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Selling, general and administrative

^[1]

$ 28,560

$ 29,397

$ 54,374

$ 48,279

Cost of products sold

20,597

20,532

39,077

34,330

Gross profit

7,963

8,865

15,297

13,949

Operating expenses:

Research and development

1,275

1,587

2,823

2,623

4,394

4,236

8,695

7,736

Total operating expenses

5,669

5,823

11,518

10,359

Operating income

2,294

3,042

3,779

3,590

Other expense (income):

Interest and financing expense

106

114

280

119

Miscellaneous

(31)

(71)

Total other expense

117

209

141

Income before income tax provision

2,177

2,959

3,570

3,449

Income tax provision

499

676

818

717

Net income

1,678

2,283

2,752

2,732

Net income attributable to non-controlling interest

Net income attributable to Ultralife Corporation

1,658

2,256

2,717

2,681

Other comprehensive loss:

Foreign currency translation adjustments

(452)

(765)

(17)

Comprehensive income attributable to Ultralife Corporation

$ 1,700

$ 1,804

$ 1,952

$ 2,664

Net income per share attributable to Ultralife common shareholders – basic (in dollars per share)

$ 10

$ 14

$ 17

Net income per share attributable to Ultralife common shareholders – diluted (in dollars per share)

$ 10

$ 14

$ 17

Weighted average shares outstanding – basic (in shares)

15,882

15,742

15,880

15,741

Potential common shares (in shares)

251

451

234

439

Weighted average shares outstanding - diluted (in shares)

16,133

16,193

16,114

16,180

[1]	Sales classified to U.S. include shipments to U.S.-based prime contractors which in some cases may serve non-U.S. projects.

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
OPERATING ACTIVITIES:
Net income	$ 2,752	$ 2,732
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	1,161	962
Amortization of intangible assets	295	224
Amortization of financing fees	24	20
Stock-based compensation	534	360
Deferred income taxes	633	636
Changes in operating assets and liabilities:
Accounts receivable	3,578	(5,466)
Inventories	1,507	(6,779)
Prepaid expenses and other assets	1,307	362
Accounts payable and other liabilities	(2,909)	2,703
Net cash provided by (used in) operating activities	8,882	(4,246)
INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(1,533)	(3,793)
Proceeds from sale of equipment	120	0
Purchase of SWE, net of cash acquired	0	(25,248)
Net cash used in investing activities	(1,413)	(29,041)
FINANCING ACTIVITIES:
Payment of revolving credit facility	(5,700)
Payment of term loan facility	(710)	(212)
Proceeds from exercise of stock options	76	478
Tax withholdings on stock-based awards	(15)	(8)
Proceeds from revolving credit facility	0	8,182
Proceeds from term loan facility	0	8,000
Repurchase of common stock	0	(1,957)
Payment of debt issuance costs	0	(157)
Net cash (used in) provided by financing activities	(6,349)	14,326
Effect of exchange rate changes on cash	(136)	(157)
INCREASE (DECREASE) IN CASH	984	(19,118)
Cash, Beginning of period	7,405	25,934
Cash, End of period	8,389	6,816
Paycheck Protection Program CARES Act [Member]
FINANCING ACTIVITIES:
Proceeds from Paycheck Protection Program loan	3,459	0
Repayment of Paycheck Protection Program loan	$ (3,459)	$ 0

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, 2018	20,053,335
Balance at Dec. 31, 2018	$ 2,005	$ 182,630	$ (2,786)	$ (58,035)	$ (19,266)	$ (85)	$ 104,463
Net income				2,681		51	2,732
Share repurchases					(1,957)		(1,957)
Stock option exercises (in shares)	104,587
Stock option exercises	$ 11	467					478
Stock-based compensation – stock options		316					316
Stock-based compensation - restricted stock (in shares)
Stock-based compensation - restricted stock		44					44
Vesting of restricted stock					(8)		(8)
Foreign currency translation adjustments			(17)				(17)
Balance (in shares) at Jun. 30, 2019	20,163,756
Balance at Jun. 30, 2019	$ 2,016	183,457	(2,803)	(55,354)	(21,231)	(34)	106,051
Balance (in shares) at Mar. 31, 2019	20,134,596
Balance at Mar. 31, 2019	$ 2,013	183,163	(2,351)	(57,610)	(21,231)	(61)	103,923
Net income				2,256		27	2,283
Stock option exercises (in shares)	29,160
Stock option exercises	$ 3	119					122
Stock-based compensation – stock options		142					142
Stock-based compensation - restricted stock		33					33
Foreign currency translation adjustments			(452)				(452)
Balance (in shares) at Jun. 30, 2019	20,163,756
Balance at Jun. 30, 2019	$ 2,016	183,457	(2,803)	(55,354)	(21,231)	(34)	$ 106,051
Balance (in shares) at Dec. 31, 2019	20,268,050						15,866,868
Balance at Dec. 31, 2019	$ 2,026	184,292	(2,531)	(52,830)	(21,231)	24	$ 109,750
Net income				2,717		35	$ 2,752
Stock option exercises (in shares)	16,631						16,631
Stock option exercises	$ 2	74					$ 76
Stock-based compensation – stock options		470					470
Stock-based compensation - restricted stock (in shares)	12,501
Stock-based compensation - restricted stock		64					64
Foreign currency translation adjustments			(765)				(765)
Vesting of restricted stock	$ 2				(15)		$ (13)
Balance (in shares) at Jun. 30, 2020	20,297,182						15,893,889
Balance at Jun. 30, 2020	$ 2,030	184,900	(3,296)	(50,113)	(21,246)	59	$ 112,334
Balance (in shares) at Mar. 31, 2020	20,281,516
Balance at Mar. 31, 2020	$ 2,028	184,550	(3,338)	(51,771)	(21,239)	39	110,269
Net income				1,658		20	1,678
Stock option exercises (in shares)	8,998
Stock option exercises	$ 1	46					47
Stock-based compensation – stock options		278					278
Stock-based compensation - restricted stock (in shares)	6,668
Stock-based compensation - restricted stock		26					26
Foreign currency translation adjustments			42				42
Vesting of restricted stock	$ 1				(7)		$ (6)
Balance (in shares) at Jun. 30, 2020	20,297,182						15,893,889
Balance at Jun. 30, 2020	$ 2,030	$ 184,900	$ (3,296)	$ (50,113)	$ (21,246)	$ 59	$ 112,334

Note 1 - Basis of Presentation

6 Months Ended

Jun. 30, 2020

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 footnotes 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 subsequent interim periods or 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, 2019.

The December 31, 2019 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.

Effective January 1, 2020, the Company’s interim fiscal periods are reported on a calendar month-basis to better align with fiscal period changes of our customer base. Prior to 2020, the Company’s monthly closing schedule was a 4/4/5 week-based cycle for each fiscal quarter. We do not believe this change materially impacts quarterly comparisons.

Recently Adopted Accounting Guidance

Effective January 1, 2020, the Company adopted Accounting Standards Update (“ASU”) 2017-04, “Intangibles – Goodwill and Other (Topic 350) – Simplifying the Test for Goodwill Impairment”. The new standard eliminates the two-step process that required the identification of potential impairment and a separate measure of the actual impairment. Adoption of the new standard will not materially impact the Company’s consolidated financial statements.

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

6 Months Ended

Jun. 30, 2020

Business Combination Disclosure [Text Block]

2. ACQUISITION

On May 1, 2019, the Company completed the acquisition of 100% of the issued and outstanding shares of Southwest Electronic Energy Corporation, a Texas corporation (“SWE”), for an aggregate purchase price of $26,190 inclusive of $942 cash acquired and post-closing adjustments.

SWE is a leading independent designer and manufacturer of high-performance smart battery systems and battery packs to customer specifications using lithium cells. SWE serves a variety of industrial markets, including oil & gas, remote monitoring, process control and marine, which demand uncompromised safety, service, reliability and quality. The Company acquired SWE as a bolt-on acquisition to further support our strategy of commercial revenue diversification by providing entry to the oil and gas exploration and production, and subsea electrification markets, which were previously unserved by Ultralife. Another key benefit includes obtaining a highly valuable technical team of battery pack and charger system engineers and technicians to add to our new product development-based revenue growth initiatives in our commercial end-markets particularly asset tracking, smart metering and other industrial applications.

The acquisition of SWE was completed pursuant to a Stock Purchase Agreement dated May 1, 2019 (the “Stock Purchase Agreement”) by and among Ultralife, SWE, Southwest Electronic Energy Medical Research Institute, a Texas non-profit (the “Seller”), and Claude Leonard Backstein, an individual (the “Shareholder”). The Stock Purchase Agreement contains customary terms and conditions including representations, warranties and indemnification provisions. A portion of the consideration paid to the Seller is being held in escrow for indemnification purposes.

The aggregate purchase price for the acquisition was funded by the Company through a combination of cash on hand and borrowings under the Credit Facilities (see Note 3).

The purchase price allocation was determined in accordance with the accounting treatment of a business combination pursuant to FASB ASC Topic 805, Business Combinations (ASC 805). Accordingly, the fair value of the consideration was determined, and the assets acquired and liabilities assumed have been recorded at their fair values at the date of the acquisition. The excess of the purchase price over the estimated fair values has been recorded as goodwill.

The allocation of purchase price to the assets acquired and liabilities assumed at the date of the acquisition is presented in the table below. Management is responsible for determining the fair value of the tangible and intangible assets acquired and liabilities assumed as of the date of acquisition. Management considered several factors, including reference to an analysis performed under ASC 805 solely for the purpose of allocating the purchase price to the assets acquired and liabilities assumed. The Company’s estimates are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable. These valuations require the use of management’s assumptions, which would not reflect unanticipated events and circumstances that may occur.

Cash	$	942
Accounts receivable		3,621
Inventories		4,685
Other current assets		431
Property, plant and equipment		9,177
Goodwill		6,534
Customer relationships		2,522
Trade name		1,127
Accounts payable		(1,060	)
Other current liabilities		(778	)
Deferred tax liability, net		(1,011	)
Net assets acquired	$	26,190

The goodwill included in the Company’s purchase price allocation presented above represents the value of SWE’s assembled and trained workforce, the incremental value that SWE engineering and technology will bring to the Company and the revenue growth which is expected to occur over time which is attributable to increased market penetration from future new products and customers. The goodwill acquired in connection with the acquisition is not deductible for income tax purposes.

The operating results and cash flows of SWE are reflected in the Company’s consolidated financial statements from the date of acquisition. SWE is included in the Battery & Energy Products segment.

For the six months ended June 30, 2020, SWE contributed revenue of $10,304 and net income of $731, inclusive of interest expense of $229 directly related to the financing of the SWE acquisition and amortization expense of $122 on identifiable intangible assets acquired from SWE.

For the six-month period ended June 30, 2019, from the May 1, 2019 acquisition date, SWE contributed revenue of $4,750 and net income of $101, inclusive of a $205 increase in cost of products sold for the fair value step-up of acquired inventory sold during the period, non-recurring expenses of $165 directly related to the acquisition, interest expense of $110 directly related to the financing of the SWE acquisition, amortization expense of $41 on acquired identifiable intangible assets and a $23 reduction of depreciation expense as a result of fair value adjustments and useful life changes.

The following supplemental pro forma information presents the combined results of operations, inclusive of the purchase accounting adjustments and one-time acquisition-related expenses described above, as if the acquisition of SWE had been completed on January 1, 2018, the beginning of the comparable prior period.

The supplemental pro forma results are presented for informational purposes only and should not be considered indicative of the financial position or results of operations had the acquisition been completed as of the dates indicated and does not purport to indicate the future combined financial position or results of operation.

Set forth below are the unaudited supplemental pro forma results of the Company and SWE for the six-month periods ended June 30, 2020 and June 30, 2019 as if the acquisition had occurred as of January 1, 2018.

	Six months ended
	June 30, 2020		June 30, 2019
Revenue	$	54,374	$	57,074
Operating income	$	3,779	$	4,171
Net income attributable to Ultralife Corporation	$	2,717	$	2,955
Net income per share attributable to Ultralife Corporation:
Basic	$	0.17	$	0.19
Diluted	$	0.17	$	0.18

Note 3 - Debt

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Text Block]

3. DEBT

Credit Facilities

On May 1, 2019, Ultralife, SWE, and CLB, INC., a Texas corporation and wholly owned subsidiary of SWE (“CLB”), as borrowers, entered into the First Amendment Agreement (the “First Amendment Agreement”) with KeyBank National Association (“KeyBank” or the “Bank”), as lender and administrative agent, to amend the Credit and Security Agreement by and among Ultralife and KeyBank dated May 31, 2017 (the “Credit Agreement”, and together with the First Amendment Agreement, the “Amended Credit Agreement”).

The Amended Credit Agreement, among other things, provides for a five-year, $8,000 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 “Credit Facilities”) through May 31, 2022. Up to six months prior to May 31, 2022, the Revolving Credit Facility may be increased to $50,000 with the Bank’s concurrence.

Upon closing of the SWE acquisition on May 1, 2019, the Company drew down the full amount of the Term Loan Facility and $6,782 under the Revolving Credit Facility. As of June 30, 2020, the Company had $6,424 outstanding principal on the Term Loan Facility, of which $1,482 is included in current portion of long-term debt on the balance sheet, and $4,482 outstanding principal on the Revolving Credit Facility. As of June 30, 2020, total unamortized debt issuance costs of $140 associated with the Amended Credit Agreement are classified as a reduction of long-term debt on the balance sheet.

The Company is required to repay the borrowings under the Term Loan Facility in sixty (60) equal consecutive monthly payments commencing on May 31, 2019, 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 April 30, 2024. All unpaid principal and accrued and unpaid interest with respect to the Revolving Credit Facility is due and payable in full on May 31, 2022. 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 fixed charge coverage ratio of equal to or greater than 1.15 to 1.0, and a consolidated senior leverage ratio of equal to or less than 2.5 to 1.0, each as defined in the Amended Credit Agreement. The Company was in full compliance with its covenants as of June 30, 2020.

Borrowings under the Credit Facilities are secured by substantially all the assets of the Company. Availability under the Revolving Credit Facility is subject to certain borrowing base limits based on receivables and inventories.

Interest will accrue on outstanding indebtedness under the Credit Facilities at the Base Rate or the Overnight LIBOR Rate, as selected by the Company, plus the applicable margin. The Base Rate is the higher of (a) the Prime Rate, (b) the Federal Funds Effective Rate plus 50 basis points, and (c) the Overnight LIBOR Rate plus one hundred basis points. The applicable margin ranges from zero to negative 50 basis points for the Base Rate and from 185 to 215 basis points for the Overnight LIBOR Rate and are determined based on the Company’s senior leverage ratio.

The Company must pay a fee of 0.1% to 0.2% 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 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.

Paycheck Protection Program Loan

On April 14, 2020, the Company entered in a loan agreement with KeyBank National Association (“Lender”) under the terms of which the Lender agreed to make a loan to the Company in an aggregate principal amount of $3,459 (“PPP Loan”) pursuant to the Paycheck Protection Program under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The loan proceeds were received on April 16, 2020. On April 23, 2020, the Company returned the full amount of the loan proceeds to the Lender which were not used by the Company, to ensure compliance with the FAQ’s and revised Guidelines issued by the U.S. Department of Treasury and the Small Business Administration on April 23, 2020.

Note 4 - Earnings Per Share

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Text Block]

4. EARNINGS PER SHARE

Basic earnings per share (“EPS”) is computed by dividing earnings attributable to the Company’s common shareholders 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 June 30, 2020, 866,910 stock options and 19,165 restricted stock awards were included in the calculation of Diluted EPS as such securities are dilutive. Inclusion of these securities resulted in 250,561 additional shares in the calculation of fully diluted earnings per share. For the comparable three-month period ended June 30, 2019, 1,016,668 stock options and 31,666 restricted stock awards were included in the calculation of Diluted EPS resulting in 450,793 additional shares in the calculation of fully diluted earnings per share. For the six-month periods ended June 30, 2020 and June 30, 2019, 866,910 and 1,016,668 stock options and 19,165 and 31,666 restricted stock awards, respectively, were included in the calculation of Diluted EPS as such securities are dilutive. Inclusion of these securities resulted in 234,532 and 438,969 additional shares, respectively, in the calculation of fully diluted earnings per share.

There were 896,167 and 446,250 outstanding stock options for the three-month periods ended June 30, 2020 and June 30, 2019, respectively, which were not included in EPS as the effect would be anti-dilutive. There were 896,167 and 446,250 outstanding stock options for the six-month periods ended June 30, 2020 and June 30, 2019, respectively, which were not included in EPS as the effect would be anti-dilutive.

Note 5 - Supplemental Balance Sheet Information

6 Months Ended

Jun. 30, 2020

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 June 30, 2020 and December 31, 2019. The fair value of cash, trade accounts receivable, trade accounts payable, accrued liabilities, and the current portion of long-term debt approximates carrying value due to the short-term nature of these instruments. The carrying value of long-term debt approximates fair value, as the variable interest rates approximate current market rates.

Cash

The composition of the Company’s cash was as follows:

	June 30,		December 31,
	2020		2019
Cash	$	8,298	$	7,135
Restricted cash		91		270
Total	$	8,389	$	7,405

As of June 30, 2020 and December 31, 2019, restricted cash included $8 and $188, respectively, relating to a government grant awarded in the People’s Republic of China to fund specified technological research and development initiatives. The grant proceeds are realized as a direct offset to qualifying expenditures as incurred. For the six-month period ended June 30, 2020, grant proceeds of $181 were used to fund qualifying capital expenditures and material and labor costs incurred. As of June 30, 2020 and December 31, 2019, restricted cash included euro-denominated deposits of $83 and $82, respectively, withheld by the Dutch tax authorities and third-party VAT representatives in connection with a previously utilized logistics arrangement in the Netherlands. Restricted cash is included as a component of the cash balance for purposes of the consolidated statements of cash flows.

Inventories

Inventories are stated at the lower of cost or market, net of obsolescence reserves, with cost determined under the first-in, first-out (FIFO) method. The composition of inventories, net was:

	June 30,		December 31,
	2020		2019
Raw materials	$	17,142	$	18,485
Work in process		3,504		2,548
Finished goods		7,418		8,726
Total	$	28,064	$	29,759

Property, Plant and Equipment, Net

Major classes of property, plant and equipment consisted of the following:

	June 30,			December 31,
	2020			2019
Land	$	1,273		$	1,273
Buildings and leasehold improvements		15,337			15,386
Machinery and equipment		54,904			55,058
Furniture and fixtures		2,188			2,194
Computer hardware and software		6,719			6,712
Construction in process		6,109			4,730
		86,530			85,353
Less: Accumulated depreciation		(63,817	)		(62,828	)
Property, plant and equipment, net	$	22,713		$	22,525

Depreciation expense for property, plant and equipment was as follows:

	Three-month period ended				Six-month period ended
	June 30,		June 30,		June 30,		June 30,
	2020		2019		2020		2019
Depreciation expense	$	582	$	515	$	1,161	$	962

Goodwill

The following table summarizes the goodwill activity by segment for the six-month period ended June 30, 2020.

	Battery & Energy			Communications
	Products			Systems		Total
Balance – December 31, 2019		15,260			11,493		26,753
Effect of foreign currency translation		(294	)		-		(294	)
Balance – June 30, 2020	$	14,966		$	11,493	$	26,459

Other Intangible Assets, Net

The composition of other intangible assets was:

	June 30, 2020
			Accumulated
	Cost		Amortization		Net
Trademarks	$	3,401	$	-	$	3,401
Customer relationships		8,913		4,853		4,060
Patents and technology		5,454		4,902		552
Distributor relationships		377		377		-
Trade name		1,486		249		1,237
Total	$	19,631	$	10,381	$	9,250

	December 31, 2019
			Accumulated
	Cost		Amortization		Net
Trademarks	$	3,403	$	-	$	3,403
Customer relationships		9,080		4,721		4,359
Patents and technology		5,521		4,869		652
Distributor relationships		377		377		-
Trade name		1,511		204		1,307
Total	$	19,892	$	10,171	$	9,721

The change in the cost of total intangible assets from December 31, 2019 to June 30, 2020 is a result of the effect of foreign currency translations.

Amortization expense for other intangible assets was as follows:

	Three-month period ended				Six-month period ended
	June 30,		June 30,		June 30,		June 30,
	2020		2019		2020		2019
Amortization included in:
Research and development	$	30	$	33	$	61	$	66
Selling, general and administrative		116		99		234		158
Total amortization expense	$	146	$	132	$	295	$	224

Note 6 - Stock-based Compensation

6 Months Ended

Jun. 30, 2020

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				Six-month period ended
	June 30,		June 30,		June 30,		June 30,
	2020		2019		2020		2019
Stock options	$	278	$	142	$	470	$	316
Restricted stock grants		26		33		64		44
Total	$	304	$	175	$	534	$	360

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 June 30, 2020, there was $903 of total unrecognized compensation cost related to outstanding stock options, which is expected to be recognized over a weighted average period of 1.4 years.

The following table summarizes stock option activity for the six-month period ended June 30, 2020:

	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value
Outstanding at January 1, 2020		1,541,792		$	6.88
Granted		251,000			6.51
Exercised		(16,631	)		4.58
Forfeited or expired		(13,084	)		7.77
Outstanding at June 30, 2020		1,763,077		$	6.84		3.28	$	1,734
Vested and expected to vest at June 30, 2020		1,651,988		$	6.78		3.08	$	1,711
Exercisable at June 30, 2020		1,194,342		$	6.45		1.87	$	1,610

The following assumptions were used to value stock options granted during the six months ended June 30, 2020:

Risk-Free Interest Rate	0.4	%
Volatility Factor	49	%
Weighted Average Expected Life (Years)	5.3
Dividends	0.0	%

The weighted average grant date fair value of options granted during the six months ended June 30, 2020 was $2.78.

Cash received from stock option exercises under our stock-based compensation plans for the three-month periods ended June 30, 2020 and June 30, 2019 was $47 and $122, respectively. Cash received from stock option exercises under our stock-based compensation plans for the six-month periods ended June 30, 2020 and June 30, 2019 was $76 and $478, respectively.

In April 2019, 20,000 shares of restricted stock were awarded to certain of our employees at a weighted-average grant date fair value of $11.12 per share. In January 2018, 17,500 shares of restricted stock were awarded to certain of our employees at a weighted-average grant date fair value of $7.16 per share. All outstanding restricted shares vest in equal annual installments over three years. Unrecognized compensation cost related to these restricted shares was $81 at June 30, 2020, which is expected to be recognized over a weighted average period of 1.7 years.

Note 7 - Income Taxes

6 Months Ended

Jun. 30, 2020

Income Tax Disclosure [Text Block]

7. INCOME TAXES

Our effective tax rate for the six-month periods ended June 30, 2020 and June 30, 2019 was 22.9% and 20.8% respectively. The period-over-period change was primarily attributable to the geographic mix of earnings and discrete tax benefits realized on disqualifying dispositions of incentive stock options exercised by employees during the six-month period ended June 30, 2019.

As of December 31, 2019, we have domestic net operating loss (“NOL”) carryforwards of $58,400, which expire 2020 thru 2035, and domestic tax credits of $1,907, which expire 2028 thru 2039, available to reduce future taxable income. As of June 30, 2020, Management has concluded it is more likely than not that these domestic NOL and credit carryforwards will be fully utilized.

As of June 30, 2020, 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.

As of June 30, 2020, we have not recognized a valuation allowance against our other foreign deferred tax assets, as realization is considered to be more likely than not.

As of June 30, 2020, the Company maintains its assertion that all foreign earnings will be indefinitely reinvested in those operations.

There were no unrecognized tax benefits related to uncertain tax positions at June 30, 2020 and December 31, 2019.

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 the years 2000 through 2019 remain subject to examination by the Internal Revenue Service (“IRS”) due to our net operating loss carryforwards. Our U.S. tax matters for the years 2000 through 2019 remain subject to examination by various state and local tax jurisdictions due to our net operating loss carryforwards. Our tax matters for the years 2010 through 2019 remain subject to examination by the respective foreign tax jurisdiction authorities.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Note 8 - Operating Leases

6 Months Ended

Jun. 30, 2020

Lessee, Operating Leases [Text Block]

8. OPERATING LEASES

The Company has operating leases predominantly for operating facilities. As of June 30, 2020, the remaining lease terms on our operating leases range from approximately 1 to 4 years. Renewal options to extend our leases have been exercised. Termination options are not reasonably certain of exercise by the Company. 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				Six months ended
	June 30, 2020		June 30, 2019		June 30, 2020		June 30, 2019
Operating lease cost	$	168	$	145	$	336	$	290
Variable lease cost		18		21		36		42
Total lease cost	$	186	$	166	$	372	$	332

Supplemental cash flow information related to leases was as follows:

	Six months ended
	June 30, 2020		June 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	329	$	283
Right-of-use assets obtained in exchange for lease liabilities:	$	-	$	131

Supplemental balance sheet information related to leases was as follows:

	Balance sheet classification	June 30, 2020			December 31, 2019
Assets:
Operating lease right-of-use asset	Other noncurrent assets	$	1,539		$	1,866

Liabilities:
Current operating lease liability	Accrued expenses and other current liabilities	$	579		$	620
Operating lease liability, net of current portion	Other noncurrent liabilities		967			1,247
Total operating lease liability		$	1,546		$	1,867

Weighted-average remaining lease term (years)			3.4			3.7

Weighted-average discount rate			4.5	%		4.5	%

Future minimum lease payments as of June 30, 2020 are as follows:

Maturity of Operating Lease Liabilities
2020		347
2021		461
2022		349
2023		359
2024		180
Total lease payments		1,696
Less: Imputed interest		(150	)
Present value of remaining lease payments	$	1,546

Note 9 - Commitments and Contingencies

6 Months Ended

Jun. 30, 2020

Commitments and Contingencies Disclosure [Text Block]

9.	*COMMITMENTS AND CONTINGENCIES*

a. Purchase Commitments

As of June 30, 2020, we have made commitments to purchase approximately $1,322 of production machinery and equipment.

b. 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 six months of 2020 and 2019 were as follows:

	Six-month period ended June 30,
	2020			2019
Accrued warranty obligations – beginning	$	195		$	95
Assumed warranty obligations		-			145
Accruals for warranties issued		59			18
Settlements made		(26	)		(22	)
Accrued warranty obligations – ending	$	228		$	236

c. 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 that are reasonably possible at this time.

Note 10 - Revenue Recognition

6 Months Ended

Jun. 30, 2020

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. 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. 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.

Revenues recognized from prior period performance obligations for the six-month periods ended June 30, 2020 and 2019 were not material. Deferred revenue, unbilled revenue and deferred contract costs recorded on our consolidated balance sheets as of June 30, 2020 and December 31, 2019 were not material. As of June 30, 2020 and December 31, 2019, the Company had no 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.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Note 11 - Business Segment Information

6 Months Ended

Jun. 30, 2020

Segment Reporting Disclosure [Text Block]

11. .BUSINESS SEGMENT INFORMATION

We report our results in two operating segments: Battery & Energy Products and Communications Systems. The Battery & Energy Products segment includes: Lithium 9-volt, cylindrical and various other non-rechargeable batteries, in addition to rechargeable batteries, uninterruptable power supplies, charging systems and accessories. The Communications Systems segment includes: RF amplifiers, power supplies, cable and connector assemblies, amplified speakers, equipment mounts, case equipment, man-portable systems, integrated communication systems for fixed or vehicle applications and communications and electronics systems design. We believe that reporting performance at the gross profit level is the best indicator of segment performance.

The components of segment performance were as follows:

Three-month period ended June 30, 2020:

	Battery & Energy Products		Communications Systems		Corporate			Total
Revenues	$	24,036	$	4,524	$	-		$	28,560
Segment contribution		6,026		1,937		(5,669	)		2,294
Other expense						(117	)		(117	)
Tax provision						(499	)		(499	)
Non-controlling interest						(20	)		(20	)
Net income attributable to Ultralife								$	1,658

Three-month period ended June 30, 2019:

	Battery & Energy Products		Communications Systems		Corporate			Total
Revenues	$	20,300	$	9,097	$	-		$	29,397
Segment contribution		5,655		3,210		(5,823	)		3,042
Other income						(83	)		(83	)
Tax provision						(676	)		(676	)
Non-controlling interest						(27	)		(27	)
Net income attributable to Ultralife								$	2,256

Six-month period ended June 30, 2020:

	Battery & Energy Products		Communications Systems		Corporate			Total
Revenues	$	44,797	$	9,577	$	-		$	54,374
Segment contribution		11,342		3,955		(11,518	)		3,779
Other expense						(209	)		(209	)
Tax provision						(818	)		(818	)
Non-controlling interest						(35	)		(35	)
Net income attributable to Ultralife								$	2,717

Six-month period ended June 30, 2019:

	Battery & Energy Products		Communications Systems		Corporate			Total
Revenues	$	36,298	$	11,981	$	-		$	48,279
Segment contribution		10,065		3,884		(10,359	)		3,590
Other expense						(141	)		(141	)
Tax provision						(717	)		(717	)
Non-controlling interest						(51	)		(51	)
Net income attributable to Ultralife								$	2,681

The following tables disaggregate our business segment revenues by major source and geography.

Commercial and Government/Defense Revenue Information:

Three-month period ended June 30, 2020:

	Total Revenue		Commercial			Government/ Defense
Battery & Energy Products	$	24,036	$	16,172		$	7,864
Communications Systems		4,524		-			4,524
Total	$	28,560	$	16,172		$	12,388
				57	%		43	%

Three-month period ended June 30, 2019:

	Total Revenue		Commercial			Government/ Defense
Battery & Energy Products	$	20,300	$	15,049		$	5,251
Communications Systems		9,097		-			9,097
Total	$	29,397	$	15,049		$	14,348
				51	%		49	%

Six-month period ended June 30, 2020:

	Total Revenue		Commercial			Government/ Defense
Battery & Energy Products	$	44,797	$	30,974		$	13,823
Communications Systems		9,577		-			9,577
Total	$	54,374	$	30,974		$	23,400
				57	%		43	%

Six-month period ended June 30, 2019:

	Total Revenue		Commercial			Government/ Defense
Battery & Energy Products	$	36,298	$	25,059		$	11,239
Communications Systems		11,981		-			11,981
Total	$	48,279	$	25,059		$	23,220
				52	%		48	%

U.S. and Non-U.S. Revenue Information¹:

Three-month period ended June 30, 2020:

	Total Revenue		United States			Non-United States
Battery & Energy Products	$	24,036	$	14,195		$	9,841
Communications Systems		4,524		4,224			300
Total	$	28,560	$	18,419		$	10,141
				64	%		36	%

Three-month period ended June 30, 2019:

	Total Revenue		United States			Non-United States
Battery & Energy Products	$	20,300	$	10,843		$	9,457
Communications Systems		9,097		8,897			200
Total	$	29,397	$	19,740		$	9,657
				67	%		33	%

Six-month period ended June 30, 2020:

	Total Revenue		United States			Non-United States
Battery & Energy Products	$	44,797	$	25,479		$	19,318
Communications Systems		9,577		8,577			1,000
Total	$	54,374	$	34,056		$	20,318
				63	%		37	%

Six-month period ended June 30, 2019:

	Total Revenue		United States			Non-United States
Battery & Energy Products	$	36,298	$	18,410		$	17,888
Communications Systems		11,981		11,351			630
Total	$	48,279	$	29,761		$	18,518
				62	%		38	%

¹Sales classified to U.S. include shipments to U.S.-based prime contractors which in some cases may serve non-U.S. projects.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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New Accounting Pronouncements, Policy [Policy Text Block]

Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Recently Adopted Accounting Guidance

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 (Tables)

6 Months Ended

Jun. 30, 2020

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

Cash	$	942
Accounts receivable		3,621
Inventories		4,685
Other current assets		431
Property, plant and equipment		9,177
Goodwill		6,534
Customer relationships		2,522
Trade name		1,127
Accounts payable		(1,060	)
Other current liabilities		(778	)
Deferred tax liability, net		(1,011	)
Net assets acquired	$	26,190

Business Acquisition, Pro Forma Information [Table Text Block]

	Six months ended
	June 30, 2020		June 30, 2019
Revenue	$	54,374	$	57,074
Operating income	$	3,779	$	4,171
Net income attributable to Ultralife Corporation	$	2,717	$	2,955
Net income per share attributable to Ultralife Corporation:
Basic	$	0.17	$	0.19
Diluted	$	0.17	$	0.18

Note 5 - Supplemental Balance Sheet Information (Tables)

6 Months Ended

Jun. 30, 2020

Cash, Cash Equivalents and Investments [Table Text Block]

	June 30,		December 31,
	2020		2019
Cash	$	8,298	$	7,135
Restricted cash		91		270
Total	$	8,389	$	7,405

Schedule of Inventory, Current [Table Text Block]

	June 30,		December 31,
	2020		2019
Raw materials	$	17,142	$	18,485
Work in process		3,504		2,548
Finished goods		7,418		8,726
Total	$	28,064	$	29,759

Property, Plant and Equipment [Table Text Block]

	June 30,			December 31,
	2020			2019
Land	$	1,273		$	1,273
Buildings and leasehold improvements		15,337			15,386
Machinery and equipment		54,904			55,058
Furniture and fixtures		2,188			2,194
Computer hardware and software		6,719			6,712
Construction in process		6,109			4,730
		86,530			85,353
Less: Accumulated depreciation		(63,817	)		(62,828	)
Property, plant and equipment, net	$	22,713		$	22,525

	Three-month period ended				Six-month period ended
	June 30,		June 30,		June 30,		June 30,
	2020		2019		2020		2019
Depreciation expense	$	582	$	515	$	1,161	$	962

Schedule of Goodwill [Table Text Block]

	Battery & Energy			Communications
	Products			Systems		Total
Balance – December 31, 2019		15,260			11,493		26,753
Effect of foreign currency translation		(294	)		-		(294	)
Balance – June 30, 2020	$	14,966		$	11,493	$	26,459

Schedule of Finite-Lived Intangible Assets [Table Text Block]

	June 30, 2020
			Accumulated
	Cost		Amortization		Net
Trademarks	$	3,401	$	-	$	3,401
Customer relationships		8,913		4,853		4,060
Patents and technology		5,454		4,902		552
Distributor relationships		377		377		-
Trade name		1,486		249		1,237
Total	$	19,631	$	10,381	$	9,250

	December 31, 2019
			Accumulated
	Cost		Amortization		Net
Trademarks	$	3,403	$	-	$	3,403
Customer relationships		9,080		4,721		4,359
Patents and technology		5,521		4,869		652
Distributor relationships		377		377		-
Trade name		1,511		204		1,307
Total	$	19,892	$	10,171	$	9,721

Finite-lived Intangible Assets Amortization Expense [Table Text Block]

	Three-month period ended				Six-month period ended
	June 30,		June 30,		June 30,		June 30,
	2020		2019		2020		2019
Amortization included in:
Research and development	$	30	$	33	$	61	$	66
Selling, general and administrative		116		99		234		158
Total amortization expense	$	146	$	132	$	295	$	224

Note 6 - Stock-based Compensation (Tables)

6 Months Ended

Jun. 30, 2020

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block]

	Three-month period ended				Six-month period ended
	June 30,		June 30,		June 30,		June 30,
	2020		2019		2020		2019
Stock options	$	278	$	142	$	470	$	316
Restricted stock grants		26		33		64		44
Total	$	304	$	175	$	534	$	360

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, 2020		1,541,792		$	6.88
Granted		251,000			6.51
Exercised		(16,631	)		4.58
Forfeited or expired		(13,084	)		7.77
Outstanding at June 30, 2020		1,763,077		$	6.84		3.28	$	1,734
Vested and expected to vest at June 30, 2020		1,651,988		$	6.78		3.08	$	1,711
Exercisable at June 30, 2020		1,194,342		$	6.45		1.87	$	1,610

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

Risk-Free Interest Rate	0.4	%
Volatility Factor	49	%
Weighted Average Expected Life (Years)	5.3
Dividends	0.0	%

Note 8 - Operating Leases (Tables)

6 Months Ended

Jun. 30, 2020

Lease, Cost [Table Text Block]

	Three months ended				Six months ended
	June 30, 2020		June 30, 2019		June 30, 2020		June 30, 2019
Operating lease cost	$	168	$	145	$	336	$	290
Variable lease cost		18		21		36		42
Total lease cost	$	186	$	166	$	372	$	332

Lessee, Lease, Cash Flow Information [Table Text Block]

	Six months ended
	June 30, 2020		June 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	329	$	283
Right-of-use assets obtained in exchange for lease liabilities:	$	-	$	131

Lessee, Lease, Balance Sheet Information [Table Text Block]

	Balance sheet classification	June 30, 2020			December 31, 2019
Assets:
Operating lease right-of-use asset	Other noncurrent assets	$	1,539		$	1,866

Liabilities:
Current operating lease liability	Accrued expenses and other current liabilities	$	579		$	620
Operating lease liability, net of current portion	Other noncurrent liabilities		967			1,247
Total operating lease liability		$	1,546		$	1,867

Weighted-average remaining lease term (years)			3.4			3.7

Weighted-average discount rate			4.5	%		4.5	%

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

Maturity of Operating Lease Liabilities
2020		347
2021		461
2022		349
2023		359
2024		180
Total lease payments		1,696
Less: Imputed interest		(150	)
Present value of remaining lease payments	$	1,546

Note 9 - Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2020

Schedule of Product Warranty Liability [Table Text Block]

	Six-month period ended June 30,
	2020			2019
Accrued warranty obligations – beginning	$	195		$	95
Assumed warranty obligations		-			145
Accruals for warranties issued		59			18
Settlements made		(26	)		(22	)
Accrued warranty obligations – ending	$	228		$	236

Note 11 - Business Segment Information (Tables)

6 Months Ended

Jun. 30, 2020

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	Battery & Energy Products		Communications Systems		Corporate			Total
Revenues	$	24,036	$	4,524	$	-		$	28,560
Segment contribution		6,026		1,937		(5,669	)		2,294
Other expense						(117	)		(117	)
Tax provision						(499	)		(499	)
Non-controlling interest						(20	)		(20	)
Net income attributable to Ultralife								$	1,658

	Battery & Energy Products		Communications Systems		Corporate			Total
Revenues	$	20,300	$	9,097	$	-		$	29,397
Segment contribution		5,655		3,210		(5,823	)		3,042
Other income						(83	)		(83	)
Tax provision						(676	)		(676	)
Non-controlling interest						(27	)		(27	)
Net income attributable to Ultralife								$	2,256

	Battery & Energy Products		Communications Systems		Corporate			Total
Revenues	$	44,797	$	9,577	$	-		$	54,374
Segment contribution		11,342		3,955		(11,518	)		3,779
Other expense						(209	)		(209	)
Tax provision						(818	)		(818	)
Non-controlling interest						(35	)		(35	)
Net income attributable to Ultralife								$	2,717

	Battery & Energy Products		Communications Systems		Corporate			Total
Revenues	$	36,298	$	11,981	$	-		$	48,279
Segment contribution		10,065		3,884		(10,359	)		3,590
Other expense						(141	)		(141	)
Tax provision						(717	)		(717	)
Non-controlling interest						(51	)		(51	)
Net income attributable to Ultralife								$	2,681

Schedule of Revenues from External Customers by Business Segment Sector [Table Text Block]

	Total Revenue		Commercial			Government/ Defense
Battery & Energy Products	$	24,036	$	16,172		$	7,864
Communications Systems		4,524		-			4,524
Total	$	28,560	$	16,172		$	12,388
				57	%		43	%

	Total Revenue		Commercial			Government/ Defense
Battery & Energy Products	$	20,300	$	15,049		$	5,251
Communications Systems		9,097		-			9,097
Total	$	29,397	$	15,049		$	14,348
				51	%		49	%

	Total Revenue		Commercial			Government/ Defense
Battery & Energy Products	$	44,797	$	30,974		$	13,823
Communications Systems		9,577		-			9,577
Total	$	54,374	$	30,974		$	23,400
				57	%		43	%

	Total Revenue		Commercial			Government/ Defense
Battery & Energy Products	$	36,298	$	25,059		$	11,239
Communications Systems		11,981		-			11,981
Total	$	48,279	$	25,059		$	23,220
				52	%		48	%

Revenue from External Customers by Geographic Areas [Table Text Block]

	Total Revenue		United States			Non-United States
Battery & Energy Products	$	24,036	$	14,195		$	9,841
Communications Systems		4,524		4,224			300
Total	$	28,560	$	18,419		$	10,141
				64	%		36	%

	Total Revenue		United States			Non-United States
Battery & Energy Products	$	20,300	$	10,843		$	9,457
Communications Systems		9,097		8,897			200
Total	$	29,397	$	19,740		$	9,657
				67	%		33	%

	Total Revenue		United States			Non-United States
Battery & Energy Products	$	44,797	$	25,479		$	19,318
Communications Systems		9,577		8,577			1,000
Total	$	54,374	$	34,056		$	20,318
				63	%		37	%

	Total Revenue		United States			Non-United States
Battery & Energy Products	$	36,298	$	18,410		$	17,888
Communications Systems		11,981		11,351			630
Total	$	48,279	$	29,761		$	18,518
				62	%		38	%

Note 2 - Acquisition (Details Textual) - USD ($) $ in Thousands		2 Months Ended	6 Months Ended
	May 01, 2019	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Payments to Acquire Businesses, Net of Cash Acquired, Total			$ (0)	$ 25,248
Southwest Electronic Energy Corporation [Member]
Business Acquisition, Percentage of Voting Interests Acquired	100.00%
Payments to Acquire Businesses, Net of Cash Acquired, Total	$ 26,190
Cash Acquired from Acquisition	$ 942
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual		$ 4,750	10,304
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual		101	731
Business Combination, Interest Expense, Financing		110	229
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles		41	$ 122
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory		205
Business Combination, Acquisition Related Costs		165
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment		$ 23

Note 2 - Acquisition - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	May 01, 2019
Goodwill	$ 26,459	$ 26,753
Southwest Electronic Energy Corporation [Member]
Cash			$ 942
Accounts receivable			3,621
Inventories			4,685
Other current assets			431
Property, plant and equipment			9,177
Goodwill			6,534
Accounts payable			(1,060)
Other current liabilities			(778)
Deferred tax liability, net			(1,011)
Net assets acquired			26,190
Southwest Electronic Energy Corporation [Member] \| Customer Relationships [Member]
Intangible assets			2,522
Southwest Electronic Energy Corporation [Member] \| Trade Names [Member]
Intangible assets			$ 1,127

Note 2 - Acquisition - Pro Forma Information (Details) - Southwest Electronic Energy Corporation [Member] - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Revenue	$ 54,374	$ 57,074
Operating income	3,779	4,171
Net income attributable to Ultralife Corporation	$ 2,717	$ 2,955
Basic (in dollars per share)	$ 0.17	$ 0.19
Diluted (in dollars per share)	$ 0.17	$ 0.18

Note 3 - Debt (Details Textual) $ in Thousands				6 Months Ended
Note 3 - Debt (Details Textual) $ in Thousands	Apr. 23, 2020 USD ($)	Apr. 16, 2020 USD ($)	May 01, 2019 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	May 31, 2019
Proceeds from Long-term Lines of Credit				$ 0	$ 8,182
Term Loan Facility [Member]
Debt Instrument, Number of Monthly Payment						60
Amended Credit Agreement [Member]
Debt Issuance Costs, Gross				140
Amended Credit Agreement [Member] \| Term Loan Facility [Member]
Secured Debt, Total				6,424
Amended Credit Agreement [Member] \| Term Loan Facility [Member] \| Long-term Debt, Current Maturities [Member]
Secured Debt, Total				1,482
Amended Credit Agreement [Member] \| Revolving Credit Facility [Member]
Proceeds from Long-term Lines of Credit			$ 6,782
Long-term Line of Credit, Total				4,482
Minimum Fixed Charge Coverage Ratio			1.15
Maximum Consolidated Senior Leverage Ratio			2.5
Amended Credit Agreement [Member] \| Revolving Credit Facility [Member] \| Minimum [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage			0.10%
Amended Credit Agreement [Member] \| Revolving Credit Facility [Member] \| Maximum [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage			0.20%
Amended Credit Agreement [Member] \| Revolving Credit Facility [Member] \| Fed Funds Effective Rate Overnight Index Swap Rate [Member]
Debt Instrument, Basis Spread on Variable Rate			0.50%
Amended Credit Agreement [Member] \| Revolving Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate			1.00%
Amended Credit Agreement [Member] \| Revolving Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member] \| Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate			1.85%
Amended Credit Agreement [Member] \| Revolving Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member] \| Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate			2.15%
Amended Credit Agreement [Member] \| Revolving Credit Facility [Member] \| Base Rate [Member] \| Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate			0.00%
Amended Credit Agreement [Member] \| Revolving Credit Facility [Member] \| Base Rate [Member] \| Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate			(0.50%)
Paycheck Protection Program CARES Act [Member]
Proceeds from Issuance of Long-term Debt, Total		$ 3,459		3,459	0
Repayments of Long-term Debt, Total	$ 3,459			$ 3,459	$ (0)
KeyBank [Member] \| Amended Credit Agreement [Member] \| Term Loan Facility [Member]
Debt Instrument, Term (Year)			5 years
Debt Instrument, Face Amount			$ 8,000
KeyBank [Member] \| Amended Credit Agreement [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 (Details Textual) - shares	3 Months Ended		6 Months Ended
Note 4 - Earnings Per Share (Details Textual) - shares	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Dilutive Securities Included in Computation of Earnings Per Share Amount Stock Option (in shares)	866,910	1,016,668	866,910	1,016,668
Dilutive Securities Included in Computation of Earnings Per Share Amount Restricted Stock (in shares)	19,165	31,666	19,165	31,666
Incremental Common Shares Attributable to Share-based Payment Arrangements, Total (in shares)	250,561	450,793	234,532	438,969
Share-based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	896,167	446,250	896,167	446,250

Note 5 - Supplemental Balance Sheet Information (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Restricted Cash and Cash Equivalents, Total	$ 91	$ 270
Grant [Member]
Revenues, Total	181
CHINA
Restricted Cash and Cash Equivalents, Total	8	188
NETHERLANDS
Restricted Cash and Cash Equivalents, Total	$ 83	$ 82

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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Note 5 - Supplemental Balance Sheet Information - Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Cash	$ 8,298	$ 7,135
Restricted cash	91	270
Total	$ 8,389	$ 7,405	$ 6,816	$ 25,934

Note 5 - Supplemental Balance Sheet Information - Components of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Raw materials	$ 17,142	$ 18,485
Work in process	3,504	2,548
Finished goods	7,418	8,726
Total	$ 28,064	$ 29,759

Note 5 - Supplemental Balance Sheet Information - Components of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Property, plant and equipment, gross	$ 86,530		$ 86,530		$ 85,353
Less: Accumulated depreciation	(63,817)		(63,817)		(62,828)
Property, plant and equipment, net	22,713		22,713		22,525
Depreciation	582	$ 515	1,161	$ 962
Land [Member]
Property, plant and equipment, gross	1,273		1,273		1,273
Building and Building Improvements [Member]
Property, plant and equipment, gross	15,337		15,337		15,386
Machinery and Equipment [Member]
Property, plant and equipment, gross	54,904		54,904		55,058
Furniture and Fixtures [Member]
Property, plant and equipment, gross	2,188		2,188		2,194
Computer Equipment [Member]
Property, plant and equipment, gross	6,719		6,719		6,712
Construction in Progress [Member]
Property, plant and equipment, gross	$ 6,109		$ 6,109		$ 4,730

Note 5 - Supplemental Balance Sheet Information - Summary of Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020 USD ($)
Goodwill balance	$ 26,753
Effect of foreign currency translation	(294)
Goodwill balance	26,459
Battery & Energy Products Segment [Member]
Goodwill balance	15,260
Effect of foreign currency translation	(294)
Goodwill balance	14,966
Communications Systems Segment [Member]
Goodwill balance	11,493
Effect of foreign currency translation	0
Goodwill balance	$ 11,493

Note 5 - Supplemental Balance Sheet Information - Composition of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Cost	$ 19,631	$ 19,892
Accumulated Amortization	10,381	10,171
Net	9,250	9,721
Trademarks [Member]
Cost	3,401	3,403
Accumulated Amortization	0	0
Net	3,401	3,403
Customer Relationships [Member]
Cost	8,913	9,080
Accumulated Amortization	4,853	4,721
Net	4,060	4,359
Patented Technology [Member]
Cost	5,454	5,521
Accumulated Amortization	4,902	4,869
Net	552	652
Distributor Relationships [Member]
Cost	377	377
Accumulated Amortization	377	377
Net	0	0
Trade Names [Member]
Cost	1,486	1,511
Accumulated Amortization	249	204
Net	$ 1,237	$ 1,307

Note 5 - Supplemental Balance Sheet Information - Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Amortization of intangible assets	$ 146	$ 132	$ 295	$ 224
Research and Development Expense [Member]
Amortization of intangible assets	30	33	61	66
Selling, General and Administrative Expenses [Member]
Amortization of intangible assets	$ 116	$ 99	$ 234	$ 158

Note 6 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended
	Apr. 30, 2019	Jan. 31, 2018	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)					$ 2.78
Proceeds from Stock Options Exercised			$ 47	$ 122	$ 76	$ 478
Share-based Payment Arrangement, Option [Member]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total			903		$ 903
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)					1 year 4 months 24 days
Restricted Stock [Member]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total			$ 81		$ 81
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)					1 year 8 months 12 days
Restricted Stock [Member] \| The 2014 Long-term Incentive Plan [Member]
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in shares)	20,000	17,500
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)	$ 11.12	$ 7.16
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)		3 years

Note 6 - Stock-based Compensation - Non-cash Stock Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Stock-based comepensation expense	$ 304	$ 175	$ 534	$ 360
Share-based Payment Arrangement, Option [Member]
Stock-based comepensation expense	278	142	470	316
Restricted Stock [Member]
Stock-based comepensation expense	$ 26	$ 33	$ 64	$ 44

Note 6 - Stock-based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2020
Outstanding at January 1, 2020 (in shares)	1,541,792
Outstanding at January 1, 2020, weighted average exercise price (in dollars per share)	$ 6.88
Granted (in shares)	251,000
Granted, weighted average exercise price (in dollars per share)	$ 6.51
Exercised (in shares)	(16,631)
Exercised, weighted average exercise price (in dollars per share)	$ 4.58
Forfeited or expired (in shares)	(13,084)
Forfeited or expired, weighted average exercise price (in dollars per share)	$ 7.77
Outstanding at June 30, 2020 (in shares)	1,763,077
Outstanding at March 31, 2020, weighted average exercise price (in dollars per share)	$ 6.84
Outstanding at March 31, 2020, weighted average remaining contractual term (Year)	3 years 3 months 10 days
Outstanding at March 31, 2020, aggregate intrinsic value	$ 1,734
Vested and Expected to Vest (in shares)	1,651,988
Options vested and expected to vest, weighted average exercise price (in dollars per share)	$ 6.78
Options vested and expected to vest, weighted average remaining contractual term (Year)	3 years 29 days
Options vested and expected to vest, aggregate intrinsic value	$ 1,711
Exercisable at June 30, 2020 (in shares)	1,194,342
Exercisable at March 31, 2020, weighted average exercise price (in dollars per share)	$ 6.45
Exercisable at March 31, 2020, weighted average remaining contractual term (Year)	1 year 10 months 13 days
Exercisable at March 31, 2020, aggregate intrinsic value	$ 1,610

Note 6 - Stock-based Compensation - Stock Option Assumptions (Details)	6 Months Ended
	Jun. 30, 2020
Risk-Free Interest Rate	0.40%
Volatility Factor	49.00%
Weighted Average Expected Life (Year)	5 years 3 months 18 days
Dividends	0.00%

Note 7 - Income Taxes (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Effective Income Tax Rate Reconciliation, Percent, Total	22.90%	20.80%
Deferred Tax Assets, Valuation Allowance, Total	$ 0
Unrecognized Tax Benefits, Ending Balance	$ 0		$ 0
General Business Tax Credit Carryforward [Member]
Tax Credit Carryforward, Amount			1,907
Domestic Tax Authority [Member] \| Internal Revenue Service (IRS) [Member]
Operating Loss Carryforwards, Total			$ 58,400
Open Tax Year	2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2012 2013 2014 2015 2016 2017 2018 2019
Foreign Tax Authority [Member]
Open Tax Year	2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Foreign Tax Authority [Member] \| Her Majesty's Revenue and Customs (HMRC) [Member]
Operating Loss Carryforwards, Total	$ 10,000
State and Local Jurisdiction [Member]
Open Tax Year	2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2012 2013 2014 2015 2016 2017 2018 2019

Note 8 - Operating Leases (Details Textual)	Jun. 30, 2020
Minimum [Member]
Operating Lease, Remaining Lease Term (Year)	1 year
Maximum [Member]
Operating Lease, Remaining Lease Term (Year)	4 years

Note 8 - Operating Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Operating lease cost	$ 168	$ 145	$ 336	$ 290
Variable lease cost	18	21	36	42
Total lease cost	$ 186	$ 166	$ 372	$ 332

Note 8 - Operating Leases - Supplement Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Operating cash flows from operating leases	$ 329	$ 283
Right-of-use assets obtained in exchange for lease liabilities:	$ 0	$ 131

Note 8 - Operating Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Operating lease right-of-use asset	$ 1,539	$ 1,866
Current operating lease liability	579	620
Operating lease liability, net of current portion	967	1,247
Total operating lease liability	$ 1,546	$ 1,867
Weighted-average remaining lease term (years) (Year)	3 years 4 months 24 days	3 years 8 months 12 days
Weighted-average discount rate	4.50%	4.50%

Note 8 - Operating Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
2020	$ 347
2021	461
2022	349
2023	359
2024	180
Total lease payments	1,696
Less: Imputed interest	(150)
Present value of remaining lease payments	$ 1,546	$ 1,867

Note 9 - Commitments and Contingencies (Details Textual) $ in Thousands	6 Months Ended
	Jun. 30, 2020 USD ($)
Capital Addition Purchase Commitments [Member]
Long-term Purchase Commitment, Amount	$ 1,322

Note 9 - Commitments and Contingencies - Changes in Produce Warranty Liability (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Accrued warranty obligations – beginning	$ 195	$ 95
Assumed warranty obligations	0	145
Accruals for warranties issued	59	18
Settlements made	(26)	(22)
Accrued warranty obligations – ending	$ 228	$ 236

Note 11 - Business Segment Information (Details Textual)	6 Months Ended
	Jun. 30, 2020
Number of Operating Segments	2

Note 11 - Business Segment Information - Segment Activity (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2020

Jun. 30, 2019

Jun. 30, 2020

Jun. 30, 2019

^[1]

$ 28,560

$ 29,397

$ 54,374

$ 48,279

Net income attributable to Ultralife

2,294

3,042

3,779

3,590

Other income (expense)

(117)

(83)

(209)

(141)

Tax provision

(499)

(676)

(818)

(717)

Non-controlling interest

(20)

(27)

(35)

(51)

1,658

2,256

2,717

2,681

Battery & Energy Products Segment [Member]

^[1]

24,036

20,300

44,797

36,298

Communications Systems Segment [Member]

6,026

5,655

11,342

10,065

^[1]

4,524

9,097

9,577

11,981

Corporate Segment [Member]

1,937

3,210

3,955

3,884

(5,669)

(5,823)

(11,518)

(10,359)

Other income (expense)

(117)

(83)

(209)

(141)

Tax provision

(499)

(676)

(818)

(717)

Non-controlling interest

$ (20)

$ (27)

$ (35)

$ (51)

[1]	Sales classified to U.S. include shipments to U.S.-based prime contractors which in some cases may serve non-U.S. projects.

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.