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Dec 31, 2022
Ultralife Q4 2022 Earnings Report
Reported operating profit and adjusted EBITDA on revenue increase, driven by government/defense and commercial sales growth.
Key Takeaways
Ultralife Corporation reported a significant increase in revenue and a favorable swing in operating profit for Q4 2022 compared to Q4 2021. Revenue increased by 51.9%, driven by growth in both government/defense and commercial sales. The company's backlog reached a record high, and gross margin improved compared to the previous quarter.
Revenue increased by 51.9% to $36.1 million, driven by growth in government/defense and commercial sales.
Gross margin improved by 220 basis points over the third quarter due to price realization.
Operating profit was $0.2 million, a $2.2 million favorable swing year-over-year, excluding a one-time severance charge.
Backlog increased to $111 million, the highest level in the company's history.
Forward Guidance
Ultralife Corporation is focused on recapturing gross margin and driving profitable growth in 2023.
Positive Outlook
- Continued execution of price realization activities
- Qualification of alternate component suppliers
- Lean manufacturing initiatives
- Strengthening relationships with key customers
- Utilizing global new product development and sales resources
Challenges Ahead
- Uncertain availability of components in the supply chain
- Component cost inflation
- Prolonged lead times and logistics delays
- Potential reductions in revenues from key customers
- Uncertain global economic conditions
Historical Earnings Impact
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Avg. Return Before/After Earnings
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