Newark, New Jersey – Ultralife Corporation held its Q1 2024 Earnings Call on April 25, 2024, where company executives discussed the financial results for the quarter. Mike Manna, President and CEO of Ultralife Corporation, along with Phil Fain, the Chief Financial Officer, were present during the call. The earnings press release for the quarter was made available earlier in the day on the company’s website, providing detailed information on the financial performance of the company.

During the call, Manna highlighted the company’s Q1 sales of $42 million and operating income of $4.1 million. The results marked the second consecutive quarter where Ultralife Corporation reported sales of $42 million or more. Manna expressed pride in the team’s efforts in achieving positive results, attributing it to the company’s focus on gross margin improvement as a key priority for the year.

Fain then delved into the detailed financial numbers, discussing how consolidated revenues reached $41.9 million, showing a significant increase from the previous year. The Battery & Energy Products segment saw notable growth, driven by strong performance in sales to government defense and medical markets. Additionally, the Communications Systems segment reported doubled revenues compared to the previous year, reflecting the company’s diverse customer base and strong backlog.

Moreover, Fain discussed the improved gross margins, showcasing a 410 basis point improvement over the previous year. The company’s focus on operational efficiencies and cost optimization contributed to the positive financial results for the quarter. Ultralife Corporation remains optimistic about its future growth prospects, with a strong backlog and ongoing initiatives to strengthen its balance sheet.

Looking ahead, Manna outlined the company’s priorities for the year, including material cost reduction, lean productivity, and sales funnel improvement. The company is focused on driving organic growth through new product developments and market expansion efforts. Despite challenges in certain market segments, Ultralife Corporation remains confident in its ability to deliver strong financial performance and continue its growth trajectory.

In conclusion, the company expressed optimism about the future, emphasizing its commitment to improving gross margins, reducing debt, and pursuing strategic growth opportunities. Ultralife Corporation looks forward to discussing its Q2 2024 earnings during the upcoming call in July, as it continues to drive innovation and sustainable financial success.