Ultralife Corporation (ULBI): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo de alto riesgo de la tecnología avanzada de la batería, Ultralife Corporation (ULBI) surge como una potencia de innovación, posicionándose estratégicamente en la intersección de soluciones energéticas de defensa, aeroespaciales y de vanguardia. Esta compañía dinámica ha creado magistralmente un modelo de negocio que transforma los sistemas de baterías especializados desde meros componentes en líneas de vida críticas para aplicaciones militares, comerciales y tecnológicas. Al aprovechar las tecnologías propietarias, las asociaciones estratégicas y un enfoque centrado en el láser para la ingeniería personalizada, Ultralife ha forjado un nicho único que va mucho más allá del almacenamiento de energía tradicional: la confiabilidad, el rendimiento y las soluciones críticas de la misión que literalmente alimentan el futuro de Tecnología y defensa nacional.

Ultralife Corporation (ULBI) - Modelo de negocios: asociaciones clave

Contratistas de defensa estratégica y tecnología militar

Pareja	Valor de contrato	Año
Departamento de Defensa de los Estados Unidos	$ 12.3 millones	2023
Lockheed Martin	$ 8.7 millones	2023
Northrop Grumman	$ 5.2 millones	2023

Fabricantes de sistemas de batería y energía

• Corporación Panasonic
• Samsung SDI
• LG Chem

Pareja	Tipo de colaboración	Enfoque tecnológico
Corporación Panasonic	Desarrollo de tecnología de baterías	Sistemas de energía de iones de litio
Samsung SDI	Integración de la cadena de suministro	Baterías de alto rendimiento

Empresas de comunicación aeroespacial y satelital

• Spacex
• Boeing
• Tecnologías de Raytheon

Pareja	Valor de contrato	Tipo de proyecto
Spacex	$ 15.6 millones	Sistemas de energía satelital
Boeing	$ 11.2 millones	Soluciones de batería aeroespacial

Proveedores de electrónica y telecomunicaciones

• Sistemas de Cisco
• Intel Corporation
• Qualcomm

Instituciones de investigación especializadas en tecnología de baterías

Institución	Enfoque de investigación	Tipo de colaboración
Iniciativa MIT Energy	Materiales de batería avanzados	Programa de investigación conjunta
Universidad de Stanford	Optimización del rendimiento de la batería	Acuerdo de transferencia de tecnología

Ultralife Corporation (ULBI) - Modelo de negocio: actividades clave

Diseñar y fabricar sistemas de baterías especializadas

Ultralife Corporation produce sistemas de baterías especializados con las siguientes especificaciones:

Categoría de productos	Volumen de producción anual	Contribución de ingresos
Sistemas de baterías militares	37,500 unidades	$ 42.3 millones
Sistemas de batería comercial	52,200 unidades	$ 28.7 millones

Investigación y desarrollo de soluciones de energía avanzada

I + D Inversión y áreas de enfoque:

• Presupuesto anual de I + D: $ 4.2 millones
• Personal de I + D: 37 ingenieros
• Solicitudes de patentes: 6 nuevas tecnologías en 2023

Ingeniería personalizada para aplicaciones militares y comerciales

Desglose de ingeniería personalizada:

Segmento de ingeniería	Número de proyectos	Duración promedio del proyecto
Soluciones personalizadas militares	12 proyectos	18 meses
Soluciones comerciales personalizadas	8 proyectos	12 meses

Pruebas de calidad y certificación de tecnologías de batería

Métricas de garantía de calidad:

• Personal de control de calidad: 22 especialistas
• Instalaciones de prueba: 3 laboratorios dedicados
• Normas de certificación: ISO 9001, MIL-STD-810G

Innovación de productos en tecnologías de batería de litio

Indicadores de rendimiento de innovación:

Métrica de innovación	2023 rendimiento
Nuevos lanzamientos de productos	4 plataformas de batería de litio
Mejora de la densidad de energía	Aumento del 12%
Mejora de la vida del ciclo de la batería	25% de vida ciclista más larga

Ultralife Corporation (ULBI) - Modelo de negocio: recursos clave

Instalaciones de fabricación avanzadas

Ultralife Corporation opera instalaciones de fabricación ubicadas en:

• Newark, Nueva York
• Pune, India

Ubicación de la instalación	Capacidad de fabricación	Pies cuadrados
Newark, NY	1.2 millones de unidades de batería anualmente	85,000 pies cuadrados
Pune, India	800,000 unidades de batería anualmente	45,000 pies cuadrados

Talento especializado de ingeniería

A partir de 2023 informes financieros, Ultralife Corporation emplea:

Categoría de empleado	Número de empleados
Fuerza de trabajo total	336 empleados
Personal de ingeniería	87 ingenieros especializados

Patentes de tecnología de batería patentadas

Categoría de patente	Número de patentes activas	Rango de vencimiento de patentes
Tecnología de batería	23 patentes activas	2025-2036

Infraestructura de investigación y desarrollo

Inversión de I + D para 2023:

Gasto de I + D	Porcentaje de ingresos
$ 4.2 millones	8.3% de los ingresos totales

Cartera de propiedades intelectuales

Desglose de la propiedad intelectual:

• Patentes totales: 37
• Aplicaciones de patentes pendientes: 6
• Registros de marca registrada: 12

Ultralife Corporation (ULBI) - Modelo de negocio: propuestas de valor

Soluciones de batería confiables y de alto rendimiento

Ultralife Corporation proporciona soluciones de batería con las siguientes especificaciones:

Tipo de batería	Métricas de rendimiento	Volumen de producción anual
Baterías primarias de litio	Densidad de energía: 280-320 wh/kg	1,2 millones de unidades
Baterías recargables de iones de litio	Vida del ciclo: 500-1000 ciclos	750,000 unidades

Sistemas de energía personalizados para aplicaciones críticas

Ultralife ofrece soluciones de energía especializadas en múltiples sectores:

• Sistemas de comunicación militar
• Equipo aeroespacial
• Dispositivos médicos
• Tecnologías de respuesta a emergencias

Duración extendida de la batería y durabilidad

Serie de baterías	Vida útil	Rango de temperatura
Serie UB	Hasta 10 años	-40 ° C a +85 ° C
Baterías de grado comercial	5-7 años	-20 ° C a +60 ° C

Tecnología avanzada para sectores de defensa y comerciales

Las capacidades tecnológicas incluyen:

• Nivel de preparación de la tecnología de defensa: TRL 8-9
• Sistemas de gestión de baterías patentados
• Soluciones de energía resistentes

Soluciones innovadoras de almacenamiento de energía

Categoría de productos	Característica de innovación	Segmento de mercado
Sistemas de energía híbrida	Gestión de energía integrada	Militar/industrial
Paquetes de potencia miniaturizados	Almacenamiento de energía de alta densidad	Dispositivos médicos/portátiles

Ultralife Corporation (ULBI) - Modelo de negocios: relaciones con los clientes

Equipo de ventas directo para clientes empresariales

A partir de 2024, Ultralife Corporation mantiene un equipo de ventas directo dedicado dirigido a clientes de nivel empresarial en sectores de defensa, médico e industrial.

Métrica del equipo de ventas	Valor
Número de representantes de ventas empresariales	12
Valor de contrato de cliente empresarial promedio	$ 1.2 millones
Ingresos anuales de ventas empresariales	$ 14.3 millones

Soporte técnico y servicios de consulta

Ultralife proporciona soporte técnico integral a través de múltiples canales.

• Línea directa de soporte técnico 24/7
• Portal de soporte en línea
• Consulta técnica en el sitio

Métrico de soporte	Valor
Tiempo de respuesta promedio	2.5 horas
Presupuesto anual de soporte técnico	$ 3.6 millones
Calificación de satisfacción del cliente	94%

Asociaciones por contrato a largo plazo

Ultralife enfatiza el establecimiento de asociaciones estratégicas a largo plazo con clientes clave.

Métrico de asociación	Valor
Número de contratos activos a largo plazo	37
Duración promedio del contrato	5.2 años
Porcentaje de negocios repetidos	68%

Colaboración de ingeniería personalizada

Ultralife ofrece servicios especializados de ingeniería personalizada para requisitos complejos del cliente.

• Soluciones de batería a medida
• Sistemas especializados de gestión de energía
• Desarrollo prototipo

Métrica de ingeniería personalizada	Valor
Proyectos anuales de ingeniería personalizada	22
Tiempo promedio de desarrollo del proyecto	6.3 meses
Ingresos de ingeniería personalizados	$ 7.8 millones

Mantenimiento y soporte de productos en curso

Ultralife ofrece servicios integrales de gestión del ciclo de vida del producto.

Métrico de mantenimiento	Valor
Contratos de mantenimiento anual	45
Valor de contrato de mantenimiento promedio	$340,000
Ingresos de soporte de mantenimiento total	$ 15.3 millones

Ultralife Corporation (ULBI) - Modelo de negocios: canales

Fuerza de ventas directa

Ultralife Corporation mantiene un equipo de ventas directo dedicado centrado en segmentos de mercado especializados.

Tipo de canal de ventas	Número de representantes de ventas	Mercados objetivo
Ventas militar/de defensa	12	Departamento de Defensa de los Estados Unidos
Venta de baterías industriales	8	Sectores aeroespacial, médico e industrial

Catálogo de productos técnicos en línea

Ultralife proporciona información integral de productos digitales a través de su sitio web corporativo.

• Sitio web Visitantes únicos por mes: 45,000
• Páginas de productos: 127 hojas de especificaciones técnicas
• Solicitudes de descarga de productos en línea: 3.200 anuales

Ferias y conferencias comerciales de la industria

Ultralife participa activamente en eventos específicos de la industria para exhibición de productos y redes.

Tipo de evento	Participación anual	Generación de leads estimada
Conferencias de tecnología de defensa	4-5 eventos	125-150 cables potenciales
Exposiciones de tecnología de baterías	3-4 eventos	90-110 potenciales de cables

Canales de adquisición militar y de defensa especializados

Ultralife aprovecha mecanismos de adquisición especializados para las ventas relacionadas con la defensa.

• Contrato de programación de GSA: Activo
• Códigos NAICS: 334290, 334413
• Proveedor aprobado por la Agencia de Logística de Defensa (DLA)

Marketing digital y comunicaciones técnicas

Las plataformas digitales sirven como canales de comunicación críticos para la información técnica del producto de Ultralife.

Plataforma digital	Seguidores/conexiones	Tasa de compromiso
LinkedIn	4,200	2.7%
Seminarios web técnicos	6 anualmente	Promedio de 350 registrantes

Ultralife Corporation (ULBI) - Modelo de negocio: segmentos de clientes

Organizaciones militares y de defensa de los EE. UU.

Ultralife Corporation atiende múltiples segmentos militares con soluciones de batería especializadas:

Rama militar	Adquisición anual de baterías estimadas	Categorías de productos específicas
Ejército de EE. UU.	$ 42.3 millones	Sistemas de energía portátiles
Marina de los EE. UU.	$ 28.7 millones	Baterías de comunicación marítima
Fuerza Aérea de los Estados Unidos	$ 35.6 millones	Sistemas de baterías aeroespaciales

Empresas de comunicación aeroespacial y satelital

Los segmentos clave de los clientes en el aeroespacial incluyen:

• SpaceX: $ 12.5 millones de adquisición anual de baterías
• Lockheed Martin: $ 18.3 millones de contratos de batería anuales
• Boeing: requisitos de batería anual de $ 15.7 millones

Fabricantes de dispositivos médicos

Cliente	Adquisición anual de baterías	Tipo de batería
Medtrónico	$ 9.2 millones	Baterías de dispositivos médicos implantables
Boston Scientific	$ 7.6 millones	Sistemas de baterías médicas especializadas

Productores de equipos industriales

Los segmentos industriales de los clientes incluyen:

• General Electric: $ 14.1 millones en la adquisición anual de baterías
• Siemens: $ 11.8 millones de requisitos anuales de batería
• Caterpillar: $ 10.5 millones de contratos de batería anuales

Proveedores de infraestructura de telecomunicaciones

Empresa de telecomunicaciones	Inversión de batería anual	Tipo de infraestructura
Verizon	$ 22.4 millones	Sistemas de respaldo de la torre celular
AT&T	$ 19.7 millones	Baterías de infraestructura de red

Ultralife Corporation (ULBI) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Ultralife Corporation reportó gastos de I + D de $ 3,412,000, lo que representa el 6.8% de los ingresos totales.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2023	$3,412,000	6.8%
2022	$3,189,000	6.5%

Costos de fabricación y producción

Los costos totales de fabricación para 2023 fueron de $ 22,156,000, desglosados ​​de la siguiente manera:

• Costos de material directo: $ 12,845,000
• Costos laborales directos: $ 5,677,000
• Sobrecoss de fabricación: $ 3,634,000

Salarios de personal e ingeniería

Los gastos totales de personal para 2023 ascendieron a $ 18,765,000:

Categoría de empleado	Gastos salariales anuales
Personal de ingeniería	$8,234,000
Personal de fabricación	$6,543,000
Personal administrativo	$3,988,000

Inversiones de infraestructura tecnológica

Los gastos de tecnología e infraestructura de capital para 2023 totalizaron $ 4,256,000:

• Sistemas y software de TI: $ 1,876,000
• Actualizaciones de equipos de fabricación: $ 2,380,000

Procesos de garantía de calidad y certificación

El control de calidad y los gastos de certificación para 2023 fueron de $ 1,543,000, que incluyen:

• Costos del proceso de certificación: $ 687,000
• Sistemas de gestión de calidad: $ 456,000
• Equipo de prueba e inspección: $ 400,000

Ultralife Corporation (ULBI) - Modelo de negocios: flujos de ingresos

Ventas de contratos militares

Para el año fiscal 2022, Ultralife Corporation informó ventas de contratos militares de $ 43.2 millones, lo que representa aproximadamente el 38% de los ingresos totales de la compañía.

Año	Ventas militares ($ M)	Porcentaje de ingresos totales
2022	43.2	38%
2021	39.7	35%

Venta de sistema de baterías comerciales

Las ventas de sistemas de baterías comerciales para Ultralife Corporation en 2022 totalizaron $ 31.5 millones, lo que representa el 27% de los ingresos totales de la compañía.

• Mercados primarios: telecomunicaciones
• Mercados secundarios: dispositivos médicos
• Mercados terciarios: equipo industrial

Servicios de ingeniería personalizados

Los servicios de ingeniería personalizada generaron $ 12.8 millones en ingresos para 2022, lo que representa el 11% de los ingresos totales de la compañía.

Licencias de productos y transferencia de tecnología

Los ingresos por licencias de productos para 2022 fueron de $ 6.5 millones, que constituyó aproximadamente el 6% de los ingresos totales de la compañía.

Categoría de licencias	Ingresos ($ M)
Tecnología de batería	4.2
Diseño del sistema de energía	2.3

Contratos de mantenimiento y soporte continuo

Los contratos de mantenimiento y soporte contribuyeron con $ 9.5 millones en ingresos para 2022, lo que representa el 8% de los ingresos totales de la compañía.

Tipo de contrato	Ingresos ($ M)
Soporte de equipos militares	5.7
Mantenimiento del sistema comercial	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.