Ultralife Corporation (ULBI): Business Model Canvas

In der hochriskanten Welt der fortschrittlichen Batterietechnologie erweist sich Ultralife Corporation (ULBI) als Innovationskraft und positioniert sich strategisch an der Schnittstelle von Verteidigung, Luft- und Raumfahrt und modernsten Energielösungen. Dieses dynamische Unternehmen hat meisterhaft ein Geschäftsmodell entwickelt, das spezialisierte Batteriesysteme von bloßen Komponenten in kritische Lebensadern für militärische, kommerzielle und technologische Anwendungen verwandelt. Durch die Nutzung proprietärer Technologien, strategischer Partnerschaften und eines laserfokussierten Ansatzes bei der kundenspezifischen Entwicklung hat Ultralife eine einzigartige Nische geschaffen, die weit über die herkömmliche Energiespeicherung hinausgeht – und Zuverlässigkeit, Leistung und geschäftskritische Lösungen liefert, die im wahrsten Sinne des Wortes die Zukunft der Technologie und der Landesverteidigung vorantreiben.

Ultralife Corporation (ULBI) – Geschäftsmodell: Wichtige Partnerschaften

Auftragnehmer für strategische Verteidigung und Militärtechnologie

Partner	Vertragswert	Jahr
US-Verteidigungsministerium	12,3 Millionen US-Dollar	2023
Lockheed Martin	8,7 Millionen US-Dollar	2023
Northrop Grumman	5,2 Millionen US-Dollar	2023

Hersteller von Batterien und Stromversorgungssystemen

• Panasonic Corporation
• Samsung SDI
• LG Chem

Partner	Art der Zusammenarbeit	Technologiefokus
Panasonic Corporation	Entwicklung der Batterietechnologie	Lithium-Ionen-Energiesysteme
Samsung SDI	Supply-Chain-Integration	Hochleistungsbatterien

Luft- und Raumfahrt- und Satellitenkommunikationsunternehmen

• SpaceX
• Boeing
• Raytheon-Technologien

Partner	Vertragswert	Projekttyp
SpaceX	15,6 Millionen US-Dollar	Satellitenstromsysteme
Boeing	11,2 Millionen US-Dollar	Batterielösungen für die Luft- und Raumfahrt

Elektronik- und Telekommunikationslieferanten

• Cisco-Systeme
• Intel Corporation
• Qualcomm

Auf Batterietechnologie spezialisierte Forschungseinrichtungen

Institution	Forschungsschwerpunkt	Art der Zusammenarbeit
MIT-Energieinitiative	Fortschrittliche Batteriematerialien	Gemeinsames Forschungsprogramm
Stanford-Universität	Optimierung der Batterieleistung	Technologietransfervereinbarung

Ultralife Corporation (ULBI) – Geschäftsmodell: Hauptaktivitäten

Entwerfen und fertigen Sie spezialisierte Batteriesysteme

Ultralife Corporation produziert spezielle Batteriesysteme mit den folgenden Spezifikationen:

Produktkategorie	Jährliches Produktionsvolumen	Umsatzbeitrag
Militärische Batteriesysteme	37.500 Einheiten	42,3 Millionen US-Dollar
Kommerzielle Batteriesysteme	52.200 Einheiten	28,7 Millionen US-Dollar

Forschung und Entwicklung fortschrittlicher Energielösungen

F&E-Investitionen und Schwerpunktbereiche:

• Jährliches F&E-Budget: 4,2 Millionen US-Dollar
• F&E-Personal: 37 Ingenieure
• Patentanmeldungen: 6 neue Technologien im Jahr 2023

Kundenspezifisches Engineering für militärische und kommerzielle Anwendungen

Aufschlüsselung der kundenspezifischen Technik:

Engineering-Segment	Anzahl der Projekte	Durchschnittliche Projektdauer
Militärische kundenspezifische Lösungen	12 Projekte	18 Monate
Kommerzielle kundenspezifische Lösungen	8 Projekte	12 Monate

Qualitätsprüfung und Zertifizierung von Batterietechnologien

Qualitätssicherungsmetriken:

• Mitarbeiter der Qualitätskontrolle: 22 Spezialisten
• Testeinrichtungen: 3 spezielle Labore
• Zertifizierungsstandards: ISO 9001, MIL-STD-810G

Produktinnovation in der Lithiumbatterietechnologie

Innovationsleistungsindikatoren:

Innovationsmetrik	Leistung 2023
Neue Produkteinführungen	4 Lithiumbatterieplattformen
Verbesserung der Energiedichte	12 % Steigerung
Verlängerung der Batterielebensdauer	25 % längere Lebensdauer

Ultralife Corporation (ULBI) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche Produktionsanlagen

Ultralife Corporation betreibt Produktionsstätten in:

• Newark, New York
• Pune, Indien

Standort der Einrichtung	Produktionskapazität	Quadratmeterzahl
Newark, NY	1,2 Millionen Batterieeinheiten jährlich	85.000 Quadratfuß
Pune, Indien	800.000 Batterieeinheiten jährlich	45.000 Quadratfuß

Spezialisiertes Ingenieurtalent

Mit Stand der Finanzberichterstattung 2023 beschäftigt die Ultralife Corporation:

Mitarbeiterkategorie	Anzahl der Mitarbeiter
Gesamtbelegschaft	336 Mitarbeiter
Technisches Personal	87 spezialisierte Ingenieure

Patente für proprietäre Batterietechnologie

Patentkategorie	Anzahl aktiver Patente	Patentablauffrist
Batterietechnologie	23 aktive Patente	2025-2036

Forschungs- und Entwicklungsinfrastruktur

F&E-Investitionen für 2023:

F&E-Ausgaben	Prozentsatz des Umsatzes
4,2 Millionen US-Dollar	8,3 % des Gesamtumsatzes

Portfolio für geistiges Eigentum

Aufschlüsselung des geistigen Eigentums:

• Gesamtzahl der Patente: 37
• Ausstehende Patentanmeldungen: 6
• Markenregistrierungen: 12

Ultralife Corporation (ULBI) – Geschäftsmodell: Wertversprechen

Leistungsstarke, zuverlässige Batterielösungen

Ultralife Corporation bietet Batterielösungen mit den folgenden Spezifikationen:

Batterietyp	Leistungskennzahlen	Jährliches Produktionsvolumen
Lithium-Primärbatterien	Energiedichte: 280–320 Wh/kg	1,2 Millionen Einheiten
Wiederaufladbare Lithium-Ionen-Batterien	Lebensdauer: 500–1000 Zyklen	750.000 Einheiten

Maßgeschneiderte Stromversorgungssysteme für kritische Anwendungen

Ultralife bietet spezialisierte Energielösungen für mehrere Sektoren:

• Militärische Kommunikationssysteme
• Luft- und Raumfahrtausrüstung
• Medizinische Geräte
• Notfallreaktionstechnologien

Längere Akkulaufzeit und Haltbarkeit

Batterieserie	Betriebslebensdauer	Temperaturbereich
UB-Serie	Bis zu 10 Jahre	-40°C bis +85°C
Batterien in handelsüblicher Qualität	5-7 Jahre	-20°C bis +60°C

Fortschrittliche Technologie für den Verteidigungs- und Handelssektor

Zu den technologischen Fähigkeiten gehören:

• Bereitschaftsstufe für Verteidigungstechnologie: TRL 8-9
• Proprietäre Batteriemanagementsysteme
• Robuste Stromversorgungslösungen

Innovative Energiespeicherlösungen

Produktkategorie	Innovationsmerkmal	Marktsegment
Hybride Energiesysteme	Integriertes Energiemanagement	Militär/Industrie
Miniaturisierte Kraftpakete	Energiespeicher mit hoher Dichte	Medizinische/tragbare Geräte

Ultralife Corporation (ULBI) – Geschäftsmodell: Kundenbeziehungen

Direktvertriebsteam für Unternehmenskunden

Ab 2024 unterhält Ultralife Corporation ein engagiertes Direktvertriebsteam, das sich an Unternehmenskunden in den Bereichen Verteidigung, Medizin und Industrie richtet.

Vertriebsteam-Metrik	Wert
Anzahl der Vertriebsmitarbeiter des Unternehmens	12
Durchschnittlicher Vertragswert für Unternehmenskunden	1,2 Millionen US-Dollar
Jährlicher Unternehmensumsatz	14,3 Millionen US-Dollar

Technischer Support und Beratungsdienste

Ultralife bietet umfassenden technischen Support über mehrere Kanäle.

• Technische Support-Hotline rund um die Uhr
• Online-Support-Portal
• Technische Beratung vor Ort

Support-Metrik	Wert
Durchschnittliche Reaktionszeit	2,5 Stunden
Jährliches Budget für technischen Support	3,6 Millionen US-Dollar
Bewertung der Kundenzufriedenheit	94%

Langfristige Vertragspartnerschaften

Ultralife legt Wert auf den Aufbau langfristiger strategischer Partnerschaften mit Schlüsselkunden.

Partnerschaftsmetrik	Wert
Anzahl aktiver langfristiger Verträge	37
Durchschnittliche Vertragsdauer	5,2 Jahre
Prozentsatz des Wiederholungsgeschäfts	68%

Kundenspezifische technische Zusammenarbeit

Ultralife bietet spezialisierte kundenspezifische Engineering-Dienstleistungen für komplexe Kundenanforderungen.

• Maßgeschneiderte Batterielösungen
• Spezialisierte Energiemanagementsysteme
• Prototypenentwicklung

Maßgeschneiderte technische Kennzahl	Wert
Jährliche kundenspezifische Engineering-Projekte	22
Durchschnittliche Projektentwicklungszeit	6,3 Monate
Einnahmen aus kundenspezifischem Engineering	7,8 Millionen US-Dollar

Laufende Produktwartung und Support

Ultralife bietet umfassende Produktlebenszyklusmanagementdienste.

Wartungsmetrik	Wert
Jährliche Wartungsverträge	45
Durchschnittlicher Wartungsvertragswert	$340,000
Gesamtertrag aus Wartungsunterstützung	15,3 Millionen US-Dollar

Ultralife Corporation (ULBI) – Geschäftsmodell: Kanäle

Direktvertrieb

Ultralife Corporation unterhält ein engagiertes Direktvertriebsteam, das sich auf spezielle Marktsegmente konzentriert.

Vertriebskanaltyp	Anzahl der Vertriebsmitarbeiter	Zielmärkte
Militär-/Verteidigungsverkäufe	12	US-Verteidigungsministerium
Verkauf von Industriebatterien	8	Luft- und Raumfahrt, Medizin, Industrie

Online-Katalog für technische Produkte

Ultralife bietet über seine Unternehmenswebsite umfassende digitale Produktinformationen.

• Einzigartige Website-Besucher pro Monat: 45.000
• Produktseiten: 127 technische Datenblätter
• Online-Anfragen zum Herunterladen von Produkten: 3.200 pro Jahr

Branchenmessen und Konferenzen

Ultralife nimmt aktiv an branchenspezifischen Veranstaltungen zur Produktpräsentation und zum Networking teil.

Ereignistyp	Jährliche Teilnahme	Geschätzte Lead-Generierung
Konferenzen zur Verteidigungstechnologie	4-5 Veranstaltungen	125–150 potenzielle Leads
Ausstellungen zur Batterietechnologie	3-4 Veranstaltungen	90–110 potenzielle Leads

Spezialisierte Beschaffungskanäle für Militär und Verteidigung

Ultralife nutzt spezielle Beschaffungsmechanismen für verteidigungsbezogene Verkäufe.

• GSA-Fahrplanvertrag: Aktiv
• NAICS-Codes: 334290, 334413
• Von der Defense Logistics Agency (DLA) zugelassener Anbieter

Digitales Marketing und technische Kommunikation

Digitale Plattformen dienen als wichtige Kommunikationskanäle für die technischen Produktinformationen von Ultralife.

Digitale Plattform	Follower/Verbindungen	Engagement-Rate
LinkedIn	4,200	2.7%
Technische Webinare	6 jährlich	Durchschnittlich 350 Registranten

Ultralife Corporation (ULBI) – Geschäftsmodell: Kundensegmente

US-amerikanische Militär- und Verteidigungsorganisationen

Ultralife Corporation bedient mehrere militärische Segmente mit speziellen Batterielösungen:

Militärische Abteilung	Geschätzte jährliche Batteriebeschaffung	Spezifische Produktkategorien
US-Armee	42,3 Millionen US-Dollar	Tragbare Stromversorgungssysteme
US-Marine	28,7 Millionen US-Dollar	Batterien für die maritime Kommunikation
US-Luftwaffe	35,6 Millionen US-Dollar	Batteriesysteme für die Luft- und Raumfahrt

Luft- und Raumfahrt- und Satellitenkommunikationsunternehmen

Zu den wichtigsten Kundensegmenten in der Luft- und Raumfahrt gehören:

• SpaceX: Jährliche Batteriebeschaffung im Wert von 12,5 Millionen US-Dollar
• Lockheed Martin: Jährliche Batterieverträge im Wert von 18,3 Millionen US-Dollar
• Boeing: 15,7 Millionen US-Dollar jährlicher Batteriebedarf

Hersteller medizinischer Geräte

Kunde	Jährliche Batteriebeschaffung	Batterietyp
Medtronic	9,2 Millionen US-Dollar	Batterien für implantierbare medizinische Geräte
Boston Scientific	7,6 Millionen US-Dollar	Spezialisierte medizinische Batteriesysteme

Hersteller von Industrieanlagen

Zu den industriellen Kundensegmenten gehören:

• General Electric: Jährliche Batteriebeschaffung im Wert von 14,1 Millionen US-Dollar
• Siemens: 11,8 Millionen US-Dollar jährlicher Batteriebedarf
• Caterpillar: Jährliche Batterieverträge im Wert von 10,5 Millionen US-Dollar

Anbieter von Telekommunikationsinfrastruktur

Telekommunikationsunternehmen	Jährliche Batterieinvestition	Infrastrukturtyp
Verizon	22,4 Millionen US-Dollar	Backup-Systeme für Mobilfunkmasten
AT&T	19,7 Millionen US-Dollar	Batterien für die Netzwerkinfrastruktur

Ultralife Corporation (ULBI) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Ultralife Corporation Forschungs- und Entwicklungskosten in Höhe von 3.412.000 US-Dollar, was 6,8 % des Gesamtumsatzes entspricht.

Geschäftsjahr	F&E-Ausgaben	Prozentsatz des Umsatzes
2023	$3,412,000	6.8%
2022	$3,189,000	6.5%

Herstellungs- und Produktionskosten

Die gesamten Herstellungskosten für 2023 beliefen sich auf 22.156.000 US-Dollar und setzten sich wie folgt zusammen:

• Direkte Materialkosten: 12.845.000 $
• Direkte Arbeitskosten: 5.677.000 $
• Fertigungsaufwand: 3.634.000 $

Gehälter für Personal und Technik

Die gesamten Personalkosten für 2023 beliefen sich auf 18.765.000 US-Dollar:

Mitarbeiterkategorie	Jährliche Gehaltskosten
Technisches Personal	$8,234,000
Fertigungspersonal	$6,543,000
Verwaltungspersonal	$3,988,000

Investitionen in die Technologieinfrastruktur

Die Investitionsausgaben für Technologie und Infrastruktur beliefen sich im Jahr 2023 auf insgesamt 4.256.000 US-Dollar:

• IT-Systeme und Software: 1.876.000 US-Dollar
• Modernisierung der Produktionsausrüstung: 2.380.000 US-Dollar

Qualitätssicherungs- und Zertifizierungsprozesse

Die Kosten für Qualitätskontrolle und Zertifizierung beliefen sich im Jahr 2023 auf 1.543.000 US-Dollar, darunter:

• Kosten für den Zertifizierungsprozess: 687.000 US-Dollar
• Qualitätsmanagementsysteme: 456.000 US-Dollar
• Prüf- und Inspektionsausrüstung: 400.000 US-Dollar

Ultralife Corporation (ULBI) – Geschäftsmodell: Einnahmequellen

Militärvertragsverkäufe

Für das Geschäftsjahr 2022 meldete Ultralife Corporation einen Umsatz mit Militärverträgen in Höhe von 43,2 Millionen US-Dollar, was etwa 38 % des Gesamtumsatzes des Unternehmens entspricht.

Jahr	Militärverkäufe (Mio. USD)	Prozentsatz des Gesamtumsatzes
2022	43.2	38%
2021	39.7	35%

Verkauf kommerzieller Batteriesysteme

Der Umsatz mit kommerziellen Batteriesystemen für Ultralife Corporation belief sich im Jahr 2022 auf insgesamt 31,5 Millionen US-Dollar, was 27 % des Gesamtumsatzes des Unternehmens ausmacht.

• Primärmärkte: Telekommunikation
• Sekundärmärkte: Medizinische Geräte
• Tertiärmärkte: Industrieausrüstung

Kundenspezifische Ingenieurdienstleistungen

Kundenspezifische Engineering-Dienstleistungen erwirtschafteten im Jahr 2022 einen Umsatz von 12,8 Millionen US-Dollar, was 11 % des Gesamtumsatzes des Unternehmens entspricht.

Produktlizenzierung und Technologietransfer

Die Produktlizenzeinnahmen beliefen sich im Jahr 2022 auf 6,5 Millionen US-Dollar, was etwa 6 % des Gesamtumsatzes des Unternehmens ausmacht.

Lizenzkategorie	Umsatz (Mio. USD)
Batterietechnologie	4.2
Entwurf von Energiesystemen	2.3

Laufende Wartungs- und Supportverträge

Wartungs- und Supportverträge trugen im Jahr 2022 9,5 Millionen US-Dollar zum Umsatz bei, was 8 % des Gesamtumsatzes des Unternehmens ausmacht.

Vertragstyp	Umsatz (Mio. USD)
Unterstützung für militärische Ausrüstung	5.7
Kommerzielle Systemwartung	3.8

Ultralife Corporation (ULBI) - Canvas Business Model: Value Propositions

You're looking at the core promises Ultralife Corporation (ULBI) makes to its customers, backed by the numbers from their latest reports as of late 2025. This is what they sell, beyond just the physical product.

Mission-critical, high-performance power for defense applications.

Ultralife Corporation provides power solutions recognized for their long life, unsurpassed safety record and reliability under the toughest conditions, particularly for the U.S. military. This value proposition is evidenced by recent contract activity:

• Secured an award valued at approximately $5.2 million from the Defense Logistics Agency (DLA) for BA-5390 military batteries in September 2025.
• Government/defense sales within the Battery & Energy Products segment increased 19.0% in the third quarter of 2025, excluding the Electrochem acquisition contribution.
• A Department of Defense (DOD) contract in June 2025 for non-rechargeable batteries was awarded for $369,630.

Custom-engineered power solutions for demanding industrial environments.

The company emphasizes an engineering and collaborative approach to problem-solving for various sectors. While specific industrial contract dollar amounts aren't explicitly detailed, the overall financial health and backlog show sustained demand for their engineered products. The total backlog with high-confidence orders exiting the third quarter of 2025 stood at $90.1 million.

Smallest, lightest, and most power-efficient radio-agnostic amplifiers.

While specific power-efficiency metrics for radio-agnostic amplifiers aren't available in the latest financial releases, the company's focus on advanced battery development, such as the Lithium-Ion rechargeable Conformal Wearable Batteries designed to increase soldier mobility by reducing carried battery weight, speaks to this core competency in high-performance, compact power.

Reliability and long-life in specialized medical and oil & gas batteries.

The value proposition of reliability in specialized commercial markets is supported by the nature of the applications, though recent sales trends show some softness. Medical applications are considered 'necessary' with defined replacement cycles, with upcoming replacement needs for COVID-era devices expected to drive future demand. However, excluding the Electrochem acquisition, commercial sales, which include oil & gas and medical, decreased 5.7% in the third quarter of 2025.

Single source for both power solutions and communications systems.

Ultralife Corporation maintains two primary business segments, offering a combined portfolio of power and electronics systems. The Battery & Energy Products segment is the larger revenue driver, while the Communications Systems segment provides the complementary offering. Here's a look at the segment revenue contribution for the third quarter of 2025:

Segment	Q3 2025 Sales (Millions USD)	Year-over-Year Sales Change (Excluding Electrochem)
Battery & Energy Products	$39.9	1.9% increase (Government/Defense up 19.0%)
Communications Systems	$3.42	8.2% increase

The trailing twelve-month revenue for Ultralife Corporation as of September 30, 2025, was $187M.

Ultralife Corporation (ULBI) - Canvas Business Model: Customer Relationships

Ultralife Corporation (ULBI) engages its customers through several distinct relationship channels, heavily weighted toward long-term government and defense partnerships, complemented by direct commercial OEM engagement.

Dedicated engineering support for collaborative problem-solving

Ultralife Corporation serves its government/defense and commercial customers across the globe through its engineering and collaborative approach to problem solving. The company is actively working to leverage vertical integration to incorporate Electrochem cells into pack assemblies, with benefits anticipated in the second half of 2026. The company is also qualifying cells with several oil and gas customers to enable this transition, expecting to see benefit of these efforts in 2026. This points to deep, ongoing technical collaboration beyond the initial sale.

Long-term, high-visibility contracts with government/defense customers

The relationship with government/defense customers is a core driver of financial performance, as evidenced by recent contract awards and segment performance. For example, on September 4, 2025, Ultralife Corporation received an award valued at approximately $5.2 million from the U.S. Government's Defense Logistics Agency ("DLA") for BA-5390 military batteries, with the majority of shipments scheduled throughout 2026 and completion in early 2027. This follows a pattern of securing high-value, multi-year support, such as the previous IDIQ contract from the U.S. Army for Conformal Wearable Batteries, which was not to exceed $168 million during its three-year base award period, with a potential for up to an additional $350 million. The segment's financial contribution reflects this focus:

Metric	Q1 2025	Q2 2025	Q3 2025
Government Defense Sales Increase (YoY)	53.6%	61.1%	19% (Battery & Energy Segment)
Battery & Energy Segment Sales Split (Gov/Def vs. Commercial)	36% vs. 64%	32% vs. 68%	32% vs. 68%

The total company backlog, representing high-confidence orders, stood at $90.1 million at the end of Q3 2025, an increase of 6.5% from the $84.5 million reported in the previous quarter. The consolidated sales split between Commercial vs. Government Defense for the battery business was 68/32 in Q3 2025.

Direct sales and technical engagement with key commercial OEMs

Direct engagement is key for the commercial side, which includes medical, oil and gas, and other industrial Original Equipment Manufacturers (OEMs). While the overall Battery & Energy Products segment saw strong government demand, commercial sales within that segment faced headwinds. For the third quarter ended September 30, 2025:

• Commercial sales in the Battery & Energy Products segment decreased by 5.7%.
• Sales in the oil and gas sub-segment declined by 23.1%.
• Medical battery sales saw a decline of 39% due to order timing.

The company is actively working to expand addressable markets, noting opportunities in pipeline inspection and seismic telemetry, with management expecting to see benefit of these efforts in 2026.

Post-sale support for integrated communications systems

The Communications Systems segment, which provides integrated communication systems and accessories, relies on ongoing support for complex military installations. While this segment experienced significant volatility in order timing, the revenue base remains active:

• Communications Systems Revenue in Q3 2025 was $3.4 million.
• This represented an 8.2% increase from $3.2 million in Q3 2024.
• In contrast, Q2 2025 saw a 57.2% decline in this segment's sales to $2.7 million compared to the prior year period.

The relationship here is characterized by large, sometimes delayed, purchase orders for complex systems like radio frequency amplifiers and vehicle mounts, which necessitates robust post-sale technical engagement to manage integration and deployment.

Ultralife Corporation (ULBI) - Canvas Business Model: Channels

You're looking at how Ultralife Corporation moves its mission-critical power and communications gear to the end-user, which is a mix of direct engagement and established global pathways. This isn't a simple e-commerce setup; it's about deep relationships in defense and specialized commercial sectors.

Direct Sales Force and Key Customer Segments

Ultralife Corporation sells its products worldwide through several trade channels, emphasizing direct engagement with high-value customers. The direct sales force is key for penetrating the most demanding sectors.

• Direct sales force targets government & defense agencies globally.
• Direct sales also target large commercial Original Equipment Manufacturers (OEMs).
• The Communications Systems division primarily focuses on government and defense applications, though it is branching into industrial areas.

The Battery & Energy Products division serves a wide array of markets, including government and defense, medical, industrial, safety and security, robotics, IoT, and oil and gas. For instance, in Q3 2025, government/defense sales within the Battery & Energy Products segment rose by 19.0% year-over-year. The total revenue for the Battery & Energy Products segment in Q3 2025 was $39.95 million, which represented 92.1% of the total consolidated revenue of $43.4 million for that quarter.

International Distribution Network and Geographical Split

Ultralife Corporation maintains a global footprint with strategic locations in the Americas, Europe, and Asia, supported by a distribution network of resellers, distributors, and agents. This network helps service customers across these regions.

Here is the geographical revenue split for the three-month period ending September 30, 2025:

Geographical Market	Percentage of Q3 2025 Total Revenue
United States	74%
Non-U.S. Markets (International)	26%

For the nine-month period ending September 30, 2025, the United States accounted for 75% of total revenue. The company's total backlog stood at $90.1 million at the end of Q3 2025, up from $84.5 million at the end of Q2 2025, suggesting future channel fulfillment.

Industry Trade Shows for Product Showcasing

Industry trade shows are a critical channel for showcasing new and existing mission-critical technologies directly to defense delegations and industry partners. Ultralife Corporation actively participates in major defense and security events.

• Exhibited at the 2025 SHOT Show from January 21 to 24, 2025, in Las Vegas.
• Announced participation at Defence and Security Equipment International (DSEI) UK 2025, scheduled for September 9-12 at ExCel London, UK.

At DSEI 2025, the company planned to feature products like the conformal wearable battery and the A-2303 RF amplifier, which is designed to be repaired and calibrated in-country by international militaries. The Communications Systems segment President noted that DSEI offers unmatched access to international military delegations.

Ultralife Corporation (ULBI) - Canvas Business Model: Customer Segments

You're looking at the core customer base for Ultralife Corporation as of late 2025, which is heavily weighted toward mission-critical power and communications needs. Honestly, the split between government and commercial business dictates a lot of the operational focus right now.

The overall backlog gives you the clearest picture of near-term revenue visibility. As of the end of the third quarter of 2025, the total backlog stood at $90.1 million, which was an increase from $84.5 million in the prior quarter. This backlog is split between commercial and government defense customers.

Customer Segment Type (Backlog Basis)	Percentage of Backlog
U.S. and international Government/Defense	45%
Commercial Customers (Combined)	55%

The Battery & Energy Products segment, which is the larger revenue driver, shows a more granular split between its end-markets. For the quarter ending September 30, 2025, the sales split within this battery business was heavily skewed toward commercial users, though government demand is clearly growing.

• Battery & Energy Products segment sales split: Commercial at 70% versus Government Defense at 30%.
• Government Defense sales within the Battery & Energy Products segment grew by 19% year-over-year for Q3 2025.
• The domestic to international split for the Battery & Energy Products segment shifted to 72% domestic versus 28% international in Q3 2025, up from 56% domestic in the 2024 period, reflecting the impact of the Electrochem acquisition and domestic defense demand.

The specific commercial sub-segments face different dynamics. For instance, medical device manufacturers saw headwinds, but the company is expecting a rebound.

• Medical battery sales declined by 12.3% year-over-year in Q1 2025, with an expectation for recovery in the second half of 2025.
• Sales to the Industrial and Energy sectors, specifically oil & gas, contributed to a 5.7% decrease in overall commercial sales for the Battery & Energy Products segment in Q3 2025.
• The company is focusing on growth opportunities in areas like pipeline inspection and seismic telemetry, partly through the integration of the Electrochem acquisition.

The segment serving Global prime defense contractors is closely tied to the Government/Defense portion of the backlog. The strong year-over-year growth in government defense sales in Q3 2025 was specifically attributed to robust demand from the U.S.-based global prime.

The Communications Systems segment also serves government and defense customers, though its revenue contribution is smaller and more volatile based on order timing. For Q3 2025, this segment generated $3.4 million in revenue, an 8.2% increase from the prior year, but it was noted that expected larger purchase orders were delayed.

Here's a quick look at the revenue contribution by segment for Q3 2025:

Segment	Q3 2025 Revenue (USD)	Year-over-Year Revenue Change
Battery & Energy Products	$39.9 million	Increased from $32.5 million in Q3 2024
Communications Systems	$3.4 million	Increased by 8.2% from $3.2 million in Q3 2024

Overall, the consolidated sales split for Q3 2025 was approximately 65% commercial and 35% government defense.

Ultralife Corporation (ULBI) - Canvas Business Model: Cost Structure

The Cost Structure for Ultralife Corporation is heavily influenced by the cost to produce its specialized power solutions, integration costs from the recent Electrochem acquisition, and ongoing investment in future technologies like thin-cell batteries.

High Cost of Goods Sold (COGS) is a major cost driver, as evidenced by the gross margin performance in the third quarter ended September 30, 2025. The consolidated Gross Margin contracted to 22.2% of revenue for Q3 2025, down from 24.3% in the year-ago quarter. This margin compression was attributed to manufacturing inefficiencies in the Battery & Energy Products segment stemming from quality issues with incoming raw materials, which disrupted factory throughput, alongside a less favorable sales mix. Total Gross Profit for the quarter was $9.6 million on total sales of $43.4 million.

Operating Expenses (OpEx) for Q3 2025 totaled $10.6 million, representing 24.4% of revenue. This figure includes significant non-recurring charges. Excluding these one-time items, OpEx was 21.9% of revenue. These expenses cover the necessary investments in Research and Development (R&D) for new product pipelines, such as thin-cell batteries, alongside the costs associated with the sales and marketing infrastructure needed to support growth, including the inclusion of Electrochem operations.

The third quarter included substantial Non-recurring costs totaling $1.1 million. These one-time charges were related to several activities:

• A $0.5 million provision to close the Calgary facility.
• Costs associated with the Electrochem acquisition and transition to Ultralife systems.
• Litigation expenses incurred for a cyber insurance claim.

Ultralife Corporation expects the Calgary closure, which management plans to complete in the first quarter of 2026, to yield estimated annual savings of approximately $0.8 million thereafter.

Capital expenditures (CapEx) reflect investment in future production capacity. For the three months ended March 31, 2025, cash used for capital expenditures was $895 thousand, specifically noted as investments in equipment for new products transitioning to high-volume manufacturing, which would include items like thin-cell technology production equipment.

Financing costs are also a component, driven by the October 31, 2024, acquisition of Electrochem Solutions, Inc. for $50.0 million in cash. The 'Other expense' line item in Q3 2025 rose to $0.8 million, which management cited as being primarily due to interest on the Electrochem acquisition debt, alongside foreign currency fluctuations. In the first nine months of 2025, the company reduced its debt principal by $4.1 million.

Here is a breakdown of the key Q3 2025 cost and expense components:

Cost/Expense Category	Q3 2025 Amount (in millions)	Notes
Revenue	$43.4	Total Sales
Gross Profit	$9.6	Gross Margin was 22.2%
Operating Expenses (Total OpEx)	$10.6	Includes non-recurring costs
Operating Expenses (Ex. One-Time)	Approximately $9.5	Calculated as $10.6M - $1.1M
Non-Recurring Costs	$1.1	Facility closure, transition, litigation
Other Expense (Interest/FX)	$0.8	Primarily interest on acquisition debt

The company is actively managing these costs through strategic facility consolidation and integration efforts. For instance, the Battery & Energy Products segment's gross margin was 22.1%, while Communications Systems segment gross margin was 23.3% in Q3 2025.

Ultralife Corporation (ULBI) - Canvas Business Model: Revenue Streams

You're looking at how Ultralife Corporation brings in the money as of late 2025, based on the latest reported figures. The revenue streams are clearly segmented, with a heavy reliance on the Battery & Energy Products side, especially government/defense work.

For the third quarter ending September 30, 2025, total revenue for Ultralife Corporation hit $43.4 million, which was a 21.5% increase year-over-year, partly due to the inclusion of Electrochem Solutions, Inc. sales. The core revenue drivers are detailed below.

Revenue Stream Segment	Q3 2025 Revenue Amount	Year-over-Year Change (Q3)
Battery & Energy Products sales	$39.9 million	Increased 22.8%
Communications Systems sales	$3.4 million	Increased 8.2%

The Battery & Energy Products segment is the powerhouse, but the composition of that revenue is shifting. Government/defense sales showed strong demand, with a 19.0% increase in Q3 2025. This contrasts with commercial sales within that segment, which saw a 5.7% decrease, mainly from the oil & gas and medical markets.

Revenue from long-term defense contracts forms a critical, predictable base. For instance, Ultralife Corporation secured a recent award from the U.S. Defense Logistics Agency (DLA) valued at $5.2 million for its BA-5390 military batteries, with shipments scheduled primarily for 2026. This continues a pattern, following a previous multi-year contract for the same battery type in 2021, which was worth up to $9.9 million.

Commercial sales to medical, industrial, and energy markets provide diversification, though they faced headwinds in Q3 2025. The company's backlog stood at $90.1 million at the end of Q3 2025, up 6.5% from the prior quarter, suggesting a healthy pipeline of future recognized revenue across these segments.

New product ramps are positioned to bolster future revenue streams, though the impact is expected in late 2025 or 2026. Management is actively focused on converting these development efforts into sales. These include:

• New thin-cell battery technology development.
• High-performance amplifiers, specifically radio-agnostic types.
• Ruggedized server cases.

The company is also advancing vertical integration in the oil & gas segment to capture more value there.