Street Calls of the Week
Ultralife Corporation (NASDAQ:ULBI), a $115.5 million market cap company with a "GOOD" financial health rating according to InvestingPro, announced a change in its independent registered public accounting firm, according to a statement filed with the Securities and Exchange Commission.
On Friday, the Audit and Finance Committee of Ultralife’s Board of Directors approved the replacement of Freed Maxick P.C. as the company’s auditor. The decision follows the acquisition of certain assets of Freed Maxick by Withum Smith+Brown, PC. Withum will serve as Ultralife’s independent registered public accounting firm for the fiscal year ending December 31, 2025, effective immediately.
The company stated that Freed Maxick’s audit reports for the fiscal years ended December 31, 2023 and 2024 did not contain adverse opinions or disclaimers of opinion and were not qualified or modified regarding uncertainty, audit scope, or accounting principles. However, Freed Maxick’s report on Ultralife’s internal control over financial reporting for the year ended December 31, 2024, identified a material weakness, concluding that the company did not maintain effective internal control over financial reporting.
Ultralife reported that, during the fiscal years 2023 and 2024 and through Friday, there were no disagreements with Freed Maxick on accounting principles, financial statement disclosures, or auditing procedures. No reportable events, as defined by SEC regulations, were noted.
The company also indicated that, during the same periods, neither Ultralife nor anyone acting on its behalf consulted with Withum Smith+Brown regarding the application of accounting principles, audit opinions, or any disagreements or reportable events.
Ultralife provided Freed Maxick with a copy of these disclosures and requested a letter addressed to the SEC confirming agreement with the company’s statements. This letter, dated Monday, was included as an exhibit to the SEC filing.
This information is based on a press release statement contained in the company’s SEC filing.
In other recent news, Ultralife Corporation reported its financial results for the second quarter of 2025, which did not meet analysts’ expectations. The company announced earnings per share of $0.07, falling short of the anticipated $0.13. Additionally, Ultralife’s revenue was reported at $48.6 million, missing the forecasted $51 million. These results highlight a significant deviation from the expected financial performance. The announcement was followed by a notable decline in the company’s stock, reflecting investor concerns. These developments are crucial for investors to consider as they evaluate the company’s financial health.
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