Ultralife (ULBI) 10-Q 12 Nov 24 2024 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Oct. 31, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		16,626,930
Entity Central Index Key	0000875657
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash	$ 6,774	$ 10,278
Trade accounts receivable, net of allowance for expected credit losses of $301 and $300, respectively	27,754	31,761
Inventories, net	43,994	42,215
Prepaid expenses and other current assets	7,908	5,949
Total current assets	86,430	90,203
Property, plant and equipment, net	20,245	21,117
Goodwill	37,792	37,571
Other intangible assets, net	14,487	15,107
Deferred income taxes, net	9,125	10,567
Other noncurrent assets	4,361	3,711
Total assets	172,440	178,276
Current liabilities:
Accounts payable	12,681	11,336
Current portion of long-term debt	2,000	2,000
Accrued compensation and related benefits	2,631	3,115
Accrued expenses and other current liabilities	8,892	7,279
Total current liabilities	26,204	23,730
Long-term debt, net	5,888	23,624
Deferred income taxes	1,626	1,714
Other noncurrent liabilities	4,093	3,781
Total liabilities	37,811	52,849
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 – 21,062,627 shares at September 30, 2024 and 20,783,607 shares at December 31, 2023; outstanding – 16,626,513 shares at September 30, 2024 and 16,347,493 shares at December 31, 2023	2,106	2,078
Capital in excess of par value	191,582	189,160
Accumulated deficit	(34,636)	(40,754)
Accumulated other comprehensive loss	(3,084)	(3,660)
Treasury stock - at cost; 4,436,114 shares at September 30, 2024 and 4,436,114 shares at December 31, 2023	(21,492)	(21,492)
Total Ultralife Corporation equity	134,476	125,332
Non-controlling interest	153	95
Total stockholders’ equity	134,629	125,427
Total liabilities and stockholders’ equity	$ 172,440	$ 178,276

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Trade accounts receivable, allowance for doubtful accounts	$ 301	$ 300
Preferred stock, par value (in dollars per share)	$ 0.1	$ 0.1
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)	$ 0.1	$ 0.1
Common Stock, Shares Authorized (in shares)	40,000,000	40,000,000
Common stock, shares issued (in shares)	21,062,627	20,783,607
Common stock, shares outstanding (in shares)	16,626,513	16,347,493
Treasury Stock, Common, Shares (in shares)	4,436,114	4,436,114

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues	$ 35,694	$ 39,488	$ 120,604	$ 114,096
Cost of products sold	27,012	29,714	88,889	86,298
Gross profit	8,682	9,774	31,715	27,798
Operating expenses:
Research and development	2,101	1,869	5,854	5,679
Selling, general and administrative	6,070	5,770	17,370	16,293
Total operating expenses	8,171	7,639	23,224	21,972
Operating income	511	2,135	8,491	5,826
Other (expense) income:
Interest and financing expense	(173)	(586)	(1,111)	(1,450)
Miscellaneous income	15	200	426	1,628
Total other (expense) income	(158)	(386)	(685)	178
Income before income taxes	353	1,749	7,806	6,004
Income tax provision	74	446	1,630	1,688
Net income	279	1,303	6,176	4,316
Net income (loss) attributable to non-controlling interest	21	(27)	58	(8)
Net income attributable to Ultralife Corporation	258	1,330	6,118	4,324
Other comprehensive loss:
Foreign currency translation adjustments	811	(330)	576	(426)
Comprehensive income attributable to Ultralife Corporation	$ 1,069	$ 1,000	$ 6,694	$ 3,898
Net income per share attributable to Ultralife common stockholders – basic (in dollars per share)	$ 0.02	$ 0.08	$ 0.37	$ 0.27
Net income per share attributable to Ultralife common stockholders – diluted (in dollars per share)	$ 0.02	$ 0.08	$ 0.37	$ 0.27
Weighted average shares outstanding – basic (in shares)	16,625	16,238	16,530	16,172
Potential common shares (in shares)	249	65	212	2
Weighted average shares outstanding - diluted (in shares)	16,874	16,303	16,742	16,174

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
OPERATING ACTIVITIES:
Net income	$ 6,176	$ 4,316
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	2,294	2,282
Amortization of intangible assets	684	663
Amortization of financing fees	44	48
Stock-based compensation	490	424
Deferred income taxes	1,295	1,245
Changes in operating assets and liabilities:
Accounts receivable	4,122	565
Inventories	(1,553)	(5,626)
Prepaid expenses and other assets	(2,670)	(1,972)
Accounts payable and other liabilities	2,708	(2,448)
Net cash provided by (used in) operating activities	13,590	(503)
INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(1,326)	(1,547)
Net cash used in investing activities	(1,326)	(1,547)
FINANCING ACTIVITIES:
Debt issuance costs	(68)	0
Proceeds from exercise of stock options	1,960	1,041
Net cash (used in) provided by financing activities	(15,820)	5,791
Effect of exchange rate changes on cash	52	(153)
(DECREASE) INCREASE IN CASH	(3,504)	3,588
Cash, Beginning of period	10,278	5,713
Cash, End of period	6,774	9,301
Revolving Credit Facility [Member]
FINANCING ACTIVITIES:
(Payments) borrowings on revolving credit facility	(16,212)	6,250
Term Loan Facility [Member]
FINANCING ACTIVITIES:
Payments on term loan facility	$ (1,500)	$ (1,500)

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Including Portion Attributable to Noncontrolling Interest [Member]	Retained Earnings [Member]	Treasury Stock, Common [Member]	Noncontrolling Interest [Member]	Total
Balance (in shares) at Dec. 31, 2022	20,570,710
Balance at Dec. 31, 2022	$ 2,057	$ 187,405	$ (3,750)	$ (47,951)	$ (21,484)	$ 126	$ 116,403
Net income				4,324		(8)	4,316
Stock Issued During Period, Value, Stock Options Exercised (in shares)	175,836
Stock option exercises	$ 18	1,023			0		1,041
Stock-based compensation – stock options		421					421
Stock-based compensation – restricted stock		3					3
Foreign currency translation adjustments adjustments			(426)				(426)
Balance (in shares) at Sep. 30, 2023	20,746,546
Balance at Sep. 30, 2023	$ 2,075	188,852	(4,176)	(43,627)	(21,484)	118	121,758
Balance (in shares) at Jun. 30, 2023	20,586,045
Balance at Jun. 30, 2023	$ 2,059	187,758	(3,846)	(44,957)	(21,484)	145	119,675
Net income				1,330		(27)	1,303
Stock Issued During Period, Value, Stock Options Exercised (in shares)	160,501
Stock option exercises	$ 16	963			0		979
Stock-based compensation – stock options		130					130
Stock-based compensation – restricted stock		1					1
Foreign currency translation adjustments adjustments			(330)				(330)
Balance (in shares) at Sep. 30, 2023	20,746,546
Balance at Sep. 30, 2023	$ 2,075	188,852	(4,176)	(43,627)	(21,484)	118	$ 121,758
Balance (in shares) at Dec. 31, 2023	20,783,607						16,347,493
Balance at Dec. 31, 2023	$ 2,078	189,160	(3,660)	(40,754)	(21,492)	95	$ 125,427
Net income				6,118		58	$ 6,176
Stock Issued During Period, Value, Stock Options Exercised (in shares)	279,020						291,841
Stock option exercises	$ 28	1,932			1,960
Stock-based compensation – stock options		472					$ 472
Stock-based compensation – restricted stock		18					18
Foreign currency translation adjustments adjustments			576				$ 576
Balance (in shares) at Sep. 30, 2024	21,062,627						16,626,513
Balance at Sep. 30, 2024	$ 2,106	191,582	(3,084)	(34,636)	(21,492)	153	$ 134,629
Balance (in shares) at Jun. 30, 2024	21,059,461
Balance at Jun. 30, 2024	$ 2,106	191,388	(3,895)	(34,894)	(21,492)	132	133,345
Net income				258		21	279
Stock Issued During Period, Value, Stock Options Exercised (in shares)	3,166
Stock option exercises	$ 0	24			24
Stock-based compensation – stock options		164					164
Stock-based compensation – restricted stock		6					6
Foreign currency translation adjustments adjustments			811				$ 811
Balance (in shares) at Sep. 30, 2024	21,062,627						16,626,513
Balance at Sep. 30, 2024	$ 2,106	$ 191,582	$ (3,084)	$ (34,636)	$ (21,492)	$ 153	$ 134,629

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	9 Months Ended
	Sep. 30, 2024
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, 2023. The December 31, 2023 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. Recent Accounting Guidance Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” to expand the disclosure requirements for reportable segments. This standard is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Adoption will not have an impact on the Company's results of operations, financial position or cash flows. The Company is currently evaluating the effect that adoption of this standard will have on the Company's disclosures. In December 2023, the FASB issued ASU 2023-09 "Income Taxes (Topics 740): Improvements to Income Tax Disclosures" to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for our annual periods beginning January 1, 2025, with early adoption permitted. We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures.

Note 2 - Debt

Note 2 - Debt	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Debt Disclosure [Text Block]	2. DEBT On December 13, 2021, Ultralife, Southwest Electronic Energy Corporation – an Ultralife Company, a Texas corporation and wholly owned subsidiary of Ultralife (“SWE”), CLB, INC., a Texas corporation and wholly owned subsidiary of SWE (“CLB”), Ultralife Excell Holding Corp., a Delaware corporation and wholly owned subsidiary of Ultralife (“UEHC”), Ultralife Canada Holding Corp., a Delaware corporation and wholly owned subsidiary of UEHC (“UCHC”), and Excell Battery Corporation USA, a Texas corporation and wholly owned subsidiary of UEHC (“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”). On November 28, 2022, Ultralife, SWE, CLB, UEHC, UCHC, Excell USA, and Excell Battery Canada ULC, a British Columbia unlimited liability corporation and wholly owned subsidiary of UCHC (“Excell Canada”), entered into that certain Third Amendment Agreement with KeyBank, to further amend the Credit Agreement to, among other things, facilitate the joinder of Excell Canada as a guarantor under the Credit Agreement and to replace the LIBOR benchmark thereunder with the Secured Overnight Financing Rate or “SOFR” (the “Third Amendment Agreement”). On June 30, 2024, Ultralife, SWE, CLB, UEHC, Excell USA and Excell Canada entered into that certain Fourth Amendment Agreement with KeyBank to extend the period under which loans may be requested by the Company under the Credit Agreement to May 30, 2028, to increase the “Applicable Margin” used in the calculation of the rate at which interest accrues on outstanding indebtedness under the Credit Agreement and to increase the fee payable on the average daily unused availability under the $30,000 senior secured revolving credit facility (the “Revolving Credit Facility”) which is made available to the Company under the Credit Agreement (the “Fourth Amendment Agreement”, and together with the Third Amendment Agreement, the Second Amendment Agreement and the Credit 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 Revolving Credit Facility through May 30, 2028. Up to six months prior to May 30, 2028, the Revolving Credit Facility may be increased to $50,000 with the Bank’s concurrence. As of September 30, 2024, the Company had $4,667 outstanding principal on the Term Loan Facility, $2,000 of which is included in current portion of long-term debt on the balance sheet, and $3,368 outstanding on the Revolving Credit Facility. As of September 30, 2024, total unamortized debt issuance costs of $147, 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 Agreement. 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, 2028. 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. The Company was in full compliance with its covenants under the Amended Credit Agreement as of September 30, 2024. Borrowings under the Amended Credit Agreement are secured by substantially all the assets of the Company and its subsidiaries. Interest accrues on outstanding indebtedness under the Amended Credit Agreement at the Daily Simple SOFR In addition, the Company must pay a fee of 0.20% to 0.30% 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 under the terms of the Amended Credit Agreement 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. Future minimum principal repayment obligations under the terms of the Amended Credit Agreement as of September 30, 2024 are as follows: 2024 $ 500 2025 2,000 2026 2,000 2027 167 2028 3,368 Total $ 8,035 On October 31, 2024, the Company acquired Electrochem Solutions, Inc., and in connection with such acquisition the Company refinanced its debt obligations under the Amended Credit Agreement by entering into a new Credit and Security Agreement with KeyBank National Association (“KeyBank” or the “Bank”), as lender and administrative agent (the “New Credit Agreement”). See Note 11 for a description of the debt obligations under the New Credit Agreement.

Note 3 - Earnings Per Share

Note 3 - Earnings Per Share	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Earnings Per Share [Text Block]	3. EARNINGS PER SHARE Basic earnings (loss) per share (“EPS”) is computed by dividing net income (loss) attributable to Ultralife Corporation 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, 2024, there were 864,854 outstanding stock options and 5,229 unvested restricted stock awards included in the calculation of diluted weighted average shares outstanding, as such securities were dilutive, resulting in 249,082 potential common shares included in the calculation of diluted EPS. For the comparable three-month period ended September 30, 2023, 677,029 outstanding stock options and 2,500 unvested restricted stock awards were included in the calculation of diluted weighted average shares outstanding, as such securities were dilutive, resulting in 65,275 potential common shares included in the calculation of diluted EPS. For the three-month period ended September 30, 2024, all outstanding stock options were included in the calculation of diluted weighted average shares. For the three-month period ended September 30, 2023, there were 411,583 outstanding stock options not included in the calculation of diluted weighted average shares outstanding as the effect would be anti-dilutive. For the nine-month period ended September 30, 2024, there were 786,854 outstanding stock options and 5,229 unvested restricted stock awards included in the calculation of diluted weighted average shares outstanding, resulting in 212,072 potential common shares included in the calculation of diluted EPS. For the comparable nine-month period ended September 30, 2023, there were 22,165 outstanding stock options and 2,500 unvested restricted stock awards included in the calculation of diluted weighted average shares outstanding, resulting in 2,441 potential common shares included in the calculation of diluted EPS. There were 78,000 and 1,066,447 outstanding stock options for the nine-month periods ended September 30, 2024 and 2023, respectively, not included in the calculation of diluted weighted average shares outstanding as the effect would be anti-dilutive.

Note 4 - Supplemental Balance S

Note 4 - Supplemental Balance Sheet Information	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Supplemental Balance Sheet Disclosures [Text Block]	4. SUPPLEMENTAL BALANCE SHEET INFORMATION Fair Value Measurements and Disclosures The fair value of financial instruments approximated their carrying values at September 30, 2024 and December 31, 2023. 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, 2024 2023 Cash $ 6,774 $ 10,196 Restricted cash - 82 Total $ 6,774 $ 10,278 As December 31, 2023, restricted cash of $82 represented euro-denominated deposits withheld by the Dutch tax authorities and third-party VAT representatives in connection with a previously utilized logistics arrangement in the Netherlands. During the nine-month period ended September 30, 2024, the deposits were returned to the Company and no longer restricted. As of September 30, 2024, there was no 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, 2024 2023 Raw materials $ 30,694 $ 29,098 Work in process 3,108 3,187 Finished goods 10,192 9,930 Total $ 43,994 $ 42,215 Property, Plant and Equipment, Net Major classes of property, plant and equipment consisted of the following: September 30, December 31, 2024 2023 Land $ 1,273 $ 1,273 Buildings and leasehold improvements 16,163 15,998 Machinery and equipment 58,399 57,584 Furniture and fixtures 2,843 2,845 Computer hardware and software 7,864 7,868 Construction in process 1,642 2,033 88,184 87,601 Less: Accumulated depreciation (67,939 ) (66,484 ) Property, plant and equipment, net $ 20,245 $ 21,117 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, 2024 2023 2024 2023 Depreciation expense $ 765 $ 760 $ 2,294 $ 2,282 Goodwill The following table summarizes the goodwill activity by segment for the nine-month period ended September 30, 2024. Battery & Energy Communications Products Systems Total Balance – December 31, 2023 $ 26,078 $ 11,493 $ 37,571 Effect of foreign currency translation 221 - 221 Balance – September $ 26,299 $ 11,493 $ 37,792 Other Intangible Assets, Net The composition of other intangible assets was: at September 30, 2024 Accumulated Cost Amortization Net Customer relationships $ 13,219 $ 7,185 $ 6,034 Patents and technology 5,657 5,454 203 Trade names 4,667 748 3,919 Trademarks 3,403 - 3,403 Other 1,500 572 928 Total other intangible assets $ 28,446 $ 13,959 $ 14,487 at December 31, 2023 Accumulated Cost Amortization Net Customer relationships $ 13,092 $ 6,656 $ 6,436 Patents and technology 5,606 5,322 284 Trade names 4,647 647 4,000 Trademarks 3,402 - 3,402 Other 1,500 515 985 Total other intangible assets $ 28,247 $ 13,140 $ 15,107 The change in the cost of total intangible assets from December 31, 2023 to September 30, 2024 is 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, 2024 2023 2024 2023 Amortization included in: Selling, general and administrative $ 204 $ 203 $ 609 $ 591 Research and development 25 24 75 72 Total amortization expense $ 229 $ 227 $ 684 $ 663

Note 5 - Stock-based Compensati

Note 5 - Stock-based Compensation	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Shareholders' Equity and Share-Based Payments [Text Block]	5. 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, 2024 2023 2024 2023 Stock options $ 164 $ 130 $ 472 $ 421 Restricted stock 6 1 18 3 Total $ 170 $ 131 $ 490 $ 424 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, 2024, there was $394 of total unrecognized compensation cost related to outstanding stock options, which is expected to be recognized over a weighted average period of 0.8 years. The following table summarizes stock option activity for the nine-month period ended September 30, 2024: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value Outstanding at January 1, 2024 1,250,595 $ 7.10 Granted 3,460 6.84 Exercised (291,841 ) 7.11 Forfeited or expired (97,360 ) $ 8.61 Outstanding at September 30, 2024 864,854 $ 6.93 4.08 $ 1,891 Vested and expected to vest at September 30, 2024 772,369 $ 7.01 3.93 $ 1,630 Exercisable at September 30, 2024 433,028 $ 7.58 2.67 $ 696 Cash received from stock option exercises under our stock-based compensation plans for the three-month periods ended September 30, 2024 and September 30, 2023 was $24 and $979, respectively. Cash received from stock option exercises under our stock-based compensation plans for the nine-month periods ended September 30, 2024 and September 30, 2023 was $1,960 and $1,041, respectively. Restricted stock awards vest in equal annual installments over three (3)

Note 6 - Income Taxes

Note 6 - Income Taxes	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Income Tax Disclosure [Text Block]	6. INCOME TAXES Our effective tax rate for the nine-month periods ended September 30, 2024 and September 30, 2023 was 20.9% and 28.1%, respectively. The period-over-period change was primarily attributable to the geographic mix of our operating results and the larger impact of discrete adjustments for stock option exercises in the current year. As of December 31, 2023, we have domestic net operating loss (“NOL”) carryforwards of $27,200, which expire 2031 through 2035, and domestic tax credits of $2,900, which expire 2028 through 2043, available to reduce future taxable income. As of September 30, 2024, management has concluded it is more likely than not that these domestic NOL and credit carryforwards will be fully utilized. As of September 30, 2024, 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, 2024, we have not As of September 30, 2024, 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. Our U.S. tax matters for 2020 thru 2023 remain subject to IRS examination. Our U.S. tax matters for 2001-2002, 2005-2007, 2009, and 2011 2014 2014

Note 7 - Operating Leases

Note 7 - Operating Leases	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	7. OPERATING LEASES The Company has operating leases predominantly for operating facilities. As of September 30, 2024, the remaining lease terms on our operating leases range from approximately less than one (1) year to seven (7) years. Lease terms include renewal options reasonably certain of exercise. There is no transfer of title or option to purchase the leased assets upon expiration. There are no residual value guarantees or material restrictive covenants. The components of lease expense for the current and prior-year comparative periods were as follows: Three months ended Nine months ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Operating lease cost $ 242 $ 252 $ 772 $ 732 Variable lease cost 24 28 76 85 Total lease cost $ 266 $ 280 $ 848 $ 817 Supplemental cash flow information related to leases was as follows: Nine-month period ended September 30, 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 768 $ 762 Right-of-use assets obtained in exchange for lease liabilities: $ 1,391 $ 310 Supplemental consolidated balance sheet information related to leases was as follows: Balance sheet classification September 30, 2024 December 31, 2023 Assets: Operating lease right-of-use asset Other noncurrent assets $ 4,194 $ 3,589 Liabilities: Current operating lease liability Accrued expenses and other current liabilities $ 1,015 $ 894 Operating lease liability, net of current portion Other noncurrent liabilities 3,155 2,644 Total operating lease liability $ 4,170 $ 3,538 Weighted-average remaining lease term (years) 4.9 5.3 Weighted-average discount rate 6.8 % 4.5 % Future minimum lease payments as of September 30, 2024 are as follows: Maturity of operating lease liabilities 2024 $ 272 2025 1,034 2026 958 2027 985 2028 993 Thereafter 634 Total lease payments 4,876 Less: Imputed interest (706 ) Present value of remaining lease payments $ 4,170

Note 8 - Commitments and Contin

Note 8 - Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	8. COMMITMENTS AND CONTINGENCIES Purchase Commitments As of September 30, 2024, we have made commitments to purchase approximately $597 of production machinery and equipment. 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 nine months of 2024 and 2023 were as follows: Nine-month period ended September 30, 2024 2023 Accrued warranty obligations – beginning $ 547 $ 323 Accruals for warranties issued 911 260 Settlements made (591 ) (98 ) Accrued warranty obligations – ending $ 867 $ 485 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 9 - Revenue Recognition

Note 9 - Revenue Recognition	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	9. 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. For the three-month and nine-month periods ended September 30, 2024, revenue recognized on extended warranties was $81 and $224, respectively. As of September 30, 2024, there was deferred revenue on extended warranty contracts of $1,227, comprised of $298 expected to be recognized as revenue within one (1) year and classified as accrued expenses and other current liabilities on our consolidated balance sheet, and $929 expected to be recognized as revenue over the remaining duration of the respective contracts and classified as other noncurrent liabilities on our consolidated balance sheet. As of December 31, 2023, there was deferred revenue on extended warranty contracts of $1,407, comprised of $287 expected to be recognized as revenue within one (1) year and classified as accrued expenses and other current liabilities on our consolidated balance sheet, and $1,120 expected to be recognized as revenue evenly over the remaining duration of the respective contracts and classified as other noncurrent liabilities on our consolidated balance sheet. As of September 30, 2024 and December 31, 2023, the Company had no other unsatisfied performance obligations for contracts with an original expected duration of greater than one year. Pursuant to Topic 606, we have applied 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.

Note 10 - Business Segment Info

Note 10 - Business Segment Information	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	10. BUSINESS SEGMENT INFORMATION We report our results in two Three-month period ended September 30, 2024: Battery & Energy Products Communications Systems Corporate Total Revenues $ 32,529 $ 3,165 $ - $ 35,694 Segment contribution 8,047 635 (8,171 ) 511 Other expense (158 ) (158 ) Income tax provision (74 ) (74 ) Non-controlling interest (21 ) (21 ) Net income attributable to Ultralife $ 258 Three-month period ended September 30, 2023: Battery & Energy Products Communications Systems Corporate Total Revenues $ 31,919 $ 7,569 $ - $ 39,488 Segment contribution 7,728 2,046 (7,639 ) 2,135 Other expense (386 ) (386 ) Income tax provision (446 ) (446 ) Non-controlling interest 27 27 Net income attributable to Ultralife $ 1,330 Nine-month period ended September 30, 2024: Battery & Energy Products Communications Systems Corporate Total Revenues 104,201 $ 16,403 $ - $ 120,604 Segment contribution 26,986 4,729 (23,224 ) 8,491 Other expense (685 ) (685 ) Income tax provision (1,630 ) (1,630 ) Non-controlling interest (58 ) (58 ) Net income attributable to Ultralife $ 6,118 Nine-month period ended September 30, 2023: Battery & Energy Products Communications Systems Corporate Total Revenues $ 94,250 $ 19,846 $ - $ 114,096 Segment contribution 21,783 6,015 (21,972 ) 5,826 Other income 178 178 Income tax provision (1,688 ) (1,688 ) Non-controlling interest 8 8 Net income attributable to Ultralife $ 4,324 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, 2024: Total Revenue Commercial Government/ Defense Battery & Energy Products $ 32,529 $ 22,516 $ 10,013 Communications Systems 3,165 - 3,165 Total $ 35,694 $ 22,516 $ 13,178 63 % 37 % Three-month period ended September 30, 2023: Total Revenue Commercial Government/ Defense Battery & Energy Products $ 31,919 $ 24,150 $ 7,769 Communications Systems 7,569 - 7,569 Total $ 39,488 $ 24,150 $ 15,338 61 % 39 % Nine-month period ended September 30, 2024: Total Revenue Commercial Government/ Defense Battery & Energy Products $ 104,201 $ 74,320 $ 29,881 Communications Systems 16,403 - 16,403 Total $ 120,604 $ 74,320 $ 46,284 62 % 38 % Nine-month period ended September 30, 2023: Total Revenue Commercial Government/ Defense Battery & Energy Products $ 94,250 $ 73,319 $ 20,931 Communications Systems 19,846 - 19,846 Total $ 114,096 $ 73,319 $ 40,777 64 % 36 % U.S. and Non-U.S. Revenue Information 1 : Three-month period ended September 30, 2024: Total Revenue United States Non-United States Battery & Energy Products $ 32,529 $ 18,311 $ 14,218 Communications Systems 3,165 2,567 598 Total $ 35,694 $ 20,878 $ 14,816 58 % 42 % Three-month period ended September 30, 2023: Total Revenue United States Non-United States Battery & Energy Products $ 31,919 $ 15,926 $ 15,993 Communications Systems 7,569 4,348 3,221 Total $ 39,488 $ 20,274 $ 19,214 51 % 49 % Nine-month period ended September 30, 2024: Total Revenue United States Non-United States Battery & Energy Products $ 104,201 $ 57,326 $ 46,875 Communications Systems 16,403 11,412 4,991 Total $ 120,604 $ 68,738 $ 51,866 57 % 43 % Nine-month period ended September 30, 2023: Total Revenue United States Non-United States Battery & Energy Products $ 94,250 $ 47,088 $ 47,162 Communications Systems 19,846 11,170 8,676 Total $ 114,096 $ 58,258 $ 55,838 51 % 49 % 1

Note 11 - Subsequent Events

Note 11 - Subsequent Events	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Subsequent Events [Text Block]	11. SUBSEQUENT EVENTS Acquisition of Electrochem Solutions, Inc. On October 31, 2024, the Company completed the acquisition of all issued and outstanding shares of Electrochem Solutions, Inc., a Massachusetts corporation (“Electrochem”), pursuant to a stock purchase agreement (the “Agreement”) with Greatbatch Ltd., a New York corporation (the “Seller”), dated September 27, 2024. The Agreement established a purchase price of $50 million for the acquisition (the “Acquisition”) subject to customary post-closing working capital and net cash adjustments. Based in Raynham, MA and with over forty years of battery technology experience in critical applications, Electrochem designs and manufactures primary lithium metal and ultracapacitor cells and battery packs serving energy, military and various environmental, industrial and utility end markets on a global basis. Acquiring Electrochem advances our strategy of more fully realizing the operating leverage of our business model through scale and manufacturing cost efficiencies. Electrochem brings a blue-chip customer base with little or no overlap with Ultralife’s customers, long-tenured technical resources which we plan to utilize in progressing our global new product initiatives, and a complimentary portfolio of highly engineered thionyl, sulfuryl and bromine chloride cells and packs which can be commercially cost prohibitive to substitute or switch out. We view this acquisition as an avenue to create highly attractive opportunities to drive revenue growth through heightened cross-selling platforms and extend our reach into underserved adjacent markets that demand uncompromised safety, service, reliability and quality. In addition, the combination of Electrochem and Ultralife creates achievable opportunities for gross margin expansion through the realization of vertical integration, supply chain synergies and lean initiatives. With Electrochem we are increasing our value to our customers and significantly strengthening our competitive position in our end markets. The Company funded the purchase price for the Acquisition through the New Credit Agreement, as defined and described below. The Agreement contains customary terms and conditions including representations and warranties, subject to a mutually acceptable buyer-side representation and warranty insurance policy obtained by the Company, the cost of which was shared equally between the Company and the Seller. The acquisition of Electrochem will be accounted for as a business combination, and accordingly, the assets acquired and liabilities assumed will be recognized at fair value as of the acquisition date. The operating results and cash flows of Electrochem will be included in the consolidated financial statements from the date of acquisition in the Company’s Battery & Energy Products segment. Due to the timing of the acquisition, the initial accounting is not yet complete. The Company is in the process of preparing the preliminary estimate of the fair value of assets acquired and liabilities assumed and the associated adjustments for the supplemental pro forma revenue and earnings information. For the three and nine months ended September 30, 2024, the Company incurred non-recurring transaction costs of $250, including due diligence and consulting services. Such costs are reported as selling, general and administrative expenses. New Credit Agreement On October 31, 2024, Ultralife, SWE, CLB, Excell USA, and Electrochem, as borrowers, and certain other subsidiaries of the Company, entered into a new Credit and Security Agreement with KeyBank National Association (“KeyBank” or the “Bank”), as lender and administrative agent (the “New Credit Agreement”). The proceeds of the loans under the New Credit Agreement were used, in part, to repay outstanding indebtedness under the Company’s Amended Credit Agreement. The New Credit Agreement, among other things, provides in its term loan provisions for a 5-year, $55 million senior secured term loan (the “Term Loan” or “Term Loan Facility”). The Term Loan is subject to repayment in quarterly installments commencing March 31, 2025 in amounts as set forth in the in the New Credit Agreement. Interest is payable on the unpaid principal outstanding under the Term Loan. All amounts of unpaid principal and accrued and unpaid interest remaining due under the Term Loan are scheduled to be paid in full October 31, 2029. Upon closing of the Acquisition on October 31, 2024, the Company borrowed the full amount of the Term Loan Facility. The New Credit Agreement also provides under its revolving credit provisions for revolving loans, letters of credit, and swing loans (“Revolving Credit Facility”). Upon the effectiveness of the New Credit Agreement, any amounts outstanding under letters of credit issued pursuant to the Amended Credit Agreement became issued under the New Credit Agreement. The availability under the Revolving Credit Facility is subject to certain borrowing base limits based on trade receivables and inventories. All unpaid principal and accrued and unpaid interest with respect to the Revolving Credit Facility is due and payable in full on October 31, 2029. The Company may voluntarily prepay principal amounts outstanding under the New Credit Agreement at any time subject to certain advance notifications and other restrictions. In addition to the customary affirmative and negative covenants, the Company must maintain a consolidated fixed charge coverage ratio, as defined in the New Credit Agreement, of equal to or greater than 1.15 to 1.00 for the fiscal quarter ending March 31, 2025, and for each fiscal quarter thereafter, as calculated for the four (4) consecutive fiscal quarters ending on such date, and a consolidated senior leverage ratio, as defined in the New Credit Agreement, not to exceed (i) 3.50 to 1.00 for the fiscal quarters ending March 31, 2025 through December 31, 2025, (ii) 3.25 to 1.00 for the fiscal quarters ending March 31, 2026 through December 31, 2026, (iii) 3.00 to 1.00 for the fiscal quarter ending March 31, 2027 and on the last day of each fiscal quarter thereafter, for the remaining term of the New Credit Agreement. Borrowings under the New Credit Agreement are secured by substantially all the assets of the Company and certain of its present and future subsidiaries who are or become parties to, or guarantors under the new Credit Agreement. Interest will accrue on outstanding indebtedness under the Term Loan Facility and Revolving Credit Facilities at a variable rate of interest based on designated interest rate benchmarks plus a varying margin determined by reference to the consolidated senior leverage ratio in effect from time to time. The Company must pay a fee of twenty twenty-five thirty Payments must be made by the Company to the extent borrowings exceed the maximum amount then permitted to be borrowed and from the proceeds of certain transactions. Upon the occurrence of an event of default, the outstanding obligations may be accelerated ,

Insider Trading Arrangements

Insider Trading Arrangements	9 Months Ended
	Sep. 30, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]	PART II. OTHER
Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Note 2 - Debt (Tables)

Note 2 - Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Maturities of Long-Term Debt [Table Text Block]	2024 $ 500 2025 2,000 2026 2,000 2027 167 2028 3,368 Total $ 8,035

Note 4 - Supplemental Balance_2

Note 4 - Supplemental Balance Sheet Information (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Cash, Cash Equivalents and Investments [Table Text Block]	September 30, December 31, 2024 2023 Cash $ 6,774 $ 10,196 Restricted cash - 82 Total $ 6,774 $ 10,278
Schedule of Inventory, Current [Table Text Block]	September 30, December 31, 2024 2023 Raw materials $ 30,694 $ 29,098 Work in process 3,108 3,187 Finished goods 10,192 9,930 Total $ 43,994 $ 42,215
Property, Plant and Equipment [Table Text Block]	September 30, December 31, 2024 2023 Land $ 1,273 $ 1,273 Buildings and leasehold improvements 16,163 15,998 Machinery and equipment 58,399 57,584 Furniture and fixtures 2,843 2,845 Computer hardware and software 7,864 7,868 Construction in process 1,642 2,033 88,184 87,601 Less: Accumulated depreciation (67,939 ) (66,484 ) Property, plant and equipment, net $ 20,245 $ 21,117 Three-month period ended Nine-month period ended September 30, September 30, September 30, September 30, 2024 2023 2024 2023 Depreciation expense $ 765 $ 760 $ 2,294 $ 2,282
Schedule of Goodwill [Table Text Block]	Battery & Energy Communications Products Systems Total Balance – December 31, 2023 $ 26,078 $ 11,493 $ 37,571 Effect of foreign currency translation 221 - 221 Balance – September $ 26,299 $ 11,493 $ 37,792
Schedule of Finite-Lived Intangible Assets [Table Text Block]	at September 30, 2024 Accumulated Cost Amortization Net Customer relationships $ 13,219 $ 7,185 $ 6,034 Patents and technology 5,657 5,454 203 Trade names 4,667 748 3,919 Trademarks 3,403 - 3,403 Other 1,500 572 928 Total other intangible assets $ 28,446 $ 13,959 $ 14,487 at December 31, 2023 Accumulated Cost Amortization Net Customer relationships $ 13,092 $ 6,656 $ 6,436 Patents and technology 5,606 5,322 284 Trade names 4,647 647 4,000 Trademarks 3,402 - 3,402 Other 1,500 515 985 Total other intangible assets $ 28,247 $ 13,140 $ 15,107
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, 2024 2023 2024 2023 Amortization included in: Selling, general and administrative $ 204 $ 203 $ 609 $ 591 Research and development 25 24 75 72 Total amortization expense $ 229 $ 227 $ 684 $ 663

Note 5 - Stock-based Compensa_2

Note 5 - Stock-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
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, 2024 2023 2024 2023 Stock options $ 164 $ 130 $ 472 $ 421 Restricted stock 6 1 18 3 Total $ 170 $ 131 $ 490 $ 424
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, 2024 1,250,595 $ 7.10 Granted 3,460 6.84 Exercised (291,841 ) 7.11 Forfeited or expired (97,360 ) $ 8.61 Outstanding at September 30, 2024 864,854 $ 6.93 4.08 $ 1,891 Vested and expected to vest at September 30, 2024 772,369 $ 7.01 3.93 $ 1,630 Exercisable at September 30, 2024 433,028 $ 7.58 2.67 $ 696

Note 7 - Operating Leases (Tabl

Note 7 - Operating Leases (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Lease, Cost [Table Text Block]	Three months ended Nine months ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Operating lease cost $ 242 $ 252 $ 772 $ 732 Variable lease cost 24 28 76 85 Total lease cost $ 266 $ 280 $ 848 $ 817
Lessee, Lease, Cash Flow Information [Table Text Block]	Nine-month period ended September 30, 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 768 $ 762 Right-of-use assets obtained in exchange for lease liabilities: $ 1,391 $ 310
Lessee, Lease, Balance Sheet Information [Table Text Block]	Balance sheet classification September 30, 2024 December 31, 2023 Assets: Operating lease right-of-use asset Other noncurrent assets $ 4,194 $ 3,589 Liabilities: Current operating lease liability Accrued expenses and other current liabilities $ 1,015 $ 894 Operating lease liability, net of current portion Other noncurrent liabilities 3,155 2,644 Total operating lease liability $ 4,170 $ 3,538 Weighted-average remaining lease term (years) 4.9 5.3 Weighted-average discount rate 6.8 % 4.5 %
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]	Maturity of operating lease liabilities 2024 $ 272 2025 1,034 2026 958 2027 985 2028 993 Thereafter 634 Total lease payments 4,876 Less: Imputed interest (706 ) Present value of remaining lease payments $ 4,170

Note 8 - Commitments and Cont_2

Note 8 - Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Product Warranty Liability [Table Text Block]	Nine-month period ended September 30, 2024 2023 Accrued warranty obligations – beginning $ 547 $ 323 Accruals for warranties issued 911 260 Settlements made (591 ) (98 ) Accrued warranty obligations – ending $ 867 $ 485

Note 10 - Business Segment In_2

Note 10 - Business Segment Information (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Battery & Energy Products Communications Systems Corporate Total Revenues $ 32,529 $ 3,165 $ - $ 35,694 Segment contribution 8,047 635 (8,171 ) 511 Other expense (158 ) (158 ) Income tax provision (74 ) (74 ) Non-controlling interest (21 ) (21 ) Net income attributable to Ultralife $ 258 Battery & Energy Products Communications Systems Corporate Total Revenues $ 31,919 $ 7,569 $ - $ 39,488 Segment contribution 7,728 2,046 (7,639 ) 2,135 Other expense (386 ) (386 ) Income tax provision (446 ) (446 ) Non-controlling interest 27 27 Net income attributable to Ultralife $ 1,330 Battery & Energy Products Communications Systems Corporate Total Revenues 104,201 $ 16,403 $ - $ 120,604 Segment contribution 26,986 4,729 (23,224 ) 8,491 Other expense (685 ) (685 ) Income tax provision (1,630 ) (1,630 ) Non-controlling interest (58 ) (58 ) Net income attributable to Ultralife $ 6,118 Battery & Energy Products Communications Systems Corporate Total Revenues $ 94,250 $ 19,846 $ - $ 114,096 Segment contribution 21,783 6,015 (21,972 ) 5,826 Other income 178 178 Income tax provision (1,688 ) (1,688 ) Non-controlling interest 8 8 Net income attributable to Ultralife $ 4,324
Schedule of Revenues from External Customers by Business Segment Sector [Table Text Block]	Total Revenue Commercial Government/ Defense Battery & Energy Products $ 32,529 $ 22,516 $ 10,013 Communications Systems 3,165 - 3,165 Total $ 35,694 $ 22,516 $ 13,178 63 % 37 % Total Revenue Commercial Government/ Defense Battery & Energy Products $ 31,919 $ 24,150 $ 7,769 Communications Systems 7,569 - 7,569 Total $ 39,488 $ 24,150 $ 15,338 61 % 39 % Total Revenue Commercial Government/ Defense Battery & Energy Products $ 104,201 $ 74,320 $ 29,881 Communications Systems 16,403 - 16,403 Total $ 120,604 $ 74,320 $ 46,284 62 % 38 % Total Revenue Commercial Government/ Defense Battery & Energy Products $ 94,250 $ 73,319 $ 20,931 Communications Systems 19,846 - 19,846 Total $ 114,096 $ 73,319 $ 40,777 64 % 36 % Total Revenue United States Non-United States Battery & Energy Products $ 32,529 $ 18,311 $ 14,218 Communications Systems 3,165 2,567 598 Total $ 35,694 $ 20,878 $ 14,816 58 % 42 % Total Revenue United States Non-United States Battery & Energy Products $ 31,919 $ 15,926 $ 15,993 Communications Systems 7,569 4,348 3,221 Total $ 39,488 $ 20,274 $ 19,214 51 % 49 % Total Revenue United States Non-United States Battery & Energy Products $ 104,201 $ 57,326 $ 46,875 Communications Systems 16,403 11,412 4,991 Total $ 120,604 $ 68,738 $ 51,866 57 % 43 % Total Revenue United States Non-United States Battery & Energy Products $ 94,250 $ 47,088 $ 47,162 Communications Systems 19,846 11,170 8,676 Total $ 114,096 $ 58,258 $ 55,838 51 % 49 %

Note 2 - Debt (Details Textual)

Note 2 - Debt (Details Textual) $ in Thousands	Dec. 13, 2021 USD ($)	Sep. 30, 2024 USD ($)	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrMember
Amended Credit Agreement [Member]
Debt Issuance Costs, Gross		$ 147
Revolving Credit Facility [Member] | Amended Credit Agreement [Member]
Secured Debt, Total		4,667
Long-Term Line of Credit, Total		3,368
Maximum Consolidated Senior Leverage Ratio			3	3.5	3.5
Debt Instrument, Basis Spread on Variable Rate	0.10%
Revolving Credit Facility [Member] | Amended Credit Agreement [Member] | Minimum [Member]
Debt Instrument, Margin Range on Variable Rate	2.10%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.20%
Revolving Credit Facility [Member] | Amended Credit Agreement [Member] | Maximum [Member]
Debt Instrument, Margin Range on Variable Rate	2.40%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.30%
Revolving Credit Facility [Member] | Amended Credit Agreement [Member] | KeyBank [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 30,000
Line Of Credit Facility Maximum Borrowing Capacity Contingent On Bank Approval	$ 50,000
Term Loan Facility [Member] | Amended Credit Agreement [Member] | Long-term Debt, Current Maturities [Member]
Secured Debt, Total		$ 2,000
Term Loan Facility [Member] | Amended Credit Agreement [Member] | KeyBank [Member]
Debt Instrument, Term	5 years
Debt Instrument, Face Amount	$ 10,000

Note 2 - Debt - Future Minimum

Note 2 - Debt - Future Minimum Principal Repayment Obligations (Details) - Revolving Credit Facility [Member] - Amended Credit Agreement [Member] $ in Thousands	Sep. 30, 2024 USD ($)
2024	$ 500
2025	2,000
2026	2,000
2027	167
Thereafter	3,368
Total	$ 8,035

Note 3 - Earnings Per Share (De

Note 3 - Earnings Per Share (Details Textual) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Dilutive Securities Included in Computation of Earnings Per Share Amount Stock Option	864,854	677,029	786,854	22,165
Dilutive Securities Included in Computation of Earnings Per Share Amount Restricted Stock	5,229	2,500	5,229	2,500
Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements	249,082	65,275	212,072	2,441
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		411,583	78,000	1,066,447

Note 4 - Supplemental Balance_3

Note 4 - Supplemental Balance Sheet Information (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Restricted Cash and Cash Equivalents	$ 0	$ 82
NETHERLANDS
Restricted Cash and Cash Equivalents	$ 0	$ 82

Note 4 - Supplemental Balance_4

Note 4 - Supplemental Balance Sheet Information - Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Cash	$ 6,774	$ 10,196
Restricted cash	0	82
Total	$ 6,774	$ 10,278	$ 9,301	$ 5,713

Note 4 - Supplemental Balance_5

Note 4 - Supplemental Balance Sheet Information - Components of Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Raw materials	$ 30,694	$ 29,098
Work in process	3,108	3,187
Finished goods	10,192	9,930
Total	$ 43,994	$ 42,215

Note 4 - Supplemental Balance_6

Note 4 - Supplemental Balance Sheet Information - Components of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Property, plant and equipment, gross	$ 88,184		$ 88,184		$ 87,601
Depreciation	765	$ 760	2,294	$ 2,282
Less: Accumulated depreciation	(67,939)		(67,939)		(66,484)
Property, plant and equipment, net	20,245		20,245		21,117
Land [Member]
Property, plant and equipment, gross	1,273		1,273		1,273
Building and Building Improvements [Member]
Property, plant and equipment, gross	16,163		16,163		15,998
Machinery and Equipment [Member]
Property, plant and equipment, gross	58,399		58,399		57,584
Furniture and Fixtures [Member]
Property, plant and equipment, gross	2,843		2,843		2,845
Computer Equipment [Member]
Property, plant and equipment, gross	7,864		7,864		7,868
Construction in Progress [Member]
Property, plant and equipment, gross	$ 1,642		$ 1,642		$ 2,033

Note 4 - Supplemental Balance_7

Note 4 - Supplemental Balance Sheet Information - Summary of Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Balance	$ 37,571
Effect of foreign currency translation	221
Balance – March 31, 2024	37,792
Battery & Energy Products Segment [Member]
Balance	26,078
Effect of foreign currency translation	221
Balance – March 31, 2024	26,299
Communications Systems Segment [Member]
Balance	11,493
Effect of foreign currency translation	0
Balance – March 31, 2024	$ 11,493

Note 4 - Supplemental Balance_8

Note 4 - Supplemental Balance Sheet Information - Composition of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Cost	$ 28,446	$ 28,247
Accumulated Amortization	13,959	13,140
Net	14,487	15,107
Customer Relationships [Member]
Cost	13,219	13,092
Accumulated Amortization	7,185	6,656
Net	6,034	6,436
Patented Technology [Member]
Cost	5,657	5,606
Accumulated Amortization	5,454	5,322
Net	203	284
Trade Names [Member]
Cost	4,667	4,647
Accumulated Amortization	748	647
Net	3,919	4,000
Trademarks [Member]
Cost	3,403	3,402
Accumulated Amortization	0	0
Net	3,403	3,402
Other Intangible Assets [Member]
Cost	1,500	1,500
Accumulated Amortization	572	515
Net	$ 928	$ 985

Note 4 - Supplemental Balance_9

Note 4 - Supplemental Balance Sheet Information - Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Amortization of intangible assets	$ 229	$ 227	$ 684	$ 663
Research and Development Expense [Member]
Amortization of intangible assets	204	203	609	591
Selling, General and Administrative Expenses [Member]
Amortization of intangible assets	$ 25	$ 24	$ 75	$ 72

Note 5 - Stock-based Compensa_3

Note 5 - Stock-based Compensation (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Proceeds from Stock Options Exercised	$ 24	$ 979	$ 1,960	$ 1,041
Share-Based Payment Arrangement, Option [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	394		$ 394
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition			9 months 18 days
Restricted Stock [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 19	$ 0	$ 19	$ 0
Restricted Stock [Member] | The 2014 Long-term Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period			3 years

Note 5 - Stock-based Compensa_4

Note 5 - Stock-based Compensation - Non-cash Stock Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Stock-based compensation expense	$ 170	$ 131	$ 490	$ 424
Share-Based Payment Arrangement, Option [Member]
Stock-based compensation expense	164	130	472	421
Restricted Stock [Member]
Stock-based compensation expense	$ 6	$ 1	$ 18	$ 3

Note 5 - Stock-based Compensa_5

Note 5 - Stock-based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2024
Outstanding, shares (in shares)	1,250,595
Outstanding, weighted average exercise price (in dollars per share)	$ 7.1
Granted, shares (in shares)	3,460
Granted, weighted average exercise price (in dollars per share)	$ 6.84
Exercised, shares (in shares)	(291,841)
Exercised, weighted average exercise price (in dollars per share)	$ 7.11
Forfeited or expired, shares (in shares)	(97,360)
Forfeited or expired, weighted average exercise price (in dollars per share)	$ 8.61
Outstanding, shares (in shares)	864,854
Outstanding, weighted average exercise price (in dollars per share)	$ 6.93
Outstanding, weighted average remaining contractual term (Year)	4 years 29 days
Outstanding, aggregate intrinsic value	$ 1,891
Vested and expected to vest, shares (in shares)	772,369
Vested and expected, weighted average exercise price (in dollars per share)	$ 7.01
Vested and expected to vest, weighted average remaining contractual term (Year)	3 years 11 months 4 days
Vested and expected to vest, aggregate intrinsic value	$ 1,630
Exercisable, shares (in shares)	433,028
Exercisable, weighted average exercise price (in dollars per share)	$ 7.58
Exercisable, weighted average remaining contractual term (Year)	2 years 8 months 1 day
Exercisable, aggregate intrinsic value	$ 696

Note 6 - Income Taxes (Details

Note 6 - Income Taxes (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Effective Income Tax Rate Reconciliation, Percent	20.90%	28.10%
Unrecognized Tax Benefits, Ending Balance	$ 0		$ 0
Domestic Tax Jurisdiction [Member] | Internal Revenue Service (IRS) [Member]
Operating Loss Carryforwards			27,200
Tax Credit Carryforward, Amount			$ 2,900
Open Tax Year	2011 2012 2013 2014 2015
Foreign Tax Jurisdiction [Member]
Deferred Tax Assets, Valuation Allowance	$ 0
Foreign Tax Jurisdiction [Member] | His Majesty's Revenue and Customs (HMRC) [Member]
Operating Loss Carryforwards	$ 10,000
State and Local Jurisdiction [Member]
Open Tax Year	2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Foreign Tax Jurisdiction, Other [Member]
Open Tax Year	2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Note 7 - Operating Leases (Deta

Note 7 - Operating Leases (Details Textual)	Sep. 30, 2024
Minimum [Member]
Lessee, Operating Lease, Remaining Lease Term (Year)	1 year
Maximum [Member]
Lessee, Operating Lease, Remaining Lease Term (Year)	7 years

Note 7 - Operating Leases - Lea

Note 7 - Operating Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating lease cost	$ 242	$ 252	$ 772	$ 732
Variable lease cost	24	28	76	85
Total lease cost	$ 266	$ 280	$ 848	$ 817

Note 7 - Operating Leases - Sup

Note 7 - Operating Leases - Supplement Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating cash flows from operating leases	$ 768	$ 762
Right-of-use assets obtained in exchange for lease liabilities:	$ 1,391	$ 310

Note 7 - Operating Leases - S_2

Note 7 - Operating Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	us-gaap_OtherAssetsNoncurrent	us-gaap_OtherAssetsNoncurrent
Operating lease right-of-use asset	$ 4,194	$ 3,589
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	us-gaap_OtherLiabilitiesCurrent	us-gaap_OtherLiabilitiesCurrent
Current operating lease liability	$ 1,015	$ 894
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	us-gaap_OtherLiabilitiesNoncurrent	us-gaap_OtherLiabilitiesNoncurrent
Operating lease liability, net of current portion	$ 3,155	$ 2,644
Total operating lease liability	$ 4,170	$ 3,538
Weighted-average remaining lease term (years) (Year)	4 years 10 months 24 days	5 years 3 months 18 days
Weighted-average discount rate	6.80%	4.50%

Note 7 - Operating Leases - Fut

Note 7 - Operating Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
2024	$ 272
2025	1,034
2026	958
2027	985
2028	993
Thereafter	634
Total lease payments	4,876
Less: Imputed interest	(706)
Present value of remaining lease payments	$ 4,170	$ 3,538

Note 8 - Commitments and Cont_3

Note 8 - Commitments and Contingencies (Details Textual) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Capital Addition Purchase Commitments [Member]
Long-Term Purchase Commitment, Amount	$ 597

Note 8 - Commitments and Cont_4

Note 8 - Commitments and Contingencies - Changes in Product Warranty Liability (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Accrued warranty obligations – beginning	$ 547	$ 323
Accruals for warranties issued	911	260
Settlements made	(591)	(98)
Accrued warranty obligations – ending	$ 867	$ 485

Note 9 - Revenue Recognition (D

Note 9 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Extended Product Warranty Accrual	$ 1,227	$ 1,227	$ 1,407
Accrued Expenses and Other Current Liabilities [Member]
Extended Product Warranty Accrual, Current	298	298	287
Other Noncurrent Liabilities [Member]
Extended Product Warranty Accrual, Noncurrent	929	929	$ 1,120
Certain Communications Systems Products [Member]
Contract with Customer, Liability, Revenue Recognized	$ 81	$ 224
Certain Communications Systems Products [Member] | Maximum [Member]
Extended Product Warranty, Term		8 years

Note 10 - Business Segment In_3

Note 10 - Business Segment Information (Details Textual)	9 Months Ended
	Sep. 30, 2024
Number of Operating Segments	2

Note 11 - Business Segment Info

Note 11 - Business Segment Information - Segment Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues	$ 35,694	$ 39,488	$ 120,604	$ 114,096
Segment contribution	511	2,135	8,491	5,826
Other income (expense)	(158)	(386)	(685)	178
Income tax provision (benefit)	(74)	(446)	(1,630)	(1,688)
Non-controlling interest	(21)	27	(58)	8
Net loss attributable to Ultralife	258	1,330	6,118	4,324
Battery & Energy Products Segment [Member]
Revenues	32,529	31,919	104,201	94,250
Segment contribution	8,047	7,728	26,986	21,783
Communications Systems Segment [Member]
Revenues	3,165	7,569	16,403	19,846
Segment contribution	635	2,046	4,729	6,015
Corporate Segment [Member]
Revenues	0	0	0	0
Segment contribution	(8,171)	(7,639)	(23,224)	(21,972)
Other income (expense)	(158)	(386)	(685)	178
Income tax provision (benefit)	(74)	(446)	(1,630)	(1,688)
Non-controlling interest	$ (21)	$ 27	$ (58)	$ 8

Note 11 - Business Segment In_2

Note 11 - Business Segment Information - Revenue by Business Segment Sector (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues	$ 35,694	$ 39,488	$ 120,604	$ 114,096
UNITED STATES
Revenues	$ 20,878	$ 20,274	$ 68,738	$ 58,258
Revenue, percentage	58%	51%	57%	51%
Non-US [Member]
Revenues	$ 14,816	$ 19,214	$ 51,866	$ 55,838
Revenue, percentage	42%	49%	43%	49%
Commercial [Member]
Revenues	$ 22,516	$ 24,150	$ 74,320	$ 73,319
Revenue, percentage	63%	61%	62%	64%
Government & Defense [Member]
Revenues	$ 13,178	$ 15,338	$ 46,284	$ 40,777
Revenue, percentage	37%	39%	38%	36%
Battery & Energy Products Segment [Member]
Revenues	$ 32,529	$ 31,919	$ 104,201	$ 94,250
Battery & Energy Products Segment [Member] | UNITED STATES
Revenues	18,311	15,926	57,326	47,088
Battery & Energy Products Segment [Member] | Non-US [Member]
Revenues	14,218	15,993	46,875	47,162
Battery & Energy Products Segment [Member] | Commercial [Member]
Revenues	22,516	24,150	74,320	73,319
Battery & Energy Products Segment [Member] | Government & Defense [Member]
Revenues	10,013	7,769	29,881	20,931
Communications Systems Segment [Member]
Revenues	3,165	7,569	16,403	19,846
Communications Systems Segment [Member] | UNITED STATES
Revenues	2,567	4,348	11,412	11,170
Communications Systems Segment [Member] | Non-US [Member]
Revenues	598	3,221	4,991	8,676
Communications Systems Segment [Member] | Commercial [Member]
Revenues	0	0	0	0
Communications Systems Segment [Member] | Government & Defense [Member]
Revenues	$ 3,165	$ 7,569	$ 16,403	$ 19,846

Note 11 - Subsequent Events (De

Note 11 - Subsequent Events (Details Textual) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended
	Oct. 31, 2024	Sep. 30, 2024	Sep. 30, 2024	Mar. 31, 2027	Mar. 31, 2026	Mar. 31, 2025
Senior Secured Term Loan [Member] | Forecast [Member]
Fixed Charge Coverage Ratio						1.15
Maximum Consolidated Senior Leverage Ratio				3	3.25	3.5
Debt Instrument, Unused Borrowing Capacity, Fee, Percent				0.30%	0.25%	0.20%
Electrochem Solutions, Inc. [Member]
Business Combination, Acquisition Related Costs		$ 250	$ 250
Subsequent Event [Member] | Senior Secured Term Loan [Member]
Debt Instrument, Term	5 years
Debt Instrument, Face Amount	$ 55,000
Subsequent Event [Member] | Electrochem Solutions, Inc. [Member]
Business Combination, Consideration Transferred	$ 50,000