Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 24, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000875657 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 0-20852 | |
Entity Registrant Name | ULTRALIFE CORPORATION | |
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, $0.10 par value per share | |
Trading Symbol | ULBI | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 16,133,618 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash | $ 5,051 | $ 8,413 |
Trade accounts receivable, net of allowance for doubtful accounts of $XX and $346, respectively | 26,876 | 20,232 |
Inventories, net | 40,769 | 33,189 |
Prepaid expenses and other current assets | 6,241 | 4,690 |
Total current assets | 78,937 | 66,524 |
Property, plant and equipment, net | 21,898 | 23,205 |
Goodwill | 37,066 | 38,068 |
Other intangible assets, net | 16,095 | 17,390 |
Deferred income taxes, net | 11,963 | 11,472 |
Other noncurrent assets | 1,981 | 2,879 |
Total assets | 167,940 | 159,538 |
Current liabilities: | ||
Accounts payable | 15,827 | 9,823 |
Current portion of long-term debt | 2,000 | 2,000 |
Accrued compensation and related benefits | 2,000 | 1,842 |
Accrued expenses and other current liabilities | 8,254 | 5,259 |
Total current liabilities | 28,081 | 18,924 |
Long-term debt, net | 20,874 | 18,857 |
Deferred income taxes | 1,996 | 2,254 |
Other noncurrent liabilities | 1,673 | 1,760 |
Total liabilities | 52,624 | 41,795 |
Commitments and contingencies | ||
Stockholders’ 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 – 20,568,210 shares at September 30, 2022 and 20,522,427 shares at December 31, 2021; outstanding – 16,133,618 shares at September 30, 2022 and 16,089,832 shares at December 31, 2021 | 2,057 | 2,052 |
Capital in excess of par value | 187,181 | 186,518 |
Accumulated deficit | (47,727) | (47,832) |
Accumulated other comprehensive loss | (4,842) | (1,653) |
Treasury stock - at cost; 4,434,592 shares at September 30, 2022 and 4,432,595 shares at December 31, 2021 | 21,480 | 21,469 |
Total Ultralife Corporation equity | 115,189 | 117,616 |
Non-controlling interest | 127 | 127 |
Total stockholders’ equity | 115,316 | 117,743 |
Total liabilities and stockholders’ equity | $ 167,940 | $ 159,538 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited)-parentheticals (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Trade accounts receivable, allowance for doubtful accounts | $ 0 | $ 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) | 20,568,210 | 20,522,427 |
Common stock, shares outstanding (in shares) | 16,133,618 | 16,089,832 |
Treasury stock, shares (in shares) | 4,434,592 | 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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues | $ 33,234 | $ 21,761 | $ 95,733 | $ 74,504 |
Cost of products sold | 26,519 | 16,653 | 74,414 | 55,151 |
Gross profit | 6,715 | 5,108 | 21,319 | 19,353 |
Operating expenses: | ||||
Research and development | 1,896 | 1,723 | 5,425 | 5,223 |
Selling, general and administrative | 5,405 | 4,164 | 15,982 | 12,866 |
Total operating expenses | 7,301 | 5,887 | 21,407 | 18,089 |
Operating (loss) income | (586) | (779) | (88) | 1,264 |
Other (income) expense: | ||||
Interest and financing expense | 272 | 53 | 583 | 164 |
Miscellaneous | 526 | 54 | 605 | 88 |
Total other (income) expense | 254 | 1 | 22 | (76) |
(Loss) income before income taxes | (332) | (778) | (66) | 1,188 |
Income tax (benefit) provision | (90) | (175) | (171) | 290 |
Net (loss) income | (242) | (603) | 105 | 898 |
Net (loss) income attributable to non-controlling interest | (3) | (18) | 0 | 1 |
Net (loss) income attributable to Ultralife Corporation | (239) | (585) | 105 | 897 |
Other comprehensive loss: | ||||
Foreign currency translation adjustments | (1,691) | (233) | (3,189) | (37) |
Comprehensive (loss) income attributable to Ultralife Corporation | $ (1,930) | $ (818) | $ (3,084) | $ 860 |
Net (loss) income per share attributable to Ultralife common stockholders – basic (in dollars per share) | $ 0.03 | $ 0.05 | $ 0.02 | $ 0.09 |
Net (loss) income per share attributable to Ultralife common stockholders – diluted (in dollars per share) | $ 0.03 | $ 0.05 | $ 0.02 | $ 0.09 |
Weighted average shares outstanding – basic (in shares) | 16,133 | 16,065 | 16,122 | 16,020 |
Potential common shares (in shares) | 0 | 0 | 22 | 180 |
Weighted average shares outstanding - diluted (in shares) | 16,133 | 16,065 | 16,144 | 16,200 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
OPERATING ACTIVITIES: | ||
Net income | $ 105 | $ 898 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Depreciation | 2,450 | 2,160 |
Amortization of intangible assets | 969 | 458 |
Amortization of financing fees | 25 | 78 |
Stock-based compensation | 552 | 512 |
Deferred income taxes | (683) | 127 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (7,433) | 4,814 |
Inventories | (8,714) | 17 |
Prepaid expenses and other assets | (1,004) | 775 |
Accounts payable and other liabilities | 9,906 | (1,377) |
Net cash (used in) provided by operating activities | (3,827) | 8,462 |
INVESTING ACTIVITIES: | ||
Purchases of property, plant and equipment | (1,396) | (2,324) |
Net cash used in investing activities | (1,396) | (2,324) |
FINANCING ACTIVITIES: | ||
Borrowings on revolving credit facility | 3,350 | 0 |
Payments on term loan facility | (1,333) | (1,186) |
Proceeds from exercise of stock options | 116 | 398 |
Payment of debt issuance costs | (25) | |
Tax withholdings on stock-based awards | (11) | (148) |
Net cash provided by (used in) financing activities | 2,097 | (936) |
Effect of exchange rate changes on cash | (236) | (2) |
(DECREASE) INCREASE IN CASH | (3,362) | 5,200 |
Cash, Beginning of period | 8,413 | 10,653 |
Cash, End of period | $ 5,051 | $ 15,853 |
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 income | 897 | 1 | 898 | ||||
Stock option exercises (in shares) | 127,324 | ||||||
Stock option exercises | $ 13 | 385 | (133) | 265 | |||
Stock-based compensation – stock options | 468 | 468 | |||||
Stock-based compensation -restricted stock | 44 | 44 | |||||
Vesting of restricted stock (in shares) | 12,501 | ||||||
Vesting of restricted stock | $ 1 | (1) | (15) | (15) | |||
Foreign currency translation adjustments | (37) | (37) | |||||
Balance (in shares) at Sep. 30, 2021 | 20,513,344 | ||||||
Balance at Sep. 30, 2021 | $ 2,051 | 186,360 | (1,819) | (46,701) | (21,469) | 124 | 118,546 |
Balance (in shares) at Jun. 30, 2021 | 20,474,676 | ||||||
Balance at Jun. 30, 2021 | $ 2,047 | 186,138 | (1,586) | (46,116) | (21,388) | 142 | 119,237 |
Net income | (585) | (18) | (603) | ||||
Stock option exercises (in shares) | 38,668 | ||||||
Stock option exercises | $ 4 | 80 | (81) | 3 | |||
Stock-based compensation – stock options | 131 | 131 | |||||
Stock-based compensation -restricted stock | 11 | 11 | |||||
Foreign currency translation adjustments | (233) | (233) | |||||
Balance (in shares) at Sep. 30, 2021 | 20,513,344 | ||||||
Balance at Sep. 30, 2021 | $ 2,051 | 186,360 | (1,819) | (46,701) | (21,469) | 124 | $ 118,546 |
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 income | 105 | 0 | $ 105 | ||||
Stock option exercises (in shares) | 39,119 | 59,500 | |||||
Stock option exercises | $ 4 | 112 | (7) | $ 109 | |||
Stock-based compensation – stock options | 538 | 538 | |||||
Stock-based compensation -restricted stock | 14 | 14 | |||||
Vesting of restricted stock (in shares) | 6,664 | ||||||
Vesting of restricted stock | $ 1 | (1) | (4) | (4) | |||
Foreign currency translation adjustments | (3,189) | $ (3,189) | |||||
Balance (in shares) at Sep. 30, 2022 | 20,568,210 | 16,133,618 | |||||
Balance at Sep. 30, 2022 | $ 2,057 | 187,181 | (4,842) | (47,727) | (21,480) | 127 | $ 115,316 |
Balance (in shares) at Jun. 30, 2022 | 20,567,460 | ||||||
Balance at Jun. 30, 2022 | $ 2,057 | 186,999 | (3,151) | (47,488) | (21,480) | 130 | 117,067 |
Net income | (239) | (3) | (242) | ||||
Stock option exercises (in shares) | 750,000 | ||||||
Stock option exercises | $ 0 | 3 | 0 | 3 | |||
Stock-based compensation – stock options | 176 | 176 | |||||
Stock-based compensation -restricted stock | 3 | 3 | |||||
Vesting of restricted stock (in shares) | 0 | ||||||
Vesting of restricted stock | $ 0 | 0 | 0 | 0 | |||
Foreign currency translation adjustments | (1,691) | $ (1,691) | |||||
Balance (in shares) at Sep. 30, 2022 | 20,568,210 | 16,133,618 | |||||
Balance at Sep. 30, 2022 | $ 2,057 | $ 187,181 | $ (4,842) | $ (47,727) | $ (21,480) | $ 127 | $ 115,316 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 30, 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 of Regulation S-X. Accordingly, they do not include all the information and notes for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals and adjustments) considered necessary for a fair presentation of the consolidated financial statements have been included. Results for interim periods should not be considered indicative of results to be expected for a full year. Reference should be made to the consolidated financial statements and related notes thereto contained in our Form 10-K for the year ended December 31, 2021. The December 31, 2021 consolidated balance sheet information referenced herein was derived from audited financial statements but does not include all disclosures required by GAAP. Certain items previously reported in specific financial statement captions have been reclassified to conform to the current presentation. Significant Accounting Policies We regularly review of our accounting policies and make modifications as necessary to align with new accounting standards and changing business conditions. Accordingly, the accounting policies below have been updated during the current year. Reference should be made to Note 1 to the consolidated financial statements in our 2021 Annual Report on Form 10-K for all other of the Company’s significant accounting policies. 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 further obligations by the Company. Revenue is measured as the amount of consideration we expect to receive in exchange for shipped product. Sales, value-added and other taxes billed and collected from customers are excluded from revenue. Customers, including distributors, do not have a general right of return. Separately priced extended warranty contracts are offered on certain products. Extended warranties are treated as separate performance obligations and recognized to revenue evenly over the term of the respective contract. Revenue not yet recognized on extended warranty contracts is recorded as deferred revenue on the consolidated balance sheet. For customer contracts with an original expected duration of less than one year, we apply the practical expedient with respect to disclosure of the deferral and future expected timing of revenue recognition for transaction price allocated to remaining performance obligations. Warranties: We generally offer standard warranties against product defects. We also offer separately priced extended warranty contracts on certain products. Warranty costs expected to be incurred are estimated based on the Company’s experience and recorded as costs of products sold. Standard warranty costs are recognized upon product sale. Extended warranty costs are recognized over the term of the contract. Provision for warranty costs is recorded in accrued expenses and other current liabilities and other noncurrent liabilities on our consolidated balance sheet based on the duration of the warranty. Recent Accounting Guidance Not Yet Adopted In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326) – Measurement of Credit Losses on Financial Instruments”, which requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost. This guidance is effective for the Company for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. The Company is currently assessing the impact that adopting this new accounting standard will have on our consolidated financial statements. |
Note 2 - Acquisition
Note 2 - Acquisition | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 2. ACQUISITION On December 13, 2021, the Company acquired all the outstanding shares of Excell (as defined below) for an aggregate net purchase price of $23,519 in cash. On December 13, 2021, 1336889 B.C. Unlimited Liability Company, a British Columbia unlimited liability company and wholly-owned subsidiary of Ultralife Canada Holding Corp., a Delaware corporation (“UCHC”) and wholly-owned subsidiary of Ultralife Excell Holding Corp., a Delaware corporation (“UEHC”) and wholly-owned subsidiary of Ultralife Corporation, completed the acquisition of all issued and outstanding shares of Excell Battery Canada Inc., a British Columbia corporation (“Excell Canada”) (the “Excell Canada Acquisition”), and, concurrently, 1336902 B.C. Unlimited Liability Company, a British Columbia unlimited liability company and wholly-owned subsidiary of UCHC, completed the acquisition of all issued and outstanding shares of 656700 B.C. LTD, a British Columbia corporation and sole owner of all issued and outstanding shares of Excell Battery Corporation USA, a Texas corporation (“Excell USA”, and together with Excell Canada, “Excell Battery Group” or “Excell”) (the “Excell USA Acquisition”, and together with the Excell Canada Acquisition, the “Excell Acquisition”). 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 (the “Excell Canada Acquisition Agreement”) by and among 1336889 B.C. Unlimited Liability Company, Mark Kroeker, Randolph Peters, Brian Larsen, M. & W. Holdings Ltd., Karen Kroeker, Heather Peterson, Michael Kroeker, Nicholas Kroeker, Brentley Peters, Craig Peters, Kurtis Peters, Heather Larsen, Ian Kane, Carol Peters, and 0835205 B.C. LTD (the “Excell Canada Sellers”), Mark Kroeker in his capacity as the Excell Canada Sellers’ Representative, and Excell Canada. The Excell USA Acquisition was completed pursuant to a Share Purchase Agreement dated December 13, 2021 (the “Excell USA Acquisition Agreement”, and together with the Excell Canada Acquisition Agreement, the “Excell Acquisition Agreements”) by and among 1336902 B.C. Unlimited Liability Company, M. & W. Holdings Ltd., Ian Kane, Sanford Capital Ltd., Arcee Enterprises Inc., and 0835205 B.C. Ltd. (the “Excell USA Sellers”, and together with the Excell Canada Sellers, the “Sellers”), Mark Kroeker in his capacity as the Excell USA Sellers’ Representative, and 656700 B.C. LTD. The Excell Acquisition Agreements contain customary terms and conditions including representations, warranties and indemnification provisions. A portion of the consideration paid to the Sellers is being held in escrow for indemnification purposes for a period of twelve months from the closing date. 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, Business Combinations (“ASC 805”). Accordingly, the purchase price was allocated to the tangible and intangible assets acquired and the liabilities assumed based on their estimated fair values on the acquisition date. The excess of the purchase price over the estimated fair value of the separately identifiable assets acquired and liabilities assumed was allocated to goodwill. Management is responsible for determining the acquisition date fair value of the assets acquired and liabilities assumed, which requires the use of various assumptions and judgments that are inherently subjective. The purchase price allocation presented below reflects all known information about the fair value of the assets acquired and liabilities assumed as of the acquisition date. The purchase price allocation is subject to change should additional information existing as of the acquisition date about the fair value of the assets acquired and liabilities assumed becomes known. The final purchase price allocation may reflect material changes in the valuation of assets acquired and liabilities assumed, including but not limited to intangible assets, fixed assets, deferred taxes, and residual goodwill. 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 nine-month period ended September 30, 2022 to reflect a change in the estimated fair value of certain other intangible assets acquired. The measurement period adjustment resulted in a $40 increase in other intangible assets acquired, a $10 increase in deferred tax liabilities and a $30 decrease to goodwill. The adjusted purchase price allocation is reflected in the consolidated balance sheet as of September 30, 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 is expected to bring to the Company and the revenue growth expected to occur over time attributable to increased market penetration from future new products and customers. The goodwill acquired in connection with the acquisition is not deductible for income tax purposes. 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 Amortization Year Year Year Year Year 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 months ended September 30, 2022, Excell contributed revenue of $6,871 and net income of $ 398 1,112 |
Note 3 - Debt
Note 3 - Debt | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 3. DEBT On December 13, 2021, Ultralife, Southwest Electronic Energy Corporation, a Texas corporation (“SWE”), CLB, INC., a Texas corporation and wholly owned subsidiary of SWE (“CLB”), UEHC, UCHC and Excell USA, as borrowers, entered into the Second Amendment Agreement with KeyBank National Association (“KeyBank” or the “Bank”), as lender and administrative agent, to amend the Credit and Security Agreement dated May 31, 2017 as amended by the First Amendment Agreement by and among Ultralife, SWE, CLB and KeyBank dated May 1, 2019 (the “Credit Agreement”, and together with the Second Amendment Agreement, the “Amended Credit Agreement”). The Amended Credit Agreement, among other things, provides for a 5-year, $10,000 senior secured term loan (the “Term Loan Facility”) and extends the term of the $30,000 senior secured revolving credit facility (the “Revolving Credit Facility”, and together with the Term Loan Facility, the “Amended Credit Facilities”) through May 30, 2025. Up to six months prior to May 30, 2025, the Revolving Credit Facility may be increased to $50,000 with the Bank’s concurrence. As of September 30, 2022, the Company had $8,667 outstanding principal on the Term Loan Facility, $2,000 of which is included in current portion of long-term debt on the consolidated balance sheet, and $14,330 outstanding on the Revolving Credit Facility. As of September 30, 2022, total unamortized debt issuance costs of $123, including placement, renewal and legal fees associated with the Amended Credit Agreement, are classified as a reduction of long-term debt on the balance sheet. Debt issuance costs are amortized to interest expense over the term of the Amended Credit Facilities. 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, in arrears, together with applicable interest. All unpaid principal and accrued and unpaid interest with respect to the Term Loan Facility is due and payable in full on January 1, 2027. All unpaid principal and accrued and unpaid interest with respect to the Revolving Credit Facility is due and payable in full on May 30, 2025. The Company may voluntarily prepay principal amounts outstanding at any time subject to certain restrictions. 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 for the fiscal quarters ending December 31, 2022 and March 31, 2023, and equal to or less than 3.0 to 1.0 for the fiscal quarters ending June 30, 2023 and thereafter. 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 highest 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 be accelerated, and the Bank will have other customary remedies including resort to the security interest the Company provided to the Bank. |
Note 4 - Earnings Per Share
Note 4 - Earnings Per Share | 9 Months Ended |
Sep. 30, 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-month period ended September 30, 2022, there were no outstanding stock awards included in the calculation of diluted weighted average shares outstanding and no potential common shares included in the calculation of diluted EPS, as no securities were dilutive. There were 1,202,076 outstanding stock options and 5,000 restricted stock awards not included in the calculation of diluted EPS for the three-month period ended September 30, 2022, as the effect would be antidilutive. For the comparable three-month period ended September 30, 2021, there were no outstanding stock awards included in the calculation of diluted weighted average shares outstanding and no potential common shares included in the calculation of diluted EPS, as no securities were dilutive. There were 1,064,656 outstanding stock options and 14,164 restricted stock awards not included in the calculation of diluted EPS for the three-month period ended September 30, 2021, as the effect would be antidilutive. For the nine-month period ended September 30, 2022, there were 128,665 outstanding stock options and 5,000 outstanding restricted stock awards included in the calculation of diluted weighted average shares outstanding, as such securities were dilutive, resulting in 22,203 potential common shares included in the calculation of diluted EPS. For the comparable nine-month period ended September 30, 2021, there were 598,489 outstanding stock options and 14,164 outstanding restricted stock awards included in the calculation of diluted weighted average shares outstanding, as such securities were dilutive, resulting in 179,951 potential common shares included in the calculation of diluted EPS. There were 1,073,411 and 466,167 outstanding stock options not included in the calculation of diluted weighted average shares outstanding for the nine-month periods ended September 30, 2022 and September 30, 2021, respectively, as the effect would be antidilutive. |
Note 5 - Supplemental Balance S
Note 5 - Supplemental Balance Sheet Information | 9 Months Ended |
Sep. 30, 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 September 30, 2022 and December 31, 2021. The fair value of cash, accounts receivable, accounts payable, accrued liabilities, and the current portion of long-term debt approximates carrying value due to the short-term nature of these instruments. Cash The composition of the Company’s cash was as follows: September 30, December 31, 2022 2021 Cash $ 4,978 $ 8,329 Restricted cash 73 84 Total $ 5,051 $ 8,413 As of September 30, 2022 and December 31, 2021, restricted cash included $73and $ 84 Inventories, Net Inventories are stated at the lower of cost or net realizable value, net of obsolescence reserves, with cost determined under the first-in, first-out (FIFO) method. The composition of inventories, net was: September 30, December 31, 2022 2021 Raw materials $ 28,485 $ 21,660 Work in process 3,215 4,227 Finished goods 9,069 7,302 Total $ 40,769 $ 33,189 Property, Plant and Equipment, Net Major classes of property, plant and equipment consisted of the following: September 30, December 31, 2022 2021 Land $ 1,273 $ 1,273 Buildings and leasehold improvements 15,483 15,442 Machinery and equipment 63,724 63,780 Furniture and fixtures 2,787 2,588 Computer hardware and software 7,589 7,579 Construction in process 1,041 761 91,897 91,423 Less: Accumulated depreciation (69,999 ) (68,218 ) Property, plant and equipment, net $ 21,898 $ 23,205 Depreciation expense for property, plant and equipment was as follows: Three-month period ended Nine-month period ended September 30, September 30, September 30, September 30, 2022 2021 2022 2021 Depreciation expense $ 815 $ 700 $ 2,450 $ 2,160 Goodwill The following table summarizes the goodwill activity by segment for the nine-month period ended September 30, 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 (972 ) - (972 ) Balance – September 30, 2022 $ 25,573 $ 11,493 $ 37,066 (1) Change for measurement period adjustment related to Excell Acquisition (Note 2). Other Intangible Assets, Net The composition of other intangible assets was: at September 30, 2022 Accumulated Cost Amortization Net Customer relationships $ 12,781 $ 5,757 $ 7,024 Patents and technology 5,481 5,092 389 Trade names 4,601 475 4,126 Trademarks 3,401 - 3,401 Other 1,500 345 1,155 Total other intangible assets $ 27,764 $ 11,669 $ 16,095 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 to September 30, 2022 is a result of measurement period adjustments for the Excell Acquisition (Note 2) and the effect of foreign currency translations. Amortization expense for other intangible assets was as follows: Three-month period ended Nine-month period ended September 30, September 30, September 30, September 30, 2022 2021 2022 2021 Amortization included in: Research and development $ 23 $ 27 $ 74 $ 93 Selling, general and administrative 295 121 895 365 Total amortization expense $ 318 $ 148 $ 969 $ 458 |
Note 6 - Stock-based Compensati
Note 6 - Stock-based Compensation | 9 Months Ended |
Sep. 30, 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 Nine-month period ended September 30, September 30, September 30, September 30, 2022 2021 2022 2021 Stock options $ 176 $ 131 $ 538 $ 468 Restricted stock grants 3 11 14 44 Total $ 179 $ 142 $ 552 $ 512 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 September 30, 2022, there was $393 of total unrecognized compensation cost related to outstanding stock options, which is expected to be recognized over a weighted average period of 1.0 years. The following table summarizes stock option activity for the nine-month period ended September 30, 2022: Number of Weighted Weighted Aggregate Outstanding at January 1, 2022 1,306,824 $ 6.87 Granted 11,500 4.49 Exercised (59,500 ) 3.82 Forfeited or expired (56,748 ) 6.63 Outstanding at September 30, 2022 1,202,076 $ 7.01 3.81 $ 70 Vested and expected to vest at September 30, 2022 1,119,892 $ 7.04 3.67 $ 70 Exercisable at September 30, 2022 803,774 $ 7.22 2.82 $ 67 Cash received from stock option exercises under our stock-based compensation plans for the three-month periods ended September 30, 2022 and September 30, 2021 was $3 and $84, respectively. Cash received from stock option exercises under our stock-based compensation plans for the nine-month periods ended September 30, 2022 and September 30, 2021 was $116 and $398, respectively. Outstanding restricted shares vest in equal annual installments over three (3) |
Note 7 - Income Taxes
Note 7 - Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 7. INCOME TAXES Our effective tax rate for the nine-month periods ended September 30, 2022 and September 30, 2021 was 259.1% As of December 31, 2021, we have domestic net operating loss (“NOL”) carryforwards of $44,716, which expire 2022 thru 2037, and domestic tax credits of $2,239, which expire 2028 thru 2039, available to reduce future taxable income. As of September 30, 2022, management has concluded it is more likely than not that these domestic NOL and credit carryforwards will be fully utilized. As of September 30, 2022, for certain past operations in the U.K., we continue to report a valuation allowance for NOL carryforwards of approximately $10,000, nearly all of which can be carried forward indefinitely. Utilization of the net operating losses may be limited due to the change in the past U.K. operation and cannot currently be used to reduce taxable income at our other U.K. subsidiary, Accutronics Ltd. There are no other deferred tax assets related to the past U.K. operations. As of September 30, 2022, we have not As of September 30, 2022, the Company maintains its assertion that all foreign earnings will be indefinitely reinvested in those operations, other than earnings generated in the U.K. There were no 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, the Internal Revenue Service (“IRS”) completed its examination of the Company’s federal tax returns for 2016-2018 with no material adjustments identified. Our U.S. tax matters for 2019-2021 remain subject to IRS examination. Our U.S. tax matters for 2002 2002 2011 |
Note 8 - Operating Leases
Note 8 - Operating Leases | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 8. OPERATING LEASES The Company has operating leases predominantly for operating facilities. As of September 30, 2022, the remaining lease terms on our operating leases range from approximately one (1) (10) The components of lease expense for the current and prior-year comparative periods were as follows: Three months ended Nine months ended September September September September Operating lease cost $ 216 $ 188 $ 674 $ 564 Variable lease cost 22 25 69 57 Total lease cost $ 238 $ 213 $ 743 $ 621 Supplemental cash flow information related to leases was as follows: Nine-month period ended September September Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in operating leases $ 676 $ 550 Supplemental consolidated balance sheet information related to leases was as follows: Balance sheet classification September December Assets: Operating lease right-of-use asset Other noncurrent assets $ 1,861 $ 2,581 Liabilities: Current operating lease liability Accrued expenses and other current liabilities $ 824 $ 867 Operating lease liability, net of current portion Other noncurrent liabilities 1,064 1,743 Total operating lease liability $ 1,888 $ 2,610 Weighted-average remaining lease term (years) 4.2 4.5 Weighted-average discount rate 4.5 % 4.5 % Future minimum lease payments as of September 30, 2022 are as follows: Maturity of operating lease liabilities 2022 $ 212 2023 840 2024 430 2025 128 2026 129 2027 129 Thereafter 264 Total lease payments 2,132 Less: Imputed interest (244 ) Present value of remaining lease payments $ 1,888 |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 9. COMMITMENTS AND CONTINGENCIES Purchase Commitments As of September 30, 2022, we have made commitments to purchase approximately $624 of production machinery and equipment. Product Warranties We generally offer standard warranties against product defects. We also offer separately priced extended warranty contracts on certain products. Warranty costs expected to be incurred are estimated based on the Company’s experience and recorded as costs of products sold. Standard warranty costs are recognized upon product sale. Extended warranty costs are recognized over the term of the contract. Nine-month period ended September 30, 2022 2021 Accrued warranty obligations – beginning $ 133 $ 149 Accruals for warranties issued 247 123 Settlements made (94 ) (143 ) Accrued warranty obligations – ending $ 286 $ 129 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 have a material adverse effect on the Company’s financial position, results of operations or cash flows. However, recognizing that legal matters are subject to inherent uncertainties, there exists the possibility that ultimate resolution of these matters could have a material adverse impact on the Company’s financial position, results of operations or cash flows. We are not aware of any such situations at this time. |
Note 10 - Revenue Recognition
Note 10 - Revenue Recognition | 9 Months Ended |
Sep. 30, 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 further obligations by the Company. Revenue is measured as the amount of consideration we expect to receive in exchange for shipped product. Sales, value-added and other taxes billed and collected from customers are excluded from revenue. Customers, including distributors, do not have a general right of return. Separately priced extended warranty contracts are offered on certain Communications Systems products for a duration of up to eight (8) years. Extended warranties are treated as separate performance obligations and recognized to revenue evenly over the term of the respective contract. Revenue not yet recognized on extended warranty contracts is recorded as deferred revenue on the consolidated balance sheet. As of September 30, 2022, there was deferred revenue on extended warranty contracts of $592 in other noncurrent liabilities and $119 in accrued expenses and other current liabilities on our consolidated balance sheet. As of December 31, 2021, the Company had no |
Note 11 - Business Segment Info
Note 11 - Business Segment Information | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 11. BUSINESS SEGMENT INFORMATION We report our results in two Three-month period ended September 30, 2022: Battery & Communications Systems Corporate Total Revenues $ 28,583 $ 4,651 $ - $ 33,234 Segment contribution 5,345 1,370 (7,301 ) (586 ) Other income 254 254 Income tax benefit 90 90 Non-controlling interest 3 3 Net loss attributable to Ultralife $ (239 ) Three-month period ended September 30, 2021: Battery & Communications Systems Corporate Total Revenues $ 20,008 $ 1,753 $ - $ 21,761 Segment contribution 4,792 316 (5,887 ) (779 ) Other income 1 1 Income tax benefit 175 175 Non-controlling interest 18 18 Net loss attributable to Ultralife $ (585 ) Nine-month period ended September 30, 2022: Battery & Communications Corporate Total Revenues $ 87,873 $ 7,860 $ - $ 95,733 Segment contribution 19,217 2,102 (21,407 ) (88 ) Other income 22 22 Income tax benefit 171 171 Non-controlling interest - - Net income attributable to Ultralife $ 105 Nine-month period ended September 30, 2021: Battery & Communications Systems Corporate Total Revenues $ 64,994 $ 9,510 $ - $ 74,504 Segment contribution 16,244 3,109 (18,089 ) 1,264 Other expense (76 ) (76 ) Income tax provision (290 ) (290 ) Non-controlling interest (1 ) (1 ) Net income attributable to Ultralife $ 897 The following tables disaggregate our business segment revenues by major source and geography. Commercial and Government/Defense Revenue Information: Three-month period ended September 30, 2022: Total Revenue Commercial Government/ Defense Battery & Energy Products $ 28,583 $ 22,878 $ 5,705 Communications Systems 4,651 - 4,651 Total $ 33,234 $ 22,878 $ 10,356 69 % 31 % Three-month period ended September 30, 2021: Total Revenue Commercial Government/ Defense Battery & Energy Products $ 20,008 $ 16,579 $ 3,429 Communications Systems 1,753 - 1,753 Total $ 21,761 $ 16,579 $ 5,182 76 % 24 % Nine-month period ended September 30, 2022: Total Revenue Commercial Government/ Defense Battery & Energy Products $ 87,873 $ 70,154 $ 17,719 Communications Systems 7,860 - 7,860 Total $ 95,733 $ 70,154 $ 25,579 73 % 27 % Nine-month period ended September 30, 2021: Total Revenue Commercial Government/ Defense Battery & Energy Products $ 64,994 $ 46,935 $ 18,059 Communications Systems 9,510 - 9,510 Total $ 74,504 $ 46,935 $ 27,569 63 % 37 % U.S. and Non-U.S. Revenue Information 1 : Three-month period ended September 30, 2022: Total Revenue United Non-United Battery & Energy Products $ 28,583 $ 13,433 $ 15,150 Communications Systems 4,651 3,547 1,104 Total $ 33,234 $ 16,980 $ 16,254 51 % 49 % Three-month period ended September 30, 2021: Total Revenue United Non-United Battery & Energy Products $ 20,008 $ 7,941 $ 12,067 Communications Systems 1,753 1,249 504 Total $ 21,761 $ 9,190 $ 12,571 42 % 58 % Nine-month period ended September 30, 2022: Total Revenue United Non-United Battery & Energy Products $ 87,873 $ 41,303 $ 46,570 Communications Systems 7,860 6,609 1,251 Total $ 95,733 $ 47,912 $ 47,821 50 % 50 % Nine-month period ended September 30, 2021: Total Revenue United Non-United Battery & Energy Products $ 64,994 $ 32,344 $ 32,650 Communications Systems 9,510 4,670 4,840 Total $ 74,504 $ 37,014 $ 37,490 50 % 50 % 1 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Revenue [Policy Text Block] | Revenue Recognition: |
Guarantees, Indemnifications and Warranties Policies [Policy Text Block] | Warranties: |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Guidance Not Yet Adopted |
Note 2 - Acquisition (Tables)
Note 2 - Acquisition (Tables) | 9 Months Ended |
Sep. 30, 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 Amortization Year Year Year Year Year 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) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Cash, Cash Equivalents and Investments [Table Text Block] | September 30, December 31, 2022 2021 Cash $ 4,978 $ 8,329 Restricted cash 73 84 Total $ 5,051 $ 8,413 |
Schedule of Inventory, Current [Table Text Block] | September 30, December 31, 2022 2021 Raw materials $ 28,485 $ 21,660 Work in process 3,215 4,227 Finished goods 9,069 7,302 Total $ 40,769 $ 33,189 |
Property, Plant and Equipment [Table Text Block] | September 30, December 31, 2022 2021 Land $ 1,273 $ 1,273 Buildings and leasehold improvements 15,483 15,442 Machinery and equipment 63,724 63,780 Furniture and fixtures 2,787 2,588 Computer hardware and software 7,589 7,579 Construction in process 1,041 761 91,897 91,423 Less: Accumulated depreciation (69,999 ) (68,218 ) Property, plant and equipment, net $ 21,898 $ 23,205 Three-month period ended Nine-month period ended September 30, September 30, September 30, September 30, 2022 2021 2022 2021 Depreciation expense $ 815 $ 700 $ 2,450 $ 2,160 |
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 (972 ) - (972 ) Balance – September 30, 2022 $ 25,573 $ 11,493 $ 37,066 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | at September 30, 2022 Accumulated Cost Amortization Net Customer relationships $ 12,781 $ 5,757 $ 7,024 Patents and technology 5,481 5,092 389 Trade names 4,601 475 4,126 Trademarks 3,401 - 3,401 Other 1,500 345 1,155 Total other intangible assets $ 27,764 $ 11,669 $ 16,095 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 |
Finite-Lived Intangible Assets Amortization Expense [Table Text Block] | Three-month period ended Nine-month period ended September 30, September 30, September 30, September 30, 2022 2021 2022 2021 Amortization included in: Research and development $ 23 $ 27 $ 74 $ 93 Selling, general and administrative 295 121 895 365 Total amortization expense $ 318 $ 148 $ 969 $ 458 |
Note 6 - Stock-based Compensa_2
Note 6 - Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award [Table Text Block] | Three-month period ended Nine-month period ended September 30, September 30, September 30, September 30, 2022 2021 2022 2021 Stock options $ 176 $ 131 $ 538 $ 468 Restricted stock grants 3 11 14 44 Total $ 179 $ 142 $ 552 $ 512 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Number of Weighted Weighted Aggregate Outstanding at January 1, 2022 1,306,824 $ 6.87 Granted 11,500 4.49 Exercised (59,500 ) 3.82 Forfeited or expired (56,748 ) 6.63 Outstanding at September 30, 2022 1,202,076 $ 7.01 3.81 $ 70 Vested and expected to vest at September 30, 2022 1,119,892 $ 7.04 3.67 $ 70 Exercisable at September 30, 2022 803,774 $ 7.22 2.82 $ 67 |
Note 8 - Operating Leases (Tabl
Note 8 - Operating Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three months ended Nine months ended September September September September Operating lease cost $ 216 $ 188 $ 674 $ 564 Variable lease cost 22 25 69 57 Total lease cost $ 238 $ 213 $ 743 $ 621 |
Lessee, Lease, Cash Flow Information [Table Text Block] | Nine-month period ended September September Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in operating leases $ 676 $ 550 |
Lessee, Lease, Balance Sheet Information [Table Text Block] | Balance sheet classification September December Assets: Operating lease right-of-use asset Other noncurrent assets $ 1,861 $ 2,581 Liabilities: Current operating lease liability Accrued expenses and other current liabilities $ 824 $ 867 Operating lease liability, net of current portion Other noncurrent liabilities 1,064 1,743 Total operating lease liability $ 1,888 $ 2,610 Weighted-average remaining lease term (years) 4.2 4.5 Weighted-average discount rate 4.5 % 4.5 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Maturity of operating lease liabilities 2022 $ 212 2023 840 2024 430 2025 128 2026 129 2027 129 Thereafter 264 Total lease payments 2,132 Less: Imputed interest (244 ) Present value of remaining lease payments $ 1,888 |
Note 9 - Commitments and Cont_2
Note 9 - Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | Nine-month period ended September 30, 2022 2021 Accrued warranty obligations – beginning $ 133 $ 149 Accruals for warranties issued 247 123 Settlements made (94 ) (143 ) Accrued warranty obligations – ending $ 286 $ 129 |
Note 11 - Business Segment In_2
Note 11 - Business Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Battery & Communications Systems Corporate Total Revenues $ 28,583 $ 4,651 $ - $ 33,234 Segment contribution 5,345 1,370 (7,301 ) (586 ) Other income 254 254 Income tax benefit 90 90 Non-controlling interest 3 3 Net loss attributable to Ultralife $ (239 ) Battery & Communications Systems Corporate Total Revenues $ 20,008 $ 1,753 $ - $ 21,761 Segment contribution 4,792 316 (5,887 ) (779 ) Other income 1 1 Income tax benefit 175 175 Non-controlling interest 18 18 Net loss attributable to Ultralife $ (585 ) Battery & Communications Corporate Total Revenues $ 87,873 $ 7,860 $ - $ 95,733 Segment contribution 19,217 2,102 (21,407 ) (88 ) Other income 22 22 Income tax benefit 171 171 Non-controlling interest - - Net income attributable to Ultralife $ 105 Battery & Communications Systems Corporate Total Revenues $ 64,994 $ 9,510 $ - $ 74,504 Segment contribution 16,244 3,109 (18,089 ) 1,264 Other expense (76 ) (76 ) Income tax provision (290 ) (290 ) Non-controlling interest (1 ) (1 ) Net income attributable to Ultralife $ 897 |
Schedule of Revenues from External Customers by Business Segment Sector [Table Text Block] | Total Revenue Commercial Government/ Defense Battery & Energy Products $ 28,583 $ 22,878 $ 5,705 Communications Systems 4,651 - 4,651 Total $ 33,234 $ 22,878 $ 10,356 69 % 31 % Total Revenue Commercial Government/ Defense Battery & Energy Products $ 20,008 $ 16,579 $ 3,429 Communications Systems 1,753 - 1,753 Total $ 21,761 $ 16,579 $ 5,182 76 % 24 % Total Revenue Commercial Government/ Defense Battery & Energy Products $ 87,873 $ 70,154 $ 17,719 Communications Systems 7,860 - 7,860 Total $ 95,733 $ 70,154 $ 25,579 73 % 27 % Total Revenue Commercial Government/ Defense Battery & Energy Products $ 64,994 $ 46,935 $ 18,059 Communications Systems 9,510 - 9,510 Total $ 74,504 $ 46,935 $ 27,569 63 % 37 % |
Revenue from External Customers by Geographic Areas [Table Text Block] | Total Revenue United Non-United Battery & Energy Products $ 28,583 $ 13,433 $ 15,150 Communications Systems 4,651 3,547 1,104 Total $ 33,234 $ 16,980 $ 16,254 51 % 49 % Total Revenue United Non-United Battery & Energy Products $ 20,008 $ 7,941 $ 12,067 Communications Systems 1,753 1,249 504 Total $ 21,761 $ 9,190 $ 12,571 42 % 58 % Total Revenue United Non-United Battery & Energy Products $ 87,873 $ 41,303 $ 46,570 Communications Systems 7,860 6,609 1,251 Total $ 95,733 $ 47,912 $ 47,821 50 % 50 % Total Revenue United Non-United Battery & Energy Products $ 64,994 $ 32,344 $ 32,650 Communications Systems 9,510 4,670 4,840 Total $ 74,504 $ 37,014 $ 37,490 50 % 50 % |
Note 2 - Acquisition (Details T
Note 2 - Acquisition (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Dec. 13, 2021 | Sep. 30, 2022 | Sep. 30, 2022 | |
Goodwill, Purchase Accounting Adjustments | $ (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 | 960 | |
Operating Lease, Liability, Total | 960 | 960 | |
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 6,871 | 19,898 | |
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 320 | 714 | |
Business Acquisition, Amortization Expense | $ 181 | 545 | |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory | $ 55 |
Note 2 - Acquisition - Assets A
Note 2 - Acquisition - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Goodwill | $ 37,066 | $ 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 | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Finite-lived, estimated fair value | $ 8,870 |
Year 1 | 726 |
Year 2 | 366 |
Year 3 | 366 |
Year 4 | 366 |
Year 5 | 366 |
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] | |
Finite-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 |
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, 2021 USD ($) | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 USD ($) |
Debt Issuance Costs, Gross | $ 123 | ||||
Term Loan Facility [Member] | Long-term Debt, Current Maturities [Member] | |||||
Secured Debt, Total | 2,000 | ||||
Revolving Credit Facility [Member] | |||||
Secured Debt, Total | 8,667 | ||||
Long-Term Line of Credit, Total | $ 14,330 | ||||
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% | ||||
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% | ||||
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 | 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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Dilutive Securities Included in Computation of Earnings Per Share Amount Stock Option | 128,665 | 598,489 | ||
Dilutive Securities Included in Computation of Earnings Per Share Amount Restricted Stock | 5,000 | 14,164 | ||
Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements | 22,203 | 179,951 | ||
Share-Based Payment Arrangement, Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,202,076 | 1,064,656 | 1,073,411 | 466,167 |
Restricted Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 5,000 | 14,164 |
Note 5 - Supplemental Balance_3
Note 5 - Supplemental Balance Sheet Information (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Restricted Cash and Cash Equivalents, Total | $ 73 | $ 84 |
NETHERLANDS | ||
Restricted Cash and Cash Equivalents, Total | $ 73 | $ 84 |
Note 5 - Supplemental Balance_4
Note 5 - Supplemental Balance Sheet Information - Cash and Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Cash | $ 4,978 | $ 8,329 | ||
Restricted cash | 73 | 84 | ||
Total | $ 5,051 | $ 8,413 | $ 15,853 | $ 10,653 |
Note 5 - Supplemental Balance_5
Note 5 - Supplemental Balance Sheet Information - Components of Inventory (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Raw materials | $ 28,485 | $ 21,660 |
Work in process | 3,215 | 4,227 |
Finished goods | 9,069 | 7,302 |
Total | $ 40,769 | $ 33,189 |
Note 5 - Supplemental Balance_6
Note 5 - Supplemental Balance Sheet Information - Components of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Property, plant, and equipment, gross | $ 91,897 | $ 91,897 | $ 91,423 | ||
Depreciation | 815 | $ 700 | 2,450 | $ 2,160 | |
Less: Accumulated depreciation | (69,999) | (69,999) | (68,218) | ||
Property, plant and equipment, net | 21,898 | 21,898 | 23,205 | ||
Land [Member] | |||||
Property, plant, and equipment, gross | 1,273 | 1,273 | 1,273 | ||
Building and Building Improvements [Member] | |||||
Property, plant, and equipment, gross | 15,483 | 15,483 | 15,442 | ||
Machinery and Equipment [Member] | |||||
Property, plant, and equipment, gross | 63,724 | 63,724 | 63,780 | ||
Furniture and Fixtures [Member] | |||||
Property, plant, and equipment, gross | 2,787 | 2,787 | 2,588 | ||
Computer Equipment [Member] | |||||
Property, plant, and equipment, gross | 7,589 | 7,589 | 7,579 | ||
Construction in Progress [Member] | |||||
Property, plant, and equipment, gross | $ 1,041 | $ 1,041 | $ 761 |
Note 5 - Supplemental Balance_7
Note 5 - Supplemental Balance Sheet Information - Summary of Goodwill (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Balance | $ 38,068 |
Measurement period adjustment (1) | (30) |
Effect of foreign currency translation | (972) |
Balance | 37,066 |
Battery & Energy Products Segment [Member] | |
Balance | 26,575 |
Measurement period adjustment (1) | (30) |
Effect of foreign currency translation | (972) |
Balance | 25,573 |
Communications Systems Segment [Member] | |
Balance | 11,493 |
Measurement period adjustment (1) | 0 |
Effect of foreign currency translation | 0 |
Balance | $ 11,493 |
Note 5 - Supplemental Balance_8
Note 5 - Supplemental Balance Sheet Information - Composition of Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Cost | $ 27,764 | $ 28,454 |
Accumulated Amortization | 11,669 | 11,064 |
Net | 16,095 | 17,390 |
Customer Relationships [Member] | ||
Cost | 12,781 | 13,214 |
Accumulated Amortization | 5,757 | 5,484 |
Net | 7,024 | 7,730 |
Patented Technology [Member] | ||
Cost | 5,481 | 5,667 |
Accumulated Amortization | 5,092 | 5,126 |
Net | 389 | 541 |
Trade Names [Member] | ||
Cost | 4,601 | 4,670 |
Accumulated Amortization | 475 | 436 |
Net | 4,126 | 4,234 |
Trademarks [Member] | ||
Cost | 3,401 | 3,413 |
Accumulated Amortization | 0 | 0 |
Net | 3,401 | 3,413 |
Other Intangible Assets [Member] | ||
Cost | 1,500 | 1,490 |
Accumulated Amortization | 345 | 18 |
Net | $ 1,155 | $ 1,472 |
Note 5 - Supplemental Balance_9
Note 5 - Supplemental Balance Sheet Information - Amortization of Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Amortization of intangible assets | $ 318 | $ 148 | $ 969 | $ 458 |
Research and Development Expense [Member] | ||||
Amortization of intangible assets | 23 | 27 | 74 | 93 |
Selling, General and Administrative Expenses [Member] | ||||
Amortization of intangible assets | $ 295 | $ 121 | $ 895 | $ 365 |
Note 6 - Stock-based Compensa_3
Note 6 - Stock-based Compensation (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Proceeds from Stock Options Exercised | $ 3 | $ 84 | $ 116 | $ 398 |
Share-Based Payment Arrangement, Option [Member] | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 393 | $ 393 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year | |||
Restricted Stock [Member] | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 4 | $ 4 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 1 month 6 days | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 5,000 | 5,000 | ||
Restricted Stock [Member] | The 2014 Long-term Incentive Plan [Member] | ||||
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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-based payment expense | $ 179 | $ 142 | $ 552 | $ 512 |
Share-Based Payment Arrangement, Option [Member] | ||||
Share-based payment expense | 176 | 131 | 538 | 468 |
Restricted Stock [Member] | ||||
Share-based payment expense | $ 3 | $ 11 | $ 14 | $ 44 |
Note 6 - Stock-based Compensa_5
Note 6 - Stock-based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2022 | |
Outstanding, shares (in shares) | 1,306,824 |
Outstanding, weighted average exercise price (in dollars per share) | $ 6.87 |
Granted, shares (in shares) | 11,500 |
Granted, weighted average exercise price (in dollars per share) | $ 4.49 |
Exercised, shares (in shares) | (59,500) |
Exercised, weighted average exercise price (in dollars per share) | $ 3.82 |
Forfeited or expired, shares (in shares) | (56,748) |
Forfeited or expired, weighted average exercise price (in dollars per share) | $ 6.63 |
Outstanding, shares (in shares) | 1,202,076 |
Outstanding, weighted average exercise price (in dollars per share) | $ 7.01 |
Outstanding, weighted average remaining contractual term (Year) | 3 years 9 months 21 days |
Outstanding, aggregate intrinsic value | $ 70 |
Vested and expected to vest, shares (in shares) | 1,119,892 |
Vested and expected, weighted average exercise price (in dollars per share) | $ 7.04 |
Vested and expected to vest, weighted average remaining contractual term (Year) | 3 years 8 months 1 day |
Vested and expected to vest, aggregate intrinsic value | $ 70 |
Exercisable, shares (in shares) | 803,774 |
Exercisable, weighted average exercise price (in dollars per share) | $ 7.22 |
Exercisable, weighted average remaining contractual term (Year) | 2 years 9 months 25 days |
Exercisable, aggregate intrinsic value | $ 67 |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 30.50% | 24.40% | |
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 | $ 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 | $ 10,000 | ||
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) | Sep. 30, 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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Operating lease cost | $ 216 | $ 188 | $ 674 | $ 564 |
Variable lease cost | 22 | 25 | 69 | 57 |
Total lease cost | $ 238 | $ 213 | $ 743 | $ 621 |
Note 8 - Operating Leases - Sup
Note 8 - Operating Leases - Supplement Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Operating cash flows used in operating leases | $ 676 | $ 550 |
Note 8 - Operating Leases - S_2
Note 8 - Operating Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Weighted-average remaining lease term (years) (Year) | 4 years 2 months 12 days | 4 years 6 months |
Weighted-average discount rate | 4.50% | 4.50% |
Other Noncurrent Assets [Member] | ||
Operating lease right-of-use asset | $ 1,861 | $ 2,581 |
Accrued Expenses and Other Current Liabilities [Member] | ||
Current operating lease liability | 824 | 867 |
Other Noncurrent Liabilities [Member] | ||
Operating lease liability, net of current portion | 1,064 | 1,743 |
Accrued Expenses and Other Current Liabilites and Other Noncurrent Liabilities [Member] | ||
Total operating lease liability | $ 1,888 | $ 2,610 |
Note 8 - Operating Leases - Fut
Note 8 - Operating Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
2022 | $ 212 | |
2023 | 840 | |
2024 | 430 | |
2025 | 128 | |
2026 | 129 | |
2027 | 129 | |
Thereafter | 264 | |
Total lease payments | 2,132 | |
Less: Imputed interest | (244) | |
Accrued Expenses and Other Current Liabilites and Other Noncurrent Liabilities [Member] | ||
Operating Lease, Liability, Total | $ 1,888 | $ 2,610 |
Note 9 - Commitments and Cont_3
Note 9 - Commitments and Contingencies (Details Textual) $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Capital Addition Purchase Commitments [Member] | |
Long-Term Purchase Commitment, Amount | $ 624 |
Note 9 - Commitments and Cont_4
Note 9 - Commitments and Contingencies - Changes in Produce Warranty Liability (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Accrued warranty obligations – beginning | $ 133 | $ 149 |
Accruals for warranties issued | 247 | 123 |
Settlements made | 94 | 143 |
Accrued warranty obligations – ending | $ 286 | $ 129 |
Note 10 - Revenue Recognition (
Note 10 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Extended Product Warranty Accrual, Ending Balance | $ 0 | |
Other Noncurrent Liabilities [Member] | ||
Extended Product Warranty Accrual, Noncurrent | $ 592 | |
Accrued Expenses and Other Current Liabilities [Member] | ||
Extended Product Warranty Accrual, Current | $ 119 |
Note 11 - Business Segment In_3
Note 11 - Business Segment Information (Details Textual) | 9 Months Ended |
Sep. 30, 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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues | $ 33,234 | $ 21,761 | $ 95,733 | $ 74,504 |
Segment contribution | (586) | (779) | (88) | 1,264 |
Other expense | 254 | 1 | 22 | (76) |
Income Tax Expense (Benefit), Total | 90 | 175 | 171 | (290) |
Non-controlling interest | 3 | 18 | 0 | (1) |
Net loss attributable to Ultralife | (239) | (585) | 105 | 897 |
Battery & Energy Products Segment [Member] | ||||
Revenues | 28,583 | 20,008 | 87,873 | 64,994 |
Segment contribution | 5,345 | 4,792 | 19,217 | 16,244 |
Communications Systems Segment [Member] | ||||
Revenues | 4,651 | 1,753 | 7,860 | 9,510 |
Segment contribution | 1,370 | 316 | 2,102 | 3,109 |
Corporate Segment [Member] | ||||
Revenues | 0 | 0 | 0 | 0 |
Segment contribution | (7,301) | (5,887) | (21,407) | (18,089) |
Other expense | 254 | 1 | 22 | (76) |
Income Tax Expense (Benefit), Total | 90 | 175 | 171 | (290) |
Non-controlling interest | $ 3 | $ 18 | $ 0 | $ (1) |
Note 11 - Business Segment In_5
Note 11 - Business Segment Information - Segment Activity -parentheticals (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Tax Expense (Benefit), Total | $ 90 | $ 175 | $ 171 | $ (290) |
Note 11 - Business Segment In_6
Note 11 - Business Segment Information - Revenue by Business Segment Sector (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues | $ 33,234 | $ 21,761 | $ 95,733 | $ 74,504 |
Commercial [Member] | ||||
Revenues | $ 22,878 | $ 16,579 | $ 70,154 | $ 46,935 |
Revenue, percentage | 69% | 76% | 73% | 63% |
Government & Defense [Member] | ||||
Revenues | $ 10,356 | $ 5,182 | $ 25,579 | $ 27,569 |
Revenue, percentage | 31% | 24% | 27% | 37% |
Battery & Energy Products Segment [Member] | ||||
Revenues | $ 28,583 | $ 20,008 | $ 87,873 | $ 64,994 |
Battery & Energy Products Segment [Member] | Commercial [Member] | ||||
Revenues | 22,878 | 16,579 | 70,154 | 46,935 |
Battery & Energy Products Segment [Member] | Government & Defense [Member] | ||||
Revenues | 5,705 | 3,429 | 17,719 | 18,059 |
Communications Systems Segment [Member] | ||||
Revenues | 4,651 | 1,753 | 7,860 | 9,510 |
Communications Systems Segment [Member] | Commercial [Member] | ||||
Revenues | 0 | 0 | 0 | 0 |
Communications Systems Segment [Member] | Government & Defense [Member] | ||||
Revenues | $ 4,651 | $ 1,753 | $ 7,860 | $ 9,510 |
Note 11 - Business Segment In_7
Note 11 - Business Segment Information - Domestic and International Revenue by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues | $ 33,234 | $ 21,761 | $ 95,733 | $ 74,504 |
UNITED STATES | ||||
Revenues | $ 16,980 | $ 9,190 | $ 47,912 | $ 37,014 |
Revenue, percentage | 51% | 42% | 50% | 50% |
Non-US [Member] | ||||
Revenues | $ 16,254 | $ 12,571 | $ 47,821 | $ 37,490 |
Revenue, percentage | 49% | 58% | 50% | 50% |
Battery & Energy Products Segment [Member] | ||||
Revenues | $ 28,583 | $ 20,008 | $ 87,873 | $ 64,994 |
Battery & Energy Products Segment [Member] | UNITED STATES | ||||
Revenues | 13,433 | 7,941 | 41,303 | 32,344 |
Battery & Energy Products Segment [Member] | Non-US [Member] | ||||
Revenues | 15,150 | 12,067 | 46,570 | 32,650 |
Communications Systems Segment [Member] | ||||
Revenues | 4,651 | 1,753 | 7,860 | 9,510 |
Communications Systems Segment [Member] | UNITED STATES | ||||
Revenues | 3,547 | 1,249 | 6,609 | 4,670 |
Communications Systems Segment [Member] | Non-US [Member] | ||||
Revenues | $ 1,104 | $ 504 | $ 1,251 | $ 4,840 |