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Ultralife Corporation (ULBI-5.08%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details Ultralife's operations in two segments: Battery & Energy Products and Communications Systems. The Battery & Energy Products segment saw revenues increase to $144,081,000, while the Communications Systems segment experienced a decline in revenues to $20,375,000.
Overall, Ultralife reported total revenues of $164,456,000, a 3.7% increase from the previous year. The growth was attributed to the acquisition of Electrochem Solutions, Inc., which contributed $6,062,000 in revenues.
Gross profit for the year was $42,314,000, with a gross margin of 25.7%, an improvement from the prior year's 24.7%. This was due to better alignment of pricing with cost inflation and improved production efficiencies.
Operating expenses increased to $32,349,000, primarily due to one-time costs associated with the Electrochem acquisition and investments in new product development.
Net income attributable to Ultralife was $6,312,000, or $0.38 per share, compared to $7,197,000, or $0.44 per share, in the prior year. Adjusted EPS, which excludes certain non-cash tax provisions, was $0.45 per share.
Ultralife's liquidity remains strong, with $6,854,000 in cash and a current ratio of 3.3 as of December 31, 2024. The company expects positive cash flow and sufficient availability under its credit facilities to meet future obligations.
The company continues to focus on expanding its market presence through strategic acquisitions and new product developments. The integration of Electrochem is expected to enhance operational efficiencies and open new market opportunities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ultralife Corporation annual 10-K report dated April 1, 2025. To report an error, please email earnings@qz.com.