$ULBI

ULTRALIFE CORP

CIK:0000875657|SEC Filings

Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues	$ 47,943	$ 48,561	$ 95,388	$ 99,307
Cost of products sold	34,077	36,960	71,412	74,961
Gross profit	13,866	11,601	23,976	24,346
Operating expenses:
Research and development	3,225	2,318	6,186	4,722
Selling, general and administrative	7,204	7,027	14,568	13,969
Total operating expenses	10,429	9,345	20,754	18,691
Operating income	3,437	2,256	3,222	5,655
Other expense (income):
Interest and financing expense	839	992	1,707	2,024
Miscellaneous (income) expense	(388)	151	(808)	72
Total other expense	451	1,143	899	2,096
Income before income taxes	2,986	1,113	2,323	3,559
Income tax provision	468	243	276	810
Net income	2,518	870	2,047	2,749
Net (loss) income attributable to non-controlling interest	(25)	(9)	(45)	5
Net income attributable to Ultralife Corporation
Net income attributable to Ultralife Corporation	2,543	879	2,092	2,744
Foreign currency translation adjustments	212	875	295	1,186
Comprehensive income attributable to Ultralife Corporation	$ 2,755	$ 1,754	$ 2,387	$ 3,930
Net income per share attributable to Ultralife common stockholders – basic (in dollars per share)	$ 15	$ 5	$ 13	$ 17
Net income per share attributable to Ultralife common stockholders – diluted (in dollars per share)	$ 15	$ 5	$ 13	$ 17
Weighted average shares outstanding – basic (in shares)	16,659	16,635	16,658	16,634
Potential common shares (in shares)	55	21	45	37
Weighted average shares outstanding - diluted (in shares)	16,714	16,656	16,703	16,671

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
OPERATING ACTIVITIES:
Net income	$ 2,518	$ 870	$ 2,047	$ 2,749
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	1,056	1,008	2,110	1,958
Amortization of intangible assets	268	410	535	815
Amortization of financing fees			132	133
Stock-based compensation			89	462
Deferred income tax expense			93	609
Changes in operating assets and liabilities:
Accounts receivable			(839)	(2,702)
Inventories			(4,732)	1,102
Prepaid expenses and other assets			2,124	4,577
Accounts payable and other liabilities			1,885	(400)
Net cash provided by operating activities			3,444	9,303
INVESTING ACTIVITIES:
Purchases of property, plant and equipment			(1,223)	(1,995)
Net cash used in investing activities			(1,223)	(1,995)
FINANCING ACTIVITIES:
Debt issuance costs			0	(24)
Proceeds from exercise of stock options	36	61	36	61
Net cash used in financing activities			(5,089)	(3,338)
Effect of exchange rate changes on cash			186	117
(DECREASE) INCREASE IN CASH			(2,682)	4,087
Cash, Beginning of period			9,345	6,854
Cash, End of period	$ 6,663	$ 10,941	6,663	10,941
Revolving Credit Facility [Member]
FINANCING ACTIVITIES:
Payments on credit facilities			$ (5,125)	$ (3,375)

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash	$ 6,663	$ 9,345
Trade accounts receivable, net of allowance for expected credit losses of $462 and $457, respectively	34,770	33,948
Inventories, net	58,745	54,008
Prepaid expenses and other current assets	6,980	8,500
Total current assets	107,158	105,801
Property, plant and equipment, net	39,514	40,397
Goodwill	45,369	45,376
Other intangible assets, net	10,386	10,933
Deferred income taxes, net	10,335	10,494
Other noncurrent assets	3,395	3,911
Total assets	216,157	216,912
Current liabilities:
Accounts payable	22,601	17,423
Current portion of long-term debt	1,750	4,125
Accrued compensation and related benefits	2,930	2,754
Accrued expenses and other current liabilities	10,074	13,031
Total current liabilities	37,355	37,333
Long-term debt, net	42,854	45,526
Deferred income taxes	934	1,000
Other noncurrent liabilities	2,413	2,919
Total liabilities	83,556	86,778
Commitments and Contingencies
Stockholders’ equity:
Preferred stock – par value $.10 per share; authorized 1,000,000 shares; none issued	0	0
Common stock – par value $.10 per share; authorized 40,000,000 shares; issued – 21,099,383 shares at June 30, 2026 and 21,092,617 shares at December 31, 2025; outstanding – 16,663,269 shares at June 30, 2026 and 16,656,503 shares at December 31, 2025	2,110	2,109
Capital in excess of par value	192,983	192,859
Accumulated deficit	(38,248)	(40,340)
Accumulated other comprehensive loss	(2,846)	(3,141)
Treasury stock - at cost; 4,436,114 shares at June 30, 2026 and 4,436,114 shares at December 31, 2025	(21,492)	(21,492)
Total Ultralife Corporation equity	132,507	129,995
Non-controlling interest	94	139
Total stockholders’ equity	132,601	130,134
Total liabilities and stockholders’ equity	$ 216,157	$ 216,912