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ULBI Stock: Analysis – Due Diligence – Risk Factors

ULBI Stock – What Investors Should Know About UltraLife Corporation

ULBI StockUltralife Corporation (ULBI Stock) provides batteries, charging systems, and power solutions for communications and electronics applications. Ultralife Corporation provides a wide range of products and services.  They range from power solutions to communications and electronics systems. Its product lines include rechargeable and non-rechargeable batteries, charging systems, communications and electronics systems, and accessories.  Also, the company provides custom-engineered systems connected to those product lines. Its business categories include battery and energy products, as well as communications systems. The Battery & Energy Products division provides non-rechargeable lithium 9-volt, cylindrical, thin cell, and other batteries.  Additionally, they offer rechargeable batteries, an uninterruptible power supply, charging systems, and accessories. Communications offerings include radiofrequency amplifiers, power supplies, cable and connector assemblies, amplified speakers, equipment mounts, and case equipment.  Also, man-portable systems, integrated communication systems for fixed or vehicle applications, and communications and electronics system design.

Ultralife provides power solutions, communications systems, and electronics systems to customers in the government, defense, and commercial sectors. The company designs and manufactures power and communications systems, charging systems, communications and electronics systems, and accessories.  Custom-engineered systems are available with an emphasis on strong engineering and a collaborative approach to problem-solving. The company’s strategic growth entails evaluating new strategies, design, development, and sale of new products.  To this end, the company is expanding sales staff to enter new markets and territories.  Additionally, the company seeks to grow by pursuing targeted acquisition prospects.

ULBI Stock – Details and History

Ultralife is a Delaware corporation that was founded in 1990.  The company has had its common stock registered with the Securities and Exchange Commission (SEC) since 1992. Ultralife is traded on the NASDAQ Exchange under the symbol “ULBI.” The Company is headquartered in Newark, New York, operating in two segments: Battery & Energy Products and Communications Systems. Ultralife has activities in the United States, Europe, and Asia.  The company’s executive offices are located at 2000 Technology Parkway, Newark, New York 14513. The phone number is (315) 332-7100. The corporate website address is

More About Ultralife (ULBI Stock)

Ultralife Corporation and its subsidiaries design, manufacture, install and maintain power, communication, and electronics systems around the world. The business is divided into three divisions: Battery & Energy Products, Communications Systems, and Military Systems and Accessories.

  • The Battery & Energy Products segment – provides lithium 9-volt, cylindrical, thin lithium manganese dioxide, rechargeable, and other non-rechargeable batteries, as well as lithium-ion cells, multi-kilowatt module lithium-ion battery systems, and uninterruptible power supplies, as well as rugged military and commercial battery charging systems and accessories, such as smart chargers, multi-bay charging systems, and various cables.
  • The Communications Systems segment – offers communications systems and accessories to support military communications systems, including radio frequency amplifiers, power supplies, cables, connector assemblies, amplified speakers, equipment mounts, case equipment, man-portable systems, and integrated communication systems for fixed or vehicle applications, which include vehicle adapters, vehicle installed power enhanced rifleman appliqué systems and SATCOM systems.
  • Military Communications Systems and Accessories – This market requires improving and extending the operation of communications equipment such as vehicle-mounted, manpack, and handheld transceivers. The company sells its products through original equipment manufacturers and industrial and defense supply distributors.  Also, direct sales occur to the United States and international defense departments.  Company brands include Ultralife, Ultralife Thin Cell, Ultralife HiRate, Ultralife and Design, McDowell Research, AMTI, ABLE, ACCUTRONICS, ACCUPRO, ENTELLION, SWE Southwest Electronic Energy Group, SWE DRILL-DATA, and SWE SEASAFE brands. Furthermore, the company offers 9-volt batteries to the public through retail chains as well as internet merchants. The government, defense, and commercial sectors are all served by Ultralife Corporation.

ULBI Stock – SEC Filings

Ultralife Corp is incorporated in the state of Delaware. Ultralife Corp is primarily in the business of miscellaneous electrical machinery, equipment & supplies. For financial reporting, their fiscal year ends on December 31st. This page includes all SEC registration details as well as a list of all documents (S-1, Prospectus, Current Reports, 8-K, 10K, Annual Reports) filed by Ultralife Corp.

Ultralife Corp serves customers worldwide in the government and defense, medical, safety and security, energy, and industrial sectors. Products and services range from power solutions to communications and electronics systems. Power and communications systems include rechargeable and non-rechargeable batteries, charging systems, communications and electronics systems and accessories, and custom-engineered systems, that are designed, manufactured, installed, and maintained by the company. Battery and Energy Products, Communications Systems, and Corporate are the company’s segments.

ULBI Stock – Risk Factors


Competition is fierce in both the battery and communications systems areas, and it is projected to remain so. The competition ranges from early-stage firms to huge local and worldwide corporations.  Many of which have substantially higher financial, technical, marketing, sales, manufacturing, distribution, and other capabilities. Ultralife competes with battery manufacturers as well as communication system manufacturers. To compete, the company must offer superior design freedom, performance, price, dependability, and customer service. There is no guarantee that their technologies and products will not be rendered obsolete by developments in competing technologies.  Or, that the services that are currently under development or may be developed in the future will gain market acceptance.  Or, that competitors will not market competing products and services that gain market acceptance faster than Ultralife’s.

Vulnerable to key customers and government spending cuts

A significant portion of Ultralife’s revenues is derived from certain key customers. The company has one particular customer, L3Harris Technologies.  L3Harris is a large global defense primary contractor.  Sales to L3Harris comprised 20% of total revenues in 2021 and 17% of total revenues in 2020. There were no other customers that comprised greater than 10% of the total revenues during these years. The relationship with major customers appears to be good.  However, the reduction, delay, or cancellation of orders from this customer or any delays in payments beyond their payment terms, for any reason, would reduce revenue and operating income.  As a result, it could materially and adversely affect business, operating results, and financial conditions in significant ways.

A significant portion of company revenues is derived from contracts with U.S. and foreign militaries or OEMs that supply U.S. and foreign militaries. In the years ended December 31, 2021, and 2020, $34,188 or 35% and $45,382 or 42%, respectively, of our revenues were comprised of sales made directly or indirectly to U.S. and foreign militaries. (Source: Ultralife Form 10-k)

Operations in China are subject to unique risks

Business operations in China pose uncertainties including political shifts, tariffs, and trade restrictions. Ultralife’s operating facility in China presents unique risks.  For example, changes in local regulatory requirements, changes in labor laws, local wage laws, environmental regulations, taxes and operating licenses, compliance with U.S. regulatory requirements, including the Foreign Corrupt Practices Act, uncertainties as to application and interpretation of local laws and enforcement of contract and intellectual property rights, currency restrictions, currency exchange controls, fluctuations of currency, and currency revaluations, eminent domain claims, and civil unrest,

Also included are power outages, water shortages, labor shortages, labor disputes, increases in labor costs, rapid changes in government, economic, and political policies, political or civil unrest, terrorist acts or the threat of boycotts, other civil disturbances, and the impact of tariffs imposed by the United States. Government restrictions on 9-volt batteries manufactured in China, as well as any retaliatory trade policies or restrictions, and an outbreak of a contagious disease, whether or not related to COVID-19, which may cause us, our suppliers, and/or customers to temporarily suspend operations in the affected city or region. Any such disruptions could reduce earnings and have other materially negative implications on the company’s business, financial position, and operating results.

ULBI Stock in the News

Ultralife Corporation Receives $5.5 Million Communications Systems Contract (October 2022)

Ultralife Corporation (NASDAQ: ULBI Stock Ticker Symbol) has been awarded a $5.5 million buy order.  This is to supply its vehicle communications systems to a global prime defense contractor for the United States Army. The Ultralife vehicle communications platform enhances the soldier’s digital voice and data communications as well as operational flexibility. Shipments are scheduled to begin and end in 2023.

Third quarter 2022 earnings: EPS misses analyst expectations (October 2022)

Third quarter 2022 results:

  • Loss per share – US$0.015 loss per share (improved from US$0.036 loss in 3Q 2021).
  • Revenue: US$33.2m (up 53% from 3Q 2021).
  • Net loss: US$239.0k (loss narrowed 59% from 3Q 2021).
  • Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates.
  • The forecast is below industry growth projections – Revenue is forecast to grow 8.4% p.a. on average during the next 2 years, compared to an 11% growth forecast for the Electrical industry in the US.

Ultralife Corporation Receives $7.5 Million Communications Systems Contract (September 2022)

Ultralife Corporation (ULBI Stock) has been awarded a contract for about $7.5 million. The contract is to supply a major multinational defense contractor with an integrated system of A-320 amplifiers and A-320HVA radio vehicle mounts for an ongoing government/defense modernization program. Deliveries are scheduled to begin in the fourth quarter of 2022 and last through the first half of 2023.

Insider Transaction – Independent Chairman recently bought US$158k worth of stock (September 2022)

On the 18th of August, Bradford Whitmore purchased approximately 34k shares of the ULBI Stock on-market at roughly US$4.62 per share. In the last 3 months, he made an even bigger purchase worth US$467k. Bradford has been a buyer over the last 12 months, purchasing a net total of US$1.4m worth of shares.

Up Next: CISO Stock – What Investors Should Know

CISO StockCerberus Cyber Sentinel Corp. (CISO Stock) is a cybersecurity and compliance company offering cybersecurity consulting and related services. Cerberus Cyber Sentinel Corporation specializes in cybersecurity and compliance. The company offers secured managed services, compliance services, security operations center (SOC) services, virtual Chief Information Security Officer (vCISO) services, incident response, certified forensics, technical assessments, and cybersecurity training.

These services can be divided into two categories – Security managed services and Professional services. To this end, the company offers cybersecurity consulting, compliance audits, vulnerability assessment, and penetration testing, including disaster recovery and data backup services. Customers can subscribe to a turn-key package called SOC-as-a-Solution.  It is a subscription-based service that manages and analyzes client logs, devices, clouds, networks, and assets for potential cyber threats. The company was established in 2015 and is based in Scottsdale, Arizona.

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