# EDGAR Filing Document

**Accession Number:** 0000875657
**File Stem:** 0001437749-25-035515
**Filing Date:** 2025-11
**Character Count:** 21023
**Document Hash:** 1b7916e27c201d2e569745ee7da4e004
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-035515.hdr.sgml**: 20251118

**ACCESSION NUMBER**: 0001437749-25-035515

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20251118

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251118

**DATE AS OF CHANGE**: 20251118

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ULTRALIFE CORP
- **CENTRAL INDEX KEY:** 0000875657
- **STANDARD INDUSTRIAL CLASSIFICATION:** MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 161387013
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-20852
- **FILM NUMBER:** 251492837

**BUSINESS ADDRESS:**
- **STREET 1:** 2000 TECHNOLOGY PARKWAY
- **CITY:** NEWARK
- **STATE:** NY
- **ZIP:** 14513
- **BUSINESS PHONE:** 3153327100

**MAIL ADDRESS:**
- **STREET 1:** 2000 TECHNOLOGY PARKWAY
- **CITY:** NEWARK
- **STATE:** NY
- **ZIP:** 14513

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ULTRALIFE BATTERIES INC
- **DATE OF NAME CHANGE:** 19940224

?xml version='1.0' encoding='ASCII'? ulbi20251117_8k.htm

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| | | |
|:---|:---|:---|
| **UNITED STATES** | **UNITED STATES** | **UNITED STATES** |
| **SECURITIES AND EXCHANGE COMMISSION** | **SECURITIES AND EXCHANGE COMMISSION** | **SECURITIES AND EXCHANGE COMMISSION** |
| **Washington, D.C. 20549** | **Washington, D.C. 20549** | **Washington, D.C. 20549** |
| **FORM 8-K** | **FORM 8-K** | **FORM 8-K** |
| **CURRENT REPORT**<br> **Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934** | **CURRENT REPORT**<br> **Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934** | **CURRENT REPORT**<br> **Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934** |
| **November 18, 2025** | **November 18, 2025** | **November 18, 2025** |
| Date of Report (Date of Earliest Event Reported) | Date of Report (Date of Earliest Event Reported) | Date of Report (Date of Earliest Event Reported) |
| **ULTRALIFE CORPORATION** | **ULTRALIFE CORPORATION** | **ULTRALIFE CORPORATION** |
| (Exact name of registrant as specified in its charter) | (Exact name of registrant as specified in its charter) | (Exact name of registrant as specified in its charter) |
| **Delaware** | **000-20852** | **16-1387013** |
| (State of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
| **2000 Technology Parkway, Newark, New York 14513** | **2000 Technology Parkway, Newark, New York 14513** | **2000 Technology Parkway, Newark, New York 14513** |
| (Address of principal executive offices) (Zip Code) | (Address of principal executive offices) (Zip Code) | (Address of principal executive offices) (Zip Code) |
| **(315) 332-7100** | **(315) 332-7100** | **(315) 332-7100** |
| (Registrant's telephone number, including area code) | (Registrant's telephone number, including area code) | (Registrant's telephone number, including area code) |
| Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: |

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol** | **Name of each exchange on which registered** |
| Common Stock, $0.10 par value per share | ULBI | NASDAQ Stock Market |

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| |
|:---|
| Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): |
| ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934. Emerging Growth Company ☐<br>If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ |

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**Item 2.02 Results of Operations and Financial Condition**

On November 18, 2025, Ultralife Corporation issued a press release regarding the financial results for its third quarter ended September 30, 2025. A copy of this press release is attached hereto as Exhibit 99.1 and is incorporated herein by this reference.

**Item 9.01 Financial Statements, Pro Forma Financials and Exhibits**

(d) Exhibits.

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| | |
|:---|:---|
| **Exhibit**<br> **Number** | **Exhibit Description** |
| 99.1 | [Press Release of Ultralife Corporation dated November 18, 2025](ex_889688.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
| Date: November 18, 2025 |  | **ULTRALIFE CORPORATION** |
|  | By: | /s/ Philip A. Fain |
|  |  | Philip A. Fain |
|  |  | Chief Financial Officer and Treasurer |

---

## Exhibit 99.1

**Exhibit 99.1**

![ul01.jpg](ul01.jpg)

**Ultralife Corporation Reports Third Quarter Results**

NEWARK, N.Y. – November 18, 2025 -- Ultralife Corporation (NASDAQ: ULBI) reported operating results for the third quarter ended September 30, 2025 with the following results:

● Sales of $43.4 million increased 21.5% from $35.7 million for the third quarter of 2024; excluding Electrochem, sales of $36.6 million increased 2.5%

● Gross profit of $9.6 million, or 22.2% of revenue, compared to $8.7 million, or 24.3% of revenue, for the third quarter of 2024

● Operating loss of $1.0 million, reflecting one-time non-recurring costs of $1.1 million, including a $.5 million provision to close our Calgary facility, compared to operating income of $0.5 million for the third quarter of 2024

● GAAP EPS of ($0.07) compared to $0.02 for the third quarter of 2024

● Adjusted EBITDA of $2.0 million compared to $1.9 million for the third quarter of 2024

● Backlog of $90.1 million exiting the third quarter of 2025 compared to $84.5 million exiting the second quarter of 2025

During the third quarter of 2025, Ultralife made the decision to close its battery pack assembly facility located in Calgary, Canada. Accordingly the Company recorded a $.5 million charge to cover employee severance and termination costs, the remaining lease costs which run through July 31, 2026 and the estimated costs to close the facility and relocate the equipment and inventory to the Company's facility in Houston, Texas. Management expects to complete the closure in the first quarter of 2026 and to realize estimated annual savings of approximately $.8 million thereafter primarily resulting from the reduction of labor and the elimination of the leased facility.

"Although revenue grew 2.5% organically and 21.5% including the Electrochem acquisition for the third quarter, supply chain issues caused manufacturing inefficiencies in our Battery & Energy Products business and orders continued to be delayed in our Communications Systems business, both of which impacted overall profitability. In response, we are intensifying our lean and process improvement initiatives, improving supply chain resiliency and rationalizing our manufacturing operations," said Mike Manna, President and Chief Executive Officer.

"These actions are critical to ensuring we are best prepared to optimize the operating leverage of our business model as we advance several new products into qualification and production, and capitalize on an expanding pipeline of opportunities consisting primarily of large, multi-year programs," added Manna. "Our priorities remain converting long-term new product development efforts into revenue, advancing vertical integration in the oil & gas segment, and maintaining a strong focus on operational efficiency initiatives to deliver sustainable profitable growth and maximizing the value of our global brand."

------

**<u>Third Quarter 2025 Financial Results</u>**

Revenue was $43.4 million, an increase of $7.7 million, or 21.5%, as compared to revenue of $35.7 million for the third quarter of 2024. Battery & Energy Products sales increased 22.8% to $39.9 million compared to $32.5 million last year reflecting the inclusion of Electrochem Solutions, Inc. ("Electrochem"). Excluding Electrochem, Battery & Energy Products sales increased 1.9% with government/defense sales increasing 19.0%, reflecting strong demand from a U.S.-based global prime, partially offset by a 5.7% decrease in commercial sales, primarily reflecting declines in oil & gas and medical sales. Communications Systems sales increased 8.2% to $3.4 million compared to $3.2 million for the same period last year.

Gross profit was $9.6 million, or 22.2% of revenue, compared to $8.7 million, or 24.3% of revenue, for the same quarter a year ago. Battery & Energy Products gross margin was 22.1%, compared to 24.7% last year, primarily due to manufacturing inefficiencies resulting from quality issues associated with some incoming raw materials lowering factory throughput at some of our locations and less favorable sales mix. Communications Systems gross margin was 23.3% compared to 20.0% last year, primarily due to product mix.

Operating expenses were $10.6 million, compared to $8.2 million for the third quarter of 2024, reflecting the inclusion of Electrochem and one-time non-recurring costs of $1.1 million related to the closing of our Calgary facility, costs related to our acquisition of Electrochem and transition to Ultralife systems, and litigation expenses incurred for our cyber insurance claim. Operating expenses were 24.4% of revenue compared to 22.9% of revenue for the year-earlier period. Excluding the one-time costs, operating expenses were 21.9% of revenues for the third quarter of 2025.

Operating loss was $1.0 million compared to operating income of $.5 million last year, primarily resulting from the one-time non-recurring expenses incurred and lower gross margin for our Battery & Energy Products segment in 2025.

Other expense, reported below operating income was $.8 million, comprised of interest expense from the financing of our Electrochem acquisition on October 31, 2024 and foreign currency gains from the strengthening of the U.S. dollar, compared to $.2 million for the same period last year.

Net (loss) income attributable to Ultralife Corporation was ($1.2) million or ($0.07) per basic and diluted share on a GAAP basis, compared to $.3 million or $0.02 per diluted share for the third quarter of 2024.

Adjusted EBITDA, defined as EBITDA including non-cash, stock-based compensation expense, was $2.0 million for the third quarter of 2025, or 4.7% of sales, compared to $1.9 million, or 5.4% of sales, for the year-earlier period. On a trailing twelve-month basis, adjusted EBITDA was $15.5 million or 8.3% of sales.

See the "Non-GAAP Financial Measures" section of this release for a reconciliation of adjusted EBITDA to net income attributable to Ultralife Corporation.

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**About Ultralife Corporation**

Ultralife Corporation serves its markets with products and services ranging from power solutions to communications and electronics systems. Through its engineering and collaborative approach to problem solving, Ultralife serves government/defense and commercial customers across the globe.

Headquartered in Newark, New York, the Company's business segments include Battery & Energy Products and Communications Systems. Ultralife has operations in North America, Europe and Asia. For more information, visit <u>www.ultralifecorporation.com</u>.

**Conference Call Information**

Ultralife will hold its third quarter earnings conference call today at 8:30 ET.

To ensure a fast and reliable connection to our investor conference call, we now require participants dialing in by phone to register using the following link prior to the call: <u>https://register-conf.media-server.com/register/BI0301fd92021249ef830e0c9c7be9f917</u>. This will eliminate the need to speak with an operator. Once registered, dial-in information will be provided along with a personal identification number. Should you register early and misplace your details, you can simply click back on this same link at any time to register and view this information again. A live webcast of the conference call will be available to investors in the Events & Presentations section of the Company's website at <u>http://investor.ultralifecorporation.com</u>. For those who cannot listen to the live broadcast, a replay of the webcast will be available shortly after the call at the same location.

This press release may contain forward-looking statements based on current expectations that involve a number of risks and uncertainties. The potential risks and uncertainties that could cause actual results to differ materially include uncertain global economic conditions including the impact of tariffs and inflation, reductions in revenues from key customers, delays or reductions in U.S. and foreign military spending, acceptance of our new products on a global basis, and disruptions, delays or material price increases in our supply of raw materials and components due to business conditions, new or additional tariffs, global conflicts, weather or other factors not under our control. The Company cautions investors not to place undue reliance on forward-looking statements, which reflect the Company's analysis only as of today's date. The Company undertakes no obligation to publicly update forward-looking statements to reflect subsequent events or circumstances. Further information on these factors and other factors that could affect Ultralife's financial results is included in Ultralife's Securities and Exchange Commission (SEC) filings, including the latest Annual Report on Form 10-K.

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**ULTRALIFE CORPORATION AND SUBSIDIARIES**

**CONSOLIDATED BALANCE SHEETS**

**(Dollars in Thousands)**

**(Unaudited)**

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| | | |
|:---|:---|:---|
|  | **September 30,** <br> **2025** | **December 31,**<br> **2024** |
| **ASSETS** | **ASSETS** | **ASSETS** |
| Current Assets: |  |  |
| Cash | $9260 | $6854 |
| Trade Accounts Receivable, Net | 30929 | 29370 |
| Inventories, Net | 52747 | 51363 |
| Prepaid Expenses and Other Current Assets | 7683 | 9573 |
| Total Current Assets | 100619 | 97160 |
| Property, Plant and Equipment, Net | 40536 | 40485 |
| Goodwill | 45336 | 45006 |
| Other Intangible Assets, Net | 23407 | 24557 |
| Deferred Income Taxes, Net | 8212 | 8413 |
| Other Non-Current Assets | 4136 | 4830 |
| Total Assets | $222246 | $220451 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** | **LIABILITIES AND SHAREHOLDERS' EQUITY** | **LIABILITIES AND SHAREHOLDERS' EQUITY** |
| Current Liabilities: |  |  |
| Accounts Payable | $14164 | $14160 |
| Current Portion of Long-Term Debt | 3781 | 2750 |
| Accrued Compensation and Related Benefits | 2935 | 2911 |
| Accrued Expenses and Other Current Liabilities | 12818 | 9470 |
| Total Current Liabilities | 33698 | 29291 |
| Long-Term Debt, Net | 46518 | 51502 |
| Deferred Income Taxes | 1358 | 1443 |
| Other Non-Current Liabilities | 3239 | 4028 |
| Total Liabilities | 84813 | 86264 |
| Shareholders' Equity: |  |  |
| Common Stock | 2109 | 2107 |
| Capital in Excess of Par Value | 192622 | 191828 |
| Accumulated Deficit | (32918) | (34442) |
| Accumulated Other Comprehensive Loss | (3058) | (4006) |
| Treasury Stock | (21492) | (21492) |
| Total Ultralife Equity | 137263 | 133995 |
| Non-Controlling Interest | 170 | 192 |
| Total Shareholders' Equity | 137433 | 134187 |
| Total Liabilities and Shareholders' Equity | $222246 | $220451 |

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**ULTRALIFE CORPORATION AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF INCOME**

**(In Thousands Except Per Share Amounts)**

**(Unaudited)**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-Month Period Ended** | **Three-Month Period Ended** | **Nine-Month Period Ended** | **Nine-Month Period Ended** |
|  | **September**<br> **30,** | **September** <br> **30,** | **September** <br> **30,** | **September**<br> **30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Revenues:** |  |  |  |  |
| Battery & Energy Products | $39946 | $32529 | $132134 | $104201 |
| Communications Systems | 3425 | 3165 | 10544 | 16403 |
| **Total Revenues** | 43371 | 35694 | 142678 | 120604 |
| **Cost of Products Sold:** |  |  |  |  |
| Battery & Energy Products | 31126 | 24482 | 101039 | 77215 |
| Communications Systems | 2626 | 2530 | 7674 | 11674 |
| **Total Cost of Products Sold** | 33752 | 27012 | 108713 | 88889 |
| **Gross Profit** | 9619 | 8682 | 33965 | 31715 |
| **Operating Expenses:** |  |  |  |  |
| Research and Development | 2855 | 2101 | 7577 | 5854 |
| Selling, General and Administrative | 7715 | 6070 | 21684 | 17370 |
| Total Operating Expenses | 10570 | 8171 | 29261 | 23224 |
| **Operating (Loss) Income**  | (951) | 511 | 4704 | 8491 |
| **Other Expense**  | 800 | 158 | 2896 | 685 |
| **(Loss) Income Before Income Taxes** | (1751) | 353 | 1808 | 7806 |
| Income Tax (Benefit) Provision | (504) | 74 | 306 | 1630 |
| **Net (Loss) Income**  | (1247) | 279 | 1502 | 6176 |
| Net (Loss) Income Attributable to Non-Controlling Interest | (27) | 21 | (22) | 58 |
| **Net (Loss) Income Attributable to Ultralife Corporation** | $(1220) | $258 | $1524 | $6118 |
| **Net (Loss) Income Per Share Attributable to Ultralife Common Shareholders** – **Basic** | $(.07) | $.02 | $.09 | $.37 |
| **Net (Loss) Income Per Share Attributable to Ultralife Common Shareholders** – **Diluted** | $(.07) | $.02 | $.09 | $.37 |
| **Weighted Average Shares Outstanding** – **Basic** | 16646 | 16625 | 16638 | 16530 |
| **Weighted Average Shares Outstanding** – **Diluted** | 16646 | 16874 | 16699 | 16742 |

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**Non-GAAP Financial Measures**

**Adjusted EBITDA**

In evaluating our business, we consider and use adjusted EBITDA, a non-GAAP financial measure, as a supplemental measure of our operating performance in addition to GAAP financial measures. We define adjusted EBITDA as net income attributable to Ultralife Corporation before net interest expense, provision for income taxes, depreciation and amortization, and stock-based compensation expense, plus/minus expense/income that we do not consider reflective of our ongoing continuing operations. We reconcile adjusted EBITDA to net income attributable to Ultralife Corporation, the most comparable financial measure under GAAP. Neither current nor potential investors in our securities should rely on adjusted EBITDA as a substitute for any GAAP measures and we encourage investors to review the following reconciliation of adjusted EBITDA to net income attributable to Ultralife Corporation.

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| |
|:---|
| **ULTRALIFE CORPORATION AND SUBSIDIARIES** |
| **CALCULATION OF ADJUSTED EBITDA** |
| **(Dollars in Thousands)** |
| **(Unaudited)** |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-Month Period Ended** | **Three-Month Period Ended** | **Nine-Month Period Ended** | **Nine-Month Period Ended** |
|  | **September** <br> **30,** <br> **2025** | **September** <br> **30,** <br> **2024** | **September** <br> **30,** <br> **2025** | **September** <br> **30,** <br> **2024** |
| Net (Loss) Income Attributable to Ultralife Corporation<br>| $(1220) | $258 | $1524 | $6118 |
| Adjustments: |  |  |  |  |
| Interest Expense, Net | 992 | 173 | 3016 | 1111 |
| Income Tax (Benefit) Provision | (504) | 74 | 306 | 1630 |
| Depreciation Expense | 1008 | 765 | 2966 | 2294 |
| Amortization Expense | 411 | 229 | 1226 | 684 |
| Stock-Based Compensation Expense | 236 | 170 | 698 | 490 |
| Severance and Other Costs for Plant Closure | 491 |  | 641 |  |
| Acquisition and Other Non-Recurring Costs | 594 | 250 | 1112 |  |
| Non-Cash Purchase Accounting Adjustment | 40 |  | 120 | 250 |
| Adjusted EBITDA | $2048 | $1919 | $11609 | $12577 |

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|:---|
| **Company Contact:** |
| <u>Ultralife Corporation</u> |
| **Philip A. Fain** |
| **(315) 210-6110** |
| <u>pfain@ulbi.com</u> |
| **Investor Relations Contact:** |
| <u>Alliance Advisors IR</u> |
| **Jody Burfening/Alex Villalta** |
| **(212) 838-3777** |

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<u>avillalta@allianceadvisors.com</u>