Ultralife Corporation reported a consolidated revenue of $50.7 million for the three-month period ending March 31, 2025, marking a 21% increase from $41.9 million in the same period last year. This growth was primarily driven by the inclusion of Electrochem Solutions, Inc., which the company acquired in October 2024, and a notable 18.6% rise in government and defense sales. However, the company experienced a 12.3% decline in medical battery sales, which partially offset the overall revenue increase. Gross profit for the quarter was $12.7 million, representing 25.1% of revenue, down from 27.4% in the prior year, attributed to an unfavorable sales mix.
Operating expenses rose to $9.3 million, up 26.2% from $7.4 million a year earlier, largely due to the integration of Electrochem and increased investment in new product development. The operating income for the quarter was $3.4 million, a decrease from $4.1 million in the previous year, reflecting the decline in gross margin and higher operating costs. Net income attributable to Ultralife Corporation was $1.9 million, or $0.11 per share, compared to $2.9 million, or $0.18 per share, in the same quarter of 2024.
The acquisition of Electrochem, which contributed $7.6 million in revenue and $743,000 in net income during the quarter, is expected to enhance Ultralife's competitive position and drive future growth through cross-selling opportunities and operational synergies. The company has also strengthened its sales and marketing leadership to expedite organic growth and leverage its global brand. As of March 31, 2025, Ultralife had 16,632,965 shares of common stock outstanding.
In terms of financial health, Ultralife's cash position improved to $8.7 million, up from $6.9 million at the end of 2024. The company generated $3.4 million in cash from operations, a significant turnaround from cash used in operations in the prior year. The company is committed to reducing acquisition-related debt while continuing to invest in strategic product development. Looking ahead, Ultralife anticipates positive operating cash flow and plans to utilize its revolving credit facility to meet funding requirements, positioning itself for sustained growth in the coming quarters.
About ULTRALIFE CORP
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