Revenue growth has exhibited significant volatility, oscillating from a 31.4% expansion in 2024Q1 to a 6.5% contraction in 2026Q1, while gross margins have simultaneously compressed from 27.4% to 20.7% over the same period.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 | Jun'96 |
|---|
| Sales/Revenue | 187.86M | 191.16M | 164.46M | 158.64M | 131.84M | 98.27M | 107.71M | 106.8M | 87.19M | 85.53M | 82.46M | 76.43M | 66.49M | 78.83M | 101.66M | 139.39M | 178.58M | 172.11M | 254.7M | 137.6M | 93.55M | 70.5M | 98.18M | 79.45M | 32.52M | 24.16M | 24.51M | 21.1M | 16.4M | 15.9M | 15.1M |
| Revenue Growth % | 8.42% | 16.24% | 3.66% | 20.33% | 34.17% | -8.77% | 0.86% | 22.49% | 1.94% | 3.72% | 7.89% | 14.94% | -15.65% | -22.45% | -27.07% | -21.95% | 3.76% | -32.43% | 85.11% | 47.09% | 32.69% | -28.19% | 23.58% | 144.35% | 34.57% | -1.43% | 16.18% | 28.66% | 3.14% | 5.3% | 3.42% |
| Cost of Goods Sold | 145.85M | 146.66M | 122.14M | 119.44M | 102.44M | 73.63M | 78.55M | 75.63M | 61.61M | 59.3M | 57.35M | 53.11M | 47.14M | 56.21M | 72.93M | 103.99M | 132.01M | 135.25M | 197.76M | 108.82M | 76.1M | 58.24M | 77.88M | 62.35M | 31.17M | 27.7M | 23.47M | 16.8M | 13.1M | 13.8M | 12.5M |
| COGS % of Revenue | - | 76.72% | 74.27% | 75.29% | 77.7% | 74.92% | 72.93% | 70.82% | 70.66% | 69.33% | 69.55% | 69.49% | 70.9% | 71.31% | 71.74% | 74.61% | 73.92% | 78.58% | 77.64% | 79.09% | 81.35% | 82.61% | 79.32% | 78.48% | 95.86% | 114.62% | 95.76% | 79.62% | 79.88% | 86.79% | 82.78% |
| Gross Profit | 42.01M | 44.5M | 42.31M | 39.2M | 29.4M | 24.64M | 29.16M | 31.16M | 25.58M | 26.23M | 25.11M | 23.32M | 19.35M | 22.62M | 28.73M | 35.39M | 46.57M | 36.86M | 56.94M | 28.77M | 17.44M | 12.26M | 20.3M | 17.1M | 1.35M | -3.53M | 1.04M | 4.3M | 3.3M | 2.1M | 2.6M |
| Gross Margin % | 22.36% | 23.28% | 25.73% | 24.71% | 22.3% | 25.08% | 27.07% | 29.18% | 29.34% | 30.67% | 30.45% | 30.51% | 29.1% | 28.69% | 28.26% | 25.39% | 26.08% | 21.42% | 22.36% | 20.91% | 18.65% | 17.39% | 20.68% | 21.52% | 4.14% | -14.62% | 4.24% | 20.38% | 20.12% | 13.21% | 17.22% |
| Gross Profit Growth % | - | 5.17% | 7.94% | 33.33% | 19.31% | -15.49% | -6.44% | 21.82% | -2.47% | 4.48% | 7.69% | 20.5% | -14.46% | -21.26% | -18.83% | -24% | 26.34% | -35.27% | 97.9% | 64.96% | 42.3% | -39.62% | 18.75% | 1169.19% | 138.13% | -439.71% | -75.81% | 30.3% | 57.14% | -19.23% | 8.33% |
| Operating Expenses | 38.15M | 35.28M | 32.35M | 29.73M | 29.27M | 24.61M | 23.46M | 23.8M | 19.03M | 19.76M | 21.34M | 19.84M | 20.79M | 23.25M | 28.84M | 32.92M | 38.66M | 44.22M | 39.64M | 28.97M | 20.4M | 15.16M | 15.21M | 11.12M | 26.56M | 11.43M | 14.73M | 14.3M | 13.9M | 9.9M | 9.5M |
| OpEx % of Revenue | - | 18.46% | 19.67% | 18.74% | 22.2% | 25.04% | 21.78% | 22.28% | 21.82% | 23.1% | 25.89% | 25.95% | 31.27% | 29.49% | 28.37% | 23.62% | 21.65% | 25.69% | 15.56% | 21.06% | 21.81% | 21.5% | 15.49% | 13.99% | 81.68% | 47.32% | 60.08% | 67.77% | 84.76% | 62.26% | 62.91% |
| Selling, General & Admin | 28.22M | 26.28M | 24.08M | 22.19M | 22.19M | 17.78M | 17.51M | 16.99M | 14.52M | 15.02M | 15.4M | 14.23M | 15.46M | 17.39M | 21.63M | 24.32M | 29.84M | 34.68M | 31.5M | 21.97M | 15.3M | 11.41M | 10.77M | 8.61M | 7.95M | 8.01M | 7.38M | 6.2M | 5.8M | 5.2M | 8.7M |
| SG&A % of Revenue | - | 13.75% | 14.64% | 13.99% | 16.83% | 18.09% | 16.26% | 15.91% | 16.65% | 17.56% | 18.67% | 18.62% | 23.25% | 22.05% | 21.28% | 17.45% | 16.71% | 20.15% | 12.37% | 15.97% | 16.36% | 16.18% | 10.97% | 10.84% | 24.45% | 33.15% | 30.13% | 29.38% | 35.37% | 32.7% | 57.62% |
| Research & Development | 9.93M | 9M | 8.27M | 7.53M | 7.08M | 6.83M | 5.95M | 6.8M | 4.51M | 4.74M | 5.95M | 5.6M | 5.33M | 5.86M | 7.22M | 8.6M | 8.82M | 9.54M | 8.14M | 7M | 5.1M | 3.75M | 2.63M | 2.5M | 4.29M | 3.42M | 5.31M | 5.9M | 6.7M | 3.9M | 0 |
| R&D % of Revenue | - | 4.71% | 5.03% | 4.75% | 5.37% | 6.95% | 5.52% | 6.37% | 5.17% | 5.54% | 7.21% | 7.33% | 8.02% | 7.43% | 7.1% | 6.17% | 4.94% | 5.54% | 3.2% | 5.09% | 5.45% | 5.32% | 2.68% | 3.15% | 13.2% | 14.17% | 21.64% | 27.96% | 40.85% | 24.53% | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 58K | -181K | -183K | 65K | -154K | -26K | -24K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.8M | 0 | 14.32M | 0 | 2.04M | 2.2M | 1.4M | 800K | 800K |
| Operating Income | 3.85M | 9.22M | 9.96M | 9.47M | 129K | 35K | 5.7M | 7.37M | 6.55M | 6.48M | 3.76M | 3.33M | -1.44M | -624K | -114K | 2.48M | -5.88M | -7.36M | 17.3M | -199K | -2.96M | -2.9M | 5.09M | 5.98M | -25.21M | -14.97M | -13.69M | -10M | -10.6M | -7.8M | -6.9M |
| Operating Margin % | 2.05% | 4.82% | 6.06% | 5.97% | 0.1% | 0.04% | 5.29% | 6.9% | 7.52% | 7.57% | 4.56% | 4.36% | -2.17% | -0.79% | -0.11% | 1.78% | -3.29% | -4.28% | 6.79% | -0.14% | -3.16% | -4.12% | 5.19% | 7.53% | -77.54% | -61.94% | -55.84% | -47.39% | -64.63% | -49.06% | -45.7% |
| Operating Income Growth % | - | -7.48% | 5.17% | 7244.96% | 268.57% | -99.39% | -22.62% | 12.4% | 1.22% | 72.1% | 13% | 330.77% | -131.25% | -447.37% | -104.61% | 142.08% | 20.12% | -142.54% | 8795.98% | 93.27% | -1.9% | -156.96% | -14.81% | 123.72% | -68.46% | -9.33% | -36.89% | 5.66% | -35.9% | -13.04% | -32.69% |
| EBITDA | 9.32M | 14.72M | 14.12M | 13.39M | 4.59M | 3.57M | 8.64M | 10.11M | 8.92M | 8.9M | 6.49M | 3.56M | -1.14M | -222K | 383K | 6.79M | -531K | -1.64M | 23.27M | 5.98M | 1.91M | 279K | 8.4M | 9.11M | -20.95M | -11.15M | -11.65M | -7.8M | -9.2M | -7M | -6.1M |
| EBITDA Margin % | 4.96% | 7.7% | 8.59% | 8.44% | 3.48% | 3.64% | 8.02% | 9.47% | 10.24% | 10.41% | 7.87% | 4.66% | -1.71% | -0.28% | 0.38% | 4.87% | -0.3% | -0.95% | 9.14% | 4.35% | 2.04% | 0.4% | 8.56% | 11.47% | -64.42% | -46.17% | -47.53% | -36.97% | -56.1% | -44.03% | -40.4% |
| EBITDA Growth % | -32.7% | 4.23% | 5.5% | 191.76% | 28.37% | -58.62% | -14.61% | 13.32% | 0.24% | 37.2% | 82.02% | 413.27% | -412.61% | -157.96% | -94.36% | 1379.47% | 67.52% | -107.02% | 289.28% | 213.2% | 584.23% | -96.68% | -7.79% | 143.51% | -87.77% | 4.26% | -49.37% | 15.22% | -31.43% | -14.75% | -32.61% |
| D&A (Non-Cash Add-back) | 5.46M | 5.5M | 4.16M | 3.91M | 4.46M | 3.54M | 2.94M | 2.75M | 2.37M | 2.43M | 2.73M | 235K | 305K | 402K | 497K | 4.32M | 5.35M | 5.73M | 5.97M | 6.18M | 4.87M | 3.18M | 3.31M | 3.13M | 4.26M | 3.81M | 2.04M | 2.2M | 1.4M | 800K | 800K |
| EBIT | 3.85M | 9.22M | 10.24M | 11.13M | 505K | 91K | 7.46M | 7.31M | 6.55M | 6.48M | 4.06M | 3.48M | -1.58M | -611K | -134K | 2.65M | 12.01M | -7.35M | 18.47M | 7.89M | -2.96M | -2.9M | 5.09M | 5.98M | -39.24M | -25.21M | -14.97M | -13.69M | -10M | -10.6M | -7.8M |
| Net Interest Income | -3.79M | -3.95M | -1.94M | -2.02M | -951K | -242K | -436K | -539K | -63K | -183K | -263K | -245K | -205K | -199K | -436K | -554K | -1.14M | -1.47M | -930K | 0 | -168K | -1.09M | -8.94M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3K | 13K | 39K | 4K | 5K | 2K | 27K | 37K | 0 | 126K | 185K | 116K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 3.79M | 3.95M | 1.94M | 2.02M | 951K | 242K | 436K | 539K | 63K | 183K | 263K | 248K | 218K | 238K | 440K | 559K | 1.17M | 1.49M | 967K | 0 | 294K | 1.27M | 9.05M | 0 | -29K | 2.3M | 0 | 0 | 3.5M | 0 | 0 |
| Other Income/Expense | -15.36M | -17.62M | -1.66M | -358K | -575K | -186K | 1.32M | -597K | 58K | -181K | -183K | -180K | -359K | -225K | -460K | -383K | -18.74M | -1.48M | 237K | 5.86M | -796K | -954K | -3.87M | 572K | 29K | 7.95M | -2.3M | 5.29M | 2.9M | 3.5M | 4.4M |
| Pretax Income | -11.51M | -8.4M | 8.3M | 9.12M | -446K | -151K | 7.02M | 6.77M | 6.61M | 6.29M | 3.58M | 3.15M | -1.8M | -849K | -574K | 2.09M | -6.88M | -8.84M | 17.54M | 5.66M | -3.75M | -3.86M | 1.23M | 6.55M | -25.18M | -17.26M | -11.15M | -8.4M | -7.1M | -7.1M | -3.4M |
| Pretax Margin % | -6.13% | -4.39% | 5.05% | 5.75% | -0.34% | -0.15% | 6.52% | 6.34% | 7.58% | 7.36% | 4.34% | 4.12% | -2.71% | -1.08% | -0.56% | 1.5% | -3.85% | -5.14% | 6.89% | 4.11% | -4.01% | -5.47% | 1.25% | 8.25% | -77.45% | -71.44% | -45.49% | -39.81% | -43.29% | -44.65% | -22.52% |
| Income Tax | -3.21M | -2.45M | 1.89M | 1.95M | -326K | 79K | 1.69M | 1.46M | -18.39M | -1.37M | 98K | 310K | 268K | 239K | 554K | 528K | -670K | 391K | 3.88M | 77K | 23.73M | 489K | -21.1M | 106K | 0 | 4.76M | -5.99M | -4.5M | -7.1M | -1.3M | -7.2M |
| Effective Tax Rate % | 27.86% | 29.14% | 22.79% | 21.4% | 73.09% | -52.32% | 24.09% | 21.52% | -278.03% | -21.75% | 2.74% | 9.84% | -14.87% | -28.15% | -96.52% | 25.24% | 9.74% | -4.42% | 22.11% | 1.36% | -632.43% | -12.68% | -1718.57% | 1.62% | 0% | -27.56% | 53.67% | 53.57% | 100% | 18.31% | 211.76% |
| Net Income | -8.21M | -5.9M | 6.31M | 7.2M | -119K | -234K | 5.23M | 5.21M | 24.93M | 7.65M | 3.51M | 2.87M | -2.12M | -926K | -1.6M | -2.08M | -6.18M | -9.24M | 13.66M | 5.58M | -27.49M | -4.34M | 22.33M | 6.45M | -25.18M | -17.26M | -10.24M | -7.1M | -7M | -7.2M | -3.2M |
| Net Margin % | -4.37% | -3.09% | 3.84% | 4.54% | -0.09% | -0.24% | 4.86% | 4.87% | 28.59% | 8.94% | 4.26% | 3.75% | -3.18% | -1.17% | -1.57% | -1.49% | -3.46% | -5.37% | 5.36% | 4.06% | -29.38% | -6.16% | 22.75% | 8.11% | -77.45% | -71.44% | -41.78% | -33.65% | -42.68% | -45.28% | -21.19% |
| Net Income Growth % | -255.39% | -193.44% | -12.3% | 6147.9% | 49.15% | -104.47% | 0.52% | -79.12% | 225.97% | 117.95% | 22.31% | 235.59% | -128.51% | 42.05% | 23.17% | 66.34% | 33.13% | -167.64% | 144.73% | 120.31% | -532.64% | -119.46% | 246.39% | 125.6% | -45.88% | -68.54% | -44.25% | -1.43% | 2.78% | -125% | 5.88% |
| Net Income (Continuing) | -8.3M | -5.95M | 6.41M | 7.17M | -120K | -230K | 5.33M | 5.31M | 25M | 7.66M | 3.48M | 2.84M | -2.07M | -1.09M | -1.13M | 1.55M | -6.21M | -9.23M | 13.63M | 5.58M | -27.49M | -4.34M | 22.33M | 6.45M | -25.18M | -25.18M | -17.26M | -10.24M | -7.1M | -7M | -7.2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 128K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 119K | 139K | 192K | 95K | 126K | 127K | 123K | 24K | -85K | -154K | -170K | -143K | -114K | -99K | -65K | -34K | 24K | 54K | 21K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.49 | -0.35 | 0.38 | 0.44 | -0.01 | -0.01 | 0.33 | 0.32 | 1.53 | 0.48 | 0.23 | 0.17 | -0.12 | -0.05 | -0.09 | -0.12 | -0.36 | -0.54 | 0.78 | 0.36 | -1.84 | -0.30 | 1.48 | 0.46 | -2.03 | -1.55 | -0.94 | -0.68 | -0.84 | -0.91 | -0.41 |
| EPS Growth % | -257.02% | -192.11% | -13.64% | - | 49.32% | -104.42% | 3.13% | -79.09% | 218.75% | 108.7% | 35.29% | 241.67% | -126.42% | 42.27% | 23.5% | 66.67% | 33.33% | -169.23% | 116.67% | 119.57% | -513.33% | -120.27% | 221.74% | 122.66% | -30.97% | -64.89% | -38.24% | 19.05% | 7.69% | -121.95% | 18% |
| EPS (Basic) | - | -0.35 | 0.38 | 0.44 | -0.01 | -0.01 | 0.33 | 0.33 | 1.57 | 0.49 | 0.23 | 0.18 | -0.12 | -0.05 | -0.09 | -0.12 | -0.36 | -0.54 | 0.79 | 0.36 | -1.84 | -0.30 | 1.59 | 0.49 | -2.03 | -1.55 | -0.94 | -0.68 | -0.84 | -0.91 | -0.41 |
| Diluted Shares Outstanding | 16.66M | 16.64M | 16.77M | 16.23M | 16.13M | 16.04M | 16.1M | 16.18M | 16.35M | 15.86M | 15.4M | 16.42M | 17.48M | 17.46M | 17.4M | 17.34M | 17.16M | 16.99M | 17.68M | 15.56M | 14.91M | 14.55M | 15.07M | 13.92M | 12.41M | 11.14M | 10.9M | 10.48M | 8.34M | 7.92M | 7.8M |
| Basic Shares Outstanding | 16.66M | 16.64M | 16.55M | 16.36M | 16.13M | 16.04M | 15.9M | 15.78M | 15.88M | 15.53M | 15.26M | 16.18M | 17.13M | 17.46M | 17.4M | 17.3M | 17.16M | 16.99M | 17.23M | 15.32M | 14.91M | 14.55M | 14.09M | 13.13M | 12.41M | 11.14M | 10.9M | 10.48M | 8.34M | 7.92M | 7.8M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Margin volatility and scale
According to the provided quarterly income statements, Ultralife's revenue growth has exhibited significant volatility, oscillating between a 31.4% expansion in 2024Q1 and a 6.5% contraction by 2026Q1, suggesting that the company's top-line performance remains highly sensitive to the timing of specific defense and industrial project deliveries.
The inconsistent revenue trajectory indicates that Ultralife struggles to maintain a steady pipeline of project-based work, likely due to the lumpy nature of government contract milestones. Investors should monitor whether the recent contraction reflects a structural slowdown in demand or merely the timing of revenue recognition across its two primary business segments.
As reported in financial statements, Ultralife's gross margin has trended downward from a peak of 27.4% in 2024Q1 to 20.7% in 2026Q1, indicating that the company is facing mounting pressure from input costs that it has been unable to fully pass on to its defense and industrial customers.
This margin erosion suggests a lack of pricing power in its core battery and energy products, potentially exacerbated by inflationary pressures on raw materials like lithium. The inability to sustain gross margins above 25% raises concerns regarding the company's competitive positioning and the long-term viability of its current product mix.
Based on the company's reported figures, operating income has deteriorated from a positive $4.1 million in 2024Q1 to a loss of $215,000 in 2026Q1, demonstrating that the company has failed to achieve the necessary operating leverage to scale its profitability alongside its revenue fluctuations.
The lack of operating leverage implies that fixed costs, including R&D and SG&A, are consuming an increasing share of gross profit, leaving little room for bottom-line growth. This trend warrants further investigation into whether management can effectively rationalize its cost structure or if the current operating model is inherently inefficient at this scale.
Analysis of the income statement reveals that Ultralife has slipped into a net loss position, with net margins falling to -3.09% in the most recent period, which suggests that the company's current business model may be structurally incapable of generating consistent shareholder value under existing cost conditions.
Short-sellers would likely focus on the persistent inability to convert revenue growth into net income, viewing the recent losses as a sign of deeper operational dysfunction. The transition from consistent profitability in early 2024 to recent quarterly losses suggests that the company's niche market focus may not provide the protection from cyclicality that investors previously anticipated.
Quick answers to the most common questions about buying ULBI stock.
For fiscal year 2025, Ultralife Corporation (ULBI) reported total revenue of $191.2M. This represents a 1166.0% increase compared to $15.1M in 1996.
Ultralife Corporation (ULBI) reported a net loss of $5.9M for the fiscal year ending 2025.
Ultralife Corporation (ULBI) reported an operating income of $9.2M, resulting in an operating profit margin of 4.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Ultralife Corporation (ULBI) generated $44.5M in gross profit for the year, representing a gross profit margin of 23.3%. This demonstrates the company's core pricing power and production efficiency.