Ultralife (ULBI) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 11.3% YoY to $48.271M; gross margin expanded to 27.5%, and attributable net income was $2.368M versus a year-ago loss of $1.220M.

• Adjusted EBITDA increased to $5.636M, or 11.7% of revenue, from $2.048M, or 4.7%, in Q3 2025.

• Backlog reached a record $136.0M at quarter-end, versus $117.5M at Q2-end and $90.3M a year earlier.

• EnerSys agreed to an all-cash tender offer of $16 per share; closing is expected in Q1 2027, subject to closing conditions.

Financial highlights

• Q3 operating income was $3.186M versus a $0.951M loss; operating expenses declined 4.4% to $10.107M, partly reflecting lower prior-year one-time costs.

• Q3 gross profit was $13.3M, or 27.5% of revenue, versus $9.6M, or 22.2%, in Q3 2025.

• 9M revenue was $143.659M, up 0.7% YoY; operating income was $6.408M versus $4.704M, and attributable net income was $4.460M versus $1.524M.

• 9M adjusted EBITDA was $14.993M versus $11.609M in 9M 2025.

Outlook and guidance

• The EnerSys transaction is expected to close in Q1 2027, subject to tender, regulatory and other closing conditions.

• Positive operating cash flow and Revolving Credit Facility availability are expected to meet general funding requirements for the foreseeable future.