Thu, Jul 25, 11:32 AM (44 days ago)
Ultralife Corporation's Q2 2024 financial report highlights a slight increase in consolidated revenues to $42,983, up 0.7% from Q2 2023. The Battery & Energy Products segment saw an 8.3% rise in sales, driven by strong government/defense demand, while Communications Systems sales fell 28.6% due to lower shipments of certain defense products. Gross profit margins improved to 26.9% from 24.8% in Q2 2023, attributed to higher factory efficiencies and better pricing. Operating expenses rose by 10.4% to $7,646, mainly due to investments in R&D and sales resources. Net income attributable to Ultralife was $2,969, or $0.18 per diluted share, down from $3,340, or $0.21 per share, in Q2 2023. Adjusted EBITDA was $5,415, or 12.6% of revenues. The company reduced its debt significantly, ending the quarter with $6,690 in cash. Future outlook remains positive with expectations of continued profitable growth and cash flow generation.