Ultralife Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>Ultralife Corp filed its 2023 10-K report detailing its fiscal year performance.</b>

AI Summary

ULTRALIFE CORP (ULBI) filed a Annual Report (10-K) with the SEC on March 21, 2024. Ultralife Corp filed its 2023 Form 10-K on March 21, 2024. The filing covers the fiscal year ending December 31, 2023. The company was formerly known as Ultralife Batteries Inc. Its primary business address is 2000 Technology Parkway, Newark, NY 14513. The SIC code for Ultralife Corp is 3690 (Miscellaneous Electrical Machinery, Equipment & Supplies).

Why It Matters

For investors and stakeholders tracking ULTRALIFE CORP, this filing contains several important signals. This filing provides a comprehensive overview of Ultralife Corp's financial health, operational performance, and strategic direction for the fiscal year 2023. Investors and stakeholders can use this report to assess the company's progress, identify potential risks, and make informed investment decisions.

Risk Assessment

Risk Level: medium — ULTRALIFE CORP shows moderate risk based on this filing. The filing is a standard 10-K, which typically contains a mix of positive and negative information, and the limited data provided does not indicate any immediate severe risks or overwhelmingly positive trends.

Analyst Insight

Review the full 10-K filing for detailed financial statements, risk factors, and management discussion to understand Ultralife Corp's performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period of report)
• 2024-03-21 — Filing Date (Date of filing)
• 3690 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• ULTRALIFE CORP (company) — Filer name
• ULBI (company) — Ticker symbol
• 2024-03-21T00:00:00.000Z (date) — Filing date
• 2023-12-31 (date) — Fiscal year end
• 2000 TECHNOLOGY PARKWAY (address) — Business address
• NEWARK (location) — Business address city
• NY (location) — Business address state
• 14513 (postal_code) — Business address zip

FAQ

Industry Context

Ultralife Corp operates in the Miscellaneous Electrical Machinery, Equipment & Supplies sector.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the full 10-K for detailed financial statements and segment performance.
2. Identify key risk factors and management's discussion on strategies.
3. Compare 2023 performance against previous years and industry benchmarks.

Key Dates

• 2024-03-21: 10-K Filing — Official filing of the annual report for fiscal year 2023.

Year-Over-Year Comparison

This is the initial data extracted from the 2023 10-K filing; historical comparison data is not yet available.

Key Financial Figures

• $0.10 — ection 12(b) of the Act: Common Stock, $0.10 par value per share ULBI NASDAQ (
• $129,953 — r the year ended December 31, 2023 were $129,953 and segment contribution (gross profit)
• $30,775 — segment contribution (gross profit) was $30,775. Communications Systems Under our Mc
• $28,691 — r the year ended December 31, 2023 were $28,691 and segment contribution (gross profit)
• $8,425 — segment contribution (gross profit) was $8,425. Corporate We report revenues and co
• $29,725 — r the year ended December 31, 2023 were $29,725. See Management's Discussion and Analy

Filing Documents

• ulbi20231231_10k.htm (10-K) — 1576KB
• ex_636685.htm (EX-21) — 4KB
• ex_636686.htm (EX-23.1) — 2KB
• ex_636687.htm (EX-31.1) — 14KB
• ex_636688.htm (EX-31.2) — 14KB
• ex_636689.htm (EX-32) — 9KB
• ex_636690.htm (EX-97.1) — 45KB
• 0001437749-24-008872.txt (&nbsp;) — 7995KB
• ulbi-20231231.xsd (EX-101.SCH) — 60KB
• ulbi-20231231_def.xml (EX-101.DEF) — 450KB
• ulbi-20231231_lab.xml (EX-101.LAB) — 399KB
• ulbi-20231231_pre.xml (EX-101.PRE) — 487KB
• ulbi-20231231_cal.xml (EX-101.CAL) — 60KB
• ulbi20231231_10k_htm.xml (XML) — 1367KB

Risk Factors

Risk Factors 14 1B Unresolved Staff Comments 25 1C Cybersecurity 25 2

Legal Proceedings

Legal Proceedings 26 4 Mine Safety Disclosures 26 PART II 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 27 6

Selected Financial Data

Selected Financial Data 27 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 40 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 41 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 64 9A

Controls and Procedures

Controls and Procedures 64 9B Other Information 64 PART III 10 Directors, Executive Officers and Corporate Governance 65 11

Executive Compensation

Executive Compensation 65 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 65 13 Certain Relationships and Related Transactions, and Director Independence 65 14 Principal Accountant Fees and Services 65 PART IV 15 Exhibits, Financial Statement Schedules 66

Signatures

Signatures 68 i PART I The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. This report contains certain forward-looking statements and information that are based on the beliefs of management as well as assumptions made by and information currently available to management. The statements contained in this report relating to matters that are not historical facts are forward-looking statements that involve risks and uncertainties, including, but not limited to, changes in economic conditions including inflation and supply chain disruptions affecting our business, revenues and earnings adversely; our reliance on certain key customers; reductions or delays in U.S. and foreign military spending; our efforts to develop new products or new commercial applications for our products; potential disruptions in our supply of raw materials and components; breaches in information systems security and other disruptions in our information technology systems; our ability to recruit and retain top management and key personnel; our resources being overwhelmed by our growth; the continued impact of COVID-19 causing delays in the manufacture and delivery of our mission critical products to end customers; the unique risks associated with our China operations; fluctuations in the price of oil and the resulting impact on the demand for downhole drilling; possible future declines in demand for the products that use our batteries or communications systems; variability in our quarterly and annual results and the price of our common stock; safety risks, including the risk of fire; rising interest rates increasing the cost of our variable borrowings; purchases by our customers of product quantities not meeting the volume expectations in our supply agreements; potential costs attributable to the warranties we supply with our products and services; our inability to comply with changes to the regulations for the shipment of our products

BUSINESS

BUSINESS General We offer products and services ranging from power solutions to communications and electronics systems to customers across the globe in the government, defense and commercial sectors. With an emphasis on strong engineering and a collaborative approach to problem solving, we design and manufacture power and communications systems including rechargeable and non-rechargeable batteries, charging systems, communications and electronics systems and accessories, and custom engineered systems related to those product lines. We continually evaluate ways to grow, including the design, development and sale of new products, expansion of our sales force to penetrate new markets and territories, as well as seeking opportunities to expand through acquisitions. We sell our products worldwide through a variety of trade channels, including original equipment manufacturers ("OEMs"), industrial and defense supply distributors, and directly to U.S. and foreign defense departments. We enjoy strong name recognition in our markets under our Ultralife, Ultralife HiRate, Ultralife Thin Cell, Ultralife Batteries Inc., Lithium Power, McDowell Research, AMTI TM , ABLE TM , ACCUTRONICS, ACCUPRO, ENTELLION, SWE Southwest Electronic Energy Group, SWE SEASAFE, Excell Battery Group and Criterion Gauge brands, among others. We have sales, operations and product development facilities in North America, Europe and Asia. We report our results in two operating segments: Battery & Energy Products and Communications Systems. The Battery & Energy Products segment includes Lithium 9-volt, cylindrical, thin cell and other non-rechargeable batteries, in addition to rechargeable batteries, uninterruptable power supplies, charging systems and accessories. The Communications Systems segment includes RF amplifiers, power supplies, cable and connector assemblies, amplified speakers, equipment mounts, case equipment, man-portable systems, integrated communication systems for fixed or vehicle ap

View Full Filing

View this 10-K filing on SEC EDGAR