife reported -$5.9M in net income in fiscal year 2025. This represents a decrease of 193.4% from the prior year.
Ultralife earned $-35.00 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 192.1% from the prior year.
Cash & Balance Sheet
Ultralife generated $7.1M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 51.6% from the prior year.
Ultralife held $9.3M in cash against $45.5M in long-term debt as of fiscal year 2025.
Ultralife had 17M shares outstanding in fiscal year 2025. This represents an increase of 0.1% from the prior year.
Margins & Returns
Ultralife's gross margin was 24.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1.7 percentage points from the prior year.
Ultralife's operating margin was -3.1% in fiscal year 2025, reflecting core business profitability. This is down 9.2 percentage points from the prior year.
Ultralife's net profit margin was -3.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 6.9 percentage points from the prior year.
Ultralife's ROE was -4.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 9.3 percentage points from the prior year.
Capital Allocation
Ultralife invested $10.4M in research and development in fiscal year 2025. This represents an increase of 25.8% from the prior year.
Ultralife invested $3.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 100.4% from the prior year.
ULBI Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $47.4M-2.1% | $48.5M+11.8% | $43.4M-10.7% | $48.6M-4.3% | $50.7M+15.7% | $43.9M+22.9% | $35.7M-17.0% | $43.0M |
| Cost of Revenue | $37.3M+2.5% | $36.4M+7.9% | $33.8M-8.7% | $37.0M-2.7% | $38.0M+14.3% | $33.3M+23.1% | $27.0M-14.0% | $31.4M |
| Gross Profit | $10.1M-16.1% | $12.1M+25.3% | $9.6M-17.1% | $11.6M-9.0% | $12.7M+20.2% | $10.6M+22.1% | $8.7M-24.9% | $11.6M |
| R&D Expenses | $3.0M+5.0% | $2.8M-1.2% | $2.9M+23.2% | $2.3M-3.6% | $2.4M-0.4% | $2.4M+14.9% | $2.1M+5.2% | $2.0M |
| SG&A Expenses | $7.4M-3.9% | $7.7M-0.7% | $7.7M+9.8% | $7.0M+1.2% | $6.9M+3.4% | $6.7M+10.6% | $6.1M+7.5% | $5.6M |
| Operating Income | -$215K+98.0% | -$10.6M-1015.2% | -$951K-142.2% | $2.3M-33.6% | $3.4M+130.6% | $1.5M+188.5% | $511K-87.0% | $3.9M |
| Interest Expense | $868K-7.4% | $937K-5.5% | $992K0.0% | $992K-3.9% | $1.0M+24.5% | $829K+379.2% | $173K-58.6% | $418K |
| Income Tax | -$192K+93.0% | -$2.8M-446.2% | -$504K-307.4% | $243K-57.1% | $567K+116.4% | $262K+254.1% | $74K-91.3% | $853K |
| Net Income | -$451K+93.9% | -$7.4M-508.4% | -$1.2M-238.8% | $879K-52.9% | $1.9M+861.3% | $194K-24.8% | $258K-91.3% | $3.0M |
| EPS (Diluted) | $-3.00 | N/A | $-0.07-240.0% | $0.05-99.5% | $11.00 | N/A | $0.02-88.9% | $0.18 |
ULBI Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $220.6M+1.7% | $216.9M-2.4% | $222.2M+0.6% | $221.0M-1.2% | $223.8M+1.5% | $220.5M+27.8% | $172.4M+1.5% | $169.8M |
| Current Assets | $110.1M+4.1% | $105.8M+5.2% | $100.6M+1.6% | $99.0M-2.4% | $101.5M+4.4% | $97.2M+12.4% | $86.4M+3.2% | $83.8M |
| Cash & Equivalents | $8.9M-4.9% | $9.3M+0.9% | $9.3M-15.4% | $10.9M+25.5% | $8.7M+27.2% | $6.9M+1.2% | $6.8M+1.3% | $6.7M |
| Inventory | $57.3M+6.1% | $54.0M+2.4% | $52.7M+4.3% | $50.6M+5.7% | $47.9M-6.8% | $51.4M+16.8% | $44.0M+6.3% | $41.4M |
| Accounts Receivable | $34.4M+1.4% | $33.9M+9.8% | $30.9M-4.3% | $32.3M-10.4% | $36.1M+22.8% | $29.4M+5.8% | $27.8M-10.6% | $31.1M |
| Goodwill | $45.3M-0.1% | $45.4M+0.1% | $45.3M-0.2% | $45.4M+0.6% | $45.1M+0.3% | $45.0M+19.1% | $37.8M+0.8% | $37.5M |
| Total Liabilities | $90.9M+4.7% | $86.8M+2.3% | $84.8M+3.0% | $82.3M-5.5% | $87.1M+1.0% | $86.3M+128.1% | $37.8M+3.7% | $36.5M |
| Current Liabilities | $43.1M+15.3% | $37.3M+10.8% | $33.7M+12.7% | $29.9M-5.1% | $31.5M+7.5% | $29.3M+11.8% | $26.2M+27.4% | $20.6M |
| Long-Term Debt | $44.2M-2.9% | $45.5M-2.1% | $46.5M-2.1% | $47.5M-5.9% | $50.5M-1.9% | $51.5M+774.7% | $5.9M-41.0% | $10.0M |
| Total Equity | $129.6M-0.3% | $130.0M-5.3% | $137.3M-0.9% | $138.4M+1.5% | $136.4M+1.8% | $134.0M-0.4% | $134.5M+0.9% | $133.2M |
| Retained Earnings | -$40.8M-1.1% | -$40.3M-22.5% | -$32.9M-3.8% | -$31.7M+2.7% | -$32.6M+5.4% | -$34.4M+0.6% | -$34.6M+0.7% | -$34.9M |
ULBI Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $2.3M+51.5% | $1.5M+652.0% | $198K-96.7% | $5.9M+76.2% | $3.4M+10.6% | $3.0M-35.8% | $4.7M-46.8% | $8.9M |
| Capital Expenditures | $770K-12.7% | $882K-11.4% | $995K-9.5% | $1.1M+22.9% | $895K+47.7% | $606K+2.0% | $594K+65.0% | $360K |
| Free Cash Flow | $1.5M+144.8% | $607K+176.2% | -$797K-116.5% | $4.8M+95.5% | $2.5M+1.4% | $2.4M-41.2% | $4.2M-51.5% | $8.6M |
| Investing Cash Flow | -$770K+13.1% | -$886K+10.6% | -$991K+9.9% | -$1.1M-22.9% | -$895K+98.2% | -$48.6M-8086.5% | -$594K-65.0% | -$360K |
| Financing Cash Flow | -$2.1M-200.3% | -$687K-5.5% | -$651K+75.4% | -$2.7M-285.9% | -$687K-101.5% | $45.7M+1220.4% | -$4.1M+65.8% | -$11.9M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
ULBI Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 21.3%-3.6pp | 24.9%+2.7pp | 22.2%-1.7pp | 23.9%-1.2pp | 25.1%+0.9pp | 24.2%-0.2pp | 24.3%-2.6pp | 26.9% |
| Operating Margin | -0.4%+21.4pp | -21.9%-19.7pp | -2.2%-6.8pp | 4.7%-2.1pp | 6.7%+3.3pp | 3.4%+1.9pp | 1.4%-7.7pp | 9.1% |
| Net Margin | -0.9%+14.4pp | -15.3%-12.5pp | -2.8%-4.6pp | 1.8%-1.9pp | 3.7%+3.2pp | 0.4%-0.3pp | 0.7%-6.2pp | 6.9% |
| Return on Equity | -0.4%+5.4pp | -5.7%-4.8pp | -0.9%-1.5pp | 0.6%-0.7pp | 1.4%+1.2pp | 0.1%-0.1pp | 0.2%-2.0pp | 2.2% |
| Return on Assets | -0.2%+3.2pp | -3.4%-2.9pp | -0.5%-0.9pp | 0.4%-0.4pp | 0.8%+0.7pp | 0.1%-0.1pp | 0.1%-1.6pp | 1.8% |
| Current Ratio | 2.56-0.3 | 2.83-0.2 | 2.99-0.3 | 3.31+0.1 | 3.22-0.1 | 3.32+0.0 | 3.30-0.8 | 4.07 |
| Debt-to-Equity | 0.340.0 | 0.35+0.0 | 0.340.0 | 0.34-0.0 | 0.37-0.0 | 0.38+0.3 | 0.04-0.0 | 0.07 |
| FCF Margin | 3.1%+1.9pp | 1.3%+3.1pp | -1.8%-11.8pp | 10.0%+5.1pp | 4.9%-0.7pp | 5.6%-6.1pp | 11.6%-8.3pp | 19.9% |
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Frequently Asked Questions
What is Ultralife's annual revenue?
Ultralife (ULBI) reported $191.2M in total revenue for fiscal year 2025. This represents a 16.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Ultralife's revenue growing?
Ultralife (ULBI) revenue grew by 16.2% year-over-year, from $164.5M to $191.2M in fiscal year 2025.
Is Ultralife profitable?
No, Ultralife (ULBI) reported a net income of -$5.9M in fiscal year 2025, with a net profit margin of -3.1%.
What is Ultralife's EBITDA?
Ultralife (ULBI) had EBITDA of -$403K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Ultralife have?
As of fiscal year 2025, Ultralife (ULBI) had $9.3M in cash and equivalents against $45.5M in long-term debt.
What is Ultralife's gross margin?
Ultralife (ULBI) had a gross margin of 24.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Ultralife's operating margin?
Ultralife (ULBI) had an operating margin of -3.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Ultralife's net profit margin?
Ultralife (ULBI) had a net profit margin of -3.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Ultralife's return on equity (ROE)?
Ultralife (ULBI) has a return on equity of -4.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Ultralife's free cash flow?
Ultralife (ULBI) generated $7.1M in free cash flow during fiscal year 2025. This represents a -51.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Ultralife's operating cash flow?
Ultralife (ULBI) generated $11.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Ultralife's total assets?
Ultralife (ULBI) had $216.9M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Ultralife's capital expenditures?
Ultralife (ULBI) invested $3.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Ultralife spend on research and development?
Ultralife (ULBI) invested $10.4M in research and development during fiscal year 2025.
What is Ultralife's current ratio?
Ultralife (ULBI) had a current ratio of 2.83 as of fiscal year 2025, which is generally considered healthy.
What is Ultralife's debt-to-equity ratio?
Ultralife (ULBI) had a debt-to-equity ratio of 0.35 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Ultralife's return on assets (ROA)?
Ultralife (ULBI) had a return on assets of -2.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Ultralife's Altman Z-Score?
Ultralife (ULBI) has an Altman Z-Score of 1.58, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Ultralife's Piotroski F-Score?
Ultralife (ULBI) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Ultralife's earnings high quality?
Ultralife (ULBI) has an earnings quality ratio of -1.86x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Ultralife cover its interest payments?
Ultralife (ULBI) has an interest coverage ratio of -1.5x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Ultralife?
Ultralife (ULBI) scores 44 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.