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Ultralife (ULBI) investor relations material
Ultralife Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 sales rose 13% year-over-year to $48.6M, driven by the Electrochem acquisition and higher government/defense sales, while net income fell to $0.9M ($0.05 per share) due to increased operating expenses, interest, and one-time costs.
Adjusted EBITDA was $4.1M (8.5% of sales), down from $5.4M (12.6%) year-over-year.
Gross margin declined to 23.9% from 26.9% year-over-year, impacted by tariffs, product mix, and order timing.
Backlog at quarter-end was $89M, with replenishment rate strong despite a decrease from the previous quarter.
Management expects improved results in H2 2025 and 2026, with rebounds in Communications Systems and new product-driven growth.
Financial highlights
Q2 2025 revenue: $48.6M (+13.0% YoY); Battery & Energy Products up 25.0% to $45.9M, Communications Systems down 57.2% to $2.7M.
Government/defense sales up 61.1%, commercial sales down 20.4%; medical battery sales down 39%, oil & gas down 23.1%.
Operating income was $2.3M (4.6% of revenue), down from $3.9M (9.1%) year-over-year.
Operating expenses rose to $9.3M (19.2% of revenue), reflecting Electrochem inclusion and higher R&D.
Adjusted EPS was $0.07, down from $0.22 year-over-year.
Outlook and guidance
Management anticipates improved performance in H2 2025 and 2026, with expected recovery in Communications Systems, new product launches, and rebounds in medical and oil & gas demand.
Focus remains on margin improvement through pricing, cost deflation, lean initiatives, and operational efficiency.
Vertical integration of Electrochem expected to benefit oil & gas, with impact anticipated in 2026.
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