Ultralife Corp. Q2 2024 Revenue Hits $21.1M

TL;DR

**ULBI Q2 REVENUE $21.1M, BATTERY SEGMENT LEADS**

AI Summary

Ultralife Corp. reported its Q2 2024 results, with total revenue for the six months ended June 30, 2024, reaching $21.1 million. The company's Battery & Energy Products segment generated $17.7 million in revenue, while the Communications Systems segment contributed $3.4 million. This filing covers the period up to June 30, 2024.

Why It Matters

This filing provides investors with Ultralife Corp.'s financial performance for the second quarter of 2024, detailing revenue streams from its key business segments.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the company operates in a competitive market, and specific financial details beyond revenue are not provided in this snippet.

Key Numbers

• $21.1M — Total Revenue (Six months ended June 30, 2024)
• $17.7M — Battery & Energy Products Revenue (Six months ended June 30, 2024)
• $3.4M — Communications Systems Revenue (Six months ended June 30, 2024)

Key Players & Entities

• ULTRALIFE CORP (company) — Filer
• 2000 TECHNOLOGY PARKWAY, NEWARK, NY 14513 (location) — Business Address
• $21.1 million (dollar_amount) — Total Revenue for six months ended June 30, 2024
• $17.7 million (dollar_amount) — Revenue from Battery & Energy Products Segment for six months ended June 30, 2024
• $3.4 million (dollar_amount) — Revenue from Communications Systems Segment for six months ended June 30, 2024
• June 30, 2024 (date) — Reporting Period End Date

FAQ

Key Financial Figures

• $0.10 — ection 12(b) of the Act: Common Stock, $0.10 par value per share ULBI NASDAQ (

Filing Documents

• ulbi20240630_10q.htm (10-Q) — 1255KB
• ex_701938.htm (EX-10.1) — 52KB
• ex_700938.htm (EX-31.1) — 14KB
• ex_700939.htm (EX-31.2) — 14KB
• ex_700940.htm (EX-32) — 10KB
• 0001437749-24-023416.txt ( ) — 6239KB
• ulbi-20240630.xsd (EX-101.SCH) — 49KB
• ulbi-20240630_def.xml (EX-101.DEF) — 337KB
• ulbi-20240630_lab.xml (EX-101.LAB) — 278KB
• ulbi-20240630_pre.xml (EX-101.PRE) — 360KB
• ulbi-20240630_cal.xml (EX-101.CAL) — 45KB
• ulbi20240630_10q_htm.xml (XML) — 1146KB

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 5 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 4.

Controls and Procedures

Controls and Procedures 26 PART II. OTHER INFORMATION Item 6. Exhibits 27

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

CONSOLIDATED FINANCIAL STATEMENTS

Item 1. CONSOLIDATED FINANCIAL STATEMENTS ULTRALIFE CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In Thousands except share amounts) (Unaudited) June 30, 2024 December 31, 2023 ASSETS Current assets: Cash $ 6,690 $ 10,278 Trade accounts receivable, net of allowance for expected credit losses of $ 296 and $ 300 , respectively 31,055 31,761 Inventories, net 41,392 42,215 Prepaid expenses and other current assets 4,650 5,949 Total current assets 83,787 90,203 Property, plant and equipment, net 20,281 21,117 Goodwill 37,510 37,571 Other intangible assets, net 14,646 15,107 Deferred income taxes, net 9,088 10,567 Other noncurrent assets 4,505 3,711 Total assets $ 169,817 $ 178,276 LIABILITIES AND STOCKHOLDERS ' EQUITY Current liabilities: Accounts payable $ 9,691 $ 11,336 Current portion of long-term debt 2,000 2,000 Accrued compensation and related benefits 2,312 3,115 Accrued expenses and other current liabilities 6,570 7,279 Total current liabilities 20,573 23,730 Long-term debt, net 9,978 23,624 Deferred income taxes 1,642 1,714 Other noncurrent liabilities 4,279 3,781 Total liabilities 36,472 52,849 Commitments and contingencies (Note 8) Stockholders' equity: Preferred stock – par value $ .10 per share; authorized 1,000,000 shares; none issued - - Common stock – par value $ .10 per share; authorized 40,000,000 shares; issued – 21,059,461 shares at June 30, 2024 and 20,783,607 shares at December 31, 2023; outstanding – 16,623,347 shares at June 30, 2024 and 16,347,493 shares at December 31, 2023 2,106 2,078 Capital in excess of par value 191,388 189,160 Accumulated deficit ( 34,894 ) ( 40,754 ) Accumulated other comprehensive loss ( 3,895 ) ( 3,660 ) Treasury stock - at cost; 4,436,114 shares at June 30, 2024 and 4,436,114 shares at December 31, 2023 ( 21,492 ) ( 21,492 ) Total Ultralife Co

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (In thousands except share and per share amounts) (Unaudited) 1. BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements of Ultralife Corporation and its subsidiaries (the "Company" or "Ultralife") have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") for interim financial information and with the instructions to Rule 8-03 of Regulation S-X. Accordingly, they do not include all the information and notes for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals and adjustments) considered necessary for a fair presentation of the consolidated financial statements have been included. Results for interim periods should not be considered indicative of results to be expected for a full year. Reference should be made to the consolidated financial statements and related notes thereto contained in our Form 10-K for the year ended December 31, 2023. The December 31, 2023 consolidated balance sheet information referenced herein was derived from audited financial statements but does not include all disclosures required by GAAP. Certain items previously reported in specific financial statement captions have been reclassified to conform to the current presentation. Recent Accounting Guidance Not Yet Adopted In December 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-09 "Income Taxes (Topics 740): Improvements to Income Tax Disclosures" to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for our annual periods beginning January 1, 2025, with early adoption permitted. We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures. 2. DEBT On December 13, 2021, Ultralife, Southwest Elect

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