Ultralife reports first-quarter net loss, double-digit increase in sales

Andrea Deckert//April 28, 2022//

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Ultralife Corp. reported a first-quarter net loss before markets opened on Thursday due, in part, to rapid input cost inflation and investments in engineering for new product development.

The company reported a net loss of $168 million, or a penny a diluted share, versus net income of $671 million, or four cents a diluted share, during the previous year’s quarter.

Revenue was $30.4 million, up nearly 17 percent from sales of $26 million last year.

Michael D. Popielec, Ultralife’s president and CEO, said strong orders – particularly from the medical and oil and gas sectors – along with the recent acquisition of Excell Battery Group, offset supply chain constraints that continued to delay the firm’s government/defense revenues.

“Notwithstanding very positive order flow and demand trends, rapid input cost inflation ahead of price realization and investments in engineering to advance our transformational new product development persisted in pressuring profitability,” Popielec said in a statement. “Looking forward, as we balance the impact of current supply chain disruptions, we continue to advance new product development initiatives, receive early acceptance of our new product rollouts and transition new products to production, thereby retaining the view that our long-term profitable growth drivers, strategy and expectations remain sound and achievable.”

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