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Ultralife cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$3.5M in Q3 2026 · −$694K over twelve months

Operating cash flow−$2.9M
Capital spending−$591K
Free cash flow−$3.5M
Cash / net income-1.2×
Cash conversion cycle171 days

Analysis

In Q3 2026, Ultralife generated −$2.9M of operating cash flow and spent $591K on capital projects, leaving free cash flow of −$3.5M. That is $2.7M less than in Q3 2025 (−$797K).

Over the twelve months to Sep 30, 2026, operating cash flow was $2.0M; the largest uses were capital spending ($2.7M), other investing ($4K); besides operations, cash came from other financing ($63K), shares issued ($42K); the cash balance fell by $632K.

Operating cash flow was −$2.9M against net income of $2.4M — -1.2× profit, less cash than reported earnings, worth checking against working capital. The largest differences: inventory −$3.5M, prepaid and other assets −$2.9M, depreciation & amortization +$1.4M.

Its cash conversion cycle was 171 days (receivables 67 + inventory 159 − payables 55).

Free cash flow

Ultralife: free cash flow by quarterUltralife: free cash flow by quarter$2.4MQ4 2024$2.5MQ1 2025$4.8MQ2 2025−$797KQ3 2025$607KQ4 2025$1.5MQ1 2026$735KQ2 2026−$3.5MQ3 2026
Operating cash flow less capital spending.
Ultralife: operating cash flow against capital spendingUltralife: operating cash flow against capital spendingOperating cash flowCapital spending$3.0M$606KQ4 2024$3.4M$895KQ1 2025$5.9M$1.1MQ2 2025$198K$995KQ3 2025$1.5M$882KQ4 2025$2.3M$770KQ1 2026$1.2M$453KQ2 2026−$2.9M$591KQ3 2026
Latest (Q3 2026): Operating cash flow −$2.9M, Capital spending $591K.

Capital allocation, year by year

Ultralife: where the cash came from (up) and went (down), by fiscal yearUltralife: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsFY2021: Operating cash flow $4.3MFY2021: Net borrowing $19.5MFY2021: Shares issued $398KFY2021: Capital spending −$2.8MFY2021: Acquisitions −$23.5M$24.2MFY2021FY2022: Operating cash flow −$1.3MFY2022: Net borrowing $517KFY2022: Shares issued $116KFY2022: Capital spending −$1.7M$633KFY2022FY2023: Operating cash flow $1.9MFY2023: Net borrowing $4.2MFY2023: Shares issued $1.2MFY2023: Capital spending −$2.6M$7.4MFY2023FY2024: Operating cash flow $16.6MFY2024: Net borrowing $29.3MFY2024: Shares issued $2.0MFY2024: Capital spending −$1.9MFY2024: Acquisitions −$48.0M$47.9MFY2024FY2025: Operating cash flow $11.0MFY2025: Shares issued $98KFY2025: Capital spending −$3.9M$11.1MFY2025
Over these 5 years operating cash flow totalled $32.6M; the largest uses were acquisitions ($71.5M) and capital spending ($12.8M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$7.6M
Debt$50.5M
Net debt$42.9M
Due within a year$2.8M

Ultralife's operations bring cash in ($2.0M over twelve months), and it spends more than that on capital projects: a gap of $694K funded from its $7.6M of cash and investments and from borrowing ($50.5M of debt, $2.8M due within a year). That is a choice to invest, not a cash runway running down.

Ultralife: debt maturities by year (FY2024)Ultralife: debt maturities by year (FY2024)$2.8MYear 1$4.1MYear 2$5.5MYear 3$5.5MYear 4$37.1MYear 5
Principal due in each year as disclosed in the annual report, against $7.6M of cash and investments now.

Where the cash came from and went

Ultralife: sources (+) and uses (−) of cash, Q3 2026Ultralife: sources (+) and uses (−) of cash, Q3 2026Other financing$5.9MOperating cash flow−$2.9MCash drawn (+) / kept (−)−$2.0MCapital spending−$591KExchange rates−$394KShares issued$6K
Ultralife: sources (+) and uses (−) of cash, TTM to Q3 2026Ultralife: sources (+) and uses (−) of cash, TTM to Q3 2026Capital spending−$2.7MOperating cash flow$2.0MCash drawn (+) / kept (−)$632KOther financing$63KShares issued$42KExchange rates−$39KOther investing−$4K

From profit to cash

Ultralife: net income to operating cash flow, Q3 2026Ultralife: net income to operating cash flow, Q3 2026Net income$2.4MDepreciation & amortization$1.4MStock-based pay$92KReceivables−$989KInventory−$3.5MPayables$147KPrepaid and other assets−$2.9MOperating cash flow−$2.9M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20266715955171
Q2 20266615562158
Q1 20266513450149
Q4 20256213540156
Q3 20256714140168
Q2 20256412139146
Q1 20255811736139
Q4 20246013237155

Every quarter

QuarterOperating cash flowCapital spendingShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$2.9M−$591K$6K−$2.0M−$3.5M
Q2 2026$1.2M−$453K$36K$2.2M$735K
Q1 2026$2.3M−$770K—$455K$1.5M
Q4 2025$1.5M−$882K—−$85K$607K
Q3 2025$198K−$995K$37K$1.7M−$797K
Q2 2025$5.9M−$1.1M$61K−$2.2M$4.8M
Q1 2025$3.4M−$895K—−$1.9M$2.5M
Q4 2024$3.0M−$606K$39K−$80K$2.4M

Ultralife: income statement and cash flow

Ultralife, Q3 2026: revenue $48.3M (+11% year over year), operating margin 6.6%. The chart follows the revenue to costs, profit and cash.

Ultralife: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.