0001437749-22-005572 | 10-K | XBRL Viewer

Selling, general and administrative

^[1]

$ 98,267

$ 107,712

Cost of products sold

73,625

78,553

Gross profit

24,642

29,159

Operating expenses:

Research and development

6,826

5,947

17,781

17,511

Total operating expenses

24,607

23,458

Operating income

5,701

Other expense (income):

Interest and financing expense

242

436

Miscellaneous income

(56)

(165)

Gain on litigation settlement

(1,593)

Total other expense (income)

186

(1,322)

(Loss) income before income taxes

(151)

7,023

Income tax provision

1,692

Net (loss) income

(230)

5,331

Net income attributable to non-controlling interest

Net (loss) income attributable to Ultralife Corporation

(234)

5,232

Other comprehensive income:

Foreign currency translation adjustments

129

749

Comprehensive (loss) income attributable to Ultralife Corporation

$ (105)

$ 5,981

Net (loss) income per share attributable to Ultralife Corporation common shareholders – Basic (in dollars per share)

$ (0.01)

$ 0.33

Net (loss) income per share attributable to Ultralife Corporation common shareholders – Diluted (in dollars per share)

$ (0.01)

$ 0.33

Weighted average shares outstanding – Basic (in shares)

16,037

15,902

Weighted average shares outstanding – Diluted (in shares)

16,037

16,096

[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 Changes in Shareholders' Equity - 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, 2019	20,268,050
Balance at Dec. 31, 2019	$ 2,026	$ 184,292	$ (2,531)	$ (52,830)	$ (21,231)	$ 24	$ 109,750
Net (loss) income				5,232		99	$ 5,331
Stock option exercises (in shares)	92,968						355,797
Stock option exercises	$ 9	229			(75)		$ 163
Stock-based compensation -stock options		838					838
Stock-based compensation -restricted stock		105					105
Vesting of restricted stock (in shares)	12,501
Vesting of restricted stock	$ 2				(15)		(13)
Foreign currency translation adjustments			749				749
Vesting of restricted stock	$ (2)				15		$ 13
Balance (in shares) at Dec. 31, 2020	20,373,519						15,959,984
Balance at Dec. 31, 2020	$ 2,037	185,464	(1,782)	(47,598)	(21,321)	123	$ 116,923
Net (loss) income				(234)		4	$ (230)
Stock option exercises (in shares)	133,907						204,429
Stock option exercises	$ 13	385			(133)		$ 265
Stock-based compensation -stock options		618					618
Stock-based compensation -restricted stock		53					53
Vesting of restricted stock (in shares)	15,001
Vesting of restricted stock	$ (2)	2			15		15
Foreign currency translation adjustments			129				129
Vesting of restricted stock	$ 2	(2)			(15)		$ (15)
Balance (in shares) at Dec. 31, 2021	20,522,427						16,089,832
Balance at Dec. 31, 2021	$ 2,052	$ 186,518	$ (1,653)	$ (47,832)	$ (21,469)	$ 127	$ 117,743

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
OPERATING ACTIVITIES:
Net (loss) income	$ (230)	$ 5,331
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Depreciation	2,906	2,340
Amortization of intangible assets	633	595
Amortization of financing fees	104	51
Stock-based compensation	671	943
Deferred income tax expense	(147)	1,386
Gain on litigation settlement	0	(1,593)
Changes in operating assets and liabilities:
Accounts receivable	4,423	9,211
Inventories, gross	(1,296)	1,799
Prepaid expenses and other assets	64	(134)
Income taxes receivable and payable	(91)	139
Accounts payable and other liabilities	(2,712)	1,652
Net cash provided by operating activities	4,325	21,720
INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(2,814)	(3,101)
Proceeds from sale of equipment	0	120
Net cash used in investing activities	(26,333)	(2,981)
FINANCING ACTIVITIES:
Proceeds from amended credit facilities	20,980	0
Payment of credit facilities	(1,474)	(15,842)
Proceeds from exercise of stock options	398	238
Tax withholdings on stock-based awards	(148)	(90)
Payment of debt issuance costs	(114)	0
Net cash provided by (used in) financing activities	19,642	(15,694)
Effect of exchange rate changes on cash	126	203
INCREASE (DECREASE) IN CASH	(2,240)	3,248
Cash - Beginning of year	10,653	7,405
Cash - End of year	8,413	10,653
Supplemental cash flow information:
Construction in process in accounts payable	135	675
Income taxes paid	324	264
Interest paid	142	375
UEHC [Member]
INVESTING ACTIVITIES:
Purchase of Excell, net of cash acquired	$ (23,519)	$ 0

Note 1 - Summary of Operations and Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Business Description and Accounting Policies [Text Block]

Note 1 - Summary of Operations and Significant Accounting Policies

a.	Description of Business

As used in this annual report, unless otherwise indicated, the terms “we”, “our” and “us” refer to Ultralife Corporation (“Ultralife”) and includes our wholly-owned subsidiaries, ABLE New Energy Co., Limited and its wholly-owned subsidiary ABLE New Energy Co., Ltd; Ultralife UK LTD and its wholly-owned subsidiary, Accutronics Ltd; Ultralife Batteries (UK) Ltd.; Southwest Electronic Energy Corporation and its wholly-owned subsidiary, CLB, INC.; Ultralife Excell Holding Corp. (“UEHC”); Ultralife Canada Holding Corp (“UCHC,” wholly owned by UEHC); Excell Battery Canada ULC (wholly owned by UCHC); 1336902 B.C. Unlimited Liability Company (“1336902 B.C.”, wholly owned by UCHC); Excell Battery Corporation USA (wholly owned by 1336902 B.C.); and our majority-owned joint venture Ultralife Batteries India Private Limited.

We offer products and services ranging from power solutions to communications and electronics systems. Through our engineering and collaborative approach to problem solving, we serve government, defense and commercial customers across the globe. We design, manufacture, install and maintain power and communications systems including: rechargeable and non-rechargeable batteries, charging systems, communications and electronics systems and accessories, and custom engineered systems. We sell our products worldwide through a variety of trade channels, including original equipment manufacturers (“OEMs”), industrial and defense supply distributors, and directly to U.S. and international defense departments.

b.

Principles of Consolidation

The consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and include the accounts of Ultralife Corporation and our wholly owned subsidiaries: Ultralife Batteries (UK) Ltd., Ultralife UK LTD, and its wholly-owned subsidiary Accutronics Ltd, ABLE New Energy Co., Limited and its wholly-owned subsidiary ABLE New Energy Co., Ltd. (“ABLE” collectively), Southwest Electronic Energy Corporation and its wholly-owned subsidiary, CLB, INC. (“SWE” collectively), Ultralife Excell Holding Corp. (“UEHC”), Ultralife Canada Holding Corp (“UCHC,” wholly owned by UEHC), Excell Battery Canada ULC (wholly owned by UCHC), 1336902 B.C. Unlimited Liability Company (“1336902 B.C.”, wholly owned by UCHC), Excell Battery Corporation USA (wholly owned by 1336902 B.C), and the majority-owned subsidiary Ultralife Batteries India Private Limited (“India JV”). Intercompany accounts and transactions have been eliminated in consolidation.

c.

Management's Use of Judgment and Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at year end and the reported amounts of revenues and expenses during the reporting period. Key areas affected by estimates include: (a) carrying value of goodwill and intangible assets; (b) reserves for excess and obsolete inventory, deferred tax assets, warranties, and bad debts; (c) valuation of assets acquired and liabilities assumed in business combinations; (d) various expense accruals; and (e) stock-based compensation. Our actual results could differ from these estimates.

d.

Reclassifications

Certain items previously reported in specific financial statement captions are reclassified to conform to the current presentation. There were no material reclassifications for the years ended December 31, 2021 and 2020.

e.

Cash

Our cash balances may at times exceed federally insured limits. We have not experienced any losses in these accounts and believe we are not exposed to any significant risk with respect to cash.

f.

Accounts Receivable and Allowance for Doubtful Accounts

We extend credit to our customers in the normal course of business. We perform ongoing credit evaluations and generally do not require collateral. Payment terms are generally 30 days. Trade accounts receivable are recorded at their invoiced amounts, net of allowance for doubtful accounts. We evaluate the adequacy of our allowance for doubtful accounts quarterly. Accounts outstanding for longer than contractual payment terms are considered past due and are reviewed for collectability. We maintain reserves for potential credit losses based upon our historical experience and the aging of specific receivables. Receivable balances are written off when collection is deemed unlikely.

g.

Inventories

Inventories are stated at the lower of cost or net realizable value with cost determined under the first‑in, first‑out (FIFO) method. We record provisions for excess, obsolete or slow-moving inventory based on changes in customer demand, technology developments or other economic factors.

h.

Property, Plant and Equipment

Property, plant and equipment is stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives. Estimated useful lives are as follows (in years):

Buildings	10	–	40
Machinery and Equipment	5	–	10
Furniture and Fixtures	5	–	10
Computer Hardware and Software	3	–	5
Leasehold Improvements	Lesser of useful life or lease term

Betterments, renewals and extraordinary repairs that extend the life of the assets are capitalized. Other repairs and maintenance costs are expensed when incurred. When disposed, the cost and accumulated depreciation applicable to assets retired are removed from the accounts and the gain or loss on disposition is recognized in operating income.

i.

Long-Lived Assets, Goodwill and Intangibles

We assess our long-lived assets for impairment whenever events or circumstances indicate that their carrying amounts may not be recoverable. For property, plant and equipment and amortizable intangible assets, this is accomplished by comparing the expected undiscounted future cash flows of the assets with the respective carrying amount as of the date of assessment. If the expected undiscounted future cash flows exceed the respective carrying amount as of the date of assessment, no impairment is recognized. Should aggregate undiscounted future cash flows be less than the carrying value, a write-down would be required, measured as the difference between the carrying value and the fair value of the asset. Fair value is estimated as the present value of expected discounted future cash flows. The discount rate used in our evaluation is an industry-based weighted average cost of capital.

Under the acquisition method of accounting, the purchase price paid, or the total consideration transferred, to consummate the acquisition is allocated to the identified tangible and intangible assets acquired and liabilities assumed based on their respective estimated fair values as of the acquisition date with the residual amount recorded to goodwill. We do not amortize goodwill and intangible assets with indefinite lives, but instead evaluate these assets for impairment at least annually, or whenever events or circumstances indicate that impairment may exist. We amortize intangible assets that have definite lives so that the economic benefits of the intangible assets are being recognized over their estimated useful life.

The annual impairment test for goodwill consists of a comparison of the estimated fair value for each reporting unit to which goodwill is assigned to the carrying value of the respective reporting unit. The annual impairment test for other indefinite-lived intangible assets consists of a comparison of the estimated fair value of each asset to the carrying value of the respective asset. If the estimated fair value of a reporting unit or other indefinite-lived intangible asset exceeds its respective carrying value, the goodwill or indefinite-lived intangible asset is considered not impaired. If carrying value of a reporting unit or indefinite-lived intangible asset exceeds its estimated fair value, the excess carrying value of the respective goodwill or indefinite-lived intangible asset is recognized as an impairment loss.

j.

Translation of Foreign Currency

The financial statements of our foreign subsidiaries are translated from the functional currency into U.S. dollar equivalents, with translation adjustments recorded as the sole component of accumulated other comprehensive income (loss). Exchange gains and losses related to foreign currency transactions and balances denominated in currencies other than the functional currency are recognized in net income (loss).

k.

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.

Revenues recognized from prior period performance obligations for the years ended December 31, 2021 and 2020 were not material.

As of December 31, 2021 and 2020, 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.

Deferred revenue, unbilled revenue and deferred contract costs recorded on our consolidated balance sheets as of December 31, 2021 and 2020 were not material.

l.

Warranty Reserves

We generally offer standard warranties against product defects. We do not offer separate service-type 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. Warranty costs are recorded as costs of products sold. Provision for warranty costs is recorded in other current liabilities and other long-term liabilities on our consolidated balance sheets based on the duration of the warranty.

m.

Shipping and Handling Costs

Costs incurred by us related to shipping and handling are included in cost of products sold. Amounts charged to customers pertaining to these costs are reflected as revenue.

n.

Sales Commissions

Sales commissions are expensed as incurred for contracts with an expected duration of one year or less. There were no sales commissions capitalized as of December 31, 2021 and 2020.

o.

Research and Development

Research and development expenditures are charged to operations as incurred. The majority of research and development expenses pertain to salaries and benefits, developmental supplies, depreciation and other contracted services. For the years ended December 31, 2021 and 2020, we expended $8,042 and $7,316, respectively, on research and development, including costs of $1,216 and $1,369, respectively, on customer sponsored research and development activities, which are included in cost of goods sold.

p.

Environmental Costs

Environmental expenditures that relate to current operations are expensed. Remediation costs that relate to an existing condition caused by past operations are accrued when it is probable that these costs will be incurred and can be reasonably estimated.

q.

Income Taxes

We account for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. Pursuant to ASC 740, a valuation allowance is recognized when the realizability of deferred tax assets is not more likely than not, on the basis of all available evidence, both positive and negative, weighted based on objective verifiability.

r.

Concentration Related to Customers and Suppliers

One of our customers, a large defense primary contractor, comprised 20% and 17% of our total consolidated revenues for 2021 and 2020, respectively. Revenues for this customer represented 22% and 20% of our total Battery & Energy Products segment revenues for 2021 and 2020, respectively. There were no other customers that comprised greater than 10% of our total revenues during these years.

s.

Fair Value Measurements and Disclosures

Fair value is defined as the price that would be received for an asset or the exit price that would be paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:

Level 1:

Quoted prices in active markets for identical assets or liabilities.

Level 2:

Observable inputs, other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or that we corroborate with observable market data for substantially the full term of the related assets or liabilities.

Level 3:

Unobservable inputs supported by little or no market activity that are significant to the fair value of the assets or liabilities.

The fair value of financial instruments approximated their carrying values at December 31, 2021 and 2020. 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. The carrying value of long-term debt approximates fair value, as the variable interest rates approximate current market rates.

t.

Earnings Per Share

Basic earnings per share (“EPS”) is computed by dividing net income (loss) attributable to Ultralife Corporation by the weighted average shares of common stock outstanding for the period. Diluted EPS reflects the assumed exercise and conversion of dilutive outstanding stock options and unvested restricted stock, if any, applying the treasury stock method.

For the year ended December 31, 2021, there were no outstanding awards included in the calculation of diluted weighted average shares outstanding and no potential common shares included in the calculation of diluted EPS, as no securities were dilutive. There were 1,306,824 outstanding stock options and 11,664 unvested restricted stock awards not included in the calculation of diluted EPS for the year ended December 31, 2021, as the effect would be antidilutive. For the comparable year ended December 31, 2020, 526,244 outstanding stock options and 26,665 outstanding restricted stock awards were included in the calculation of diluted weighted average shares outstanding, resulting in 193,568 potential common shares included in the calculation of diluted EPS. There were 690,919 outstanding stock options not included in the calculation of diluted EPS for the year ended December 31, 2020, as the effect would be antidilutive.

u.

Stock-Based Compensation

We have various stock-based employee compensation plans that are described more fully in Note 6. The compensation cost relating to share-based payment transactions is measured at the grant date, based on the estimated fair value of the award, and is recognized as expense over the employee’s requisite service period (generally the vesting period of the equity award).

v.

Segment Reporting

We have two operating segments – Battery & Energy Products and Communications Systems. The basis for determining our operating segments is the manner in which financial information is used in monitoring our operations. Management operates and organizes itself according to business units that comprise unique products and services across geographic locations.

w.

Business Combinations

We allocate the purchase price of acquired businesses to the tangible and intangible assets acquired and the liabilities assumed based on their estimated fair values on the acquisition date. Any excess of the purchase price over the net fair value of the separately identifiable assets acquired and liabilities assumed is allocated to goodwill. Management determines the fair values of identifiable intangible assets acquired based on historical data, estimated discounted future cash flows, expected royalty rates for trademarks and trade names, as well as certain other information. The valuation of assets acquired and liabilities assumed requires a number of judgments and is subject to change as additional information about the fair value of assets and liabilities becomes available. Additional information, which existed as of the acquisition date but unknown to us at that time, may become known during the remainder of the measurement period. This measurement period may not exceed twelve months from the acquisition date. We will recognize any adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustments are determined. Additionally, in the same period in which adjustments are recognized, we will record the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of any change to the provisional amounts, calculated as if the accounting adjustment had been completed at the acquisition date. Acquisition costs are expensed as incurred. The results of operations and cash flows of acquired businesses are included in our consolidated financial statements from the date of acquisition.

x.

Leases

At contract inception, the Company determines whether the arrangement is or contains a lease and determines the lease classification. The lease term is determined based on the non-cancellable term of the lease adjusted to the extent optional renewal terms and termination rights are reasonably certain. Lease expense is recognized evenly over the lease term. Variable lease payments are recognized as period costs. The present value of remaining lease payments is recognized as a liability on the balance sheet with a corresponding right-of-use asset adjusted for prepaid or accrued lease payments. The Company uses its incremental borrowing rate for the discount rate, unless the interest rate implicit in the lease contract is readily determinable. The Company has adopted the practical expedients to not separate non-lease components from lease components and to not present short-term leases on the balance sheet. See Note 8 for further disclosure regarding lease accounting.

y.

Recent Accounting Pronouncements

Recently Adopted Accounting Guidance

Effective January 1, 2021, the Company adopted Accounting Standards Update (“ASU”) 2019-12, “Simplifying the Accounting for Income Taxes (Topic 740)”. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and clarifies and amends existing guidance to improve consistent application. Adoption of the new standard did 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

12 Months Ended

Dec. 31, 2021

Business Combination Disclosure [Text Block]

Note 2 – Acquisition

On December 13, 2021, the Company acquired all the outstanding shares of Excell for an aggregate net purchase price of $23,519 in cash.

On December 13, 2021, 1336889 B.C. Unlimited Liability Company, a British Columbia unlimited liability corporation and wholly-owned subsidiary of Ultralife Canada Holding Corp., a Delaware corporation (“UCHC”) and wholly-owned subsidiary of Ultralife Excell Holding Corp., a Delaware corporation (“UEHC”) and wholly-owned subsidiary of Ultralife Corporation, a Delaware corporation (“Ultralife” or the “Company”), completed the acquisition of all issued and outstanding shares of Excell Battery Canada Inc., a British Columbia corporation (“Excell Canada”) (the “Excell Canada Acquisition”), and, concurrently, 1336902 B.C. Unlimited Liability Company, a British Columbia unlimited liability corporation and wholly-owned subsidiary of UCHC, completed the acquisition of all issued and outstanding shares of 656700 B.C. LTD, a British Columbia corporation and sole owner of all issued and outstanding shares of Excell Battery Corporation USA, a Texas corporation (“Excell USA”, and together with Excell Canada, “Excell Battery Group” or “Excell”) (the “Excell USA Acquisition”, and together with the Excell Canada Acquisition, the “Excell Acquisition”).

Based in Canada with U.S. operations, Excell is a leading independent designer and manufacturer of high-performance smart battery systems, battery packs and monitoring systems to customer specifications. Excell serves a variety of industrial markets including downhole drilling, OEM industrial and medical devices, automated meter reading, ruggedized computers, and mining, marine and other mission critical applications which demand uncompromised safety, service, reliability and quality.

The Excell Canada Acquisition was completed pursuant to a Share Purchase Agreement dated December 13, 2021 (the “Excell Canada Acquisition Agreement”) by and among 1336889 B.C. Unlimited Liability Company, Mark Kroeker, Randolph Peters, Brian Larsen, M. & W. Holdings Ltd., Karen Kroeker, Heather Peterson, Michael Kroeker, Nicholas Kroeker, Brentley Peters, Craig Peters, Kurtis Peters, Heather Larsen, Ian Kane, Carol Peters, and 0835205 B.C. LTD (the “Excell Canada Sellers”), Mark Kroeker in his capacity as the Excell Canada Sellers’ Representative, and Excell Canada. The Excell USA Acquisition was completed pursuant to a Share Purchase Agreement dated December 13, 2021 (the “Excell USA Acquisition Agreement”, and together with the Excell Canada Acquisition Agreement, the “Excell Acquisition Agreements”) by and among 1336902 B.C. Unlimited Liability Company, M. & W. Holdings Ltd., Ian Kane, Sanford Capital Ltd., Arcee Enterprises Inc., and 0835205 B.C. Ltd. (the “Excell USA Sellers”, and together with the Excell Canada Sellers, the “Sellers”), Mark Kroeker in his capacity as the Excell USA Sellers’ Representative, and 656700 B.C. LTD. The Excell Acquisition Agreements contain customary terms and conditions including representations, warranties and indemnification provisions. A portion of the consideration paid to the Sellers will be held in escrow for indemnification purposes.

The Excell Acquisition was funded by the Company through a combination of cash on hand and borrowings under the Amended Credit Facilities (Note 3).

The Excell Acquisition was accounted for in accordance with the accounting treatment of a business combination pursuant to FASB ASC Topic 805, Business Combinations (“ASC 805”). Accordingly, the purchase price was allocated to the tangible and intangible assets acquired and the liabilities assumed based on their estimated fair values on the acquisition date. The excess of the purchase price over the estimated fair

value of the separately identifiable assets acquired and liabilities assumed was allocated to goodwill. Management is responsible for determining the acquisition date fair value of the assets acquired and liabilities assumed, which requires the use of various assumptions and judgments that are inherently subjective. The purchase price allocation presented below reflects all known information about the fair value of the assets acquired and liabilities assumed as of the acquisition date. The purchase price allocation is subject to change should additional information existing as of the acquisition date about the fair value of the assets acquired and liabilities assumed become known. The final purchase price allocation may reflect material changes in the valuation of assets acquired and liabilities assumed, including but not limited to intangible assets, fixed assets, deferred taxes, and residual goodwill.

Cash	$	736
Accounts receivable		3,570
Inventories		3,622
Prepaid expenses and other current assets		785
Property, plant and equipment		429
Goodwill		11,019
Other intangible assets		8,830
Other noncurrent assets		991
Accounts payable		(1,450	)
Accrued compensation and related benefits		(540	)
Accrued expenses and other current liabilities		(720	)
Deferred tax liability, net		(2,213	)
Other noncurrent liabilities		(803	)
Net assets acquired	$	24,256

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

Other intangible assets were valued using the income approach which requires a forecast of all expected future cash flows and the use of certain assumptions and estimates. The following table summarizes the estimated fair value and annual amortization for each of the identifiable intangible assets acquired.

					Annual Amortization
	Estimated Fair Value		Amortization Period (Years)		Year 1		Year 2		Year 3		Year 4		Year 5
Customer relationships	$	4,070		15	$	271	$	271	$	271	$	271	$	271
Trade name		3,150	Indefinite			-		-		-		-		-
Customer contracts		1,130		15		75		75		75		75		75
Backlog		360		1		360		-		-		-		-
Technology		120		7		17		17		17		17		17
Total	$	8,830			$	724	$	364	$	364	$	364	$	364

We acquired right-of-use assets and assumed lease liabilities of $960 for Excell’s operating facilities. Right-of-use assets are classified as other noncurrent assets, and current and long-term lease liabilities are classified as accrued expenses and other current liabilities and other noncurrent liabilities, respectively, on the Company’s consolidated balance sheet.

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

For the year ended December 31, 2021, from the December 13, 2021 acquisition date, Excell contributed revenue of $1,131 and net loss of $128, inclusive of a $121 increase in cost of products sold for the fair value step-up of acquired finished goods inventory sold during the period, and amortization expense of $30 on acquired identifiable intangible assets. Excell did not have operations from December 23, 2021 thru December 31, 2021 due to a planned holiday closure.

During the year ended December 31, 2021, the Company incurred acquisition-related costs and other non-recurring expenses of $354 directly attributable to the acquisition, including one-time accounting, legal and due diligence services.

The following supplemental pro forma information presents the combined results of operations, inclusive of the acquisition accounting adjustments and one-time expenses described above, as if the acquisition of Excell had been completed on January 1, 2020, the beginning of the comparable prior period.

The supplemental pro forma results do not reflect the realization of potential synergies or other cost reductions following the completion of the business combination. 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 Excell for the years ended December 31, 2021 and 2020 as if the acquisition had occurred as of January 1, 2020.

	Year Ended December 31,
	2021		2020
Revenue	$	118,467	$	125,826
Operating income		1,450		4,489
Net Income attributable to Ultralife Corporation		1,367		4,081
Net income per share attributable to Ultralife Corporation:
Basic	$	.09	$	.26
Diluted	$	.08	$	.25

The historical results of Excell reflected in the unaudited supplemental pro forma results for the year ended December 31, 2020 include a non-cash charge of $950 for the write-off of obsolete inventory in January 2020.

Note 3 - Debt

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Text Block]

Note 3 – Debt

Credit Facilities

On December 13, 2021, Ultralife, Southwest Electronic Energy Corporation, a Texas corporation (“SWE”), CLB, INC., a Texas corporation and wholly owned subsidiary of SWE (“CLB”), UEHC, UCHC and Excell USA, as borrowers, entered into the Second Amendment Agreement with KeyBank National Association (“KeyBank” or the “Bank”), as lender and administrative agent, to amend the Credit and Security Agreement dated May 31, 2017 as amended by the First Amendment Agreement by and among Ultralife, SWE, CLB and KeyBank dated May 1, 2019 (the “Credit Agreement”, and together with the Second Amendment Agreement, the “Amended Credit Agreement”).

The Amended Credit Agreement, among other things, provides for a 5-year, $10,000 senior secured term loan (the “Term Loan Facility”) and extends the term of the $30,000 senior secured revolving credit facility (the “Revolving Credit Facility”, and together with the Term Loan Facility, the “Amended Credit Facilities”) through May 30, 2025. Up to six months prior to May 30, 2025, the Revolving Credit Facility may be increased to $50,000 with the Bank’s concurrence.

Upon closing of the Excell Acquisition on December 13, 2021, the Company drew down the full amount of the Term Loan Facility and $10,980 under the Revolving Credit Facility. As of December 31, 2021, the Company had $10,000 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 $10,980 outstanding on the Revolving Credit Facility. As of December 31, 2021, total unamortized debt issuance costs of $123, including placement, renewal and legal fees associated with the Amended Credit Agreement, are classified as a reduction of long-term debt on the balance sheet. Debt issuance costs are amortized to interest expense over the term of the Amended Credit Facilities.

The remaining availability under the Revolving Credit Facility is subject to certain borrowing base limits based on trade receivables and inventories.

The Company is required to repay the borrowings under the Term Loan Facility in equal consecutive monthly payments commencing on February 1, 2022, in arrears, together with applicable interest. All unpaid principal and accrued and unpaid interest with respect to the Term Loan Facility is due and payable in full on January 1, 2027. All unpaid principal and accrued and unpaid interest with respect to the Revolving Credit Facility is due and payable in full on May 30, 2025. The Company may voluntarily prepay principal amounts outstanding at any time subject to certain restrictions.

In addition to the customary affirmative and negative covenants, the Company must maintain a consolidated senior leverage ratio, as defined in the Amended Credit Agreement, of equal to or less than 3.5 to 1.0 for the fiscal quarters ending December 31, 2022 and March 31, 2023, and equal to or less than 3.0 to 1.0 for the fiscal quarters ending June 30, 2023 and thereafter.

Borrowings under the Amended Credit Facilities are secured by substantially all the assets of the Company and its subsidiaries.

Interest will accrue on outstanding indebtedness under the Amended Credit Facilities at the Base Rate or the Overnight LIBOR Rate, as selected by the Company, plus the applicable margin. The Base Rate is the 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 Second Amendment Agreement includes standard market provisions permitting the Bank to transition from LIBOR to a SOFR based rate, in its discretion

The Company must pay a fee of 0.15% to 0.25% based on the average daily unused availability under the Revolving Credit Facility.

Payments must be made by the Company to the extent borrowings exceed the maximum amount then permitted to be drawn on the Amended Credit Facilities and from the proceeds of certain transactions. Upon the occurrence of an event of default, the outstanding obligations may be accelerated, and the Bank will have other customary remedies including resort to the security interest the Company provided to the Bank.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Note 4 - Supplemental Balance Sheet Information

12 Months Ended

Dec. 31, 2021

Supplemental Balance Sheet Disclosures [Text Block]

Note 4 - Supplemental Balance Sheet Information

a.	Cash and Restricted Cash

The Company had cash and restricted cash totaling $8,413 and $10,653 as of December 31, 2021 and 2020, respectively.

	December 31,
	2021		2020
Cash	$	8,329	$	10,562
Restricted cash		84		91
Total	$	8,413	$	10,653

As of December 31, 2021 and December 31, 2020, restricted cash included $84 and $91, respectively, of 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. Restricted cash is included as a component of the cash balance for purposes of the consolidated statements of cash flows.

b.	Inventory, Net

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

	December 31,
	2021		2020
Raw materials	$	21,660	$	17,277
Work in process		4,227		3,411
Finished products		7,302		7,505
Total	$	33,189	$	28,193

c.	Property, Plant and Equipment

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

	December 31,
	2021			2020
Land	$	1,273		$	1,273
Buildings and leasehold improvements		15,442			15,393
Machinery and equipment		63,780			61,048
Furniture and fixtures		2,588			2,235
Computer hardware and software		7,579			6,894
Construction in progress		761			1,227
		91,423			88,070
Less – Accumulated depreciation		(68,218	)		(65,220	)
Total	$	23,205		$	22,850

Depreciation expense was $2,906 and $2,340 for the years ended December 31, 2021 and 2020, respectively.

d.	Goodwill and Other Intangible Assets

The Company conducted its annual impairment test for goodwill and other indefinite-lived intangible assets as of October 1, 2021. We identified five goodwill reporting units and four indefinite-lived intangible assets. We performed a quantitative impairment assessment of each goodwill reporting unit and indefinite-lived intangible asset. Based on the results of our quantitative impairment tests, and consideration of qualitative factors as of our test date and December 31, 2021, no impairments were identified.

The following table summarizes the goodwill activity by segment for the years ended December 31, 2021 and 2020:

	Battery & Energy Products		Communications Systems		Total
Balance – January 1, 2021	$	15,525	$	11,493	$	27,018
Acquisition of Excell		11,019		-		11,019
Effect of foreign currency translation		31		-		31
Balance – December 31, 2021	$	26,575	$	11,493	$	38,068

The composition of intangible assets was:

	December 31, 2021,
	Cost		Accumulated amortization		Net
Customer relationships	$	13,214	$	5,484	$	7,730
Patents and technology		5,667		5,126		541
Trade names		4,670		436		4,234
Trademarks		3,413		-		3,413
Other		1,490		18		1,472
Total other intangible assets	$	28,454	$	11,064	$	17,390

	December 31, 2020,
	Cost		Accumulated amortization		Net
Customer relationships	$	9,171	$	5,115	$	4,056
Patents and technology		5,557		5,014		543
Trade name		1,524		324		1,200
Trademarks		3,410		-		3,410
Total other intangible assets	$	19,662	$	10,453	$	9,209

The change in the cost value of other intangible assets is a result of the Excell Acquisition (Note 2) and the effect of foreign currency translations.

Amortization of other intangible assets was included in the following financial statement captions:

	Year ended December 31,
	2021		2020
Research and development expense	$	118	$	124
Selling, general and administrative expense		515		471
Total	$	633	$	595

Future amortization expense of amortizable intangible assets will be approximately $1,286, $938, $927, $927 and $783 for the five fiscal years ending December 31, 2022 through 2026, respectively.

Note 5 - Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Text Block]

Note 5 - Commitments and Contingencies

a.	Legal Matters

We are subject to legal proceedings and claims that arise from time to time in the ordinary course of business. We believe that the final disposition of any such matters of which we are currently aware 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 current or future legal 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.

On December 14, 2020, Ultralife was awarded a final settlement of $1,593 (net of fees) upon court approval and order authorizing distribution of settlement funds in a class action lawsuit (In Re: Lithium-ion Batteries Antitrust Litigation, 13-MD-02420-YGR, United States District Court, Northern District of California). At the time of the court order, the settlement funds were held in an escrow account controlled by the court for administrative purposes, and there remained no potential for appeal or reversal of the court order. Based on all conditions present upon the court order, it was concluded that the net settlement amount was fully realizable. Accordingly, a gain of $1,593 was recognized and was separately reported as gain on litigation settlement on the consolidated statement of income and comprehensive income for the year ended December 31, 2020. The corresponding amount due was collected in full in January 2021.

b.	Indemnity

Our organizational documents provide that our directors or officers will be reimbursed for all expenses, to the fullest extent permitted by law arising out of their performance.

c.	Purchase Commitments

As of December 31, 2021, we have made commitments to purchase approximately $630 of production machinery and equipment.

China

Our operating facility in China presents risks including, but not limited to, changes in local regulatory requirements, changes in labor laws, local wage laws, environmental regulations, taxes and operating licenses, compliance with U.S. regulatory requirements, including the Foreign Corrupt Practices Act, uncertainties as to application and interpretation of local laws and enforcement of contract and intellectual property rights, currency restrictions, currency exchange controls, fluctuations of currency, and currency revaluations, eminent domain claims, civil unrest, power outages, water shortages, labor shortages, labor disputes, increase in labor costs, rapid changes in government, economic and political policies, political or civil unrest, acts of terrorism, or the threat of boycotts, other civil disturbances and the possible impact of the imposition of tariffs by the U.S. Government on 9 Volt batteries that we manufacture in China as well as any retaliating trade policies or restrictions. Any such disruptions could depress our earnings and have other material adverse effects on our business, financial condition and results of operations.

e.	Employment Contracts

We have an employment contract with Michael D. Popielec, our President and Chief Executive Officer, which remains in effect until terminated by either party. This agreement provides for a base salary, as adjusted for increases at the discretion of our Board of Directors, and includes incentive bonuses based upon attainment of specified quantitative and qualitative performance goals. This agreement also provides for severance payments in the event of specified events of termination of employment. In addition, this agreement provides for a lump sum payment in the event of termination of employment in connection with a change in control.

As part of our employment commencement process, employees are required to enter into agreements providing for confidentiality of certain information and the assignment of rights to inventions made by them while employed by us. These agreements also contain certain non-competition and non-solicitation provisions effective during the employment term and for varying periods thereafter depending on position and location. There can be no assurance that we will be able to enforce these agreements. All of our employees agree to abide by the terms of a Code of Ethics policy that provides for the confidentiality of certain information received during the course of their employment.

f.	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 years ended December 31, 2021 and 2020 were as follows:

	2021			2020
Balance, January 1	$	149		$	195
Provision for warranties issued		142			200
Settlements made		(158	)		(246	)
Balance, December 31	$	133		$	149

Note 6 - Shareholders' Equity

12 Months Ended

Dec. 31, 2021

Shareholders' Equity and Share-based Payments [Text Block]

Note 6 - Shareholders' Equity

We recorded non-cash stock compensation expense in each period as follows:

	Year ended December 31,
	2021		2020
Stock options	$	618	$	838
Restricted stock		53		105
Total	$	671	$	943

We have various stock-based employee compensation plans, for which compensation cost is recognized in the financial statements. The cost is measured at the grant date, based on the estimated fair value of the award, and is recognized as an expense over the employee’s requisite service period (generally the vesting period of the equity award).

Our shareholders have approved various equity-based plans that permit the grant of stock options, restricted stock and other equity-based awards. In addition, our shareholders have approved the grant of stock options outside of these plans.

In June 2004, our shareholders adopted the 2004 Long-Term Incentive Plan (“2004 LTIP”) pursuant to which we were authorized to issue up to 750,000 shares of common stock and grant stock options, restricted stock awards, stock appreciation rights and other stock-based awards. Through shareholder approved amendments to the LTIP in 2006, 2008, 2011, and 2013, the total number of shares authorized under the 2004 LTIP was increased to 2,900,000.

In June 2014, our shareholders approved the 2014 Long-Term Incentive Plan (“2014 LTIP”) as the successor plan to the 2004 LTIP that expired on June 10, 2014. Under the 2014 LTIP, a total of 1,750,000 shares of common stock were made available for grant of awards. In July 2021, our shareholders approved an amendment to the 2014 LTIP to increase the total number shares of our common stock authorized to be issued pursuant to the 2014 LTIP to 2,750,000. Of the total number of shares of common stock available for awards under the 2014 LTIP, no more than 800,000 shares of common stock may be used for awards other than stock options and stock appreciation rights. Grants under the 2014 LTIP may be awarded through June 2, 2024.

Stock options granted under the LTIPs are either Incentive Stock Options (“ISOs”) or Non-Qualified Stock Options (“NQSOs”). Key employees are eligible to receive ISOs and NQSOs; however, directors and consultants are eligible to receive only NQSOs. Stock options vest over a three-year period and expire on the seventh anniversary of the grant date. As of December 31, 2021, there were 1,306,824 stock options outstanding under the 2014 LTIP. There were no stock options outstanding under the 2004 LTIP.

As of December 31, 2021, there was $850 of total unrecognized compensation costs related to outstanding stock options, which we expect to recognize over a weighted average period of 1.4 years.

We use the Black-Scholes option-pricing model to estimate fair value of stock-based awards. The following weighted average assumptions were used to value options granted during the years ended December 31, 2021 and 2020:

	Year ended December 31,
	2021			2020
Risk-free interest rate		1.0	%		0.4	%
Volatility factor		50	%		49	%
Weighted average expected life (years)		4.8			5.3
Forfeiture rate		10.0	%		10.0	%
Dividends		0.0	%		0.0	%

We used a Monte Carlo simulation option-pricing model to estimate the fair value of market performance stock-based awards, of which there were no new awards for the years ended December 31, 2021 and 2020.

We calculate expected volatility for stock options by taking an average of historical volatility over the expected term. The computation of expected term was determined based on historical experience of similar awards, giving consideration to the contractual terms of the stock-based awards and vesting schedules. The interest rate for periods within the contractual life of the award is based on the U.S. Treasury yield in effect at the time of grant. Forfeiture rates are calculated by dividing unvested shares forfeited by beginning shares outstanding. The pre-vesting forfeiture rate is calculated yearly and is determined using a historical twelve-quarter rolling average of the forfeiture rates.

The following tables summarize data for the stock options issued by us:

Year ended December 31, 2021
	Number of shares			Weighted average exercise price per share		Weighted average remaining contractual term		Aggregate intrinsic value
Shares under option – January 1		1,217,163		$	6.50
Options granted		340,500			6.78
Options exercised		(204,429	)		4.39
Options forfeited or expired		(46,410	)		7.44
Shares under option – December 31		1,306,824		$	6.87		4.22	$	504
Vested and expected to vest - December 31		1,189,175		$	6.86		4.05	$	492

Options exercisable – December 31		745,288		$	6.85		2.80	$	439

Year ended December 31, 2020
	Number of shares			Weighted average exercise price per share
Shares under option – January 1		1,541,792		$	6.88
Options granted		256,000			6.51
Options exercised		(355,797	)		6.08
Options forfeited or expired		(224,832	)		9.76
Shares under option – December 31		1,217,163		$	6.50

Options exercisable – December 31		738,452		$	5.82

The following table represents additional information about stock options outstanding at December 31, 2021:

			Option outstanding						Options exercisable
Range of exercise prices			Number of outstanding options		Weighted- average remaining contractual life		Weighted- average exercise price		Number of options exercisable		Weighted- average exercise price
$3.71	-	$5.31		325,579		2.68	$	4.58		240,579	$	4.34
$5.71	-	$6.51		321,411		4.36		6.28		166,602		6.07
$6.69	-	$7.16		205,750		6.45		6.97		11,667		7.09
$8.25	-	$9.96		454,084		4.22		8.88		326,440		9.08

$3.71	-	$9.96		1,306,824		4.22	$	6.87		745,288	$	6.85

The weighted average fair value of options granted during the years ended December 31, 2021 and 2020 was $2.90 and $2.78, respectively. The total intrinsic value of options (which is the amount by which the stock price exceeded the exercise price of the options on the date of exercise) exercised during the years ended December 31, 2021 and 2020 was $738 and $427, respectively.

Cash received from stock option exercises under our stock-based compensation plans for the years ended December 31, 2021 and 2020 was $398 and $238, respectively.

Restricted shares vest in equal annual installments over three years. As of December 31, 2021, there was $17 of total unrecognized compensation costs related to outstanding restricted shares, which we expect to recognize over a weighted average period of 1.2 years

There were 941,986 shares of common stock available for future issuance under equity compensation plans as of December 31, 2021.

Note 7 - Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Text Block]

Note 7 - Income Taxes

For the years ended December 31, 2021 and 2020, we recognized income tax expense of $79 and $1,692, respectively.

	Year ended December 31,
	2021			2020
Current:
State	$	16		$	23
Foreign		210			283
		226			306
Deferred:
Federal		(158	)		1,673
Foreign		11			(287	)
		(147	)		1,386
Total income tax provision	$	79		$	1,692

Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amount used for income tax purposes. Significant components of our deferred tax assets and liabilities are as follows:

	December 31,
	2021			2020
Deferred tax assets:
Net operating loss carryforwards	$	12,567		$	12,481
Tax credit carryforwards		2,239			2,070
Intangible assets		1,412			1,352
Accrued expenses, reserves and other		1,996			2,176
Research and development		1,999			984
Total deferred tax assets		20,213			19,063
Valuation allowance for deferred tax assets		(2,697	)		(1,942	)
Net deferred tax assets		17,516			17,121

Deferred tax liabilities:
Property, plant and equipment		(79	)		(262	)
Intangible assets		(8,219	)		(5,538	)
Total deferred tax liabilities		(8,298	)		(5,800	)

Net deferred tax assets	$	9,218		$	11,321

Net deferred tax assets (liabilities) are comprised of the following balance sheet amounts:

	December 31,
	2021			2020

Deferred tax assets	$	11,472		$	11,836
Deferred tax liabilities		(2,254	)		(515	)
	$	9,218		$	11,321

For financial reporting purposes, net (loss) income from continuing operations before income taxes is as follows:

	Year ended December 31,
	2021			2020
United States	$	(704	)	$	6,586
Foreign		553			437
	$	(151	)	$	7,023

The provision for income taxes differs from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to income from continuing operations before income taxes as follows:

	Year ended December 31,
	2021			2020

Statutory income tax rate		21	%		21	%
Increase (decrease) in tax provision resulting from:
Equity compensation		11.6			4.5
Acquisition-related costs		(34.7	)
Income tax credits		72.7			(2.3	)
Foreign tax rate change		(89.7	)		-
Foreign tax rates		(15.5	)		0.1
States taxes		(10.8	)		0.3
Other		(7.0	)		0.5
Effective income tax rate		(52.4	)%		24.1	%

As of December 31, 2021, it was concluded that it is more likely than not that our U.S. deferred tax assets will be fully realized on the basis of management’s assessment. In evaluating the realizability of our U.S. deferred tax assets, management considered all available evidence and concluded that positive factors, including our sustained profitability and continued improvement in our ability to achieve internal earnings forecasts, outweighed all negative factors, including our history of operating losses (prior to 2015) and historical operating volatility. Our assessment also considered our ability to fully utilize before expiration our domestic net operating loss carryforwards, which expire 2022 thru 2037, and our general business tax credit carryforwards, which expire 2028 thru 2039. As of December 31, 2021, our domestic net operating loss carryforwards and general business tax credits were $44,716 and $2,239, respectively.

As of December 31, 2021, for certain past operations in the U.K., we continue to report a valuation allowance for net operating loss carryforwards of approximately $11,000, nearly all of which can be carried forward indefinitely. Management has concluded that utilization of the U.K. net operating losses may be limited due to the change in the past U.K. operation, and that they cannot currently be used to reduce taxable income of our other U.K. subsidiary, Accutronics Ltd. There are no other deferred tax assets related to the past U.K. operations.

As of December 31, 2021, we have not recognized a valuation allowance against our other foreign deferred tax assets.

There were no unrecognized tax benefits related to uncertain tax positions at December 31, 2021 and 2020.

As of December 31, 2021, the Company maintains its assertion that all foreign earnings will be indefinitely reinvested in those operations, other than earnings generated in the U.K.

As a result of our operations, we file income tax returns in various jurisdictions including U.S. federal, U.S. state and foreign jurisdictions. We are routinely subject to examination by taxing authorities in these various jurisdictions. In August 2020, the Internal Revenue Service (“IRS”) completed its examination of the Company’s federal tax returns for 2016-2018 with no material adjustments identified. Our U.S. tax matters for 2020 and 2019 remain subject to IRS examination. Our U.S. tax matters for 2002, 2005-2007 and 2011-2015 also remain subject to IRS examination due to the remaining availability of net operating loss carryforwards generated in those years. Our U.S. tax matters for 2002, 2005-2007 and 2011-2020 remain subject to examination by various state and local tax jurisdictions. Our tax matters for the years 2011 through 2020 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.

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-Publisher FASB
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Note 8 - Operating Leases

12 Months Ended

Dec. 31, 2021

Lessee, Operating Leases [Text Block]

Note 8 – Operating Leases

The Company has operating leases predominantly for operating facilities. As of December 31, 2021, the remaining lease terms on our operating leases range from approximately one (1) year to ten (10) 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:

	Year ended December 31,
	2021		2020
Operating lease cost	$	762	$	703
Variable lease cost		79		75
Total lease cost	$	841	$	778

Supplemental cash flow information related to leases was as follows:

	Year ended December 31,
	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	744	$	688
Right-of-use assets obtained in exchange for lease liabilities:	$	1,020	$	875

Supplemental balance sheet information related to leases was as follows:

		December 31,
	Balance Sheet Classification	2021			2020
Assets:
Operating lease right-of-use asset	Other noncurrent assets	$	2,581		$	2,189

Liabilities:
Current operating lease liability	Accrued expenses and other current liabilities	$	867		$	680
Operating lease liability, net of current portion	Other noncurrent liabilities		1,743			1,524
Total operating lease liability		$	2,610		$	2,204

Weighted-average remaining lease term (years)			4.5			3.3

Weighted-average discount rate			4.5	%		4.5	%

Future minimum lease payments as of December 31, 2021 are as follows:

Maturity of Operating Lease Liabilities
2022	$	889
2023		894
2024		434
2025		139
2026		140
Thereafter		424
Total lease payments	$	2,920
Less: Imputed interest		(310	)
Present value of remaining lease payments	$	2,610

Note 9 - 401(k) Retirement Benefit Plan

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Text Block]

Note 9 - 401(k) Retirement Benefit Plan

We maintain a defined contribution 401(k) plan covering substantially all employees. Employees can contribute a portion of their salary or wages as prescribed under Section 401(k) of the Internal Revenue Code and, subject to certain limitations, we may, at the discretion of our Board of Directors, authorize an employer contribution based on a portion of the employees' contributions. For the year ended December 31, 2021, the Company matched 100% on the first 3% and 50% on the next 2% contributed by the employee, or a maximum of 4% of the employee’s income. For the year ended December 31, 2020, the Company matched 50% on the first 6% contributed by the employee, or a maximum of 3% of the employee’s income. For 2021 and 2020, we contributed $586 and $466, respectively, to the 401(k) plan.

The entire disclosure for retirement benefits.

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Note 10 - Business Segment Information

12 Months Ended

Dec. 31, 2021

Segment Reporting Disclosure [Text Block]

Note 10 - 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.

2021:

	Battery & Energy Products		Communications Systems		Corporate			Total
Revenue	$	87,083	$	11,184	$	-		$	98,267
Segment contribution		21,063		3,579		(24,607	)		35
Other expense						186			186
Income tax expense						79			79
Non-controlling interest						4			4
Net loss attributable to Ultralife								$	(234	)

Total assets	$	110,633	$	25,359	$	23,546			159,538
Capital expenditures	$	2,104	$	255	$	455		$	2,814
Goodwill	$	26,575	$	11,493		-		$	38,068
Depreciation and amortization of intangible assets	$	2,847	$	326	$	366		$	3,539
Stock-based compensation	$	298	$	125	$	248		$	671

2020:

	Battery & Energy Products		Communications Systems		Corporate			Total
Revenue	$	91,907	$	15,805	$	-		$	107,712
Segment contribution		23,400		5,759		(23,458	)		5,701
Other income						(1,322	)		(1,322	)
Income tax expense						1,692			1,692
Non-controlling interest						99			99
Net income attributable to Ultralife								$	5,232

Total assets	$	85,112	$	26,425	$	26,164		$	137,701
Capital expenditures	$	3,031	$	-	$	70		$	3,101
Goodwill	$	15,525	$	11,493		-		$	27,018
Depreciation and amortization of intangible assets	$	2,269	$	342	$	324		$	2,935
Stock-based compensation	$	446	$	155	$	342		$	943

Long-lived assets (comprised of property, plant and equipment; goodwill; and other intangible assets) held outside the U.S., principally in Canada, United Kingdom and China, were $26,762 and $12,456 as of December 31, 2021 and 2020, respectively.

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

Commercial and Government/Defense Revenue Information:

Year ended December 31, 2021:

	Total Revenue		Commercial			Government/ Defense
Battery & Energy Products	$	87,083	$	64,079		$	23,004
Communications Systems		11,184		-			11,184
Total	$	98,267	$	64,079		$	34,188
				65	%		35	%

Year ended December 31, 2020:

	Total Revenue		Commercial			Government/ Defense
Battery & Energy Products	$	91,907	$	62,330		$	29,577
Communications Systems		15,805		-			15,805
Total	$	107,712	$	62,330		$	45,382
				58	%		42	%

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

Year ended December 31, 2021:

	Total Revenue		United States			Non-United States
Battery & Energy Products	$	87,083	$	43,298		$	43,785
Communications Systems		11,184		5,521			5,663
Total	$	98,267	$	48,819		$	49,448
				50	%		50	%

Year ended December 31, 2020:

	Total Revenue		United States			Non-United States
Battery & Energy Products	$	91,907	$	49,930		$	41,977
Communications Systems		15,805		12,325			3,480
Total	$	107,712	$	62,255		$	45,457
				58	%		42	%

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Note 11 - Impact of COVID-19

12 Months Ended

Dec. 31, 2021

Effect of Covid-19 Pandemic [Text Block]

Note 11 – Impact of COVID-19

The COVID-19 pandemic has created significant economic disruption and uncertainty around the world. The Company continues to closely monitor the developments surrounding COVID-19 and take actions to mitigate the business risks involved. During this challenging time, we remain focused on ensuring the health and safety of our employees by implementing the protocols established by public health officials in addition to working closely with our customers and suppliers to meet the demand for our mission critical products serving medical device, first responder, public safety, energy and national security customers in an efficient and economically responsible manner.

COVID-19 adversely impacted our operating results during 2021 with an estimated negative impact to sales and operating profit of $11,000 and $4,500, respectively, primarily as a result of overall disruptions in supply chains and operations impacting both commercial and government/defense markets. While we have maintained normal business operations at all our facilities throughout the year, the supply chain disruptions including increased lead times on key components experienced within our business and by our customers, impacted our work schedules and timing of shipments. We exited 2021 with a backlog of $53,166, excluding Excell, representing an increase of $13,874 million or 35.3% from year-end 2020, largely attributable to the supply chain disruptions pushing shipments into 2022.

The extent to which COVID-19 may further impact our business is uncertain and will depend on many factors which we continue to monitor but cannot predict or fully control, including the duration and scope of the pandemic and its variants, resulting actions taken by governments, businesses and individuals, limited availability and/or increased cost of raw materials and components used in our products, and the flow-through impact on operations and supply chains. Prolonged adverse effects of COVID-19 on our business could result in the impairment of long-lived assets including goodwill and other intangible assets. While we cannot predict the lingering effects the COVID-19 pandemic may cause, we will continue to work closely with our customers and suppliers to take actions when possible and within our control to mitigate the business risks involved.

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Consolidation, Policy [Policy Text Block]

b.	Principles of Consolidation

Use of Estimates, Policy [Policy Text Block]

c.	Management's Use of Judgment and Estimates

Reclassification, Comparability Adjustment [Policy Text Block]

d.	Reclassifications

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash

Our cash balances may at times exceed federally insured limits. We have not experienced any losses in these accounts and believe we are not exposed to any significant risk with respect to cash.

Receivable [Policy Text Block]

f.	Accounts Receivable and Allowance for Doubtful Accounts

Inventory, Policy [Policy Text Block]

g.	Inventories

Property, Plant and Equipment, Policy [Policy Text Block]

h.	Property, Plant and Equipment

Property, plant and equipment is stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives. Estimated useful lives are as follows (in years):

Buildings	10	–	40
Machinery and Equipment	5	–	10
Furniture and Fixtures	5	–	10
Computer Hardware and Software	3	–	5
Leasehold Improvements	Lesser of useful life or lease term

Goodwill and Intangible Assets, Policy [Policy Text Block]

i.	Long-Lived Assets, Goodwill and Intangibles

Foreign Currency Transactions and Translations Policy [Policy Text Block]

j.	Translation of Foreign Currency

Revenue [Policy Text Block]

k.	Revenue Recognition

Revenues recognized from prior period performance obligations for the years ended December 31, 2021 and 2020 were not material.

Deferred revenue, unbilled revenue and deferred contract costs recorded on our consolidated balance sheets as of December 31, 2021 and 2020 were not material.

Guarantees, Indemnifications and Warranties Policies [Policy Text Block]

l.	Warranty Reserves

Shipping and Handling Costs [Policy Text Block]

m.	Shipping and Handling Costs

Costs incurred by us related to shipping and handling are included in cost of products sold. Amounts charged to customers pertaining to these costs are reflected as revenue.

Sales Commissions [Policy Text Block]

n.	Sales Commissions

Sales commissions are expensed as incurred for contracts with an expected duration of one year or less. There were no sales commissions capitalized as of December 31, 2021 and 2020.

Research and Development Expense, Policy [Policy Text Block]

o.	Research and Development

Environmental Cost, Expense Policy [Policy Text Block]

p.	Environmental Costs

Income Tax, Policy [Policy Text Block]

q.	Income Taxes

Concentration Risk, Credit Risk, Policy [Policy Text Block]

r.	Concentration Related to Customers and Suppliers

Fair Value Measurement, Policy [Policy Text Block]

s.	Fair Value Measurements and Disclosures

Level 1:

Quoted prices in active markets for identical assets or liabilities.

Level 2:

Level 3:

Unobservable inputs supported by little or no market activity that are significant to the fair value of the assets or liabilities.

Earnings Per Share, Policy [Policy Text Block]

t.	Earnings Per Share

Share-based Payment Arrangement [Policy Text Block]

u.	Stock-Based Compensation

Segment Reporting, Policy [Policy Text Block]

v.	Segment Reporting

Business Combinations Policy [Policy Text Block]

w.	Business Combinations

Lessee, Leases [Policy Text Block]

Leases

New Accounting Pronouncements, Policy [Policy Text Block]

y.	Recent Accounting Pronouncements

Recently Adopted Accounting Guidance

Recent Accounting Guidance Not Yet Adopted

Note 1 - Summary of Operations and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment, Estimated Useful Life [Table Text Block]

Buildings	10	–	40
Machinery and Equipment	5	–	10
Furniture and Fixtures	5	–	10
Computer Hardware and Software	3	–	5
Leasehold Improvements	Lesser of useful life or lease term

Note 2 - Acquisition (Tables)

12 Months Ended

Dec. 31, 2021

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

Cash	$	736
Accounts receivable		3,570
Inventories		3,622
Prepaid expenses and other current assets		785
Property, plant and equipment		429
Goodwill		11,019
Other intangible assets		8,830
Other noncurrent assets		991
Accounts payable		(1,450	)
Accrued compensation and related benefits		(540	)
Accrued expenses and other current liabilities		(720	)
Deferred tax liability, net		(2,213	)
Other noncurrent liabilities		(803	)
Net assets acquired	$	24,256

Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block]

					Annual Amortization
	Estimated Fair Value		Amortization Period (Years)		Year 1		Year 2		Year 3		Year 4		Year 5
Customer relationships	$	4,070		15	$	271	$	271	$	271	$	271	$	271
Trade name		3,150	Indefinite			-		-		-		-		-
Customer contracts		1,130		15		75		75		75		75		75
Backlog		360		1		360		-		-		-		-
Technology		120		7		17		17		17		17		17
Total	$	8,830			$	724	$	364	$	364	$	364	$	364

Business Acquisition, Pro Forma Information [Table Text Block]

	Year Ended December 31,
	2021		2020
Revenue	$	118,467	$	125,826
Operating income		1,450		4,489
Net Income attributable to Ultralife Corporation		1,367		4,081
Net income per share attributable to Ultralife Corporation:
Basic	$	.09	$	.26
Diluted	$	.08	$	.25

Note 4 - Supplemental Balance Sheet Information (Tables)

12 Months Ended

Dec. 31, 2021

Cash, Cash Equivalents and Investments [Table Text Block]

	December 31,
	2021		2020
Cash	$	8,329	$	10,562
Restricted cash		84		91
Total	$	8,413	$	10,653

Schedule of Inventory, Current [Table Text Block]

	December 31,
	2021		2020
Raw materials	$	21,660	$	17,277
Work in process		4,227		3,411
Finished products		7,302		7,505
Total	$	33,189	$	28,193

Property, Plant and Equipment [Table Text Block]

	December 31,
	2021			2020
Land	$	1,273		$	1,273
Buildings and leasehold improvements		15,442			15,393
Machinery and equipment		63,780			61,048
Furniture and fixtures		2,588			2,235
Computer hardware and software		7,579			6,894
Construction in progress		761			1,227
		91,423			88,070
Less – Accumulated depreciation		(68,218	)		(65,220	)
Total	$	23,205		$	22,850

Schedule of Goodwill [Table Text Block]

	Battery & Energy Products		Communications Systems		Total
Balance – January 1, 2021	$	15,525	$	11,493	$	27,018
Acquisition of Excell		11,019		-		11,019
Effect of foreign currency translation		31		-		31
Balance – December 31, 2021	$	26,575	$	11,493	$	38,068

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

	December 31, 2021,
	Cost		Accumulated amortization		Net
Customer relationships	$	13,214	$	5,484	$	7,730
Patents and technology		5,667		5,126		541
Trade names		4,670		436		4,234
Trademarks		3,413		-		3,413
Other		1,490		18		1,472
Total other intangible assets	$	28,454	$	11,064	$	17,390

	December 31, 2020,
	Cost		Accumulated amortization		Net
Customer relationships	$	9,171	$	5,115	$	4,056
Patents and technology		5,557		5,014		543
Trade name		1,524		324		1,200
Trademarks		3,410		-		3,410
Total other intangible assets	$	19,662	$	10,453	$	9,209

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

	Year ended December 31,
	2021		2020
Research and development expense	$	118	$	124
Selling, general and administrative expense		515		471
Total	$	633	$	595

Note 5 - Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Product Warranty Liability [Table Text Block]

	2021			2020
Balance, January 1	$	149		$	195
Provision for warranties issued		142			200
Settlements made		(158	)		(246	)
Balance, December 31	$	133		$	149

Note 6 - Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2021

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

	Year ended December 31,
	2021		2020
Stock options	$	618	$	838
Restricted stock		53		105
Total	$	671	$	943

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

	Year ended December 31,
	2021			2020
Risk-free interest rate		1.0	%		0.4	%
Volatility factor		50	%		49	%
Weighted average expected life (years)		4.8			5.3
Forfeiture rate		10.0	%		10.0	%
Dividends		0.0	%		0.0	%

Share-based Payment Arrangement, Option, Activity [Table Text Block]

Year ended December 31, 2021
	Number of shares			Weighted average exercise price per share		Weighted average remaining contractual term		Aggregate intrinsic value
Shares under option – January 1		1,217,163		$	6.50
Options granted		340,500			6.78
Options exercised		(204,429	)		4.39
Options forfeited or expired		(46,410	)		7.44
Shares under option – December 31		1,306,824		$	6.87		4.22	$	504
Vested and expected to vest - December 31		1,189,175		$	6.86		4.05	$	492

Options exercisable – December 31		745,288		$	6.85		2.80	$	439

Year ended December 31, 2020
	Number of shares			Weighted average exercise price per share
Shares under option – January 1		1,541,792		$	6.88
Options granted		256,000			6.51
Options exercised		(355,797	)		6.08
Options forfeited or expired		(224,832	)		9.76
Shares under option – December 31		1,217,163		$	6.50

Options exercisable – December 31		738,452		$	5.82

Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block]

			Option outstanding						Options exercisable
Range of exercise prices			Number of outstanding options		Weighted- average remaining contractual life		Weighted- average exercise price		Number of options exercisable		Weighted- average exercise price
$3.71	-	$5.31		325,579		2.68	$	4.58		240,579	$	4.34
$5.71	-	$6.51		321,411		4.36		6.28		166,602		6.07
$6.69	-	$7.16		205,750		6.45		6.97		11,667		7.09
$8.25	-	$9.96		454,084		4.22		8.88		326,440		9.08

$3.71	-	$9.96		1,306,824		4.22	$	6.87		745,288	$	6.85

Note 7 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	Year ended December 31,
	2021			2020
Current:
State	$	16		$	23
Foreign		210			283
		226			306
Deferred:
Federal		(158	)		1,673
Foreign		11			(287	)
		(147	)		1,386
Total income tax provision	$	79		$	1,692

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	December 31,
	2021			2020
Deferred tax assets:
Net operating loss carryforwards	$	12,567		$	12,481
Tax credit carryforwards		2,239			2,070
Intangible assets		1,412			1,352
Accrued expenses, reserves and other		1,996			2,176
Research and development		1,999			984
Total deferred tax assets		20,213			19,063
Valuation allowance for deferred tax assets		(2,697	)		(1,942	)
Net deferred tax assets		17,516			17,121

Deferred tax liabilities:
Property, plant and equipment		(79	)		(262	)
Intangible assets		(8,219	)		(5,538	)
Total deferred tax liabilities		(8,298	)		(5,800	)

Net deferred tax assets	$	9,218		$	11,321

Schedule of Net Deferred Tax Liabilities [Table Text Block]

	December 31,
	2021			2020

Deferred tax assets	$	11,472		$	11,836
Deferred tax liabilities		(2,254	)		(515	)
	$	9,218		$	11,321

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

	Year ended December 31,
	2021			2020
United States	$	(704	)	$	6,586
Foreign		553			437
	$	(151	)	$	7,023

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	Year ended December 31,
	2021			2020

Statutory income tax rate		21	%		21	%
Increase (decrease) in tax provision resulting from:
Equity compensation		11.6			4.5
Acquisition-related costs		(34.7	)
Income tax credits		72.7			(2.3	)
Foreign tax rate change		(89.7	)		-
Foreign tax rates		(15.5	)		0.1
States taxes		(10.8	)		0.3
Other		(7.0	)		0.5
Effective income tax rate		(52.4	)%		24.1	%

Note 8 - Operating Leases (Tables)

12 Months Ended

Dec. 31, 2021

Lease, Cost [Table Text Block]

	Year ended December 31,
	2021		2020
Operating lease cost	$	762	$	703
Variable lease cost		79		75
Total lease cost	$	841	$	778

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

	Year ended December 31,
	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	744	$	688
Right-of-use assets obtained in exchange for lease liabilities:	$	1,020	$	875

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

		December 31,
	Balance Sheet Classification	2021			2020
Assets:
Operating lease right-of-use asset	Other noncurrent assets	$	2,581		$	2,189

Liabilities:
Current operating lease liability	Accrued expenses and other current liabilities	$	867		$	680
Operating lease liability, net of current portion	Other noncurrent liabilities		1,743			1,524
Total operating lease liability		$	2,610		$	2,204

Weighted-average remaining lease term (years)			4.5			3.3

Weighted-average discount rate			4.5	%		4.5	%

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

Maturity of Operating Lease Liabilities
2022	$	889
2023		894
2024		434
2025		139
2026		140
Thereafter		424
Total lease payments	$	2,920
Less: Imputed interest		(310	)
Present value of remaining lease payments	$	2,610

Note 10 - Business Segment Information (Tables)

12 Months Ended

Dec. 31, 2021

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

	Battery & Energy Products		Communications Systems		Corporate			Total
Revenue	$	87,083	$	11,184	$	-		$	98,267
Segment contribution		21,063		3,579		(24,607	)		35
Other expense						186			186
Income tax expense						79			79
Non-controlling interest						4			4
Net loss attributable to Ultralife								$	(234	)

Total assets	$	110,633	$	25,359	$	23,546			159,538
Capital expenditures	$	2,104	$	255	$	455		$	2,814
Goodwill	$	26,575	$	11,493		-		$	38,068
Depreciation and amortization of intangible assets	$	2,847	$	326	$	366		$	3,539
Stock-based compensation	$	298	$	125	$	248		$	671

	Battery & Energy Products		Communications Systems		Corporate			Total
Revenue	$	91,907	$	15,805	$	-		$	107,712
Segment contribution		23,400		5,759		(23,458	)		5,701
Other income						(1,322	)		(1,322	)
Income tax expense						1,692			1,692
Non-controlling interest						99			99
Net income attributable to Ultralife								$	5,232

Total assets	$	85,112	$	26,425	$	26,164		$	137,701
Capital expenditures	$	3,031	$	-	$	70		$	3,101
Goodwill	$	15,525	$	11,493		-		$	27,018
Depreciation and amortization of intangible assets	$	2,269	$	342	$	324		$	2,935
Stock-based compensation	$	446	$	155	$	342		$	943

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

	Total Revenue		Commercial			Government/ Defense
Battery & Energy Products	$	87,083	$	64,079		$	23,004
Communications Systems		11,184		-			11,184
Total	$	98,267	$	64,079		$	34,188
				65	%		35	%

	Total Revenue		Commercial			Government/ Defense
Battery & Energy Products	$	91,907	$	62,330		$	29,577
Communications Systems		15,805		-			15,805
Total	$	107,712	$	62,330		$	45,382
				58	%		42	%

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

	Total Revenue		United States			Non-United States
Battery & Energy Products	$	87,083	$	43,298		$	43,785
Communications Systems		11,184		5,521			5,663
Total	$	98,267	$	48,819		$	49,448
				50	%		50	%

	Total Revenue		United States			Non-United States
Battery & Energy Products	$	91,907	$	49,930		$	41,977
Communications Systems		15,805		12,325			3,480
Total	$	107,712	$	62,255		$	45,457
				58	%		42	%

Note 1 - Summary of Operations and Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Research and Development Expense, Gross	$ 8,042	$ 7,316
Customer Funded Research and Development Expense Included in Cost of Goods Sold	$ 1,216	$ 1,369
Weighted Average Number Diluted Shares Outstanding Adjustment, Total (in shares)		193,568
Restricted Stock [Member]
Incremental Common Shares Attributable to Share-based Payment Arrangements, Total (in shares)	0	26,665
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	11,664
Share-based Payment Arrangement, Option [Member]
Incremental Common Shares Attributable to Share-based Payment Arrangements, Total (in shares)	0	526,244
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	1,306,824	690,919
Customer Concentration Risk [Member] \| Revenue Benchmark [Member] \| Large Defense Primary Contractor, 1 [Member]
Concentration Risk, Percentage	20.00%	17.00%
Customer Concentration Risk [Member] \| Revenue Benchmark [Member] \| Large Defense Primary Contractor, 1 [Member] \| Battery & Energy Products Segment [Member]
Concentration Risk, Percentage	22.00%
Customer Concentration Risk [Member] \| Revenue, Segment Benchmark [Member] \| Two Customers [Member] \| Battery & Energy Products Segment [Member]
Concentration Risk, Percentage		20.00%

Note 1 - Summary of Operations and Significant Accounting Policies - Property, Plant and Equipment Estimated Useful Life (Details)	12 Months Ended
	Dec. 31, 2021
Building [Member] \| Minimum [Member]
Estimated useful lives (Year)	10 years
Building [Member] \| Maximum [Member]
Estimated useful lives (Year)	40 years
Machinery and Equipment [Member] \| Minimum [Member]
Estimated useful lives (Year)	5 years
Machinery and Equipment [Member] \| Maximum [Member]
Estimated useful lives (Year)	10 years
Furniture and Fixtures [Member] \| Minimum [Member]
Estimated useful lives (Year)	5 years
Furniture and Fixtures [Member] \| Maximum [Member]
Estimated useful lives (Year)	10 years
Computer Equipment [Member] \| Minimum [Member]
Estimated useful lives (Year)	3 years
Computer Equipment [Member] \| Maximum [Member]
Estimated useful lives (Year)	5 years
Leasehold Improvements [Member]
Leasehold Improvements	Lesser of useful life or lease term

Note 2 - Acquisition (Details Textual) - USD ($) $ in Thousands		12 Months Ended
	Dec. 13, 2021	Dec. 31, 2021	Dec. 31, 2020
Revenues, Total		$ 98,267	$ 107,712
UEHC [Member]
Business Combination, Consideration Transferred, Total	$ 23,519
Operating Lease, Right-of-Use Asset		960
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual		1,131
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual		128
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory		121
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles		30
Business Combination, Acquisition Related Costs		$ 354
UEHC [Member] \| Fair Value Adjustment to Inventory [Member]
Revenues, Total			$ 950

Note 2 - Acquisition - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 30, 2021	Dec. 31, 2020
Goodwill	$ 38,068		$ 27,018
UEHC [Member]
Cash	736
Accounts receivable	3,570
Inventories	3,622
Prepaid expenses and other current assets	785
Property, plant and equipment	429
Goodwill	11,019
Other intangible assets	8,830	$ 8,830
Other noncurrent assets	991
Accounts payable	(1,450)
Accrued compensation and related benefits	(540)
Accrued expenses and other current liabilities	(720)
Deferred tax liability, net	(2,213)
Other noncurrent liabilities	(803)
Net assets acquired	$ 24,256

Note 2 - Acquisition - Estimated Fair Value and Annual Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2021	Dec. 31, 2021
Finite-Lived Intangible Asset, Expected Amortization, Year One		$ 1,286
Finite-Lived Intangible Asset, Expected Amortization, Year Two		938
Finite-Lived Intangible Asset, Expected Amortization, Year Three		927
Finite-Lived Intangible Asset, Expected Amortization, Year Four		927
Finite-Lived Intangible Asset, Expected Amortization, Year Five		783
UEHC [Member]
Finite-Lived Intangible Asset, Expected Amortization, Year One	$ 724
Finite-Lived Intangible Asset, Expected Amortization, Year Two	364
Finite-Lived Intangible Asset, Expected Amortization, Year Three	364
Finite-Lived Intangible Asset, Expected Amortization, Year Four	364
Finite-Lived Intangible Asset, Expected Amortization, Year Five	364
Total, estimated fair value	8,830	$ 8,830
Customer Relationships [Member] \| UEHC [Member]
Finite-lived, estimated fair value	$ 4,070
Amortization period (Year)	15 years
Finite-Lived Intangible Asset, Expected Amortization, Year One	$ 271
Finite-Lived Intangible Asset, Expected Amortization, Year Two	271
Finite-Lived Intangible Asset, Expected Amortization, Year Three	271
Finite-Lived Intangible Asset, Expected Amortization, Year Four	271
Finite-Lived Intangible Asset, Expected Amortization, Year Five	271
Trade Names [Member] \| UEHC [Member]
Indefinite-lived, estimated fair value	3,150
Customer Contracts [Member] \| UEHC [Member]
Finite-lived, estimated fair value	$ 1,130
Amortization period (Year)	15 years
Finite-Lived Intangible Asset, Expected Amortization, Year One	$ 75
Finite-Lived Intangible Asset, Expected Amortization, Year Two	75
Finite-Lived Intangible Asset, Expected Amortization, Year Three	75
Finite-Lived Intangible Asset, Expected Amortization, Year Four	75
Finite-Lived Intangible Asset, Expected Amortization, Year Five	75
Backlog [Member] \| UEHC [Member]
Finite-lived, estimated fair value	$ 360
Amortization period (Year)	1 year
Finite-Lived Intangible Asset, Expected Amortization, Year One	$ 360
Finite-Lived Intangible Asset, Expected Amortization, Year Two	0
Finite-Lived Intangible Asset, Expected Amortization, Year Three	0
Finite-Lived Intangible Asset, Expected Amortization, Year Four	0
Finite-Lived Intangible Asset, Expected Amortization, Year Five	0
Technology-Based Intangible Assets [Member] \| UEHC [Member]
Finite-lived, estimated fair value	$ 120
Amortization period (Year)	7 years
Finite-Lived Intangible Asset, Expected Amortization, Year One	$ 17
Finite-Lived Intangible Asset, Expected Amortization, Year Two	17
Finite-Lived Intangible Asset, Expected Amortization, Year Three	17
Finite-Lived Intangible Asset, Expected Amortization, Year Four	17
Finite-Lived Intangible Asset, Expected Amortization, Year Five	$ 17

Note 2 - Acquisition - Pro Forma Information (Details) - UEHC [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenue	$ 118,467	$ 125,826
Operating income	1,450	4,489
Net Income attributable to Ultralife Corporation	$ 1,367	$ 4,081
Basic (in dollars per share)	$ 9	$ 26
Diluted (in dollars per share)	$ 8	$ 25

Note 3 - Debt (Details Textual) - Amended Credit Agreement [Member] $ in Thousands	Dec. 13, 2021 USD ($)	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021 USD ($)
Debt Issuance Costs, Gross					$ 123
Term Loan Facility [Member] \| Long-term Debt, Current Maturities [Member]
Secured Debt, Total					2,000
Revolving Credit Facility [Member]
Proceeds from Long-term Lines of Credit	$ 10,980
Secured Debt, Total					10,000
Long-term Line of Credit, Total					$ 10,980
Revolving Credit Facility [Member] \| Minimum [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.15%
Revolving Credit Facility [Member] \| Maximum [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.25%
Revolving Credit Facility [Member] \| Fed Funds Effective Rate Overnight Index Swap Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	0.50%
Revolving Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	1.00%
Revolving Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member] \| Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	1.85%
Revolving Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member] \| Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate	2.15%
Revolving Credit Facility [Member] \| Base Rate [Member] \| Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	0.00%
Revolving Credit Facility [Member] \| Base Rate [Member] \| Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate	(0.50%)
Revolving Credit Facility [Member] \| Forecast [Member]
Maximum Consolidated Senior Leverage Ratio		3.0	3.5	3.5
KeyBank [Member] \| Term Loan Facility [Member]
Debt Instrument, Term (Year)	5 years
Debt Instrument, Face Amount	$ 10,000
KeyBank [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	30,000
Line Of Credit Facility Maximum Borrowing Capacity Contingent On Bank Approval	$ 50,000

Note 4 - Supplemental Balance Sheet Information (Details Textual) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance	$ 8,413	$ 10,653	$ 7,405
Restricted Cash and Cash Equivalents, Total	84	91
Depreciation, Total	$ 2,906	2,340
Number of Reporting Units	5
Goodwill, Impairment Loss	$ 0
Finite-Lived Intangible Asset, Expected Amortization, Year One	1,286
Finite-Lived Intangible Asset, Expected Amortization, Year Two	938
Finite-Lived Intangible Asset, Expected Amortization, Year Three	927
Finite-Lived Intangible Asset, Expected Amortization, Year Four	927
Finite-Lived Intangible Asset, Expected Amortization, Year Five	783
NETHERLANDS
Restricted Cash and Cash Equivalents, Total	$ 84	$ 91

Note 4 - Supplemental Balance Sheet Information - Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash	$ 8,329	$ 10,562
Restricted cash	84	91
Total	$ 8,413	$ 10,653	$ 7,405

Note 4 - Supplemental Balance Sheet Information - Components of Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Raw materials	$ 21,660	$ 17,277
Work in process	4,227	3,411
Finished products	7,302	7,505
Total	$ 33,189	$ 28,193

Note 4 - Supplemental Balance Sheet Information - Components of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, plant and equipment, gross	$ 91,423	$ 88,070
Less – Accumulated depreciation	(68,218)	(65,220)
Property, plant and equipment, net	23,205	22,850
Land [Member]
Property, plant and equipment, gross	1,273	1,273
Building and Building Improvements [Member]
Property, plant and equipment, gross	15,442	15,393
Machinery and Equipment [Member]
Property, plant and equipment, gross	63,780	61,048
Furniture and Fixtures [Member]
Property, plant and equipment, gross	2,588	2,235
Computer Equipment [Member]
Property, plant and equipment, gross	7,579	6,894
Construction in Progress [Member]
Property, plant and equipment, gross	$ 761	$ 1,227

Note 4 - Supplemental Balance Sheet Information - Summary of Goodwill (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Goodwill balance	$ 27,018
Effect of foreign currency translation	31
Goodwill balance	38,068
UEHC [Member]
Acquisition of Excell	11,019
Goodwill balance	11,019
Battery & Energy Products Segment [Member]
Goodwill balance	15,525
Effect of foreign currency translation	31
Goodwill balance	26,575
Battery & Energy Products Segment [Member] \| UEHC [Member]
Acquisition of Excell	11,019
Communications Systems Segment [Member]
Goodwill balance	11,493
Effect of foreign currency translation	0
Goodwill balance	11,493
Communications Systems Segment [Member] \| UEHC [Member]
Acquisition of Excell	$ 0

Note 4 - Supplemental Balance Sheet Information - Composition of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Cost	$ 28,454	$ 19,662
Accumulated Amortization	11,064	10,453
Net	17,390	9,209
Customer Relationships [Member]
Cost	13,214	9,171
Accumulated Amortization	5,484	5,115
Net	7,730	4,056
Patented Technology [Member]
Cost	5,667	5,557
Accumulated Amortization	5,126	5,014
Net	541	543
Trade Names [Member]
Cost	4,670	1,524
Accumulated Amortization	436	324
Net	4,234	1,200
Trademarks [Member]
Cost	3,413	3,410
Accumulated Amortization	0	0
Net	3,413	$ 3,410
Other Intangible Assets [Member]
Cost	1,490
Accumulated Amortization	18
Net	$ 1,472

Note 4 - Supplemental Balance Sheet Information - Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Amortization of intangible assets	$ 633	$ 595
Research and Development Expense [Member]
Amortization of intangible assets	118	124
Selling, General and Administrative Expenses [Member]
Amortization of intangible assets	$ 515	$ 471

Note 5 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands		12 Months Ended
	Dec. 14, 2020	Dec. 31, 2021	Dec. 31, 2020
Gain (Loss) Related to Litigation Settlement, Total		$ (0)	$ 1,593
Capital Addition Purchase Commitments [Member]
Long-term Purchase Commitment, Amount		$ 630
Lithium Ion Batteries Antitrust Litigation [Member]
Litigation Settlement, Amount Awarded from Other Party	$ 1,593
Gain (Loss) Related to Litigation Settlement, Total	$ 1,593

Note 5 - Commitments and Contingencies - Changes in Produce Warranty Liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Balance, January 1	$ 149	$ 195
Provision for warranties issued	142	200
Settlements made	(158)	(246)
Balance, December 31	$ 133	$ 149

Note 6 - Shareholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		9 Months Ended	12 Months Ended
	Jan. 31, 2018	Jun. 30, 2014	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Jul. 31, 2021	Dec. 31, 2019	Jun. 30, 2004
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares)				1,306,824	1,217,163		1,541,792
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total				$ 850
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)				1 year 4 months 24 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)				$ 2.90	$ 2.78
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value				$ 738	$ 427
Proceeds from Stock Options Exercised			$ 398	$ 398	$ 238
Common Stock, Capital Shares Reserved for Future Issuance (in shares)				941,986
Restricted Stock [Member]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total				$ 17
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)				1 year 2 months 12 days
The 2004 Long-term Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)					2,900,000			750,000
The 2014 Long-term Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)		1,750,000				2,750,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares)				1,306,824
The 2014 Long-term Incentive Plan [Member] \| Awards Other than Stock Options and SARs [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)		800,000
The 2014 Long-term Incentive Plan [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	3 years
Incentive Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)		3 years
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)		7 years

Note 6 - Stock-based Compensation - Non-cash Stock Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Stock-based compensation expense	$ 671	$ 943
Share-based Payment Arrangement, Option [Member]
Stock-based compensation expense	618	838
Restricted Stock [Member]
Stock-based compensation expense	$ 53	$ 105

Note 6 - Stock-based Compensation - Stock Option Assumptions (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Risk-free interest rate	1.00%	0.40%
Volatility factor	50.00%	49.00%
Weighted average expected life (years) (Year)	4 years 9 months 18 days	5 years 3 months 18 days
Forfeiture rate	10.00%	10.00%
Dividends	0.00%	0.00%

Note 6 - Shareholders' Equity - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Shares under Option, beginning of period (in shares)	1,217,163	1,541,792
Options outstanding - weighted average exercise price (in dollars per share)	$ 6.50	$ 6.88
Options granted (in shares)	340,500	256,000
Options granted - weighted average exercise price (in dollars per share)	$ 6.78	$ 6.51
Options exercised (in shares)	(204,429)	(355,797)
Options exercised - weighted average exercise price (in dollars per share)	$ 4.39	$ 6.08
Options forfeited or expired (in shares)	(46,410)	(224,832)
Options forfeited or expired - weighted average exercise price (in dollars per share)	$ 7.44	$ 9.76
Shares under option, end of period (in shares)	1,306,824	1,217,163
Options outstanding - weighted average exercise price (in dollars per share)	$ 6.87	$ 6.50
Options outstanding - weighted average remaining contractual term (Year)	4 years 2 months 19 days
Options outstanding - aggregate intrinsic value	$ 504
Vested and Expected to Vest (in shares)	1,189,175
Options vested and expected to vest - weighted average exercise price (in dollars per share)	$ 6.86
Options vested and expected to vest - weighted average remaining contractual term (Year)	4 years 18 days
Options vested and expected to vest - aggregate intrinsic value	$ 492
Options Exercisable (in shares)	745,288	738,452
Options exercisable, weighted-average exercise price (in dollars per share)	$ 6.85	$ 5.82
Options exercisable - weighted average remaining contractual term (Year)	2 years 9 months 18 days
Options exercisable - aggregate intrinsic value	$ 439

Note 6 - Shareholders' Equity - Options Range of Exercise Prices (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Upper range limit (in dollars per share)	$ 9.96
Options outstanding, number of outstanding options (in shares)	1,306,824
Options outstanding, weighted-average remaining contractual life (Year)	4 years 2 months 19 days
Options outstanding, weighted-average exercise price (in dollars per share)	$ 6.87
Options exercisable, number of options exercisable (in shares)	745,288
Options exercisable, weighted-average exercise price (in dollars per share)	$ 6.85	$ 5.82
Range One [Member]
Upper range limit (in dollars per share)	$ 5.31
Options outstanding, number of outstanding options (in shares)	325,579
Options outstanding, weighted-average remaining contractual life (Year)	2 years 8 months 4 days
Options outstanding, weighted-average exercise price (in dollars per share)	$ 4.58
Options exercisable, number of options exercisable (in shares)	240,579
Options exercisable, weighted-average exercise price (in dollars per share)	$ 4.34
Range Two [Member]
Upper range limit (in dollars per share)	$ 6.51
Options outstanding, number of outstanding options (in shares)	321,411
Options outstanding, weighted-average remaining contractual life (Year)	4 years 4 months 9 days
Options outstanding, weighted-average exercise price (in dollars per share)	$ 6.28
Options exercisable, number of options exercisable (in shares)	166,602
Options exercisable, weighted-average exercise price (in dollars per share)	$ 6.07
Range Three [Member]
Upper range limit (in dollars per share)	$ 7.16
Options outstanding, number of outstanding options (in shares)	205,750
Options outstanding, weighted-average remaining contractual life (Year)	6 years 5 months 12 days
Options outstanding, weighted-average exercise price (in dollars per share)	$ 6.97
Options exercisable, number of options exercisable (in shares)	11,667
Options exercisable, weighted-average exercise price (in dollars per share)	$ 7.09
Range Four [Member]
Upper range limit (in dollars per share)	$ 9.96
Options outstanding, number of outstanding options (in shares)	454,084
Options outstanding, weighted-average remaining contractual life (Year)	4 years 2 months 19 days
Options outstanding, weighted-average exercise price (in dollars per share)	$ 8.88
Options exercisable, number of options exercisable (in shares)	326,440
Options exercisable, weighted-average exercise price (in dollars per share)	$ 9.08

Note 7 - Income Taxes (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Expense (Benefit), Total	$ 79	$ 1,692
Deferred Tax Assets, Valuation Allowance, Total	2,697	1,942
Unrecognized Tax Benefits, Ending Balance	0	$ 0
General Business Tax Credit Carryforward [Member]
Tax Credit Carryforward, Amount	2,239
Domestic Tax Authority [Member] \| Internal Revenue Service (IRS) [Member]
Operating Loss Carryforwards, Total	$ 44,716
Open Tax Year	2002 2005 2006 2007 2011 2012 2013 2014 2015
Foreign Tax Authority [Member]
Deferred Tax Assets, Valuation Allowance, Total	$ 0
Open Tax Year	2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Foreign Tax Authority [Member] \| Her Majesty's Revenue and Customs (HMRC) [Member]
Operating Loss Carryforwards, Total	$ 11,000
State and Local Jurisdiction [Member]
Open Tax Year	2002 2005 2006 2007 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Note 7 - Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
State	$ 16	$ 23
Foreign	210	283
Current Income Tax Expense (Benefit), Total	226	306
Federal	(158)	1,673
Foreign	11	(287)
Deferred Income Tax Expense (Benefit), Total	(147)	1,386
Total income tax provision	$ 79	$ 1,692

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

+ References + Details

Note 7 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Net operating loss carryforwards	$ 12,567	$ 12,481
Tax credit carryforwards	2,239	2,070
Intangible assets	1,412	1,352
Accrued expenses, reserves and other	1,996	2,176
Research and development	1,999	984
Total deferred tax assets	20,213	19,063
Valuation allowance for deferred tax assets	(2,697)	(1,942)
Net deferred tax assets	17,516	17,121
Property, plant and equipment	(79)	(262)
Intangible assets	8,219	5,538
Total deferred tax liabilities	(8,298)	(5,800)
Net deferred tax assets	$ 9,218	$ 11,321

Note 7 - Income Taxes - Net Deferred Tax Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred income taxes, net	$ 11,472	$ 11,836
Deferred tax liabilities	(2,254)	(515)
Net Deferred Tax Assets	$ 9,218	$ 11,321

Note 7 - Income Taxes - United States and Foreign Income (Loss) From Continuing Operations Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
United States	$ (704)	$ 6,586
Foreign	553	437
Income Before Income Taxes	$ (151)	$ 7,023

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Note 7 - Income Taxes - Effective Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Statutory income tax rate	21.00%	21.00%
Equity compensation	11.60%	4.50%
Acquisition-related costs	(34.70%)
Income tax credits	72.70%	(2.30%)
Foreign tax rate change	(89.70%)	0.00%
Foreign tax rates	(15.50%)	0.10%
States taxes	(10.80%)	0.30%
Other	(7.00%)	0.50%
Effective income tax rate	(52.40%)	24.10%

Note 8 - Operating Leases (Details Textual)	Dec. 31, 2021
Minimum [Member]
Lessee, Operating Lease, Remaining Lease Term (Year)	1 year
Maximum [Member]
Lessee, Operating Lease, Remaining Lease Term (Year)	10 years

Note 8 - Operating Leases - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating lease cost	$ 762	$ 703
Variable lease cost	79	75
Total lease cost	$ 841	$ 778

Note 8 - Operating Leases - Supplement Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating cash flows from operating leases	$ 744	$ 688
Right-of-use assets obtained in exchange for lease liabilities:	$ 1,020	$ 875

Note 8 - Operating Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Weighted-average remaining lease term (years) (Year)	4 years 6 months	3 years 3 months 18 days
Weighted-average discount rate	4.50%	4.50%
Other Noncurrent Assets [Member]
Operating lease right-of-use asset	$ 2,581	$ 2,189
Accrued Expenses and Other Current Liabilities [Member]
Current operating lease liability	867	680
Other Noncurrent Liabilities [Member]
Operating lease liability, net of current portion	1,743	1,524
Accrued Expenses and Other Current Liabilites and Other Noncurrent Liabilities [Member]
Total operating lease liability	$ 2,610	$ 2,204

Note 8 - Operating Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
2022	$ 889
2023	894
2024	434
2025	139
2026	140
Thereafter	424
Total lease payments	2,920
Less: Imputed interest	(310)
Accrued Expenses and Other Current Liabilites and Other Noncurrent Liabilities [Member]
Operating Lease, Liability, Total	$ 2,610	$ 2,204

Note 9 - 401(k) Retirement Benefit Plan (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Defined Contribution Plan, Employer Matching Contribution, First 3%, Percent of Match	100.00%
Defined Contribution Plan, Maximum Employee Contribution Percentage, Subject to Employer Matching Contribution	3.00%	6.00%
Defined Contribution Plan, Employer Matching Contribution, Next 2%, Percent of Match	50.00%
Defined Contribution Plan, Maximum Employee Contribution Percentage, Subject to Employer 50% Matching Contribution	2.00%
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	4.00%	3.00%
Defined Contribution Plan, Employer Matching Contribution, Percent of Match		50.00%
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 586	$ 466

Note 10 - Business Segment Information (Details Textual) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Number of Operating Segments	2
Non-US [Member]
Long-Lived Assets	$ 26,762	$ 12,456

Note 10 - Business Segment Information - Segment Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenue	$ 98,267	$ 107,712
Segment contribution	35	5,701
Other income (expense)	186	(1,322)
Income tax provision (benefit)	79	1,692
Non-controlling interest	4	99
Net loss attributable to Ultralife	(234)	5,232
Total assets	159,538	137,701
Capital expenditures	2,814	3,101
Goodwill	38,068	27,018
Depreciation and amortization of intangible assets	3,539	2,935
Stock-based compensation	671	943
Battery & Energy Products Segment [Member]
Revenue	87,083	91,907
Segment contribution	21,063	23,400
Other income (expense)
Total assets	110,633	85,112
Capital expenditures	2,104	3,031
Goodwill	26,575	15,525
Depreciation and amortization of intangible assets	2,847	2,269
Stock-based compensation	298	446
Communications Systems Segment [Member]
Revenue	11,184	15,805
Segment contribution	3,579	5,759
Other income (expense)
Total assets	25,359	26,425
Capital expenditures	255	0
Goodwill	11,493	11,493
Depreciation and amortization of intangible assets	326	342
Stock-based compensation	125	155
Corporate Segment [Member]
Revenue	0	0
Segment contribution	(24,607)	(23,458)
Other income (expense)	186	(1,322)
Income tax provision (benefit)	79	1,692
Non-controlling interest	4	99
Total assets	23,546	26,164
Capital expenditures	455	70
Goodwill	0	0
Depreciation and amortization of intangible assets	366	324
Stock-based compensation	$ 248	$ 342

Note 10 - Business Segment Information - Revenue by Business Segment Sector (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

^[1]

$ 98,267

$ 107,712

Commercial [Member]

$ 64,079

$ 62,330

Government & Defense [Member]

65.00%

58.00%

$ 34,188

$ 45,382

Battery & Energy Products Segment [Member]

35.00%

42.00%

Battery & Energy Products Segment [Member] | Commercial [Member]

^[1]

$ 87,083

$ 91,907

Battery & Energy Products Segment [Member] | Government & Defense [Member]

64,079

62,330

Communications Systems Segment [Member]

23,004

29,577

Communications Systems Segment [Member] | Commercial [Member]

^[1]

11,184

15,805

Communications Systems Segment [Member] | Government & Defense [Member]

$ 11,184

$ 15,805

[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, 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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Note 10 - Business Segment Information - Domestic and International Revenue by Segment (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

^[1]

$ 98,267

$ 107,712

UNITED STATES

^[1]

$ 48,819

$ 62,255

^[1]

50.00%

58.00%

Non-US [Member]

^[1]

$ 49,448

$ 45,457

Battery & Energy Products Segment [Member]

^[1]

50.00%

42.00%

Battery & Energy Products Segment [Member] | UNITED STATES

^[1]

$ 87,083

$ 91,907

Battery & Energy Products Segment [Member] | Non-US [Member]

^[1]

43,298

49,930

Communications Systems Segment [Member]

^[1]

43,785

41,977

Communications Systems Segment [Member] | UNITED STATES

^[1]

11,184

15,805

Communications Systems Segment [Member] | Non-US [Member]

^[1]

5,521

12,325

^[1]

$ 5,663

$ 3,480

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