Ultralife Corporation Reports Fourth Quarter Results
Ultralife (NASDAQ: ULBI) reported Q4 2024 results with sales of $43.9 million, slightly down from $44.5 million in Q4 2023. The quarter saw an 11.7% increase in Battery & Energy Products sales but a 55.1% decrease in Communications Systems sales.
Key Q4 metrics include gross profit of $10.6 million (24.2% margin), operating income of $1.5 million (including $1.1 million in Electrochem acquisition costs), and GAAP EPS of $0.01. The company completed the acquisition of Electrochem on October 31, 2024, contributing $6.1 million to revenue.
For full-year 2024, sales reached $164.5 million, a 3.7% increase year-over-year, with operating income of $10.0 million and GAAP EPS of $0.38. The company's backlog and high confidence orders stood at $102.2 million exiting 2024, up from $78.0 million in Q3.
Ultralife (NASDAQ: ULBI) ha riportato i risultati del Q4 2024 con vendite di $43,9 milioni, leggermente in calo rispetto ai $44,5 milioni del Q4 2023. Nel trimestre si è registrato un aumento dell'11,7% nelle vendite di Prodotti per Batterie ed Energia, ma una diminuzione del 55,1% nelle vendite dei Sistemi di Comunicazione.
I principali indicatori del Q4 includono un utile lordo di $10,6 milioni (margine del 24,2%), un reddito operativo di $1,5 milioni (inclusi $1,1 milioni di costi per l'acquisizione di Electrochem) e un utile per azione GAAP di $0,01. L'azienda ha completato l'acquisizione di Electrochem il 31 ottobre 2024, contribuendo con $6,1 milioni ai ricavi.
Per l'intero anno 2024, le vendite hanno raggiunto $164,5 milioni, con un aumento del 3,7% rispetto all'anno precedente, con un reddito operativo di $10,0 milioni e un utile per azione GAAP di $0,38. L'azienda ha chiuso il 2024 con un portafoglio ordini e ordini ad alta fiducia pari a $102,2 milioni, in aumento rispetto ai $78,0 milioni del Q3.
Ultralife (NASDAQ: ULBI) reportó resultados del Q4 2024 con ventas de $43,9 millones, ligeramente por debajo de los $44,5 millones en el Q4 2023. El trimestre vio un aumento del 11,7% en las ventas de Productos de Batería y Energía, pero una disminución del 55,1% en las ventas de Sistemas de Comunicaciones.
Las métricas clave del Q4 incluyen un beneficio bruto de $10,6 millones (margen del 24,2%), un ingreso operativo de $1,5 millones (incluyendo $1,1 millones en costos de adquisición de Electrochem) y una EPS GAAP de $0,01. La compañía completó la adquisición de Electrochem el 31 de octubre de 2024, contribuyendo con $6,1 millones a los ingresos.
Para el año completo 2024, las ventas alcanzaron $164,5 millones, un aumento del 3,7% interanual, con un ingreso operativo de $10,0 millones y una EPS GAAP de $0,38. El backlog de la compañía y los pedidos de alta confianza se situaron en $102,2 millones al finalizar 2024, en comparación con los $78,0 millones en el Q3.
울트라라이프 (NASDAQ: ULBI)는 2024년 4분기 실적을 보고하며 매출이 $43.9 백만으로, 2023년 4분기의 $44.5 백만에서 약간 감소했다고 발표했습니다. 이번 분기에는 배터리 및 에너지 제품 매출이 11.7% 증가했지만, 통신 시스템 매출은 55.1% 감소했습니다.
4분기의 주요 지표로는 총 이익이 $10.6 백만(24.2% 마진), 운영 소득이 $1.5 백만(여기에는 Electrochem 인수 비용으로 $1.1 백만 포함), GAAP EPS가 $0.01입니다. 회사는 2024년 10월 31일에 Electrochem 인수를 완료하여 $6.1 백만의 매출에 기여했습니다.
2024년 전체 연도에 대해 매출은 $164.5 백만에 달했으며, 전년 대비 3.7% 증가했으며, 운영 소득은 $10.0 백만, GAAP EPS는 $0.38입니다. 회사의 적체 및 높은 신뢰 주문은 2024년 종료 시 $102.2 백만에 달했으며, 이는 3분기의 $78.0 백만에서 증가한 수치입니다.
Ultralife (NASDAQ: ULBI) a publié ses résultats du 4ème trimestre 2024 avec des ventes de $43,9 millions, légèrement en baisse par rapport à $44,5 millions au 4ème trimestre 2023. Ce trimestre a connu une augmentation de 11,7% des ventes de Produits de Batteries et d'Énergie, mais une diminution de 55,1% des ventes des Systèmes de Communication.
Les indicateurs clés du 4ème trimestre incluent un bénéfice brut de $10,6 millions (marge de 24,2%), un revenu d'exploitation de $1,5 million (y compris $1,1 million de coûts d'acquisition d'Electrochem) et un BPA GAAP de $0,01. L'entreprise a finalisé l'acquisition d'Electrochem le 31 octobre 2024, contribuant à hauteur de $6,1 millions au chiffre d'affaires.
Pour l'année entière 2024, les ventes ont atteint $164,5 millions, soit une augmentation de 3,7% par rapport à l'année précédente, avec un revenu d'exploitation de $10,0 millions et un BPA GAAP de $0,38. Le carnet de commandes et les commandes de haute confiance de l'entreprise se sont élevés à $102,2 millions à la fin de 2024, en hausse par rapport à $78,0 millions au 3ème trimestre.
Ultralife (NASDAQ: ULBI) berichtete über die Ergebnisse des 4. Quartals 2024 mit einem Umsatz von $43,9 Millionen, leicht rückläufig von $44,5 Millionen im 4. Quartal 2023. Im Quartal gab es einen Anstieg von 11,7% bei den Verkäufen von Batterie- und Energieprodukten, jedoch einen Rückgang von 55,1% bei den Verkäufen von Kommunikationssystemen.
Wichtige Kennzahlen für das 4. Quartal umfassen einen Bruttogewinn von $10,6 Millionen (24,2% Marge), ein Betriebsergebnis von $1,5 Millionen (einschließlich $1,1 Millionen an Kosten für die Übernahme von Electrochem) und einen GAAP EPS von $0,01. Das Unternehmen schloss die Übernahme von Electrochem am 31. Oktober 2024 ab und trug mit $6,1 Millionen zum Umsatz bei.
Für das Gesamtjahr 2024 erreichten die Verkäufe $164,5 Millionen, was einem Anstieg von 3,7% im Jahresvergleich entspricht, mit einem Betriebsergebnis von $10,0 Millionen und einem GAAP EPS von $0,38. Der Auftragsbestand und die hochwertigen Aufträge des Unternehmens betrugen zum Ende des Jahres 2024 $102,2 Millionen, ein Anstieg von $78,0 Millionen im 3. Quartal.
- Backlog increased significantly to $102.2 million from $78.0 million in Q3 2024
- Battery & Energy Products sales grew 11.7% to $39.9 million
- Full-year revenue increased 3.7% to $164.5 million
- Government/defense sales increased 48.1% in Battery segment
- Q4 EPS declined to $0.01 from $0.17 year-over-year
- Communications Systems sales decreased 55.1% to $4.0 million
- Gross margin declined to 24.2% from 25.6% year-over-year
- Operating income decreased to $1.5 million from $3.6 million in Q4 2023
Insights
Ultralife's Q4 results reveal significant transition pressures following the Electrochem acquisition. The
The company's debt position has more than doubled from
The
While management expresses confidence in post-integration benefits, the financial results show immediate dilution with EPS declining from
The Electrochem acquisition represents a strategic vertical integration play that should strengthen Ultralife's manufacturing capabilities but comes with significant short-term execution challenges. The company has already begun implementing its "integration playbook," indicating a structured approach to combining operations.
Key operational metrics suggest transition inefficiencies, with gross margins declining from
The nearly doubling of Property, Plant and Equipment (from
Inventory levels increased by
The success of this acquisition hinges on how effectively management can harmonize manufacturing processes, eliminate redundancies, and leverage increased scale while maintaining product quality during this transitional period.
Acquisition of Electrochem Completed and Integration Has Commenced
NEWARK, N.Y., April 01, 2025 (GLOBE NEWSWIRE) -- Ultralife Corporation (NASDAQ: ULBI) reported operating results for the fourth quarter and full year ended December 31, 2024 as follows:
Fourth Quarter:
- Sales of
$43.9 million compared to$44.5 million for the 2023 fourth quarter, including a11.7% increase in Battery & Energy Products sales and a55.1% decrease in Communications Systems sales - Gross profit of
$10.6 million , or24.2% of revenue, compared to$11.4 million , or25.6% of revenue, for the 2023 fourth quarter - Operating income of
$1.5 million , including one-time costs and GAAP adjustments of$1.1 million directly related to the acquisition of Electrochem Solutions, Inc. (“Electrochem”) on October 31, 2024, compared to$3.6 million for the 2023 fourth quarter - GAAP EPS of
$0.01 compared to$0.17 for the 2023 fourth quarter - Adjusted EBITDA of
$3.9 compared to$4.8 million for the 2023 fourth quarter - Backlog and high confidence orders of
$102.2 million exiting 2024 compared to$78.0 exiting the third quarter
Fiscal Year 2024:
- Sales of
$164.5 million represent a3.7% year-over-year increase; essentially flat with 2023 when excluding Electrochem - Operating income of
$10.0 million including one-time costs and GAAP adjustments of$1.4 million directly related to the acquisition of Electrochem on October 31, 2024, versus$9.5 million for 2023 - GAAP EPS of
$0.38 compared to$0.44 for 2023 which included approximately$0.08 for recognition of the ERC filed under the Coronavirus Aid, Relief and Economic Act - Adjusted EBITDA of
$16.5 million compared to$15.7 million for 2023
“For the fourth quarter the contribution of Electrochem compensated for delays in the timing of expected larger orders for our Communications Systems segment and customer requests to push orders into 2025 for our Battery & Energy Products segment. These fulfillment delays illustrate how fluctuations in order timing can impact our financial results on a short-term basis even as demand for our products remains strong. In addition, after acquiring Electrochem on October 31st, we began implementing our integration playbook commencing the necessary groundwork to realize the benefits of our investment,” said Mike Manna, President and Chief Executive Officer.
“We entered 2025 with a healthy backlog and a schedule of new products to launch representing a broadened opportunity set in high-growth markets that position us to more fully realize the operating leverage of our business model through scale, and a strengthened sales and marketing leadership team to expedite organic growth and further leverage our global brand and resources. We are also on track to complete the acquisition integration and realize resulting manufacturing cost efficiencies and U.S.-based vertical integration savings. As a result, we are confident in our ability to deliver profitable growth and incremental cash flow enabling us to reduce debt and support strategic capital expenditures,” concluded Mr. Manna.
Fourth Quarter 2024 Financial Results
Revenue was
Gross profit was
Operating expenses were
Operating income was
Net income attributable to Ultralife Corporation was
Adjusted EBITDA, defined as EBITDA including non-cash, stock-based compensation expense and one-time acquisition costs and non-cash purchase accounting adjustments, was
See the “Non-GAAP Financial Measures” section of this release for a reconciliation of adjusted EPS to EPS and adjusted EBITDA to net income attributable to Ultralife Corporation.
About Ultralife Corporation
Ultralife Corporation serves its markets with products and services ranging from power solutions to communications and electronics systems. Through its engineering and collaborative approach to problem solving, Ultralife serves government/defense and commercial customers across the globe.
Headquartered in Newark, New York, the Company's business segments include Battery & Energy Products and Communications Systems. Ultralife has operations in North America, Europe and Asia. For more information, visit www.ultralifecorporation.com.
Conference Call Information
Ultralife will hold its fourth quarter earnings conference call on today at 8:30 AM ET.
To ensure a fast and reliable connection to our investor conference call, we require participants dialing in by phone to pre-register using this link prior to the call: https://register-conf.media-server.com/register/BI1a1f31c093654241b376ab0dfc2c088b. This will eliminate the need to speak with an operator. Once registered, dial-in information will be provided along with a personal identification number. Should you register early and misplace your details, you can simply click back on this same link at any time to register and view this information again. A live webcast of the conference call will be available to investors in the Events & Presentations Section of the Company’s website at http://investor.ultralifecorporation.com. For those who cannot listen to the live broadcast, a replay of the webcast will be available shortly after the call at the same location.
This press release may contain forward-looking statements based on current expectations that involve a number of risks and uncertainties. The potential risks and uncertainties that could cause actual results to differ materially include uncertain global economic conditions, reductions in revenues from key customers, delays or reductions in U.S. and foreign military spending, acceptance of our new products on a global basis, and disruptions or delays in our supply of raw materials and components due to business conditions, global conflicts, weather or other factors not under our control. The Company cautions investors not to place undue reliance on forward-looking statements, which reflect the Company's analysis only as of today's date. The Company undertakes no obligation to publicly update forward-looking statements to reflect subsequent events or circumstances. Further information on these factors and other factors that could affect Ultralife’s financial results is included in Ultralife’s Securities and Exchange Commission (SEC) filings, including the latest Annual Report on Form 10-K.
ULTRALIFE CORPORATION AND SUBSIDIARIES | ||||||||||||||
CONSOLIDATED BALANCE SHEETS (Dollars in Thousands) | ||||||||||||||
(Unaudited) | ||||||||||||||
ASSETS | ||||||||||||||
December 31, 2024 | December 31, 2023 | |||||||||||||
Current Assets: | ||||||||||||||
Cash | $ | 6,854 | $ | 10,278 | ||||||||||
Trade Accounts Receivable, Net | 29,370 | 31,761 | ||||||||||||
Inventories, Net | 51,363 | 42,215 | ||||||||||||
Prepaid Expenses and Other Current Assets | 9,573 | 5,949 | ||||||||||||
Total Current Assets | 97,160 | 90,203 | ||||||||||||
Property, Plant and Equipment, Net | 40,485 | 21,117 | ||||||||||||
Goodwill | 45,006 | 37,571 | ||||||||||||
Other Intangible Assets, Net | 24,557 | 15,107 | ||||||||||||
Deferred Income Taxes, Net | 8,413 | 10,567 | ||||||||||||
Other Non-Current Assets | 4,830 | 3,711 | ||||||||||||
Total Assets | $ | 220,451 | $ | 178,276 | ||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||
Current Liabilities: | ||||||||||||||
Accounts Payable | $ | 14,160 | $ | 11,336 | ||||||||||
Current Portion of Long-Term Debt | 2,750 | 2,000 | ||||||||||||
Accrued Compensation and Related Benefits | 2,911 | 3,115 | ||||||||||||
Accrued Expenses and Other Current Liabilities | 9,470 | 7,279 | ||||||||||||
Total Current Liabilities | 29,291 | 23,730 | ||||||||||||
Long-Term Debt, Net | 51,502 | 23,624 | ||||||||||||
Deferred Income Taxes | 1,443 | 1,714 | ||||||||||||
Other Non-Current Liabilities | 4,028 | 3,781 | ||||||||||||
Total Liabilities | 86,264 | 52,849 | ||||||||||||
Shareholders' Equity: | ||||||||||||||
Common Stock | 2,107 | 2,078 | ||||||||||||
Capital in Excess of Par Value | 191,828 | 189,160 | ||||||||||||
Accumulated Deficit | (34,442 | ) | (40,754 | ) | ||||||||||
Accumulated Other Comprehensive Loss | (4,006 | ) | (3,660 | ) | ||||||||||
Treasury Stock | (21,492 | ) | (21,492 | ) | ||||||||||
Total Ultralife Corporation Equity | 133,995 | 125,332 | ||||||||||||
Non-Controlling Interest | 192 | 95 | ||||||||||||
Total Shareholders’ Equity | 134,187 | 125,427 | ||||||||||||
Total Liabilities and Shareholders' Equity | $ | 220,451 | $ | 178,276 | ||||||||||
ULTRALIFE CORPORATION AND SUBSIDIARIES | |||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||
(In Thousands Except Per Share Amounts) | |||||||||||||
(Unaudited) | |||||||||||||
Three-Month Period Ended | Year Ended | ||||||||||||
December 31, | December 31, | December 31, | December 31, | ||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||
Revenues: | |||||||||||||
Battery & Energy Products | $ | 39,880 | $ | 35,703 | $ | 144,081 | $ | 129,953 | |||||
Communications Systems | 3,972 | 8,845 | 20,375 | 28,691 | |||||||||
Total Revenues | 43,852 | 44,548 | 164,456 | 158,644 | |||||||||
Cost of Products Sold: | |||||||||||||
Battery & Energy Products | 30,549 | 26,711 | 107,764 | 99,178 | |||||||||
Communications Systems | 2,704 | 6,435 | 14,378 | 20,266 | |||||||||
Total Cost of Products Sold | 33,253 | 33,146 | 122,142 | 119,444 | |||||||||
Gross Profit | 10,599 | 11,402 | 42,314 | 39,200 | |||||||||
Operating Expenses: | |||||||||||||
Research and Development | 2,415 | 1,852 | 8,268 | 7,531 | |||||||||
Selling, General and Administrative | 6,710 | 5,901 | 24,081 | 22,194 | |||||||||
Total Operating Expenses | 9,125 | 7,753 | 32,349 | 29,725 | |||||||||
Operating Income | 1,474 | 3,649 | 9,965 | 9,475 | |||||||||
Other Expense | 979 | 536 | 1,664 | 358 | |||||||||
Income Before Income Taxes | 495 | 3,113 | 8,301 | 9,117 | |||||||||
Income Tax Provision | 262 | 263 | 1,892 | 1,951 | |||||||||
Net Income | 233 | 2,850 | 6,409 | 7,166 | |||||||||
Net Income (Loss) Attributable to Non-Controlling Interest | 39 | (23 | ) | 97 | (31 | ) | |||||||
Net Income Attributable to Ultralife Corporation | $ | 194 | $ | 2,873 | $ | 6,312 | $ | 7,197 | |||||
Net Income Per Share Attributable to Ultralife Common Shareholders – Basic | $ | .01 | $ | .18 | $ | .38 | $ | .44 | |||||
Net Income Per Share Attributable to Ultralife Common Shareholders – Diluted | $ | .01 | $ | .17 | $ | .38 | $ | .44 | |||||
Weighted Average Shares Outstanding – Basic | 16,629 | 16,338 | 16,555 | 16,214 | |||||||||
Weighted Average Shares Outstanding – Diluted | 16,762 | 16,479 | 16,767 | 16,226 | |||||||||
Non-GAAP Financial Measures
Adjusted EBITDA
In evaluating our business, we consider and use adjusted EBITDA, a non-GAAP financial measure, as a supplemental measure of our operating performance in addition to U.S. Generally Accepted Accounting Principles (“GAAP”) financial measures. We define adjusted EBITDA as net income attributable to Ultralife Corporation before net interest expense, provision for income taxes, depreciation and amortization, and stock-based compensation expense, plus/minus expense/income that we do not consider reflective of our ongoing continuing operations. We reconcile adjusted EBITDA to net income attributable to Ultralife Corporation, the most comparable financial measure under GAAP. Neither current nor potential investors in our securities should rely on adjusted EBITDA as a substitute for any GAAP measures and we encourage investors to review the following reconciliation of adjusted EBITDA to net income attributable to Ultralife Corporation.
ULTRALIFE CORPORATION AND SUBSIDIARIES | |||||||||||
CALCULATION OF ADJUSTED EBITDA | |||||||||||
(Dollars in Thousands) | |||||||||||
(Unaudited) | |||||||||||
Three-Month Period Ended | Year Ended | ||||||||||
December 31, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | ||||||||
Net Income Attributable to Ultralife Corporation | $ | 194 | $ | 2,873 | $ | 6,312 | $ | 7,197 | |||
Adjustments: | |||||||||||
Interest Expense, Net | 829 | 566 | 1,940 | 2,016 | |||||||
Income Tax Provision | 262 | 263 | 1,892 | 1,951 | |||||||
Depreciation Expense | 831 | 740 | 3,125 | 3,022 | |||||||
Amortization Expense | 348 | 226 | 1,032 | 889 | |||||||
Stock-Based Compensation Expense | 208 | 104 | 698 | 528 | |||||||
Cyber-Insurance Policy Deductible | - | - | - | 100 | |||||||
Non-Recurring Acquisition Costs | 1,111 | - | 1,361 | - | |||||||
Non-Cash Purchase Accounting Adjustment | 120 | - | 120 | - | |||||||
Adjusted EBITDA | $ | 3,903 | $ | 4,772 | $ | 16,480 | $ | 15,703 | |||
Adjusted Earnings Per Share
In evaluating our business, we consider and use adjusted EPS, a non-GAAP financial measure, as a supplemental measure of our business performance. We define adjusted EPS as net income attributable to Ultralife Corporation excluding the provision (benefit) for deferred income taxes divided by our weighted average shares outstanding on both a basic and diluted basis. We believe that this information is useful in providing period-to-period comparisons of our results by reflecting the portion of our tax provision that we expect will be predominantly offset by our U.S. net operating loss carryforwards and other tax credits for the foreseeable future. We reconcile adjusted EPS to EPS, the most comparable financial measure under GAAP. Neither current nor potential investors in our securities should rely on adjusted EPS as a substitute for any GAAP measures and we encourage investors to review the following reconciliation of adjusted EPS to EPS and net income attributable to Ultralife Corporation.
ULTRALIFE CORPORATION AND SUBSIDIARIES | ||||||||||||||||||
CALCULATION OF ADJUSTED EPS | ||||||||||||||||||
(In Thousands Except Per Share Amounts) | ||||||||||||||||||
(Unaudited) | ||||||||||||||||||
Three-Month Period Ended | ||||||||||||||||||
December 31, 2024 | December 31, 2023 | |||||||||||||||||
Amount | Per Basic Share | Per Diluted Share | Amount | Per Basic Share | Per Diluted Share | |||||||||||||
Net Income Attributable to Ultralife Corporation | $ | 194 | $ | .01 | $ | .01 | $ | 2,873 | $ | .18 | $ | .17 | ||||||
Deferred Tax Provision (Benefit) | (63 | ) | - | - | 56 | - | .01 | |||||||||||
Adjusted Net Income | $ | 131 | $ | .01 | $ | .01 | $ | 2,929 | $ | .18 | $ | .18 | ||||||
Weighted Average Shares Outstanding | 16,629 | 16,762 | 16,338 | 16,479 | ||||||||||||||
Year Ended | |||||||||||||||||
December 31, 2024 | December 31, 2023 | ||||||||||||||||
Amount | Per Basic Share | Per Diluted Share | Amount | Per Basic Share | Per Diluted Share | ||||||||||||
Net Income Attributable to Ultralife Corporation | $ | 6,312 | $ | .38 | $ | .38 | $ | 7,197 | $ | .44 | $ | .44 | |||||
Deferred Tax Provision | 1,232 | .08 | .07 | 1,301 | .08 | .08 | |||||||||||
Adjusted Net Income | $ | 7,544 | $ | .46 | $ | .45 | $ | 8,498 | $ | .52 | $ | .52 | |||||
Weighted Average Shares Outstanding | 16,555 | 16,767 | 16,214 | 16,226 | |||||||||||||
Company Contact: | Investor Relations Contact: | |
Ultralife Corporation | Alliance Advisors IR | |
Philip A. Fain | Jody Burfening/Alex Villalta | |
(315) 210-6110 | (212) 838-3777 | |
pfain@ulbi.com | avillalta@allianceadvisors.com |
