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Ultralife Corporation (NASDAQ:ULBI), a $146.54 million market cap company showing strong financial health according to InvestingPro analysis, held its 2025 Annual Meeting of Stockholders on Wednesday. The company has demonstrated solid performance with a 15.44% year-to-date return. According to a statement released in a SEC filing, stockholders re-elected the company’s five directors to serve one-year terms and ratified the selection of Freed Maxick P.C. as the company’s independent registered public accounting firm for 2025.
At the meeting, stockholders of record as of May 22, 2025, were eligible to vote. Out of 16,632,965 shares outstanding, 14,196,720 shares, or 85.35%, were represented in person or by proxy, constituting a quorum. According to InvestingPro data, the company maintains strong liquidity with a current ratio of 3.22, indicating robust financial stability.
The five directors elected to the board are Michael E. Manna, Janie Goddard, Thomas L. Saeli, Robert W. Shaw II, and Bradford T. Whitmore. The votes for each director were as follows:
- Michael E. Manna: 11,221,121 shares for, 35,180 withheld, 2,940,419 broker non-votes
- Janie Goddard: 10,640,750 shares for, 615,551 withheld, 2,940,419 broker non-votes
- Thomas L. Saeli: 11,156,940 shares for, 99,361 withheld, 2,940,419 broker non-votes
- Robert W. Shaw II: 11,159,610 shares for, 96,691 withheld, 2,940,419 broker non-votes
- Bradford T. Whitmore: 10,508,532 shares for, 747,769 withheld, 2,940,419 broker non-votes
In addition, stockholders ratified the appointment of Freed Maxick P.C. as Ultralife’s independent registered public accounting firm for the year 2025. The vote count for this proposal was 14,042,572 shares in favor, 61,028 against, and 21,888 abstentions.
The information in this article is based on a press release statement filed with the SEC. Investors should note that Ultralife is scheduled to report its next earnings on July 24, 2025. For deeper insights into ULBI’s financial health, valuation metrics, and expert analysis, access the comprehensive Pro Research Report available exclusively on InvestingPro.
In other recent news, Ultralife Corporation reported its Q1 2025 earnings, showcasing a notable revenue increase to $50.7 million, surpassing the anticipated $48 million. This marks a 21% year-over-year growth, although the company’s earnings per share (EPS) fell short of expectations at $0.11 compared to the projected $0.14. The company experienced robust growth in government defense sales, which rose by 53.6%. Ultralife’s strategic acquisition of Electrochem Solutions has positively impacted its performance, with the integration expected to conclude in the second quarter of 2025.
Benchmark analyst Josh Sullivan maintained a Buy rating on Ultralife, setting a price target of $14, following the company’s strong first-quarter performance. Ultralife’s revenue growth was partly driven by the incorporation of Electrochem Solutions, contributing to a 32% year-over-year revenue increase, with 11% being organic growth. The company is advancing its gross margins through strategic pricing and material cost management initiatives. Additionally, Ultralife is making progress with its Thin-cell technology for medical wearables, which is anticipated to generate substantial orders following FDA approval received by its partner.
The company continues to focus on expanding its product line and strengthening its position in international military markets. The ongoing integration of Electrochem Solutions is enhancing Ultralife’s battery pack assembly capabilities and facilitating entry into new markets. Despite challenges in its Communications Systems (NASDAQ:SUNE) division, Ultralife remains optimistic about its growth trajectory, with expectations of a recovery in medical battery sales later in the year.
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