Ultralife AI Stock Analysis
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Ultralife (ULBI) AI Stock Analysis
Ultralife
(NASDAQ:ULBI)
The score is anchored by mixed fundamentals: strong multi-year revenue growth and a supportive balance sheet are offset by recent losses and a sharp deterioration in TTM free cash flow. Technicals show a powerful uptrend but with very overheated momentum, increasing near-term pullback risk. Positives from the latest earnings call (record backlog and improved profitability metrics) and the announced acquisition provide meaningful support, while valuation remains pressured due to negative earnings and no dividend yield data.
Ultralife Key Performance Indicators (KPIs)
Revenue by GeographyShows how sales split across regions (U.S., Europe, Asia, other), revealing dependence on defense contracts or commercial markets in specific areas and the geographic drivers of growth and risk.
Recent growth is almost entirely U.S.-driven, creating a revenue concentration risk: domestic orders and new-product rollouts are supplying the upside while the ‘Other’ regions remain volatile and secondary. Management’s record backlog and product wins (wearables, vehicle adapter, comms ramps) suggest meaningful conversion potential, but margin recovery hinges on resolving Newark/Ranum production issues and successfully integrating Electrochem—execution, not demand, is now the key risk.
The FlyUltralife (ULBI) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- $262.46M
- Dividend Yield
- ―
- Average Volume (3M)
- 114.44K
- Price to Earnings (P/E)
- -84.2
- Beta (1Y)
- 1.41
- Revenue Growth
- 3.01%
- EPS Growth
- -272.15%
- Country
- US
- Employees
- 678
- Sector
- Industrials
- Sector Strength
- 63
- Industry
- Electrical Equipment & Parts
Ultralife Business Overview & Revenue Model
Company Description
Ultralife Corporation, together with its subsidiaries, designs, manufactures, installs, and maintains power, and communication and electronics systems worldwide. The company operates in two segments, Battery & Energy Products and Communications Syste...
How the Company Makes Money
Ultralife makes money primarily by selling products and related solutions across two main categories: (1) battery and power solutions and (2) communications systems and accessories. In battery and power, revenue is generated through the manufacture a...
Ultralife Earnings Call Summary
The call presented several strong positives: record backlog (up 39% YoY), meaningful margin expansion, higher net income and EPS, strong adjusted EBITDA improvement, and clear product and integration progress (Electrochem, conformal battery, new Communications products). Offsetting these positives were a slight decline in consolidated revenue, a 3.7% drop in Battery & Energy revenue driven by commercial weakness, increased operating expenses including one-time litigation/consulting costs, and reliance on a $1.1 million tariff refund that materially aided gross margin. Balancing the sizable backlog, profitability gains, and product momentum against the modest revenue weakness, expense increases, and one-off benefits leads to an overall positive outlook from the call.
Q2-2026 Updates
Positive Updates
Negative Updates
Company Guidance
Management guided that the company is positioned for revenue growth backed by a record backlog of $117.5 million at quarter end (up $33.0 million or 39% YoY and replenishment at 63% of trailing 12‑month sales, with backlog approaching ~$130 million in July), and highlighted Q2 results of $47.9 million revenue, $3.4 million operating income, $2.5 million net income ($0.15 EPS), adjusted EBITDA of $6.1 million (12.8% of sales; TTM $17.1M or 9.1%), consolidated gross profit $13.9M and gross margin 28.9% (500 bps improvement YoY, with a $1.1M tariff refund accounting for ~230 bps; gross margin excl. refund ~26.6%), Battery & Energy revenue $44.2M (down 3.7% YoY) with 28.3% gross margin (25.8% excl. refund), Communications Systems revenue $3.8M (up 39.3% YoY) with 36.3% gross margin, operating expenses of $10.4M (21.8% of sales, +10.6% YoY) including $0.9M one‑time costs and a 39.1% increase in R&D spend, working capital $69.8M and current ratio 2.9; near‑term operational actions are expected to deliver mid‑Q3 gross‑margin benefits (annual savings of roughly $600k–$800k from Newark improvements), management expects >30% growth in customer demand/cell consumption over the next year, Electrochem‑driven incremental revenue beginning in Q4 and into 2027, conformal battery shipments >$2M YTD with >$7M backlog to ship by year‑end, and the Ultralife Master brand realignment and multiple Communications Systems product launches planned through the back half of 2026 into 2027.
Ultralife Financial Statement Overview
Summary
Revenue has grown meaningfully over multiple years, and the balance sheet appears reasonably supported by equity with manageable leverage. However, recent profitability deterioration (losses in 2025/TTM) and weakened cash conversion (TTM free cash flow turning negative) weigh heavily on overall financial quality and raise near-term funding/earnings-quality concerns.
Income Statement
50NeutralBalance Sheet
72PositiveCash Flow
41Neutral| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 192.14M | 191.16M | 164.46M | 158.64M | 131.84M | 98.27M |
| Gross Profit | 48.77M | 44.50M | 42.31M | 39.20M | 29.40M | 24.64M |
| EBITDA | 3.26M | 1.05M | 14.40M | 15.04M | 4.96M | 3.63M |
| Net Income | -2.96M | -5.90M | 6.31M | 7.20M | -119.00K | -234.00K |
Balance Sheet | ||||||
| Total Assets | 224.40M | 216.91M | 220.45M | 178.28M | 168.43M | 159.54M |
| Cash, Cash Equivalents and Short-Term Investments | 8.63M | 9.35M | 6.85M | 10.28M | 5.71M | 8.41M |
| Total Debt | 53.25M | 49.65M | 58.39M | 29.16M | 23.51M | 23.47M |
| Total Liabilities | 89.77M | 86.78M | 86.26M | 52.85M | 52.03M | 41.80M |
| Stockholders Equity | 134.53M | 130.00M | 134.00M | 125.33M | 116.28M | 117.62M |
Cash Flow | ||||||
| Free Cash Flow | -694.00K | 7.12M | 14.70M | -623.00K | -2.94M | 1.51M |
| Operating Cash Flow | 2.00M | 10.99M | 16.64M | 1.93M | -1.26M | 4.33M |
| Investing Cash Flow | -2.70M | -3.87M | -49.95M | -2.55M | -1.68M | -26.33M |
| Financing Cash Flow | 105.00K | -4.68M | 29.86M | 5.49M | 518.00K | 19.64M |
Ultralife Technical Analysis
Price Trends
Market Momentum
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ULBI, the sentiment is Positive. The current price of 15.75 is above the 20-day moving average (MA) of 11.38, above the 50-day MA of 8.17, and above the 200-day MA of 6.84, indicating a bullish trend. The MACD of 2.58 indicates Negative momentum. The RSI at 92.81 is Negative, neither overbought nor oversold. The STOCH value of 79.28 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ULBI.
Ultralife Risk Analysis
Ultralife disclosed 30 risk factors in its most recent earnings report. Ultralife reported the most risks in the "Legal & Regulatory" category.
Latest Risks Added
0 New RisksUltralife Peers Comparison
Overall Rating
ESP75Outperform- ULBI61Neutral
CBAT48Neutral
SKYX47Neutral
FLUX43Neutral
DFLI40Underperform
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| ESP | 75Outperform | $143.26M | 11.76 | 20.22% | 3.68% | 4.95% | 28.35% |
| Sector * | 63Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% |
| ULBI | 61Neutral | $263.19M | -84.18 | -2.25% | ― | 3.01% | -272.15% |
| CBAT | 48Neutral | $84.07M | -5.59 | -14.94% | ― | 50.51% | -4669.05% |
| SKYX | 47Neutral | $95.98M | -2.60 | -299.98% | ― | 8.05% | 21.73% |
| FLUX | 43Neutral | $7.39M | -0.88 | -225.72% | ― | -43.74% | 17.47% |
| DFLI | 40Underperform | $3.58M | -0.01 | -1565.55% | ― | -4.85% | 53.62% |
* Industrials Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| ULBI | Ultralife | 15.75 | 10.01 | 174.39% | |
| CBAT | Cbak Energy Tech | 1.05 | 0.15 | 16.67% | |
| ESP | Espey Mfg. & Electronics | 47.52 | 10.54 | 28.51% | |
| FLUX | Flux Power Holdings | 0.34 | -1.86 | -84.68% | |
| SKYX | Skyx Platforms Corp. | 0.71 | -0.82 | -53.27% | |
| DFLI | Dragonfly Energy Holdings Corp | 2.02 | -59.80 | -96.73% |
Ultralife Corporate Events
Ultralife to be acquired by EnerSys in 2026
PositiveOn October 27, 2026, Ultralife agreed to be acquired by EnerSys in an all-cash transaction valuing Ultralife at about $320 million, including net debt, with shareholders to receive $16.00 per share, a 166% premium to the prior-day close. The deal, un...
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.
Date of analysis: Nov 11, 2026