Ultralife Corporation reported a consolidated revenue of $164.5 million for the fiscal year ending December 31, 2024, marking a 3.7% increase from $158.6 million in 2023. The growth was primarily driven by the acquisition of Electrochem Solutions, which contributed $6.1 million to the revenue. Excluding this acquisition, the company experienced a slight decline of 0.2% in organic revenue. The Battery & Energy Products segment saw a revenue increase of 10.9% to $144.1 million, while the Communications Systems segment reported a significant decline of 29% to $20.4 million, attributed to the fulfillment of long-lead orders in the previous year.
The company's gross profit margin improved to 25.7% in 2024, up from 24.7% in 2023, due to better alignment of customer price increases with raw material cost inflation and enhanced production efficiency. Operating expenses rose by 8.8% to $32.3 million, largely due to one-time costs associated with the Electrochem acquisition and increased investments in product development and sales leadership. As a result, operating income increased to $10 million, compared to $9.5 million in the prior year.
Ultralife's net income attributable to the company was $6.3 million, or $0.38 per share, down from $7.2 million, or $0.44 per share, in 2023. The decrease in net income was influenced by higher operating expenses and other expenses, including a notable increase in interest and financing costs. The effective tax rate for 2024 was 22.8%, slightly higher than the previous year's rate of 21.4%.
In terms of operational metrics, Ultralife reported a year-end backlog of $102.2 million, which represents 62.1% of total revenues for 2024, indicating strong demand for its products. The company employed 671 individuals as of December 31, 2024, with a focus on expanding its workforce to support growth initiatives. The acquisition of Electrochem is expected to enhance Ultralife's market position and operational leverage, with plans for further integration and product launches in 2025.
Looking ahead, Ultralife anticipates continued growth driven by its strategic initiatives, including the integration of Electrochem and the launch of new products. The company aims to leverage its strong backlog and market demand to deliver profitable growth and improve cash flow, while also addressing the challenges posed by economic conditions and supply chain disruptions.
About ULTRALIFE CORP
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