ULBI (Ultralife Corporation) Stock Financials & Earnings | Market Cap Arena

ULBI (Ultralife Corporation) Stock Financials & Earnings | Market Cap Arena

ULBIUltralife Corporation

Mkt Cap$102M

Industrials·Electrical Equipment & Parts·🇺🇸 United States·NASDAQ

Revenue (TTM)$187M

Net Income (TTM)$2M

EPS (TTM)$0.10

Free Cash Flow (TTM)$9M

Gross Margin23.9%

Op. Margin3.3%

Net Margin0.9%

FCF Margin4.8%

P/S Ratio (TTM)0.5x

P/E Ratio (TTM)59.5x

YoY Rev Growth+12.9%

Employees—

Earnings Reports

Next: Q4 2025 · Apr 7

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q4 22	$36M	$8M	$217K
Q1 23	$32M	$7M	$26K
Q2 23	$43M	$11M	$4M
Q3 23	$39M	$10M	$2M
Q4 23	$45M	$11M	$4M
Q1 24	$42M	$11M	$4M
Q2 24	$43M	$12M	$4M
Q3 24	$36M	$9M	$511K
Q4 24	$44M	$11M	$1M
Q1 25	$51M	$13M	$3M
Q2 25	$49M	$12M	$2M
Q3 25	$43M	$10M	-$951K

Valuation

Quarter	P/S	P/E
Q4 22	0.8x	—
Q1 23	0.8x	—
Q2 23	0.7x	40.4x
Q3 23	0.7x	24.9x
Q4 23	0.6x	14.2x
Q1 24	0.6x	9.8x
Q2 24	0.6x	10.2x
Q3 24	0.6x	11.4x
Q4 24	0.6x	16.2x
Q1 25	0.6x	19.3x
Q2 25	0.6x	32.0x
Q3 25	0.5x	59.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 22	$3M	$2M
Q1 23	-$1M	-$2M
Q2 23	$2M	$1M
Q3 23	-$889K	-$1M
Q4 23	$2M	$1M
Q1 24	-$81K	-$453K
Q2 24	$9M	$9M
Q3 24	$5M	$4M
Q4 24	$3M	$2M
Q1 25	$3M	$2M
Q2 25	$6M	$5M
Q3 25	$174K	-$821K

Capital Expenditures

CapEx

Quarter	CapEx
Q4 22	$283K
Q1 23	$497K
Q2 23	$516K
Q3 23	$534K
Q4 23	$1M
Q1 24	$372K
Q2 24	$360K
Q3 24	$594K
Q4 24	$606K
Q1 25	$895K
Q2 25	$1M
Q3 25	$995K

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 22	+51.9%	+43.6%
Q1 23	+5.1%	+4.0%
Q2 23	+32.9%	+24.6%
Q3 23	+18.8%	+10.4%
Q4 23	+23.4%	+14.0%
Q1 24	+31.4%	+18.7%
Q2 24	+0.7%	+0.1%
Q3 24	-9.6%	-5.8%
Q4 24	-1.6%	+3.6%
Q1 25	+21.0%	+25.0%
Q2 25	+13.0%	+18.5%
Q3 25	+21.5%	+26.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 22	$224K	0.6%
Q1 23	$139K	0.4%
Q2 23	$154K	0.4%
Q3 23	$131K	0.3%
Q4 23	$104K	0.2%
Q1 24	$161K	0.4%
Q2 24	$159K	0.4%
Q3 24	$170K	0.5%
Q4 24	$208K	0.5%
Q1 25	$227K	0.4%
Q2 25	$0	0.0%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	SG&A
Q4 22	$2M	$6M
Q1 23	$2M	$5M
Q2 23	$2M	$5M
Q3 23	$2M	$6M
Q4 23	$2M	$6M
Q1 24	$2M	$6M
Q2 24	$2M	$6M
Q3 24	$2M	$6M
Q4 24	$2M	$7M
Q1 25	$2M	$7M
Q2 25	$2M	$7M
Q3 25	$3M	$8M

Revenue Segments

Quarter	Battery & Energy Products Segment	Communications Systems Segment
Q4 22	$32M	$4M
Q1 23	$28M	$3M
Q2 23	$34M	$9M
Q3 23	$32M	$8M
Q4 23	$36M	$9M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$6M	$0	$6M
Q1 23	$6M	$0	$6M
Q2 23	$8M	$0	$8M
Q3 23	$9M	$0	$9M
Q4 23	$10M	$0	$10M
Q1 24	$10M	$0	$10M
Q2 24	$7M	$0	$7M
Q3 24	$7M	$0	$7M
Q4 24	$7M	$0	$7M
Q1 25	$9M	$0	$9M
Q2 25	$11M	$0	$11M
Q3 25	$9M	$0	$9M

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q4 22	16M	+0.0%
Q1 23	16M	+0.0%
Q2 23	16M	+0.1%
Q3 23	16M	+1.0%
Q4 23	16M	+1.1%
Q1 24	17M	+0.2%
Q2 24	17M	+1.9%
Q3 24	17M	+0.3%
Q4 24	17M	-0.6%
Q1 25	17M	-0.5%
Q2 25	17M	-0.1%
Q3 25	17M	-0.1%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 13	$132K	597
FY 14	$112K	594
FY 15	$111K	691
FY 16	$149K	552
FY 17	$151K	568
FY 18	$150K	580
FY 19	$186K	573
FY 20	$202K	532
FY 21	$175K	560
FY 22	$241K	547
FY 23	$296K	536
FY 24	$245K	671