Ultralife Corp

ultralifecorporation.com

What Do They Do?

Makes batteries and power systems for defense organizations and commercial equipment makers, and communications systems for defense and commercial customers.

How Do They Make Money?

Battery and power-product sales are generally counted when shipped, or on delivery when the contract requires it; vendor-managed inventory is billed when customers use it. Separately priced extended warranties generate revenue evenly over their term.

revenue

Segment	Share	Revenue	How money arrives
Battery & Energy Products Segment Sold outright	93% FY2022: 91%		Sold outright
Communications Systems Segment Sold outright	6.9% FY2022: 9.0%		Sold outright

Who Are Their Customers?

Sells directly to OEMs and government and defense agencies, and also through domestic and foreign distributors and retailers.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2024: 23% from one customer

Do Revenues Turn Into Profits?

Not on paper. It lost $5.9M in FY2025, but brought in more cash than it spent: $7.1M of free cash flow.

Operating income, FY2025

−3% of revenue

▼ Now a loss vs FY2024 ($10M, 6%)

Net income, FY2025

−3% of revenue

▼ Now a loss vs FY2024 ($6.3M, 4%)

Free cash flow, FY2025

4% of revenue

▼ −52% vs FY2024 ($14.7M, 9%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −1%; vs $48.6M in Q2 FY2025
Net income: ▲ +189%; vs $879K in Q2 FY2025

Battery & Energy Products Segment share of revenue vs 94.5% in Q2 FY2025

Growing. Revenue grew 95% in 4 years, from $98.3M in FY2021 to $191.2M in FY2025, about 18% a year.

Revenue over time

Battery & Energy Products Segment Communications Systems Segment Corporate Segment

$200M$100M$0

FY2021 FY2022 FY2023 FY2024 FY2025

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