Ultralife Stock Price, News & Analysis

Ultralife Corporation (NASDAQ: ULBI) reported a breakeven operating income and an adjusted EBITDA of $1.2 million on revenue of $31.9 million for Q1 2023, reflecting a 5.1% increase in revenue year-over-year. The results were adversely affected by a cybersecurity ransomware attack, which hampered operations and order processing. In the same period last year, the company incurred a $0.3 million operating loss.

Despite the challenges, gross profit improved to $7.4 million, with a gross margin of 23.3%. Operating expenses rose slightly to $7.4 million, primarily due to investments in product development and cyber-insurance costs. Notably, backlog increased by 30.2% to $108.1 million, indicating strong demand from government/defense and commercial markets.

Ultralife Corporation (NASDAQ: ULBI) will announce its first quarter results for the period ending March 31, 2023, on April 27, 2023, prior to market opening. A management conference call is scheduled for the same day at 8:30 AM ET, which will be accessible via phone or webcast. The company specializes in power solutions and communication systems, serving government and commercial clients globally. Its operations span North America, Europe, and Asia, with two key business segments: Battery & Energy Products and Communications Systems. For those interested in attending the earnings call, pre-registration is required for phone participants to ensure a smooth connection.

Ultralife Corporation (NASDAQ: ULBI) reported a fourth-quarter operating profit of $0.2 million on revenue of $36.1 million, up 51.9% from $23.8 million in Q4 2021. Adjusted EBITDA reached $2.0 million versus a loss of $0.1 million in the prior year. The increase in revenue was driven by an 84% surge in government/defense sales. The backlog grew to a record $111 million, reflecting strong demand. However, operating expenses rose 20.7% to $7.9 million due to a $0.8 million severance charge. For 2022, EPS remained at ($0.01), with revenue increasing to $131.8 million from $98.3 million in 2021.

Ultralife Corporation (NASDAQ: ULBI) has appointed Janie Goddard as its new Director. Chairman Bradford Whitmore expressed enthusiasm for her extensive leadership experience, particularly in global medical devices and industrial markets, which is expected to enhance Ultralife’s strategic growth. Goddard's prior roles include Divisional Chief Executive at Halma plc and Divisional President at Novanta, alongside leadership positions at Welch Allyn, Covidien, and Johnson & Johnson. With a B.S. from Washington University and an M.B.A. from Harvard, her expertise is poised to support Ultralife's business objectives.

Ultralife Corporation (NASDAQ: ULBI) announced that it will report its fourth quarter results for the period ending December 31, 2022, before the market opens on March 2, 2023. The delay in reporting is attributed to illnesses within its Accounting/Finance Team affecting year-end closing and auditing processes. An investor conference call is scheduled for the same day at 8:30 AM ET, with a new registration process for participants. The company, headquartered in Newark, New York, provides products and services in power solutions and communications systems globally.

Ultralife Corporation has appointed Michael E. Manna as the new President & CEO, effective immediately, succeeding Michael D. Popielec, who will remain in an advisory role for 60 days to ensure a smooth transition. Manna has been with Ultralife for nearly 30 years, holding various leadership positions, including leading the Battery & Energy Products segment. The Board praised Popielec’s contributions over 12 years that included executing a global diversification strategy and multiple acquisitions to enhance Ultralife's market footprint.

Ultralife Corporation (ULBI) reported third-quarter 2022 results with revenue of $33.2 million, a 52.7% increase from $21.8 million a year prior. The operating loss was $0.6 million, an improvement from a $0.8 million loss last year. Government/defense revenue surged 99.8%, significantly contributing to total growth. Despite increased revenue, gross profit margins declined from 23.5% to 20.2% due to supply chain issues and inflation. The backlog grew to $106.2 million, indicating potential future growth.