Ultralife Corp 2024年度报告

(Mark One)☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year endedDecember 31, 2024OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission file number:0-20852ULTRALIFE CORPORATION(Exact name of registrant as specified in its charter) Delaware(State or other jurisdiction of incorporation or organization)16-1387013(I.R.S. Employer Identification No.) (Registrant's telephone number, including area code:) Securities registered pursuant to Section 12(b) of the Act: Common Stock, $0.10 par value per shareULBINASDAQ(Title of each class)(Trading Symbol)(Name of each exchange on which registered) Securities registered pursuant to Section 12(g) of the Act:None Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.Yes☐No☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities ExchangeAct of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has beensubject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data file required to be submitted pursuant toRule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant wasrequired to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,”and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer☐Non-accelerated filer☐ Accelerated filer☒Smaller reporting company☒Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of itsinternal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered publicaccounting firm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrantincluded in the filing reflect the correction of an error to previously issued financial statements. Yes☐No☒ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). Yes☐No☒ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ On June 30, 2024, the aggregate market value of the common stock held by non-affiliates as defined in Rule 405 under the Securities Act of1933) of the registrant was approximately $107,463,992(in whole dollars) based upon the closing price for such common stock as reported onthe NASDAQ Global Market on June 30, 2024. Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. As of March 28, 2025, the registrant had16,632,965shares of common stock outstanding. Certain portions of the registrant’s definitive proxy statement relating to the Annual Meeting of Stockholders are specifically incorporated byreference in Part III, Items 10, 11, 12, 13 and 14 of this Annual Report on Form 10-K, except for the equity plan information required by Item12 as set forth herein. TABLE OF CONTENTS ITEMPAGEPART I1 Business21ARisk Factors141BUnresolved Staff Comments241CCybersecurity242Properties253Legal Proceedings254Mine Safety Disclosures25PART II5 Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities266Selected Financial Data267Management’s Discussion and Analysis of Financial Condition and Results of Operations277AQuantitative and Qualitative Disclosures About Market Risk398Financial Statements and Supplementary Data409Changes in and Disagreements with Accountants on Accounting and Financial Disclosure679AControls and Procedures679BOther Information68PART III10Directors, Executive Officers and Corporate Governance6911Executive Compensation6912Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters6