Ultralife SEC Filings

Ultralife Corporation reported a weaker first quarter of 2026, slipping into a small loss as revenue and margins declined. Revenue was $47,445, down 6.5% from $50,746 a year earlier, with both commercial and government/defense sales lower.

Gross margin fell to 21.3% from 25.1%, pressured by product mix, higher utility costs and one-time production disruptions. The company posted a net loss attributable to Ultralife of $451, or $0.03 per share, versus net income of $1,865, or $0.11 per share, last year.

Adjusted EBITDA was $3,209, or 6.8% of revenue, compared with $5,448, or 10.7%, reflecting lower volumes and higher operating expenses, including $847 of non-recurring consulting and litigation costs. Cash was $8,890 and the term loan balance was $48,188, with $2,256 of operating cash generated and debt covenants met. Management continues to remediate a previously disclosed material weakness in internal control over financial reporting.

Ultralife Corporation reported a first-quarter 2026 net loss of $0.5 million, or ($0.03) per share, compared with net income of $1.9 million, or $0.11 per share, a year earlier. Revenue fell 6.5% to $47.4 million from $50.7 million, as Battery & Energy Products sales slipped to $44.2 million and Communications Systems sales dropped to $3.3 million.

Gross profit declined to $10.1 million, with gross margin compressing to 21.3% from , reflecting lost production days at Newark, NY and Raynham, MA facilities, higher utility costs and less favorable mix, along with weaker Communications Systems volume. Operating expenses rose to $10.3 million, including $0.8 million of non-recurring consulting and litigation costs.

Adjusted EBITDA was $3.2 million (6.8% of sales) versus $5.4 million (10.7% of sales) in the prior-year quarter. Despite the softer earnings, Ultralife’s order backlog reached a record $115.1 million, up from $95.0 million a year ago, supported by long-cycle orders for new products.

Ultralife Corporation filed an amended annual report to add detailed disclosures on directors, executive compensation, ownership, related‑party policies and auditor fees that were not included in the original filing. The amendment does not change any previously reported financial statements or results.

The filing describes a mostly independent board with separate Chair and CEO roles and three standing committees overseeing audit and finance, corporate development and governance, and compensation. It highlights a Code of Ethics, insider‑trading and anti‑hedging policies, and a compensation clawback policy tied to accounting restatements.

For 2025, CEO Michael Manna earned salary of $415,001 and total compensation of $434,114, while CFO Philip Fain earned salary of $370,142 and total compensation of $394,145. Both had meaningful stock option holdings but received no bonuses or new equity awards for 2024 or 2025 after short‑term incentive targets were not met. Non‑employee directors were paid $426,600 in aggregate cash retainers for 2025 board and committee service.

The filing shows concentrated ownership: Board Chair Bradford Whitmore beneficially owns 6,599,957 shares, or 39.6% of common stock, and all directors and executive officers together hold 42.3%. Audit and related fees to WithumSmith+Brown (and predecessor Freed Maxick) totaled $1,010,456 in 2025, down from $1,378,828 in 2024.

Ultralife Corporation reports its 2025 annual results with continued growth in batteries and a weak year for communications systems, alongside a sizable non-cash brand write-down. Battery & Energy Products revenue rose to $178,042 with segment contribution of $20,223, up from $144,081 and $18,997 in 2024. Communications Systems revenue fell to $13,117 with a segment loss of $1,290, versus revenue of $20,375 and contribution of $1,191 a year earlier.

Corporate operating expenses increased to $24,835, including a $12,181 non-cash impairment tied to a global rebranding that consolidates multiple sub-brands under the Ultralife name. Research and development spending grew to $12,079, and total backlog reached about $110,000. As of March 20, 2026, Ultralife had 16,656,503 common shares outstanding and 678 employees worldwide.

Ultralife Corp’s largest disclosed shareholder group has increased its stake. Amendment No. 10 to a Schedule 13D reports that Bradford T. Whitmore and affiliated entities now beneficially own 6,599,957 shares of Ultralife common stock, representing 39.6% of the class, based on 16,648,947 shares outstanding as of November 10, 2025.

Whitmore Holdings, LLC purchased a total of 187,512 shares in open-market transactions from March 12 through March 16, 2026, at various prices generally between the mid‑$5 and about $7 per share, using working capital. The filers state they have no present plans for corporate actions such as mergers, asset sales, or control changes but may review their investment and consider future plans over time.

Ultralife Corp director and 10% owner Bradford T. Whitmore, through Whitmore Holdings, LLC, reported open-market purchases of a total of 187,512 shares of Common Stock over three days. The shares were bought at weighted average prices of $5.9663, $6.3244, and $6.759 per share.

Following these purchases, Whitmore Holdings, LLC held 1,941,759 shares. Separately, the filing shows 205,915 shares held directly and 4,452,283 shares held indirectly through SUNRAY I, LLC, where Whitmore is an indirect beneficial owner.

Ultralife Corp President and CEO Michael Edward Manna reported buying a total of 2,000 shares of Ultralife common stock in open-market transactions. The purchases took place on March 12, 2026 at prices of $6.01 and $6.031 per share.

Following these transactions, Manna directly owns 26,874 shares of Ultralife common stock. Both transactions are classified as non-derivative, open-market purchases, indicating a net increase in his direct equity holdings.

Ultralife Corporation reported fourth-quarter and full-year 2025 results showing solid revenue growth but a GAAP net loss driven by a non-cash brand write-down. Q4 revenue rose 10.6% to $48.5 million, led by 15.1% growth in Battery & Energy Products, while Communications Systems revenue fell 35.2% to $2.6 million on order timing.

Backlog increased to $110.2 million at year-end, up from $90.3 million in the prior quarter. Ultralife recorded a $12.2 million impairment on tradename and trademark intangibles tied to consolidating multiple acquired brands under the Ultralife master brand. This contributed to a Q4 net loss attributable to Ultralife of $7.4 million, or $(0.45) per share, compared with $0.2 million, or $0.01 per share, a year earlier.

Despite the impairment, adjusted EBITDA improved to $5.7 million in Q4 2025, or 11.7% of sales, versus $3.9 million or 8.9% a year ago, and reached $17.3 million on a trailing twelve‑month basis. Management highlighted operational restructuring, a unified brand strategy and strengthened plant leadership as steps intended to support profitable growth, cash generation and debt reduction in 2026.