ULBI earnings analysis
What we found in ULBI's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Ultralife Corporation reported a disappointing Q1 2026 with revenues decreasing 6.5% to $47.4 million, missing estimates. A notable decline in both gross margin and EPS (down to -$0.03), along with rising operating expenses, negatively impacted profitability, reflecting ongoing operational challenges and production inefficiencies.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Decline
- Consolidated revenues fell by 6.5%, from $50.7M in Q1 2025 to $47.4M in Q1 2026.
- Lower Gross Margin
- Gross margin decreased to 21.3% in Q1 2026 from 25.1% in Q1 2025.
- Operating Loss Reported
- Operating loss of $215K in Q1 2026, a decline from the $3.4M profit in Q1 2025.
- Significant EPS Drop
- EPS fell to -$0.03 in Q1 2026 from $0.11 in Q1 2025.
- Cash from Operations
- Cash generated from operations for Q1 2026 was $2.26M, down from $3.37M in Q1 2025.
- Increased Debt Reduction
- Outstanding debt was reduced by $2.06M during Q1 2026.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Production Challenges Persist
- Production lost days due to power outages and blizzards significantly impacted revenue.
- Higher Operating Expenses
- Operating expenses increased 10.5% year-over-year to $10.3M for Q1 2026.
- Reduced Demand in Key Segments
- Batteries and Communications Systems segments saw declines of 4.7% and 25.7% respectively.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.03
- Gross margin
- 21.3%
- Operating margin
- -0.5%
- Segment
- Battery & Energy Products: $44.2M, Communications Systems: $3.3M
What they said about what is next.
Outlook deferred to earnings press release / call.
The filing reads worse than the one before it.
What came before.
- 10-K · April 29, 2026
- Ultralife Corporation (ULBI) reported a revenue increase for fiscal 2025, reaching $191,159 million, up from $164,456 million in 2024, primarily driven by the Battery & Energy Products segment. However, the company…
- 10-K · March 23, 2026
- Ultralife reported fiscal 2025 revenue growth to $191,159 (amounts in the filing are presented in thousands) from $164,456 in 2024, driven by its Battery & Energy Products segment, but posted an operating loss of…
- 10-Q · August 7, 2025
- Ultralife reported Q2 revenue of $48,561,000 (up from $42,983,000 a year ago) and GAAP diluted EPS of $0.05 for the quarter. Gross margin compressed to 23.9% and operating income fell to $2,256,000 as interest expense…
- 10-Q · May 12, 2025
- Ultralife Corporation reported revenues of $51 million for Q1 2025, reflecting a significant increase of 21% year-over-year, while diluted EPS fell to $0.11 from $0.18 a year prior. The gross margin decreased to 25.1%,…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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