ulbi20250930

ulbi20250930_10q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________

Commission file number: 0-20852

ULTRALIFE CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of incorporation or organization)

16-1387013

(I.R.S. Employer Identification No.)

2000 Technology Parkway Newark, New York 14513

(Address of principal executive offices) (Zip Code)

(315) 332-7100

(Registrant’s telephone number, including area code)

None

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Common Stock, $0.10 par value per share	ULBI	NASDAQ
(Title of each class)	(Trading Symbol)	(Name of each exchange on which registered)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data file required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Accelerated filer ☒

Non-accelerated filer ☐	Smaller reporting company ☒

	Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐ No☒

As of November 10, 2025, the registrant had 16,648,947 shares of common stock outstanding.

ULTRALIFE CORPORATION AND SUBSIDIARIES

INDEX

		Page
PART I.	FINANCIAL INFORMATION

Item 1.	Consolidated Financial Statements (unaudited):

	Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024	1

	Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) for the Three and Nine-Month Periods Ended September 30, 2025 and September 30, 2024	2

	Consolidated Statements of Cash Flows for the Nine-Month Periods Ended September 30, 2025 and September 30, 2024	3

	Consolidated Statements of Changes in Stockholders’ Equity for the Three and Nine-Month Periods Ended September 30, 2025 and September 30, 2024	4

	Notes to Consolidated Financial Statements (unaudited)	5

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	20

Item 4.	Controls and Procedures	29

PART II.	OTHER INFORMATION

Item 6.	Exhibits	30

	Signatures	31

PART I. FINANCIAL INFORMATION

Item 1. CONSOLIDATED FINANCIAL STATEMENTS

ULTRALIFE CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In Thousands except share amounts)

(Unaudited)

	September 30, 2025			December 31, 2024
ASSETS
Current assets:
Cash	$	9,260		$	6,854
Trade accounts receivable, net of allowance for expected credit losses of $418 and $384, respectively		30,929			29,370
Inventories, net		52,747			51,363
Prepaid expenses and other current assets		7,683			9,573
Total current assets		100,619			97,160
Property, plant and equipment, net		40,536			40,485
Goodwill		45,336			45,006
Other intangible assets, net		23,407			24,557
Deferred income taxes, net		8,212			8,413
Other noncurrent assets		4,136			4,830
Total assets	$	222,246		$	220,451

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	14,164		$	14,160
Current portion of long-term debt		3,781			2,750
Accrued compensation and related benefits		2,935			2,911
Accrued expenses and other current liabilities		12,818			9,470
Total current liabilities		33,698			29,291
Long-term debt, net		46,518			51,502
Deferred income taxes		1,358			1,443
Other noncurrent liabilities		3,239			4,028
Total liabilities		84,813			86,264

Commitments and contingencies (Note 9)

Stockholders’ equity:
Preferred stock – par value $.10 per share; authorized 1,000,000 shares; none issued		-			-
Common stock – par value $.10 per share; authorized 40,000,000 shares; issued – 21,085,061 shares at September 30, 2025 and 21,069,079 shares at December 31, 2024; outstanding – 16,648,947 shares at September 30, 2025 and 16,632,965 shares at December 31, 2024		2,109			2,107
Capital in excess of par value		192,622			191,828
Accumulated deficit		(32,918	)		(34,442	)
Accumulated other comprehensive loss		(3,058	)		(4,006	)
Treasury stock - at cost; 4,436,114 shares at September 30, 2025 and 4,436,114 shares at December 31, 2024		(21,492	)		(21,492	)
Total Ultralife Corporation equity		137,263			133,995
Non-controlling interest		170			192
Total stockholders’ equity		137,433			134,187

Total liabilities and stockholders’ equity	$	222,246		$	220,451

The accompanying notes are an integral part of these consolidated financial statements.

ULTRALIFE CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)

(In thousands except per share amounts)

(Unaudited)

	Three-month period ended						Nine-month period ended
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024

Revenues	$	43,371		$	35,694		$	142,678		$	120,604
Cost of products sold		33,752			27,012			108,713			88,889
Gross profit		9,619			8,682			33,965			31,715

Operating expenses:
Research and development		2,855			2,101			7,577			5,854
Selling, general and administrative		7,715			6,070			21,684			17,370
Total operating expenses		10,570			8,171			29,261			23,224

Operating (loss) income		(951	)		511			4,704			8,491

Other expense (income):
Interest and financing expense		992			173			3,016			1,111
Miscellaneous (income) expense		(192	)		(15	)		(120	)		(426	)
Total other expense		800			158			2,896			685

(Loss) income before income taxes		(1,751	)		353			1,808			7,806
Income tax (benefit) provision		(504	)		74			306			1,630

Net (loss) income		(1,247	)		279			1,502			6,176

SEC Form 10-Q filed by Ultralife Corporation