Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 25, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000875657 | |
Entity Registrant Name | Ultralife Corporation | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 0-20852 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 2000 Technology Parkway | |
Entity Address, City or Town | Newark | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 14513 | |
Entity Tax Identification Number | 16-1387013 | |
City Area Code | 315 | |
Local Phone Number | 332-7100 | |
Title of 12(b) Security | Common Stock, $0.10 par value per share | |
Trading Symbol | ULBI | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 16,127,082 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash | $ 6,050 | $ 8,413 |
Trade accounts receivable, net of allowance for doubtful accounts of $325 and $346, respectively | 22,909 | 20,232 |
Inventories, net | 36,380 | 33,189 |
Prepaid expenses and other current assets | 3,803 | 4,690 |
Total current assets | 69,142 | 66,524 |
Property, plant and equipment, net | 22,773 | 23,205 |
Goodwill | 37,926 | 38,068 |
Other intangible assets, net | 17,043 | 17,390 |
Deferred income taxes, net | 11,804 | 11,472 |
Other noncurrent assets | 2,701 | 2,879 |
Total assets | 161,389 | 159,538 |
Current liabilities: | ||
Accounts payable | 11,235 | 9,823 |
Current portion of long-term debt | 2,000 | 2,000 |
Accrued compensation and related benefits | 1,615 | 1,842 |
Accrued expenses and other current liabilities | 5,165 | 5,259 |
Total current liabilities | 20,015 | 18,924 |
Long-term debt | 19,981 | 18,857 |
Deferred income taxes | 2,178 | 2,254 |
Other noncurrent liabilities | 1,574 | 1,760 |
Total liabilities | 43,748 | 41,795 |
Commitments and contingencies (Note 9) | ||
Shareholders’ equity: | ||
Preferred stock – par value $.10 per share; authorized 1,000,000 shares; none issued | 0 | 0 |
Common stock – par value $.10 per share; authorized 40,000,000 shares; issued – 20,560,796 shares at March 31, 2022 and 20,522,427 shares at December 31, 2021; outstanding – 16,127,082 shares at March 31, 2022 and 16,089,832 shares at December 31, 2021 | 2,056 | 2,052 |
Capital in excess of par value | 186,816 | 186,518 |
Accumulated deficit | (48,000) | (47,832) |
Accumulated other comprehensive loss | (1,889) | (1,653) |
Treasury stock - at cost; 4,433,714 shares at March 31, 2022 and 4,432,595 shares at December 31, 2021 | (21,476) | (21,469) |
Total Ultralife Corporation equity | 117,507 | 117,616 |
Non-controlling interest | 134 | 127 |
Total shareholders’ equity | 117,641 | 117,743 |
Total liabilities and shareholders’ equity | $ 161,389 | $ 159,538 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Trade accounts receivable, allowance for doubtful accounts | $ 325 | $ 346 |
Preferred stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, shares issued (in shares) | 20,560,796 | 20,522,427 |
Common stock, shares outstanding (in shares) | 16,127,082 | 16,089,832 |
Treasury stock, shares (in shares) | 4,433,714 | 4,432,595 |
Consolidated Statements of (Los
Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Revenues | [1] | $ 30,373 | $ 25,973 |
Cost of products sold | 23,415 | 18,995 | |
Gross profit | 6,958 | 6,978 | |
Operating expenses: | |||
Research and development | 1,857 | 1,647 | |
Selling, general and administrative | 5,396 | 4,379 | |
Total operating expenses | 7,253 | 6,026 | |
Operating (loss) income | (295) | 952 | |
Other (expense) income: | |||
Interest and financing expense | (134) | (56) | |
Miscellaneous income | 17 | 0 | |
Total other expense | (117) | (56) | |
(Loss) income before income taxes | (412) | 896 | |
Income tax (benefit) provision | (251) | 217 | |
Net (loss) income | (161) | 679 | |
Net income attributable to non-controlling interest | (7) | (8) | |
Net (loss) income attributable to Ultralife Corporation | (168) | 671 | |
Other comprehensive (loss) gain: | |||
Foreign currency translation adjustments | (236) | 103 | |
Comprehensive (loss) income attributable to Ultralife Corporation | $ (404) | $ 774 | |
Net (loss) income per share attributable to Ultralife common shareholders – basic (in dollars per share) | $ (1) | $ 4 | |
Net (loss) income per share attributable to Ultralife common shareholders – diluted (in dollars per share) | $ (1) | $ 4 | |
Weighted average shares outstanding – basic (in shares) | 16,104 | 15,973 | |
Potential common shares (in shares) | 0 | 179 | |
Weighted average shares outstanding - diluted (in shares) | 16,104 | 16,152 | |
[1] | Sales classified to U.S. include shipments to U.S.-based prime contractors which in some cases may serve non-U.S. projects. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
OPERATING ACTIVITIES: | ||
Net (loss) income | $ (161) | $ 679 |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||
Depreciation | 816 | 730 |
Amortization of intangible assets | 328 | 154 |
Amortization of financing fees | 7 | 26 |
Stock-based compensation | 189 | 184 |
Deferred income taxes | (402) | 168 |
Proceeds from litigation settlement | 0 | 1,593 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (2,724) | 1,952 |
Inventories | (3,274) | 367 |
Prepaid expenses and other assets | 977 | 225 |
Accounts payable and other liabilities | 1,022 | (2,175) |
Net cash (used in) provided by operating activities | (3,222) | 3,903 |
INVESTING ACTIVITIES: | ||
Purchases of property, plant and equipment | (371) | (489) |
Net cash used in investing activities | (371) | (489) |
FINANCING ACTIVITIES: | ||
Borrowings on revolving credit facility | 1,450 | 0 |
Payments on term loan facility | (333) | (393) |
Proceeds from exercise of stock options | 113 | 31 |
Tax withholdings on stock-based awards | (7) | (58) |
Net cash provided by (used in) financing activities | 1,223 | (420) |
Effect of exchange rate changes on cash | 7 | 15 |
(DECREASE) INCREASE IN CASH | (2,363) | 3,009 |
Cash, Beginning of period | 8,413 | 10,653 |
Cash, End of period | $ 6,050 | $ 13,662 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 20,373,519 | ||||||
Balance at Dec. 31, 2020 | $ 2,037 | $ 185,464 | $ (1,782) | $ (47,598) | $ (21,321) | $ 123 | $ 116,923 |
Net (loss) income | 671 | 8 | 679 | ||||
Stock option exercises (in shares) | 37,159 | ||||||
Stock option exercises | $ 4 | 27 | (52) | (21) | |||
Stock-based compensation – stock options | 163 | 163 | |||||
Stock-based compensation – restricted stock | 21 | 21 | |||||
Vesting of restricted stock (in shares) | 5,833 | ||||||
Vesting of restricted stock | $ 1 | (1) | (7) | (7) | |||
Foreign currency translation adjustments adjustments | 103 | 103 | |||||
Balance (in shares) at Mar. 31, 2021 | 20,416,511 | ||||||
Balance at Mar. 31, 2021 | $ 2,042 | 185,674 | (1,679) | (46,927) | (21,380) | 131 | $ 117,861 |
Balance (in shares) at Dec. 31, 2021 | 20,522,427 | 16,089,832 | |||||
Balance at Dec. 31, 2021 | $ 2,052 | 186,518 | (1,653) | (47,832) | (21,469) | 127 | $ 117,743 |
Net (loss) income | (168) | 7 | $ (161) | ||||
Stock option exercises (in shares) | 38,369 | 58,750 | |||||
Stock option exercises | $ 4 | 109 | (7) | $ 106 | |||
Stock-based compensation – stock options | 181 | 181 | |||||
Stock-based compensation – restricted stock | 8 | 8 | |||||
Foreign currency translation adjustments adjustments | (236) | $ (236) | |||||
Balance (in shares) at Mar. 31, 2022 | 20,560,796 | 16,127,082 | |||||
Balance at Mar. 31, 2022 | $ 2,056 | $ 186,816 | $ (1,889) | $ (48,000) | $ (21,476) | $ 134 | $ 117,641 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Business Description and Accounting Policies [Text Block] | 1. BASIS OF PRESENTATION The accompanying unaudited Consolidated Financial Statements of Ultralife Corporation and its subsidiaries (the “Company” or “Ultralife”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the instructions to Rule 8 03 X. not not 10 December 31, 2021. The December 31, 2021 not Certain items previously reported in specific financial statement captions have been reclassified to conform to the current presentation. Recent Accounting Guidance Not In June 2016, 2016 13, 326 December 15, 2022. |
Note 2 - Acquisition
Note 2 - Acquisition | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 2. ACQUISITION On December 13, 2021, On December 13, 2021, 1336889 1336902 656700 Based in Canada with U.S. operations, Excell is a leading independent designer and manufacturer of high-performance smart battery systems, battery packs and monitoring systems to customer specifications. Excell serves a variety of industrial markets including downhole drilling, OEM industrial and medical devices, automated meter reading, ruggedized computers, and mining, marine and other mission critical applications which demand uncompromised safety, service, reliability and quality. The Excell Canada Acquisition was completed pursuant to a Share Purchase Agreement dated December 13, 2021 ( 1336889 0835205 December 13, 2021 ( 1336902 0835205 656700 twelve The Excell Acquisition was funded by the Company through a combination of cash on hand and borrowings under the Amended Credit Facilities (Note 3 The Excell Acquisition was accounted for in accordance with the accounting treatment of a business combination pursuant to FASB ASC Topic 805, 805” may not Cash $ 736 Accounts receivable 3,570 Inventories 3,622 Prepaid expenses and other current assets 785 Property, plant and equipment 429 Goodwill 10,989 Other intangible assets 8,870 Other noncurrent assets 991 Accounts payable (1,450 ) Accrued compensation and related benefits (540 ) Accrued expenses and other current liabilities (720 ) Deferred tax liability, net (2,223 ) Other noncurrent liabilities (803 ) Net assets acquired $ 24,256 The purchase price allocation was adjusted during the three March 31, 2022 March 31, 2022. The goodwill included in the Company’s purchase price allocation presented above represents the value of Excell’s assembled and trained workforce, the incremental value that Excell engineering and technology will bring to the Company and the revenue growth which is expected to occur over time which is attributable to increased market penetration from future new products and customers. The goodwill acquired in connection with the acquisition is not Other intangible assets were valued using the income approach which requires a forecast of all expected future cash flows and the use of certain assumptions and estimates. The following table summarizes the estimated fair value and annual amortization for each of the identifiable intangible assets acquired. Annual Amortization Estimated Fair Value Amortization Period (Years) Year 1 Year 2 Year 3 Year 4 Year 5 Customer relationships $ 4,100 15 $ 273 $ 273 $ 273 $ 273 $ 273 Trade name 3,150 Indefinite - - - - - Customer contracts 1,140 15 76 76 76 76 76 Backlog 360 1 360 - - - - Technology 120 7 17 17 17 17 17 Total $ 8,870 $ 726 $ 366 $ 366 $ 366 $ 366 We acquired right-of-use assets and assumed lease liabilities of $960 for Excell’s operating facilities. Right-of-use assets are classified as other noncurrent assets, and current and long-term lease liabilities are classified as accrued expenses and other current liabilities and other noncurrent liabilities, respectively, on the Company’s consolidated balance sheet. The operating results and cash flows of Excell are reflected in the Company’s consolidated financial statements from the date of acquisition. Excell is included in the Battery & Energy Products segment. For the three March 31, 2022, $394, |
Note 3 - Debt
Note 3 - Debt | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 3. DEBT On December 13, 2021, May 31, 2017 May 1, 2019 ( The Amended Credit Agreement, among other things, provides for a 5 May 30, 2025. six May 30, 2025, may Upon closing of the Excell Acquisition on December 13, 2021, March 31, 2022, March 31, 2022, The remaining availability under the Revolving Credit Facility is subject to certain borrowing base limits based on trade receivables and inventories. The Company is required to repay the borrowings under the Term Loan Facility in equal consecutive monthly payments commencing on February 1, 2022, January 1, 2027. May 30, 2025. may In addition to the customary affirmative and negative covenants, the Company must maintain a consolidated senior leverage ratio, as defined in the Amended Credit Agreement, of equal to or less than 3.5 to 1.0 December 31, 2022 March 31, 2023, 1.0 June 30, 2023 Borrowings under the Amended Credit Facilities are secured by substantially all the assets of the Company and its subsidiaries. Interest will accrue on outstanding indebtedness under the Amended Credit Facilities at the Base Rate or the Overnight LIBOR Rate, as selected by the Company, plus the applicable margin. The Base Rate is the higher of (a) the Prime Rate, (b) the Federal Funds Effective Rate plus 50 basis points, and (c) the Overnight LIBOR Rate plus one hundred zero The Company must pay a fee of 0.15% to 0.25% based on the average daily unused availability under the Revolving Credit Facility. Payments must be made by the Company to the extent borrowings exceed the maximum amount then permitted to be drawn on the Amended Credit Facilities and from the proceeds of certain transactions. Upon the occurrence of an event of default, the outstanding obligations may |
Note 4 - Earnings Per Share
Note 4 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 4. EARNINGS PER SHARE Basic earnings (loss) per share (“EPS”) is computed by dividing net income (loss) attributable to Ultralife by the weighted average shares outstanding during the period. Diluted EPS includes the dilutive effect of securities, if any, and is calculated using the treasury stock method. For the three March 31, 2022, no no not three March 31, 2022, three March 31, 2021, three March 31, 2021 not |
Note 5 - Supplemental Balance S
Note 5 - Supplemental Balance Sheet Information | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | 5. SUPPLEMENTAL BALANCE SHEET INFORMATION Fair Value Measurements and Disclosures The fair value of financial instruments approximated their carrying values at March 31, 2022 December 31, 2021. Cash The composition of the Company’s cash was as follows: March 31, December 31, 2022 2021 Cash $ 5,968 $ 8,329 Restricted cash 82 84 Total $ 6,050 $ 8,413 As of March 31, 2022 December 31, 2021, third Inventories, Net Inventories are stated at the lower of cost or net realizable value, net of obsolescence reserves, with cost determined under the first first March 31, December 31, 2022 2021 Raw materials $ 23,673 $ 21,660 Work in process 3,521 4,227 Finished goods 9,186 7,302 Total $ 36,380 $ 33,189 Property, Plant and Equipment, Net Major classes of property, plant and equipment consisted of the following: March 31, December 31, 2022 2021 Land $ 1,273 $ 1,273 Buildings and leasehold improvements 15,443 15,442 Machinery and equipment 64,137 63,780 Furniture and fixtures 2,654 2,588 Computer hardware and software 7,586 7,579 Construction in process 704 761 91,797 91,423 Less: Accumulated depreciation (69,024 ) (68,218 ) Property, plant and equipment, net $ 22,773 $ 23,205 Depreciation expense for property, plant and equipment was $816 and $730 for the three March 31, 2022 March 31, 2021, Goodwill The following table summarizes the goodwill activity by segment for the three March 31, 2022. Battery & Energy Communications Products Systems Total Balance – December 31, 2021 $ 26,575 $ 11,493 $ 38,068 Measurement period adjustment (1) (30 ) - (30 ) Effect of foreign currency translation (112 ) - (112 ) Balance – March 31, 2022 $ 26,433 $ 11,493 $ 37,926 ( 1 Change for measurement period adjustment related to Excell Acquisition (Note 2 Other Intangible Assets, Net The composition of other intangible assets was: at March 31, 2022 Accumulated Cost Amortization Net Customer relationships $ 13,170 $ 5,614 $ 7,556 Patents and technology 5,637 5,137 500 Trade names 4,659 458 4,201 Trademarks 3,413 - 3,413 Other 1,500 127 1,373 Total other intangible assets $ 28,379 $ 11,336 $ 17,043 at December 31, 2021 Accumulated Cost Amortization Net Customer relationships $ 13,214 $ 5,484 $ 7,730 Patents and technology 5,667 5,126 541 Trade names 4,670 436 4,234 Trademarks 3,413 - 3,413 Other 1,490 18 1,472 Total other intangible assets $ 28,454 $ 11,064 $ 17,390 The change in the cost of total intangible assets from December 31, 2021 March 31, 2022 2 Amortization expense for intangible assets was $328 and $154 for the three March 31, 2022 March 31, 2021, three March 31, 2022 March 31, 2021, three March 31, 2022 March 31, 2021, |
Note 6 - Stock-based Compensati
Note 6 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-Based Payments [Text Block] | 6. STOCK-BASED COMPENSATION We recorded non-cash stock compensation expense in each period as follows: Three-month period ended March 31, March 31, 2022 2021 Stock options $ 181 $ 163 Restricted stock grants 8 21 Total $ 189 $ 184 We have stock options outstanding from various stock-based employee compensation plans for which we record compensation cost relating to share-based payment transactions in our financial statements. As of March 31, 2022, The following table summarizes stock option activity for the three March 31, 2022: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value Outstanding at January 1, 2022 1,306,824 $ 6.87 Granted - - Exercised (58,750 ) 3.81 Forfeited or expired (43,584 ) 6.75 Outstanding at March 31, 2022 1,204,490 $ 7.02 4.31 $ 154 Vested and expected to vest at March 31, 2022 1,086,934 $ 7.03 4.16 $ 152 Exercisable at March 31, 2022 644,453 $ 7.13 2.96 $ 145 Cash received from stock option exercises under our stock-based compensation plans for the three March 31, 2022 March 31, 2021 In October 2020, April 2019, three 3 March 31, 2022, |
Note 7 - Income Taxes
Note 7 - Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 7. INCOME TAXES Our effective tax rate for the three March 31, 2022 March 31, 2021 As of December 31, 2021, 2022 2037, 2028 2039, March 31, 2022, not As of March 31, 2022, may no As of March 31, 2022, not not. As of March 31, 2022, There were no unrecognized tax benefits related to uncertain tax positions at March 31, 2022 December 31, 2021. As a result of our operations, we file income tax returns in various jurisdictions including U.S. federal, U.S. state and foreign jurisdictions. We are routinely subject to examination by taxing authorities in these various jurisdictions. In August 2020, 2016 2018 no 2019 2021 2002, 2005 2007 2011 2015 2002, 2005 2007 2011 2021 2011 2021 |
Note 8 - Operating Leases
Note 8 - Operating Leases | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 8. OPERATING LEASES The Company has operating leases predominantly for operating facilities. As of March 31, 2022, one ten no no The components of lease expense for the current and prior-year comparative periods were as follows: Three-month period ended March 31, 2022 2021 Operating lease cost $ 233 $ 187 Variable lease cost 24 19 Total lease cost $ 257 $ 206 Supplemental cash flow information related to leases was as follows: Three-month period ended March 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 227 $ 181 Right-of-use assets obtained in exchange for lease liabilities: $ - $ - Supplemental consolidated balance sheet information related to leases was as follows: Balance sheet classification March 31, 2022 December 31, 2021 Assets: Operating lease right-of-use asset Other noncurrent assets $ 2,401 $ 2,581 Liabilities: Current operating lease liability Accrued expenses and other current liabilities $ 869 $ 867 Operating lease liability, net of current portion Other noncurrent liabilities 1,558 1,743 Total operating lease liability $ 2,427 $ 2,610 Weighted-average remaining lease term (years) 4.4 4.5 Weighted-average discount rate 4.5 % 4.5 % Future minimum lease payments as of March 31, 2022 Maturity of operating lease liabilities 2022 $ 664 2023 897 2024 464 2025 140 2026 142 2027 142 Thereafter 288 Total lease payments 2,737 Less: Imputed interest (310 ) Present value of remaining lease payments $ 2,427 |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 9. COMMITMENTS AND CONTINGENCIES Purchase Commitments As of March 31, 2022, Product Warranties We estimate future warranty costs to be incurred for product failure rates, material usage and service costs in the development of our warranty obligations. Estimated future costs are based on actual past experience and are generally estimated as a percentage of sales over the warranty period. Changes in our product warranty liability during the first three 2022 2021 Three-month period ended March 31, 2022 2021 Accrued warranty obligations – beginning $ 133 $ 149 Accruals for warranties issued 18 45 Settlements made (31 ) (23 ) Accrued warranty obligations – ending $ 120 $ 171 Contingencies and Legal Matters We are subject to legal proceedings and claims that arise from time to time in the normal course of business. We believe that the final disposition of any such matters will not not |
Note 10 - Revenue Recognition
Note 10 - Revenue Recognition | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 10. REVENUE RECOGNITION Revenues are generated from the sale of products. Performance obligations are met and revenue is recognized upon transfer of control to the customer, which is generally upon shipment. When contract terms require transfer of control upon delivery at a customer’s location, revenue is recognized on the date of delivery. For products shipped under vendor managed inventory arrangements, revenue is recognized and billed when the product is consumed by the customer, at which point control has transferred and there are no not Revenues recognized from prior period performance obligations for the three March 31, 2022 2021 not Deferred revenue, unbilled revenue and deferred contract costs recorded on our consolidated balance sheets as of March 31, 2022 December 31, 2021 not March 31, 2022 December 31, 2021, no one 606, |
Note 11 - Business Segment Info
Note 11 - Business Segment Information | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 11. BUSINESS SEGMENT INFORMATION We report our results in two operating segments: Battery & Energy Products and Communications Systems. The Battery & Energy Products segment includes: Lithium 9 Three-month period ended March 31, 2022: Battery & Energy Products Communications Systems Corporate Total Revenues $ 29,150 $ 1,223 $ - $ 30,373 Segment contribution 6,721 237 (7,253 ) (295 ) Other expense (117 ) (117 ) Tax benefit 251 251 Non-controlling interest (7 ) (7 ) Net loss attributable to Ultralife $ (168 ) Three-month period ended March 31, 2021: Battery & Energy Products Communications Systems Corporate Total Revenues $ 22,111 $ 3,862 $ - $ 25,973 Segment contribution 5,436 1,542 (6,026 ) 952 Other expense (56 ) (56 ) Tax provision (217 ) (217 ) Non-controlling interest (8 ) (8 ) Net income attributable to Ultralife $ 671 The following tables disaggregate our business segment revenues by major source and geography. Commercial and Government/Defense Revenue Information: Three-month period ended March 31, 2022: Total Revenue Commercial Government/ Defense Battery & Energy Products $ 29,150 $ 23,260 $ 5,890 Communications Systems 1,223 - 1,223 Total $ 30,373 $ 23,260 $ 7,113 77 % 23 % Three-month period ended March 31, 2021: Total Revenue Commercial Government/ Defense Battery & Energy Products $ 22,111 $ 14,345 $ 7,766 Communications Systems 3,862 - 3,862 Total $ 25,973 $ 14,345 $ 11,628 55 % 45 % U.S. and Non-U.S. Revenue Information 1 : Three-month period ended March 31, 2022: Total Revenue United States Non-United States Battery & Energy Products $ 29,150 $ 14,540 $ 14,610 Communications Systems 1,223 1,152 71 Total $ 30,373 $ 15,692 $ 14,681 52 % 48 % Three-month period ended March 31, 2021: Total Revenue United States Non-United States Battery & Energy Products $ 22,111 $ 12,590 $ 9,521 Communications Systems 3,862 1,468 2,394 Total $ 25,973 $ 14,058 $ 11,915 54 % 46 % 1 may |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Guidance Not In June 2016, 2016 13, 326 December 15, 2022. |
Note 2 - Acquisition (Tables)
Note 2 - Acquisition (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Cash $ 736 Accounts receivable 3,570 Inventories 3,622 Prepaid expenses and other current assets 785 Property, plant and equipment 429 Goodwill 10,989 Other intangible assets 8,870 Other noncurrent assets 991 Accounts payable (1,450 ) Accrued compensation and related benefits (540 ) Accrued expenses and other current liabilities (720 ) Deferred tax liability, net (2,223 ) Other noncurrent liabilities (803 ) Net assets acquired $ 24,256 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | Annual Amortization Estimated Fair Value Amortization Period (Years) Year 1 Year 2 Year 3 Year 4 Year 5 Customer relationships $ 4,100 15 $ 273 $ 273 $ 273 $ 273 $ 273 Trade name 3,150 Indefinite - - - - - Customer contracts 1,140 15 76 76 76 76 76 Backlog 360 1 360 - - - - Technology 120 7 17 17 17 17 17 Total $ 8,870 $ 726 $ 366 $ 366 $ 366 $ 366 |
Note 5 - Supplemental Balance_2
Note 5 - Supplemental Balance Sheet Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Cash, Cash Equivalents and Investments [Table Text Block] | March 31, December 31, 2022 2021 Cash $ 5,968 $ 8,329 Restricted cash 82 84 Total $ 6,050 $ 8,413 |
Schedule of Inventory, Current [Table Text Block] | March 31, December 31, 2022 2021 Raw materials $ 23,673 $ 21,660 Work in process 3,521 4,227 Finished goods 9,186 7,302 Total $ 36,380 $ 33,189 |
Property, Plant and Equipment [Table Text Block] | March 31, December 31, 2022 2021 Land $ 1,273 $ 1,273 Buildings and leasehold improvements 15,443 15,442 Machinery and equipment 64,137 63,780 Furniture and fixtures 2,654 2,588 Computer hardware and software 7,586 7,579 Construction in process 704 761 91,797 91,423 Less: Accumulated depreciation (69,024 ) (68,218 ) Property, plant and equipment, net $ 22,773 $ 23,205 |
Schedule of Goodwill [Table Text Block] | Battery & Energy Communications Products Systems Total Balance – December 31, 2021 $ 26,575 $ 11,493 $ 38,068 Measurement period adjustment (1) (30 ) - (30 ) Effect of foreign currency translation (112 ) - (112 ) Balance – March 31, 2022 $ 26,433 $ 11,493 $ 37,926 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | at March 31, 2022 Accumulated Cost Amortization Net Customer relationships $ 13,170 $ 5,614 $ 7,556 Patents and technology 5,637 5,137 500 Trade names 4,659 458 4,201 Trademarks 3,413 - 3,413 Other 1,500 127 1,373 Total other intangible assets $ 28,379 $ 11,336 $ 17,043 at December 31, 2021 Accumulated Cost Amortization Net Customer relationships $ 13,214 $ 5,484 $ 7,730 Patents and technology 5,667 5,126 541 Trade names 4,670 436 4,234 Trademarks 3,413 - 3,413 Other 1,490 18 1,472 Total other intangible assets $ 28,454 $ 11,064 $ 17,390 |
Note 6 - Stock-based Compensa_2
Note 6 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award [Table Text Block] | Three-month period ended March 31, March 31, 2022 2021 Stock options $ 181 $ 163 Restricted stock grants 8 21 Total $ 189 $ 184 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value Outstanding at January 1, 2022 1,306,824 $ 6.87 Granted - - Exercised (58,750 ) 3.81 Forfeited or expired (43,584 ) 6.75 Outstanding at March 31, 2022 1,204,490 $ 7.02 4.31 $ 154 Vested and expected to vest at March 31, 2022 1,086,934 $ 7.03 4.16 $ 152 Exercisable at March 31, 2022 644,453 $ 7.13 2.96 $ 145 |
Note 8 - Operating Leases (Tabl
Note 8 - Operating Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three-month period ended March 31, 2022 2021 Operating lease cost $ 233 $ 187 Variable lease cost 24 19 Total lease cost $ 257 $ 206 |
Lessee, Lease, Cash Flow Information [Table Text Block] | Three-month period ended March 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 227 $ 181 Right-of-use assets obtained in exchange for lease liabilities: $ - $ - |
Lessee, Lease, Balance Sheet Information [Table Text Block] | Balance sheet classification March 31, 2022 December 31, 2021 Assets: Operating lease right-of-use asset Other noncurrent assets $ 2,401 $ 2,581 Liabilities: Current operating lease liability Accrued expenses and other current liabilities $ 869 $ 867 Operating lease liability, net of current portion Other noncurrent liabilities 1,558 1,743 Total operating lease liability $ 2,427 $ 2,610 Weighted-average remaining lease term (years) 4.4 4.5 Weighted-average discount rate 4.5 % 4.5 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Maturity of operating lease liabilities 2022 $ 664 2023 897 2024 464 2025 140 2026 142 2027 142 Thereafter 288 Total lease payments 2,737 Less: Imputed interest (310 ) Present value of remaining lease payments $ 2,427 |
Note 9 - Commitments and Cont_2
Note 9 - Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | Three-month period ended March 31, 2022 2021 Accrued warranty obligations – beginning $ 133 $ 149 Accruals for warranties issued 18 45 Settlements made (31 ) (23 ) Accrued warranty obligations – ending $ 120 $ 171 |
Note 11 - Business Segment In_2
Note 11 - Business Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Battery & Energy Products Communications Systems Corporate Total Revenues $ 29,150 $ 1,223 $ - $ 30,373 Segment contribution 6,721 237 (7,253 ) (295 ) Other expense (117 ) (117 ) Tax benefit 251 251 Non-controlling interest (7 ) (7 ) Net loss attributable to Ultralife $ (168 ) Battery & Energy Products Communications Systems Corporate Total Revenues $ 22,111 $ 3,862 $ - $ 25,973 Segment contribution 5,436 1,542 (6,026 ) 952 Other expense (56 ) (56 ) Tax provision (217 ) (217 ) Non-controlling interest (8 ) (8 ) Net income attributable to Ultralife $ 671 |
Schedule of Revenues from External Customers by Business Segment Sector [Table Text Block] | Total Revenue Commercial Government/ Defense Battery & Energy Products $ 29,150 $ 23,260 $ 5,890 Communications Systems 1,223 - 1,223 Total $ 30,373 $ 23,260 $ 7,113 77 % 23 % Total Revenue Commercial Government/ Defense Battery & Energy Products $ 22,111 $ 14,345 $ 7,766 Communications Systems 3,862 - 3,862 Total $ 25,973 $ 14,345 $ 11,628 55 % 45 % |
Revenue from External Customers by Geographic Areas [Table Text Block] | Total Revenue United States Non-United States Battery & Energy Products $ 29,150 $ 14,540 $ 14,610 Communications Systems 1,223 1,152 71 Total $ 30,373 $ 15,692 $ 14,681 52 % 48 % Total Revenue United States Non-United States Battery & Energy Products $ 22,111 $ 12,590 $ 9,521 Communications Systems 3,862 1,468 2,394 Total $ 25,973 $ 14,058 $ 11,915 54 % 46 % |
Note 2 - Acquisition (Details T
Note 2 - Acquisition (Details Textual) - USD ($) $ in Thousands | Dec. 13, 2021 | Mar. 31, 2022 | |
Goodwill, Purchase Accounting Adjustments | [1] | $ (30) | |
UEHC [Member] | |||
Business Combination, Consideration Transferred, Total | $ 23,519 | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | 40 | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Deferred Tax Liabilities | 10 | ||
Goodwill, Purchase Accounting Adjustments | (30) | ||
Operating Lease, Right-of-Use Asset | 960 | ||
Operating Lease, Liability, Total | 960 | ||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 6,436 | ||
Business Acquisition, Amortization Expense | 182 | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory | $ 55 | ||
[1] | Change for measurement period adjustment related to Excell Acquisition (Note 2). |
Note 2 - Acquisition - Assets A
Note 2 - Acquisition - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Goodwill | $ 37,926 | $ 38,068 |
UEHC [Member] | ||
Cash | 736 | |
Accounts receivable | 3,570 | |
Inventories | 3,622 | |
Prepaid expenses and other current assets | 785 | |
Property, plant and equipment | 429 | |
Goodwill | 10,989 | |
Other intangible assets | 8,870 | |
Other noncurrent assets | 991 | |
Accounts payable | (1,450) | |
Accrued compensation and related benefits | (540) | |
Accrued expenses and other current liabilities | (720) | |
Deferred tax liability, net | (2,223) | |
Other noncurrent liabilities | (803) | |
Net assets acquired | $ 24,256 |
Note 2 - Acquisition - Estimate
Note 2 - Acquisition - Estimated Fair Value and Annual Amortization (Details) - UEHC [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Year 1 | $ 726 |
Year 2 | 366 |
Year 3 | 366 |
Year 4 | 366 |
Year 5 | 366 |
Total, estimated fair value | 8,870 |
Customer Relationships [Member] | |
Finite-lived, estimated fair value | $ 4,100 |
Amortization period (Year) | 15 years |
Year 1 | $ 273 |
Year 2 | 273 |
Year 3 | 273 |
Year 4 | 273 |
Year 5 | 273 |
Trade Names [Member] | |
Indefinite-lived, estimated fair value | 3,150 |
Customer Contracts [Member] | |
Finite-lived, estimated fair value | $ 1,140 |
Amortization period (Year) | 15 years |
Year 1 | $ 76 |
Year 2 | 76 |
Year 3 | 76 |
Year 4 | 76 |
Year 5 | 76 |
Backlog [Member] | |
Finite-lived, estimated fair value | $ 360 |
Amortization period (Year) | 1 year |
Year 1 | $ 360 |
Year 2 | 0 |
Year 3 | 0 |
Year 4 | 0 |
Year 5 | 0 |
Technology-Based Intangible Assets [Member] | |
Finite-lived, estimated fair value | $ 120 |
Amortization period (Year) | 7 years |
Year 1 | $ 17 |
Year 2 | 17 |
Year 3 | 17 |
Year 4 | 17 |
Year 5 | $ 17 |
Note 3 - Debt (Details Textual)
Note 3 - Debt (Details Textual) - Amended Credit Agreement [Member] $ in Thousands | Dec. 13, 2021USD ($) | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022USD ($) |
Debt Issuance Costs, Gross | $ 116 | ||||
Term Loan Facility [Member] | Long-term Debt, Current Maturities [Member] | |||||
Secured Debt, Total | 2,000 | ||||
Revolving Credit Facility [Member] | |||||
Proceeds from Long-term Lines of Credit | $ 10,980 | ||||
Secured Debt, Total | 9,667 | ||||
Long-Term Line of Credit, Total | $ 12,430 | ||||
Revolving Credit Facility [Member] | Minimum [Member] | |||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.15% | ||||
Revolving Credit Facility [Member] | Maximum [Member] | |||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | ||||
Revolving Credit Facility [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.85% | ||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.15% | ||||
Revolving Credit Facility [Member] | Base Rate [Member] | Minimum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.00% | ||||
Revolving Credit Facility [Member] | Base Rate [Member] | Maximum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | (0.50%) | ||||
Revolving Credit Facility [Member] | Forecast [Member] | |||||
Maximum Consolidated Senior Leverage Ratio | 3 | 3.5 | 3.5 | ||
KeyBank [Member] | Term Loan Facility [Member] | |||||
Debt Instrument, Term (Year) | 5 years | ||||
Debt Instrument, Face Amount | $ 10,000 | ||||
KeyBank [Member] | Revolving Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 30,000 | ||||
Line Of Credit Facility Maximum Borrowing Capacity Contingent On Bank Approval | $ 50,000 |
Note 4 - Earnings Per Share (De
Note 4 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Incremental Common Shares Attributable to Share-based Payment Arrangements, Total (in shares) | 0 | 178,781 |
Dilutive Securities Included in Computation of Earnings Per Share Amount Stock Option (in shares) | 459,650 | |
Dilutive Securities Included in Computation of Earnings Per Share Amount Restricted Stock (in shares) | 20,832 | |
Share-Based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 1,204,490 | 668,917 |
Restricted Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 11,664 |
Note 5 - Supplemental Balance_3
Note 5 - Supplemental Balance Sheet Information (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Restricted Cash and Cash Equivalents, Total | $ 82 | $ 84 | |
Depreciation, Total | 816 | $ 730 | |
Amortization of Intangible Assets | 328 | 154 | |
Selling, General and Administrative Expenses [Member] | |||
Amortization of Intangible Assets | 302 | 121 | |
Research and Development Expense [Member] | |||
Amortization of Intangible Assets | 26 | $ 33 | |
NETHERLANDS | |||
Restricted Cash and Cash Equivalents, Total | $ 82 | $ 84 |
Note 5 - Supplemental Balance_4
Note 5 - Supplemental Balance Sheet Information - Cash and Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Cash | $ 5,968 | $ 8,329 | ||
Restricted cash | 82 | 84 | ||
Total | $ 6,050 | $ 8,413 | $ 13,662 | $ 10,653 |
Note 5 - Supplemental Balance_5
Note 5 - Supplemental Balance Sheet Information - Components of Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Raw materials | $ 23,673 | $ 21,660 |
Work in process | 3,521 | 4,227 |
Finished goods | 9,186 | 7,302 |
Total | $ 36,380 | $ 33,189 |
Note 5 - Supplemental Balance_6
Note 5 - Supplemental Balance Sheet Information - Components of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Property, plant and equipment, gross | $ 91,797 | $ 91,423 |
Less: Accumulated depreciation | (69,024) | (68,218) |
Property, plant and equipment, net | 22,773 | 23,205 |
Land [Member] | ||
Property, plant and equipment, gross | 1,273 | 1,273 |
Building and Building Improvements [Member] | ||
Property, plant and equipment, gross | 15,443 | 15,442 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | 64,137 | 63,780 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | 2,654 | 2,588 |
Computer Equipment [Member] | ||
Property, plant and equipment, gross | 7,586 | 7,579 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | $ 704 | $ 761 |
Note 5 - Supplemental Balance_7
Note 5 - Supplemental Balance Sheet Information - Summary of Goodwill (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022USD ($) | ||
Goodwill balance | $ 38,068 | |
Measurement period adjustment (1) | (30) | [1] |
Effect of foreign currency translation | (112) | |
Goodwill balance | 37,926 | |
Battery & Energy Products Segment [Member] | ||
Goodwill balance | 26,575 | |
Measurement period adjustment (1) | (30) | [1] |
Effect of foreign currency translation | (112) | |
Goodwill balance | 26,433 | |
Communications Systems Segment [Member] | ||
Goodwill balance | 11,493 | |
Measurement period adjustment (1) | 0 | [1] |
Effect of foreign currency translation | 0 | |
Goodwill balance | $ 11,493 | |
[1] | Change for measurement period adjustment related to Excell Acquisition (Note 2). |
Note 5 - Supplemental Balance_8
Note 5 - Supplemental Balance Sheet Information - Composition of Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Cost | $ 28,379 | $ 28,454 |
Accumulated Amortization | 11,336 | 11,064 |
Net | 17,043 | 17,390 |
Customer Relationships [Member] | ||
Cost | 13,170 | 13,214 |
Accumulated Amortization | 5,614 | 5,484 |
Net | 7,556 | 7,730 |
Patented Technology [Member] | ||
Cost | 5,637 | 5,667 |
Accumulated Amortization | 5,137 | 5,126 |
Net | 500 | 541 |
Trade Names [Member] | ||
Cost | 4,659 | 4,670 |
Accumulated Amortization | 458 | 436 |
Net | 4,201 | 4,234 |
Trademarks [Member] | ||
Cost | 3,413 | 3,413 |
Accumulated Amortization | 0 | 0 |
Net | 3,413 | 3,413 |
Other Intangible Assets [Member] | ||
Cost | 1,500 | 1,490 |
Accumulated Amortization | 127 | 18 |
Net | $ 1,373 | $ 1,472 |
Note 6 - Stock-based Compensa_3
Note 6 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |||
Oct. 31, 2020 | Apr. 30, 2019 | Jan. 31, 2018 | Mar. 31, 2022 | Mar. 31, 2021 | |
Proceeds from Stock Options Exercised | $ 113 | $ 31 | |||
Share-Based Payment Arrangement, Option [Member] | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 670 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 1 month 6 days | ||||
Restricted Stock [Member] | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 9 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 4 months 24 days | ||||
Restricted Stock [Member] | The 2014 Long-term Incentive Plan [Member] | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in shares) | 5,000 | 20,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 6.08 | $ 11.12 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years |
Note 6 - Stock-based Compensa_4
Note 6 - Stock-based Compensation - Non-cash Stock Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Stock-based compensation expense | $ 189 | $ 184 |
Share-Based Payment Arrangement, Option [Member] | ||
Stock-based compensation expense | 181 | 163 |
Restricted Stock [Member] | ||
Stock-based compensation expense | $ 8 | $ 21 |
Note 6 - Stock-based Compensa_5
Note 6 - Stock-based Compensation - Stock Option Activity (Details) $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($)$ / sharesshares | |
Outstanding at January 1, 2022 (in shares) | shares | 1,306,824 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 6.87 |
Granted (in shares) | shares | 0 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 0 |
Exercised (in shares) | shares | (58,750) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 3.81 |
Forfeited or expired (in shares) | shares | (43,584) |
Forfeited or expired, weighted average exercise price (in dollars per share) | $ / shares | $ 6.75 |
Outstanding at March 31, 2022 (in shares) | shares | 1,204,490 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 7.02 |
Outstanding, weighted average remaining contractual term (Year) | 4 years 3 months 21 days |
Outstanding, aggregate intrinsic value | $ | $ 154 |
Vested and expected to vest at March 31, 2022 (in shares) | shares | 1,086,934 |
Options vested and expected to vest, weighted average exercise price (in dollars per share) | $ / shares | $ 7.03 |
Options vested and expected to vest, weighted average remaining contractual term (Year) | 4 years 1 month 28 days |
Options vested and expected to vest, aggregate intrinsic value | $ | $ 152 |
Exercisable at March 31, 2022 (in shares) | shares | 644,453 |
Exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 7.13 |
Exercisable, weighted average remaining contractual term (Year) | 2 years 11 months 15 days |
Exercisable, aggregate intrinsic value | $ | $ 145 |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 60.90% | 24.20% | |
Unrecognized Tax Benefits, Ending Balance | $ 0 | $ 0 | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |||
Operating Loss Carryforwards | 44,716 | ||
Tax Credit Carryforward, Amount | $ 2,239 | ||
Open Tax Year | 2002 2005 2006 2007 2011 2012 2013 2014 2015 | ||
Foreign Tax Authority [Member] | |||
Deferred Tax Assets, Valuation Allowance, Total | 0 | ||
Open Tax Year | 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 | ||
Foreign Tax Authority [Member] | Her Majesty's Revenue and Customs (HMRC) [Member] | |||
Operating Loss Carryforwards | $ 11,000 | ||
State and Local Jurisdiction [Member] | |||
Open Tax Year | 2002 2005 2006 2007 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 |
Note 8 - Operating Leases (Deta
Note 8 - Operating Leases (Details Textual) | Mar. 31, 2022 |
Minimum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Year) | 1 year |
Maximum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Year) | 10 years |
Note 8 - Operating Leases - Lea
Note 8 - Operating Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating lease cost | $ 233 | $ 187 |
Variable lease cost | 24 | 19 |
Total lease cost | $ 257 | $ 206 |
Note 8 - Operating Leases - Sup
Note 8 - Operating Leases - Supplement Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating cash flows from operating leases | $ 227 | $ 181 |
Right-of-use assets obtained in exchange for lease liabilities: | $ 0 | $ 0 |
Note 8 - Operating Leases - S_2
Note 8 - Operating Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Weighted-average remaining lease term (years) (Year) | 4 years 4 months 24 days | 4 years 6 months |
Weighted-average discount rate | 4.50% | 4.50% |
Other Noncurrent Assets [Member] | ||
Operating lease right-of-use asset | $ 2,401 | $ 2,581 |
Accrued Expenses and Other Current Liabilities [Member] | ||
Current operating lease liability | 869 | 867 |
Other Noncurrent Liabilities [Member] | ||
Operating lease liability, net of current portion | 1,558 | 1,743 |
Accrued Expenses and Other Current Liabilites and Other Noncurrent Liabilities [Member] | ||
Total operating lease liability | $ 2,427 | $ 2,610 |
Note 8 - Operating Leases - Fut
Note 8 - Operating Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
2022 | $ 664 | |
2023 | 897 | |
2024 | 464 | |
2025 | 140 | |
2026 | 142 | |
2027 | 142 | |
Thereafter | 288 | |
Total lease payments | 2,737 | |
Less: Imputed interest | (310) | |
Accrued Expenses and Other Current Liabilites and Other Noncurrent Liabilities [Member] | ||
Operating Lease, Liability, Total | $ 2,427 | $ 2,610 |
Note 9 - Commitments and Cont_3
Note 9 - Commitments and Contingencies (Details Textual) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Capital Addition Purchase Commitments [Member] | |
Long-Term Purchase Commitment, Amount | $ 953 |
Note 9 - Commitments and Cont_4
Note 9 - Commitments and Contingencies - Changes in Produce Warranty Liability (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accrued warranty obligations – beginning | $ 133 | $ 149 |
Accruals for warranties issued | 18 | 45 |
Settlements made | (31) | (23) |
Accrued warranty obligations – ending | $ 120 | $ 171 |
Note 11 - Business Segment In_3
Note 11 - Business Segment Information (Details Textual) | 3 Months Ended |
Mar. 31, 2022 | |
Number of Operating Segments | 2 |
Note 11 - Business Segment In_4
Note 11 - Business Segment Information - Segment Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues | $ 30,373 | $ 25,973 |
Segment contribution | (295) | 952 |
Other expense | (117) | (56) |
Tax benefit | 251 | (217) |
Non-controlling interest | (7) | (8) |
Net loss attributable to Ultralife | (168) | 671 |
Battery & Energy Products Segment [Member] | ||
Revenues | 29,150 | 22,111 |
Segment contribution | 6,721 | 5,436 |
Communications Systems Segment [Member] | ||
Revenues | 1,223 | 3,862 |
Segment contribution | 237 | 1,542 |
Corporate Segment [Member] | ||
Segment contribution | (7,253) | (6,026) |
Other expense | (117) | (56) |
Tax benefit | 251 | (217) |
Non-controlling interest | $ (7) | $ (8) |
Note 11 - Business Segment In_5
Note 11 - Business Segment Information - Revenue by Business Segment Sector (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Revenues | [1] | $ 30,373 | $ 25,973 |
Commercial [Member] | |||
Revenues | $ 23,260 | $ 14,345 | |
Revenue, percentage | 77.00% | 55.00% | |
Government & Defense [Member] | |||
Revenues | $ 7,113 | $ 11,628 | |
Revenue, percentage | 23.00% | 45.00% | |
Battery & Energy Products Segment [Member] | |||
Revenues | [1] | $ 29,150 | $ 22,111 |
Battery & Energy Products Segment [Member] | Commercial [Member] | |||
Revenues | 23,260 | 14,345 | |
Battery & Energy Products Segment [Member] | Government & Defense [Member] | |||
Revenues | 5,890 | 7,766 | |
Communications Systems Segment [Member] | |||
Revenues | [1] | 1,223 | 3,862 |
Communications Systems Segment [Member] | Commercial [Member] | |||
Revenues | 0 | 0 | |
Communications Systems Segment [Member] | Government & Defense [Member] | |||
Revenues | $ 1,223 | $ 3,862 | |
[1] | Sales classified to U.S. include shipments to U.S.-based prime contractors which in some cases may serve non-U.S. projects. |
Note 11 - Business Segment In_6
Note 11 - Business Segment Information - Domestic and International Revenue by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Revenues | [1] | $ 30,373 | $ 25,973 |
UNITED STATES | |||
Revenues | [1] | $ 15,692 | $ 14,058 |
Revenue, percentage | [1] | 52.00% | 54.00% |
Non-US [Member] | |||
Revenues | [1] | $ 14,681 | $ 11,915 |
Revenue, percentage | [1] | 48.00% | 46.00% |
Battery & Energy Products Segment [Member] | |||
Revenues | [1] | $ 29,150 | $ 22,111 |
Battery & Energy Products Segment [Member] | UNITED STATES | |||
Revenues | [1] | 14,540 | 12,590 |
Battery & Energy Products Segment [Member] | Non-US [Member] | |||
Revenues | [1] | 14,610 | 9,521 |
Communications Systems Segment [Member] | |||
Revenues | [1] | 1,223 | 3,862 |
Communications Systems Segment [Member] | UNITED STATES | |||
Revenues | [1] | 1,152 | 1,468 |
Communications Systems Segment [Member] | Non-US [Member] | |||
Revenues | [1] | $ 71 | $ 2,394 |
[1] | Sales classified to U.S. include shipments to U.S.-based prime contractors which in some cases may serve non-U.S. projects. |