Justin Michetti's questions to Ultralife Corp (ULBI) leadership • Q1 2025
Question
Justin Michetti of Sidoti & Company asked for an update on demand trends in the government, defense, and medical end markets, and inquired about the outlook for free cash flow generation throughout 2025.
Answer
Executive Michael Manna noted steady demand in the medical market, driven by predictable battery replacement cycles, including for devices fielded during the COVID era. In government and defense, he expects continued strength due to global conflicts and increased NATO spending. Executive Philip A. Fain projected consistent free cash flow for the remainder of 2025, citing lessons learned from the prior year and a focus on level-loading operations, which will support accelerated debt repayment.