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Mar 31, 2024
Ultralife Q1 2024 Earnings Report
Ultralife reported strong first quarter results driven by teamwork, gross margin improvement initiatives, and continued demand in core products.
Key Takeaways
Ultralife Corporation reported a strong first quarter with a 31.4% increase in sales, driven by growth in the medical market. Gross profit and operating income improved significantly, leading to GAAP EPS of $0.18 compared to a loss in the previous year. The company is optimistic about sustaining profitable growth and generating cash flow.
Sales increased by 31.4% year-over-year, reaching $41.9 million, with a 54.7% growth in medical market sales.
Gross profit increased to $11.5 million, representing 27.4% of revenue, compared to $7.4 million and 23.3% in the previous year.
Operating income was $4.1 million, a significant improvement from breakeven in the first quarter of 2023.
GAAP EPS was $0.18, compared to a loss of $0.02 for the 2023 first quarter.
Ultralife
Ultralife
Ultralife Revenue by Segment
Revenue by Segment
Battery & Energy Products Revenue
CapyFin.comCommunications Systems Revenue
CapyFin.com Forward Guidance
The company anticipates additional organic growth opportunities through a healthy backlog and new product commercialization, while continuing to drive gross margin improvements and invest in new product development.
Positive Outlook
- Healthy backlog.
- New product commercialization.
- Gross margin improvements.
- Investment in new product development.
- Positioned to sustain profitable growth.
Challenges Ahead
- Uncertain global economic conditions.
- 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.
- Disruptions or delays in our supply of raw materials and components.
Revenue & Expenses
Visualization of income flow from segment revenue to net income