The record backlog ($115.1M) provides a potential catalyst for future revenue conversion, but the operational issues (power outages, integration delays, tariff headwinds) are near-term drags. Monitor the Q2 earnings call for evidence of margin recovery and Communications Systems order flow before establishing a position.
Price Chart
Executive Summary
Ultralife reported Q1 2026 revenue of $47.4M (-6.5% YoY) and GAAP EPS of ($0.03), swinging from $0.11 profit in the prior year. The miss was driven by lost production days, operational inefficiencies, and a 25.7% decline in Communications Systems sales. While backlog hit a record $115.1M, the deteriorating top-line and profitability fundamentals make this a bearish report.
Key Financial Metrics
Key Facts
- Revenue declined 6.5% YoY to $47.4M from $50.7M
- GAAP EPS of ($0.03) vs $0.11 in Q1 2025, a $0.14 swing
- Gross margin compressed to 21.3% from 25.1% YoY
- Operating income swung to ($0.2M) loss from $3.4M profit
- Battery & Energy Products sales fell 4.7%; Communications Systems fell 25.7%
- Backlog reached a record $115.1M, up from $110.2M at Q4 2025
- Adjusted EBITDA fell to $3.2M (6.8% of sales) from $5.4M (10.7%) YoY
- One-time costs of $1.7M impacted operating results
Financial Impact
Revenue miss of ~$3.3M vs prior year; EPS swing of -$0.14/share; gross profit decline of $2.6M
Risk Factors
- Continued operational disruptions at Newark and Raynham facilities
- Further erosion of Communications Systems sales due to order delays
- Tariff and utility cost headwinds pressuring gross margins
- Debt service costs from Electrochem acquisition ($44.2M long-term debt)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001437749-26-015749 |
| Document: ulbi20260507_8k.htm | 0001437749-26-015749 |
| Document: 0001437749-26-015749-index-headers.html | 0001437749-26-015749 |
| Document: 0001437749-26-015749-index.html | 0001437749-26-015749 |
| Document: 0001437749-26-015749.txt | 0001437749-26-015749 |
| 8-K Data (Synthetic) | 0001437749-26-015749 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 7, 2026 11w ago | 8-K | $6.94 | awaiting T+60 | — | $6.15 (−11.38%) |
Jul 30, 2026 12w ago | Press Release | $5.16 $6.07 | ▲ +17.64% | ▲ +15.17% | $6.15 (+19.19%) |
Jun 2, 2026 20w ago | DEFA14A | $7.11 $6.56 | ▼ −7.74% | ▼ −8.85% | $6.15 (−13.50%) |
May 8, 2026 24w ago | 8-K | $5.97 $5.48 | ▲ +8.21% | ▲ +13.05% | $6.15 (−3.02%) |
May 8, 2026 24w ago | Press Release | $5.97 $5.48 | ▲ +8.21% | ▲ +13.05% | $6.15 (−3.02%) |
May 1, 2026 25w ago | Press Release | $6.62 $5.30 | ▼ −19.94% | ▼ −21.80% | $6.15 (−7.10%) |
Apr 29, 2026 25w ago | 10-K/A | $6.88 $5.30 | ▼ −22.97% | ▼ −27.08% | $6.15 (−10.61%) |
Mar 12, 2026 32w ago | Insider Cluster | $6.06 $6.69 | ▲ +10.40% | ▼ −0.30% | $6.15 (+1.49%) |
Mar 10, 2026 32w ago | 8-K | $5.88 $6.91 | ▲ +17.52% | ▲ +6.00% | $6.15 (+4.59%) |
Mar 10, 2026 33w ago | Press Release | $5.73 $6.91 | ▲ +20.59% | ▲ +8.91% | $6.15 (+7.33%) |
US Market Status
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