0001437749-24-023416 | 10-Q | XBRL Viewer

Note 5 - Stock-based Compensation

6 Months Ended

Jun. 30, 2024

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

5.	*STOCK-BASED COMPENSATION*

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

	Three-month period ended				Six-month period ended
	June 30,		June 30,		June 30,		June 30,
	2024		2023		2024		2023
Stock options	$	152	$	153	$	308	$	291
Restricted stock		7		1		12		2
Total	$	159	$	154	$	320	$	293

We have stock options outstanding from various stock-based employee compensation plans for which we record compensation cost relating to share-based payment transactions in our financial statements. As of June 30, 2024, there was $545 of total unrecognized compensation cost related to outstanding stock options, which is expected to be recognized over a weighted average period of 1.0 years.

The following table summarizes stock option activity for the six-month period ended June 30, 2024:

	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value
Outstanding at January 1, 2024		1,250,595		$	7.10
Granted		3,460			6.84
Exercised		(288,675	)		7.10
Forfeited or expired		(91,482	)	$	8.79
Outstanding at June 30, 2024		873,898		$	6.92		4.34	$	3,231
Vested and expected to vest at June 30, 2024		775,281		$	7.00		4.18	$	2,805
Exercisable at June 30, 2024		417,867		$	7.56		2.87	$	1,277

Cash received from stock option exercises under our stock-based compensation plans for the three-month periods ended June 30, 2024 and June 30, 2023 was $1,251 and $62, respectively. Cash received from stock option exercises under our stock-based compensation plans for the six-month periods ended June 30, 2024 and June 30, 2023 was $1,936 and $62, respectively.

Restricted stock awards vest in equal annual installments over three (3) years. Unrecognized compensation cost related to unvested restricted shares at June 30, 2024 and June 30, 2023, respectively, was $25 and $1.

Note 4 - Supplemental Balance Sheet Information - Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Cash	$ 6,690	$ 10,196
Restricted cash	0	82
Total	$ 6,690	$ 10,278	$ 8,283	$ 5,713

Note 7 - Operating Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
2024	$ 539
2025	1,016
2026	942
2027	969
2028	977
Thereafter	624
Total lease payments	5,067
Less: Imputed interest	(765)
Accrued Expenses and Other Current Liabilites and Other Noncurrent Liabilities [Member]
Present value of remaining lease payments	$ 4,302	$ 3,538

Note 10 - Business Segment Information - Revenue by Business Segment Sector (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues	$ 42,983	$ 42,692	$ 84,910	$ 74,608
UNITED STATES
Revenues	$ 23,399	$ 21,339	$ 47,860	$ 37,984
Revenue, percentage	54.00%	50.00%	56.00%	51.00%
Non-US [Member]
Revenues	$ 19,584	$ 21,353	$ 37,050	$ 36,624
Revenue, percentage	46.00%	50.00%	44.00%	49.00%
Commercial [Member]
Revenues	$ 27,664	$ 26,950	$ 51,804	$ 49,169
Revenue, percentage	64.00%	63.00%	61.00%	66.00%
Government & Defense [Member]
Revenues	$ 15,319	$ 15,742	$ 33,106	$ 25,439
Revenue, percentage	36.00%	37.00%	39.00%	34.00%
Battery & Energy Products Segment [Member]
Revenues	$ 36,683	$ 33,861	$ 71,672	$ 62,331
Battery & Energy Products Segment [Member] \| UNITED STATES
Revenues	19,412	17,394	39,015	31,162
Battery & Energy Products Segment [Member] \| Non-US [Member]
Revenues	17,271	16,467	32,657	31,169
Battery & Energy Products Segment [Member] \| Commercial [Member]
Revenues	27,664	26,950	51,804	49,169
Battery & Energy Products Segment [Member] \| Government & Defense [Member]
Revenues	9,019	6,911	19,868	13,162
Communications Systems Segment [Member]
Revenues	6,300	8,831	13,238	12,277
Communications Systems Segment [Member] \| UNITED STATES
Revenues	3,987	3,945	8,845	6,822
Communications Systems Segment [Member] \| Non-US [Member]
Revenues	2,313	4,886	4,393	5,455
Communications Systems Segment [Member] \| Commercial [Member]
Revenues	0	0	0	0
Communications Systems Segment [Member] \| Government & Defense [Member]
Revenues	$ 6,300	$ 8,831	$ 13,238	$ 12,277

- Definition

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.

+ References

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+ Details

Note 2 - Debt - Future Minimum Principal Repayment Obligations (Details) - Revolving Credit Facility [Member] - Amended Credit Agreement [Member] $ in Thousands	Jun. 30, 2024 USD ($)
2024	$ 1,000
2025	2,000
2026	2,000
2027	167
Thereafter	6,902
Total	$ 12,069

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Note 2 - Debt (Tables)

6 Months Ended

Jun. 30, 2024

Notes Tables

Schedule of Maturities of Long-Term Debt [Table Text Block]

2024	$	1,000
2025		2,000
2026		2,000
2027		167
2028		6,902
Total	$	12,069

Note 5 - Stock-based Compensation - Non-cash Stock Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Stock-based compensation expense	$ 159	$ 154	$ 320	$ 293
Share-Based Payment Arrangement, Option [Member]
Stock-based compensation expense	152	153	308	291
Restricted Stock [Member]
Stock-based compensation expense	$ 7	$ 1	$ 12	$ 2

Note 10 - Business Segment Information (Details Textual)	6 Months Ended
	Jun. 30, 2024
Number of Operating Segments	2

Note 10 - Business Segment Information (Tables)

6 Months Ended

Jun. 30, 2024

Notes Tables

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

	Battery & Energy Products		Communications Systems		Corporate			Total
Revenues	$	36,683	$	6,300	$	-		$	42,983
Segment contribution		9,953		1,610		(7,646	)		3,917
Other expense						(71	)		(71	)
Income tax provision						(853	)		(853	)
Non-controlling interest						(24	)		(24	)
Net income attributable to Ultralife								$	2,969

	Battery & Energy Products		Communications Systems		Corporate			Total
Revenues	$	33,861	$	8,831	$	-		$	42,692
Segment contribution		7,543		3,045		(6,923	)		3,665
Other income						1,058			1,058
Income tax provision						(1,375	)		(1,375	)
Non-controlling interest						(8	)		(8	)
Net income attributable to Ultralife								$	3,340

	Battery & Energy Products		Communications Systems		Corporate			Total
Revenues	$	71,672	$	13,238	$	-		$	84,910
Segment contribution		18,939		4,094		(15,053	)		7,980
Other expense						(527	)		(527	)
Income tax provision						(1,556	)		(1,556	)
Non-controlling interest						(37	)		(37	)
Net income attributable to Ultralife								$	5,860

	Battery & Energy Products		Communications Systems		Corporate			Total
Revenues	$	62,331	$	12,277	$	-		$	74,608
Segment contribution		14,055		3,969		(14,333	)		3,691
Other income						564			564
Income tax provision						(1,242	)		(1,242	)
Non-controlling interest						(19	)		(19	)
Net income attributable to Ultralife								$	2,994

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

	Total Revenue		Commercial			Government/ Defense
Battery & Energy Products	$	36,683	$	27,664		$	9,019
Communications Systems		6,300		-			6,300
Total	$	42,983	$	27,664		$	15,319
				64	%		36	%

	Total Revenue		Commercial			Government/ Defense
Battery & Energy Products	$	33,861	$	26,950		$	6,911
Communications Systems		8,831		-			8,831
Total	$	42,692	$	26,950		$	15,742
				63	%		37	%

	Total Revenue		Commercial			Government/ Defense
Battery & Energy Products	$	71,672	$	51,804		$	19,868
Communications Systems		13,238		-			13,238
Total	$	84,910	$	51,804		$	33,106
				61	%		39	%

	Total Revenue		Commercial			Government/ Defense
Battery & Energy Products	$	62,331	$	49,169		$	13,162
Communications Systems		12,277		-			12,277
Total	$	74,608	$	49,169		$	25,439
				66	%		34	%

	Total Revenue		United States			Non-United States
Battery & Energy Products	$	36,683	$	19,412		$	17,271
Communications Systems		6,300		3,987			2,313
Total	$	42,983	$	23,399		$	19,584
				54	%		46	%

	Total Revenue		United States			Non-United States
Battery & Energy Products	$	33,861	$	17,394		$	16,467
Communications Systems		8,831		3,945			4,886
Total	$	42,692	$	21,339		$	21,353
				50	%		50	%

	Total Revenue		United States			Non-United States
Battery & Energy Products	$	71,672	$	39,015		$	32,657
Communications Systems		13,238		8,845			4,393
Total	$	84,910	$	47,860		$	37,050
				56	%		44	%

	Total Revenue		United States			Non-United States
Battery & Energy Products	$	62,331	$	31,162		$	31,169
Communications Systems		12,277		6,822			5,455
Total	$	74,608	$	37,984		$	36,624
				51	%		49	%

Note 7 - Operating Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating lease cost	$ 268	$ 239	$ 530	$ 480
Variable lease cost	24	29	52	57
Total lease cost	$ 292	$ 268	$ 582	$ 537

Note 2 - Debt (Details Textual) - Amended Credit Agreement [Member] $ in Thousands	Dec. 13, 2021 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023	Dec. 31, 2022
Debt Issuance Costs, Gross		$ 91
Revolving Credit Facility [Member]
Secured Debt, Total		5,167
Long-Term Line of Credit, Total		6,902
Maximum Consolidated Senior Leverage Ratio			3	3.5
Revolving Credit Facility [Member] \| Minimum [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.20%
Revolving Credit Facility [Member] \| Maximum [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.30%
Revolving Credit Facility [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	0.10%
Revolving Credit Facility [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	2.10%
Revolving Credit Facility [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate	2.40%
Revolving Credit Facility [Member] \| KeyBank [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 30,000
Line Of Credit Facility Maximum Borrowing Capacity Contingent On Bank Approval	$ 50,000
Term Loan Facility [Member] \| Long-term Debt, Current Maturities [Member]
Secured Debt, Total		$ 2,000
Term Loan Facility [Member] \| KeyBank [Member]
Debt Instrument, Term	5 years
Debt Instrument, Face Amount	$ 10,000

Note 4 - Supplemental Balance Sheet Information - Composition of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Cost	$ 28,236	$ 28,247
Accumulated Amortization	13,590	13,140
Net	14,646	15,107
Customer Relationships [Member]
Cost	13,087	13,092
Accumulated Amortization	6,956	6,656
Net	6,131	6,436
Patented Technology [Member]
Cost	5,603	5,606
Accumulated Amortization	5,378	5,322
Net	225	284
Trade Names [Member]
Cost	4,647	4,647
Accumulated Amortization	703	647
Net	3,944	4,000
Trademarks [Member]
Cost	3,399	3,402
Accumulated Amortization	0	0
Net	3,399	3,402
Other Intangible Assets [Member]
Cost	1,500	1,500
Accumulated Amortization	553	515
Net	$ 947	$ 985

Note 7 - Operating Leases - Supplement Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating cash flows from operating leases	$ 568	$ 494
Right-of-use assets obtained in exchange for lease liabilities:	$ 1,391	$ 310

Note 4 - Supplemental Balance Sheet Information - Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Amortization of intangible assets	$ 227	$ 227	$ 455	$ 436
Research and Development Expense [Member]
Amortization of intangible assets	202	203	405	388
Selling, General and Administrative Expenses [Member]
Amortization of intangible assets	$ 25	$ 24	$ 50	$ 48

Note 2 - Debt

6 Months Ended

Jun. 30, 2024

Notes to Financial Statements

Debt Disclosure [Text Block]

2.	*DEBT*

On December 13, 2021, Ultralife, Southwest Electronic Energy Corporation, a Texas corporation and wholly owned subsidiary of Ultralife (“SWE”), CLB, INC., a Texas corporation and wholly owned subsidiary of SWE (“CLB”), Ultralife Excell Holding Corp., a Delaware corporation and wholly owned subsidiary of Ultralife (“UEHC”), Ultralife Canada Holding Corp., a Delaware corporation and wholly owned subsidiary of UEHC (“UCHC”), and Excell Battery Corporation USA, a Texas corporation and wholly owned subsidiary of UEHC (“Excell USA”), as borrowers, entered into the Second Amendment Agreement with KeyBank National Association (“KeyBank” or the “Bank”), as lender and administrative agent, to amend the Credit and Security Agreement dated May 31, 2017 as amended by the First Amendment Agreement by and among Ultralife, SWE, CLB and KeyBank dated May 1, 2019 (the “Credit Agreement”). On November 28, 2022, Ultralife, SWE, CLB, UEHC, UCHC, Excell USA, and Excell Battery Canada ULC, a British Columbia unlimited liability corporation and wholly owned subsidiary of UCHC (“Excell Canada”), entered into that certain Third Amendment Agreement with KeyBank, to further amend the Credit Agreement to, among other things, facilitate the joinder of Excell Canada as a guarantor under the Credit Agreement and to replace the LIBOR benchmark thereunder with the Secured Overnight Financing Rate or “SOFR” (the “Third Amendment Agreement”). On June 30, 2024, Ultralife, SWE, CLB, UEHC, Excell USA and Excell Canada entered into that certain Fourth Amendment Agreement with KeyBank to extend the period under which loans may be requested by the Company under the Credit Agreement to May 30, 2028, to increase the “Applicable Margin” used in the calculation of the rate at which interest accrues on outstanding indebtedness under the Credit Agreement and to increase the fee payable on the average daily unused availability under the $30,000 senior secured revolving credit facility (the “Revolving Credit Facility”) which is made available to the Company under the Credit Agreement (the “Fourth Amendment Agreement”, and together with the Third Amendment Agreement, the Second Amendment Agreement and the Credit Agreement, the “Amended Credit Agreement”).

The Amended Credit Agreement, among other things, provides for a 5-year, $10,000 senior secured term loan (the “Term Loan Facility”) and extends the term of the Revolving Credit Facility through May 30, 2028. Up to six months prior to May 30, 2028, the Revolving Credit Facility may be increased to $50,000 with the Bank’s concurrence.

As of June 30, 2024, the Company had $5,167 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 $6,902 outstanding on the Revolving Credit Facility. As of June 30, 2024, total unamortized debt issuance costs of $91, 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, 2028. The Company may voluntarily prepay principal amounts outstanding at any time subject to certain restrictions.

In addition to the customary affirmative and negative covenants, the Company must maintain a consolidated senior leverage ratio, as defined in the Amended Credit Agreement, of equal to or less than 3.5 to 1.0 for the fiscal quarters ending December 31, 2022 and March 31, 2023, and equal to or less than 3.0 to 1.0 for the fiscal quarters ending June 30, 2023 and thereafter. The Company was in full compliance with its covenants under the Amended Credit Agreement as of June 30, 2024.

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

Under the Amended Credit Agreement, interest accrues on outstanding indebtedness under the Amended Credit Facilities at the Daily Simple SOFR Rate, plus an index spread adjustment of 0.10%, plus the applicable margin. Upon the effectiveness of the Fourth Amendment Agreement, the applicable margin ranges from 210 to 240 basis points and is determined based on the Company’s senior leverage ratio.

In addition, the Company must pay a fee of 0.20% to 0.30% based on the average daily unused availability under the Revolving Credit Facility.

Payments must be made by the Company to the extent borrowings exceed the maximum amount then permitted to be drawn 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.

Future minimum principal repayment obligations on our Amended Credit Facilities as of June 30, 2024 are as follows:

2024	$	1,000
2025		2,000
2026		2,000
2027		167
2028		6,902
Total	$	12,069

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash	$ 6,690	$ 10,278
Trade accounts receivable, net of allowance for expected credit losses of $296 and $300, respectively	31,055	31,761
Inventories, net	41,392	42,215
Prepaid expenses and other current assets	4,650	5,949
Total current assets	83,787	90,203
Property, plant and equipment, net	20,281	21,117
Goodwill	37,510	37,571
Other intangible assets, net	14,646	15,107
Deferred income taxes, net	9,088	10,567
Other noncurrent assets	4,505	3,711
Total assets	169,817	178,276
Current liabilities:
Accounts payable	9,691	11,336
Current portion of long-term debt	2,000	2,000
Accrued compensation and related benefits	2,312	3,115
Accrued expenses and other current liabilities	6,570	7,279
Total current liabilities	20,573	23,730
Long-term debt	9,978	23,624
Deferred income taxes	1,642	1,714
Other noncurrent liabilities	4,279	3,781
Total liabilities	36,472	52,849
Commitments and Contingencies
Stockholders’ equity:
Preferred stock – par value $.10 per share; authorized 1,000,000 shares; none issued	0	0
Common stock – par value $.10 per share; authorized 40,000,000 shares; issued – 21,059,461 shares at June 30, 2024 and 20,783,607 shares at December 31, 2023; outstanding – 16,623,347 shares at June 30, 2024 and 16,347,493 shares at December 31, 2023	2,106	2,078
Capital in excess of par value	191,388	189,160
Accumulated deficit	(34,894)	(40,754)
Accumulated other comprehensive loss	(3,895)	(3,660)
Treasury stock - at cost; 4,436,114 shares at June 30, 2024 and 4,436,114 shares at December 31, 2023	(21,492)	(21,492)
Total Ultralife Corporation equity	133,213	125,332
Non-controlling interest	132	95
Total stockholders’ equity	133,345	125,427
Total liabilities and stockholders’ equity	$ 169,817	$ 178,276

Note 8 - Commitments and Contingencies - Changes in Product Warranty Liability (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Accrued warranty obligations – beginning	$ 547	$ 323
Accruals for warranties issued	389	172
Settlements made	(147)	(62)
Accrued warranty obligations – ending	$ 789	$ 433

Note 8 - Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2024

Notes Tables

Schedule of Product Warranty Liability [Table Text Block]

	Six-month period ended June 30,
	2024			2023
Accrued warranty obligations – beginning	$	547		$	323
Accruals for warranties issued		389			172
Settlements made		(147	)		(62	)
Accrued warranty obligations – ending	$	789		$	433

Note 7 - Operating Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Weighted-average remaining lease term (years) (Year)	5 years 1 month 6 days	5 years 3 months 18 days
Weighted-average discount rate	6.80%	4.50%
Other Noncurrent Assets [Member]
Operating lease right-of-use asset	$ 4,325	$ 3,589
Accrued Expenses and Other Current Liabilities [Member]
Current operating lease liability	1,017	894
Other Noncurrent Liabilities [Member]
Operating lease liability, net of current portion	3,285	2,644
Accrued Expenses and Other Current Liabilites and Other Noncurrent Liabilities [Member]
Total operating lease liability	$ 4,302	$ 3,538

Note 5 - Stock-based Compensation (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Proceeds from Stock Options Exercised	$ 1,251	$ 62	$ 1,936	$ 62
Share-Based Payment Arrangement, Option [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	545		$ 545
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition			1 year
Restricted Stock [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 25	$ 1	$ 25	$ 1
Restricted Stock [Member] \| The 2014 Long-term Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period			3 years

Note 8 - Commitments and Contingencies

6 Months Ended

Jun. 30, 2024

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

8.	*COMMITMENTS AND CONTINGENCIES*

Purchase Commitments

As of June 30, 2024, we have made commitments to purchase approximately $779 of production machinery and equipment.

Product Warranties

We estimate future warranty costs to be incurred for product failure rates, material usage and service costs in the development of our warranty obligations. Estimated future costs are based on actual past experience and are generally estimated as a percentage of sales over the warranty period. Changes in our product warranty liability during the first six months of 2024 and 2023 were as follows:

	Six-month period ended June 30,
	2024			2023
Accrued warranty obligations – beginning	$	547		$	323
Accruals for warranties issued		389			172
Settlements made		(147	)		(62	)
Accrued warranty obligations – ending	$	789		$	433

Contingencies and Legal Matters

We are subject to legal proceedings and claims that arise from time to time in the normal course of business. We believe that the final disposition of any such matters will not have a material adverse effect on the Company’s financial position, results of operations or cash flows. However, recognizing that legal matters are subject to inherent uncertainties, there exists the possibility that ultimate resolution of these matters could have a material adverse impact on the Company’s financial position, results of operations or cash flows. We are not aware of any such situations at this time.

Note 5 - Stock-based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Notes Tables

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

	Three-month period ended				Six-month period ended
	June 30,		June 30,		June 30,		June 30,
	2024		2023		2024		2023
Stock options	$	152	$	153	$	308	$	291
Restricted stock		7		1		12		2
Total	$	159	$	154	$	320	$	293

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

	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value
Outstanding at January 1, 2024		1,250,595		$	7.10
Granted		3,460			6.84
Exercised		(288,675	)		7.10
Forfeited or expired		(91,482	)	$	8.79
Outstanding at June 30, 2024		873,898		$	6.92		4.34	$	3,231
Vested and expected to vest at June 30, 2024		775,281		$	7.00		4.18	$	2,805
Exercisable at June 30, 2024		417,867		$	7.56		2.87	$	1,277

Note 7 - Operating Leases (Tables)

6 Months Ended

Jun. 30, 2024

Notes Tables

Lease, Cost [Table Text Block]

	Three months ended				Six months ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Operating lease cost	$	268	$	239	$	530	$	480
Variable lease cost		24		29		52		57
Total lease cost	$	292	$	268	$	582	$	537

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

	Six-month period ended June 30,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	568	$	494
Right-of-use assets obtained in exchange for lease liabilities:	$	1,391	$	310

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

	Balance sheet classification	June 30, 2024			December 31, 2023
Assets:
Operating lease right-of-use asset	Other noncurrent assets	$	4,325		$	3,589

Liabilities:
Current operating lease liability	Accrued expenses and other current liabilities	$	1,017		$	894
Operating lease liability, net of current portion	Other noncurrent liabilities		3,285			2,644
Total operating lease liability		$	4,302		$	3,538

Weighted-average remaining lease term (years)			5.1			5.3

Weighted-average discount rate			6.8	%		4.5	%

Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]

Maturity of operating lease liabilities
2024	$	539
2025		1,016
2026		942
2027		969
2028		977
Thereafter		624
Total lease payments		5,067
Less: Imputed interest		(765	)
Present value of remaining lease payments	$	4,302

Note 10 - Business Segment Information - Segment Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues	$ 42,983	$ 42,692	$ 84,910	$ 74,608
Segment contribution	3,917	3,665	7,980	3,691
Other income (expense)	(71)	1,058	(527)	564
Income tax provision (benefit)	(853)	(1,375)	(1,556)	(1,242)
Non-controlling interest	(24)	(8)	(37)	(19)
Net loss attributable to Ultralife	2,969	3,340	5,860	2,994
Battery & Energy Products Segment [Member]
Revenues	36,683	33,861	71,672	62,331
Segment contribution	9,953	7,543	18,939	14,055
Communications Systems Segment [Member]
Revenues	6,300	8,831	13,238	12,277
Segment contribution	1,610	3,045	4,094	3,969
Corporate Segment [Member]
Revenues	0	0	0	0
Segment contribution	(7,646)	(6,923)	(15,053)	(14,333)
Other income (expense)	(71)	1,058	(527)	564
Income tax provision (benefit)	(853)	(1,375)	(1,556)	(1,242)
Non-controlling interest	$ (24)	$ (8)	$ (37)	$ (19)

- Definition

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

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- Definition

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

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- Definition

Amount of Net Income (Loss) attributable to noncontrolling interest.

+ References

+ Details

- Definition

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

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+ Details

Note 4 - Supplemental Balance Sheet Information (Tables)

6 Months Ended

Jun. 30, 2024

Notes Tables

Cash, Cash Equivalents and Investments [Table Text Block]

	June 30,		December 31,
	2024		2023
Cash	$	6,690	$	10,196
Restricted cash		-		82
Total	$	6,690	$	10,278

Schedule of Inventory, Current [Table Text Block]

	June 30,		December 31,
	2024		2023
Raw materials	$	29,848	$	29,098
Work in process		3,185		3,187
Finished goods		8,359		9,930
Total	$	41,392	$	42,215

Property, Plant and Equipment [Table Text Block]

	June 30,			December 31,
	2024			2023
Land	$	1,273		$	1,273
Buildings and leasehold improvements		16,064			15,998
Machinery and equipment		57,494			57,584
Furniture and fixtures		2,809			2,845
Computer hardware and software		7,816			7,868
Construction in process		1,846			2,033
		87,302			87,601
Less: Accumulated depreciation		(67,021	)		(66,484	)
Property, plant and equipment, net	$	20,281		$	21,117

	Three-month period ended				Six-month period ended
	June 30,		June 30,		June 30,		June 30,
	2024		2023		2024		2023
Depreciation expense	$	789	$	760	$	1,529	$	1,522

Schedule of Goodwill [Table Text Block]

	Battery & Energy			Communications
	Products			Systems		Total
Balance – December 31, 2023	$	26,078		$	11,493	$	37,571
Effect of foreign currency translation		(61	)		-		(61	)
Balance – June 30, 2024	$	26,017		$	11,493	$	37,510

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

	at June 30, 2024
			Accumulated
	Cost		Amortization		Net
Customer relationships	$	13,087	$	6,956	$	6,131
Patents and technology		5,603		5,378		225
Trade names		4,647		703		3,944
Trademarks		3,399		-		3,399
Other		1,500		553		947
Total other intangible assets	$	28,236	$	13,590	$	14,646

	at December 31, 2023
			Accumulated
	Cost		Amortization		Net
Customer relationships	$	13,092	$	6,656	$	6,436
Patents and technology		5,606		5,322		284
Trade names		4,647		647		4,000
Trademarks		3,402		-		3,402
Other		1,500		515		985
Total other intangible assets	$	28,247	$	13,140	$	15,107

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

	Three-month period ended				Six-month period ended
	June 30,		June 30,		June 30,		June 30,
	2024		2023		2024		2023
Amortization included in:
Selling, general and administrative	$	202	$	203	$	405	$	388
Research and development		25		24		50		48
Total amortization expense	$	227	$	227	$	455	$	436

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Note 3 - Earnings Per Share

6 Months Ended

Jun. 30, 2024

Notes to Financial Statements

Earnings Per Share [Text Block]

3.	*EARNINGS PER SHARE*

Basic earnings (loss) per share (“EPS”) is computed by dividing net income (loss) attributable to Ultralife by the weighted average shares outstanding during the period. Diluted EPS includes the dilutive effect of securities, if any, and is calculated using the treasury stock method.

For the three-month period ended June 30, 2024, there were 873,898 outstanding stock options and 5,229 unvested restricted stock awards included in the calculation of diluted weighted average shares outstanding, as such securities were dilutive, resulting in 257,068 potential common shares included in the calculation of diluted EPS. For the comparable three-month period ended June 30, 2023, 4,166 outstanding stock options and 2,500 unvested restricted stock awards were included in the calculation of diluted weighted average shares outstanding, as such securities were dilutive, resulting in 2,334 potential common shares included in the calculation of diluted EPS. For the three-month period ended June 30, 2023, there were 1,289,862 outstanding stock options not included in the calculation of diluted weighted average shares outstanding as the effect would be anti-dilutive.

For the six-month period ended June 30, 2024, there were 795,898 outstanding stock options and 5,229 unvested restricted stock awards included in the calculation of diluted weighted average shares outstanding, resulting in 179,112 potential common shares included in the calculation of diluted EPS. For the comparable six-month period ended June 30, 2023, there were no outstanding stock options and 2,500 unvested restricted stock awards included in the calculation of diluted weighted average shares outstanding, resulting in 2,157 potential common shares included in the calculation of diluted EPS. There were 78,000 and 1,294,028 outstanding stock options for the six-month periods ended June 30, 2024 and 2023, respectively, not included in the calculation of diluted weighted average shares outstanding as the effect would be anti-dilutive.

Note 4 - Supplemental Balance Sheet Information - Summary of Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Balance	$ 37,571
Effect of foreign currency translation	(61)
Balance – March 31, 2024	37,510
Battery & Energy Products Segment [Member]
Balance	26,078
Effect of foreign currency translation	(61)
Balance – March 31, 2024	26,017
Communications Systems Segment [Member]
Balance	11,493
Effect of foreign currency translation	0
Balance – March 31, 2024	$ 11,493

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Note 6 - Income Taxes

6 Months Ended

Jun. 30, 2024

Notes to Financial Statements

Income Tax Disclosure [Text Block]

6.	*INCOME TAXES*

Our effective tax rate for the six-month periods ended June 30, 2024 and June 30, 2023 was 20.9% and 29.2%, respectively. The period-over-period change was primarily attributable to the geographic mix of our operating results and the larger impact of discrete adjustments for stock option exercises in the current year.

As of December 31, 2023, we have domestic net operating loss (“NOL”) carryforwards of $27,200, which expire 2031 through 2035, and domestic tax credits of $2,900, which expire 2028 through 2043, available to reduce future taxable income. As of June 30, 2024, management has concluded it is more likely than not that these domestic NOL and credit carryforwards will be fully utilized.

As of June 30, 2024, for certain past operations in the U.K., we continue to report a valuation allowance for NOL carryforwards of approximately $9,800, nearly all of which can be carried forward indefinitely. Utilization of the net operating losses may be limited due to the change in the past U.K. operation and cannot currently be used to reduce taxable income at our other U.K. subsidiary, Accutronics Ltd. There are no other deferred tax assets related to the past U.K. operations.

As of June 30, 2024, we have not recognized a valuation allowance against our other foreign deferred tax assets, as realization is considered to be more likely than not.

As of June 30, 2024, the Company maintains its assertion that all foreign earnings will be indefinitely reinvested in those operations, other than earnings generated in the U.K.

There were no unrecognized tax benefits related to uncertain tax positions at June 30, 2024 and December 31, 2023.

As a result of our operations, we file income tax returns in various jurisdictions including U.S. federal, U.S. state and foreign jurisdictions. We are routinely subject to examination by taxing authorities in these various jurisdictions. Our U.S. tax matters for 2020 thru 2022 remain subject to IRS examination. Our U.S. tax matters for 2001-2002, 2005-2007, 2009, 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 2013 thru 2022 remain subject to examination by various state and local tax jurisdictions. Our tax matters for the years 2013 thru 2022 remain subject to examination by the respective foreign tax jurisdiction authorities.

- Definition

The entire disclosure for income tax.

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+ Details

Note 9 - Revenue Recognition

6 Months Ended

Jun. 30, 2024

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

9.	*REVENUE RECOGNITION*

Revenues are generated from the sale of products. Performance obligations are met and revenue is recognized upon transfer of control to the customer, which is generally upon shipment. When contract terms require transfer of control upon delivery at a customer’s location, revenue is recognized on the date of delivery. For products shipped under vendor-managed inventory arrangements, revenue is recognized and billed when the product is consumed by the customer, at which point control has transferred and there are no further obligations by the Company. Revenue is measured as the amount of consideration we expect to receive in exchange for shipped product. Sales, value-added and other taxes billed and collected from customers are excluded from revenue. Customers, including distributors, do not have a general right of return.

Separately priced extended warranty contracts are offered on certain Communications Systems products for a duration of up to eight (8) years. Extended warranties are treated as separate performance obligations and recognized to revenue evenly over the term of the respective contract. Revenue not yet recognized on extended warranty contracts is recorded as deferred revenue on the consolidated balance sheet. For the three-month and six-month periods ended June 30, 2024, revenue recognized on extended warranties was $71 and $143, respectively.

As of June 30, 2024, there was deferred revenue on extended warranty contracts of $1,264, comprised of $287 expected to be recognized as revenue within one (1) year and classified as accrued expenses and other current liabilities on our consolidated balance sheet, and $977 expected to be recognized as revenue over the remaining duration of the respective contracts and classified as other noncurrent liabilities on our consolidated balance sheet.

As of December 31, 2023, there was deferred revenue on extended warranty contracts of $1,407, comprised of $287 expected to be recognized as revenue within one (1) year and classified as accrued expenses and other current liabilities on our consolidated balance sheet, and $1,120 expected to be recognized as revenue evenly over the remaining duration of the respective contracts and classified as other noncurrent liabilities on our consolidated balance sheet.

As of June 30, 2024 and December 31, 2023, the Company had no other unsatisfied performance obligations for contracts with an original expected duration of greater than one year. Pursuant to Topic 606, we have applied the practical expedient with respect to disclosure of the deferral and future expected timing of revenue recognition for transaction price allocated to remaining performance obligations.

- Definition

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

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+ Details

Note 9 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Extended Product Warranty Accrual	$ 1,264	$ 1,264	$ 1,407
Accrued Expenses and Other Current Liabilities [Member]
Extended Product Warranty Accrual, Current	287	287	287
Other Noncurrent Liabilities [Member]
Extended Product Warranty Accrual, Noncurrent	977	977	$ 1,120
Certain Communications Systems Products [Member]
Contract with Customer, Liability, Revenue Recognized	$ 71	$ 143
Certain Communications Systems Products [Member] \| Maximum [Member]
Extended Product Warranty, Term		8 years

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Including Portion Attributable to Noncontrolling Interest [Member]	Retained Earnings [Member]	Treasury Stock, Common [Member]	Noncontrolling Interest [Member]	Total
Balance (in shares) at Dec. 31, 2022	20,570,710
Balance at Dec. 31, 2022	$ 2,057	$ 187,405	$ (3,750)	$ (47,951)	$ (21,484)	$ 126	$ 116,403
Net income				2,994		19	3,013
Stock Issued During Period, Value, Stock Options Exercised (in shares)	15,335
Stock option exercises	$ 2	60			0		62
Stock-based compensation – stock options		291					291
Stock-based compensation – restricted stock		2					2
Foreign currency translation adjustments adjustments			(96)				(96)
Balance (in shares) at Jun. 30, 2023	20,586,045
Balance at Jun. 30, 2023	$ 2,059	187,758	(3,846)	(44,957)	(21,484)	145	119,675
Balance (in shares) at Mar. 31, 2023	20,570,710
Balance at Mar. 31, 2023	$ 2,057	187,544	(3,553)	(48,297)	(21,484)	137	116,404
Net income				3,340		8	3,348
Stock Issued During Period, Value, Stock Options Exercised (in shares)	15,335
Stock option exercises	$ 2	60			0		62
Stock-based compensation – stock options		153					153
Stock-based compensation – restricted stock		1					1
Foreign currency translation adjustments adjustments			(293)				(293)
Balance (in shares) at Jun. 30, 2023	20,586,045
Balance at Jun. 30, 2023	$ 2,059	187,758	(3,846)	(44,957)	(21,484)	145	$ 119,675
Balance (in shares) at Dec. 31, 2023	20,783,607						16,347,493
Balance at Dec. 31, 2023	$ 2,078	189,160	(3,660)	(40,754)	(21,492)	95	$ 125,427
Net income				5,860		37	$ 5,897
Stock Issued During Period, Value, Stock Options Exercised (in shares)	275,854						288,675
Stock option exercises	$ 28	1,908			0		$ 1,936
Stock-based compensation – stock options		308					308
Stock-based compensation – restricted stock		12					12
Foreign currency translation adjustments adjustments			(235)				$ (235)
Balance (in shares) at Jun. 30, 2024	21,059,461						16,623,347
Balance at Jun. 30, 2024	$ 2,106	191,388	(3,895)	(34,894)	(21,492)	132	$ 133,345
Balance (in shares) at Mar. 31, 2024	20,887,446
Balance at Mar. 31, 2024	$ 2,089	189,995	(3,892)	(37,863)	(21,492)	108	128,945
Net income				2,969		24	2,993
Stock Issued During Period, Value, Stock Options Exercised (in shares)	172,015
Stock option exercises	$ 17	1,234			0		1,251
Stock-based compensation – stock options		152					152
Stock-based compensation – restricted stock		7					7
Foreign currency translation adjustments adjustments			(3)				$ (3)
Balance (in shares) at Jun. 30, 2024	21,059,461						16,623,347
Balance at Jun. 30, 2024	$ 2,106	$ 191,388	$ (3,895)	$ (34,894)	$ (21,492)	$ 132	$ 133,345

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

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+ Details

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Trade accounts receivable, allowance for doubtful accounts	$ 296	$ 300
Preferred stock, par value (in dollars per share)	$ 0.1	$ 0.1
Preferred Stock, Shares Authorized (in shares)	1,000,000	1,000,000
Preferred Stock, Shares Issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.1	$ 0.1
Common Stock, Shares Authorized (in shares)	40,000,000	40,000,000
Common stock, shares issued (in shares)	21,059,461	20,783,607
Common stock, shares outstanding (in shares)	16,623,347	16,347,493
Treasury Stock, Common, Shares (in shares)	4,436,114	4,436,114

Note 1 - Basis of Presentation

6 Months Ended

Jun. 30, 2024

Notes to Financial Statements

Business Description and Accounting Policies [Text Block]

1.	*BASIS OF PRESENTATION*

The accompanying unaudited consolidated financial statements of Ultralife Corporation and its subsidiaries (the “Company” or “Ultralife”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the instructions to Rule 8-03 of Regulation S-X. Accordingly, they do not include all the information and notes for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals and adjustments) considered necessary for a fair presentation of the consolidated financial statements have been included. Results for interim periods should not be considered indicative of results to be expected for a full year. Reference should be made to the consolidated financial statements and related notes thereto contained in our Form 10-K for the year ended December 31, 2023.

The December 31, 2023 consolidated balance sheet information referenced herein was derived from audited financial statements but does not include all disclosures required by GAAP.

Certain items previously reported in specific financial statement captions have been reclassified to conform to the current presentation.

Recent Accounting Guidance Not Yet Adopted

In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09 "Income Taxes (Topics 740): Improvements to Income Tax Disclosures" to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for our annual periods beginning January 1, 2025, with early adoption permitted. We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures.

Note 4 - Supplemental Balance Sheet Information - Components of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Property, plant and equipment, gross	$ 87,302		$ 87,302		$ 87,601
Depreciation	789	$ 760	1,529	$ 1,522
Less: Accumulated depreciation	(67,021)		(67,021)		(66,484)
Property, plant and equipment, net	20,281		20,281		21,117
Land [Member]
Property, plant and equipment, gross	1,273		1,273		1,273
Building and Building Improvements [Member]
Property, plant and equipment, gross	16,064		16,064		15,998
Machinery and Equipment [Member]
Property, plant and equipment, gross	57,494		57,494		57,584
Furniture and Fixtures [Member]
Property, plant and equipment, gross	2,809		2,809		2,845
Computer Equipment [Member]
Property, plant and equipment, gross	7,816		7,816		7,868
Construction in Progress [Member]
Property, plant and equipment, gross	$ 1,846		$ 1,846		$ 2,033

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
OPERATING ACTIVITIES:
Net income	$ 5,897	$ 3,013
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	1,529	1,522
Amortization of intangible assets	455	436
Amortization of financing fees	32	32
Stock-based compensation	320	293
Deferred income taxes	1,394	888
Changes in operating assets and liabilities:
Accounts receivable	654	(803)
Inventories	717	(4,882)
Prepaid expenses and other assets	404	(526)
Accounts payable and other liabilities	(2,558)	413
Net cash used in operating activities	8,844	386
INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(732)	(1,013)
Net cash used in investing activities	(732)	(1,013)
FINANCING ACTIVITIES:
Proceeds from exercise of stock options	1,936	62
Net cash (used in) provided by financing activities	(11,743)	3,362
Effect of exchange rate changes on cash	43	(165)
(DECREASE) INCREASE IN CASH	(3,588)	2,570
Cash, Beginning of period	10,278	5,713
Cash, End of period	6,690	8,283
Revolving Credit Facility [Member]
FINANCING ACTIVITIES:
(Payments) borrowings on revolving credit facility	(12,679)	4,300
Term Loan Facility [Member]
FINANCING ACTIVITIES:
Payments on term loan facility	$ (1,000)	$ (1,000)

Note 8 - Commitments and Contingencies (Details Textual) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Capital Addition Purchase Commitments [Member]
Long-Term Purchase Commitment, Amount	$ 779

Note 4 - Supplemental Balance Sheet Information - Components of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Raw materials	$ 29,848	$ 29,098
Work in process	3,185	3,187
Finished goods	8,359	9,930
Total	$ 41,392	$ 42,215

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2024	Jul. 22, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	0-20852
Entity Registrant Name	ULTRALIFE CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	2000 Technology Parkway
Entity Address, City or Town	Newark
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	14513
Entity Tax Identification Number	16-1387013
City Area Code	315
Local Phone Number	332-7100
Title of 12(b) Security	Common Stock, $0.10 par value per share
Trading Symbol	ULBI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		16,623,347
Entity Central Index Key	0000875657
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Note 7 - Operating Leases

6 Months Ended

Jun. 30, 2024

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

7.	*OPERATING LEASES*

The Company has operating leases predominantly for operating facilities. As of June 30, 2024, the remaining lease terms on our operating leases range from approximately less than one (1) year to seven (7) years. Lease terms include renewal options reasonably certain of exercise. There is no transfer of title or option to purchase the leased assets upon expiration. There are no residual value guarantees or material restrictive covenants.

The components of lease expense for the current and prior-year comparative periods were as follows:

	Three months ended				Six months ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Operating lease cost	$	268	$	239	$	530	$	480
Variable lease cost		24		29		52		57
Total lease cost	$	292	$	268	$	582	$	537

Supplemental cash flow information related to leases was as follows:

	Six-month period ended June 30,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	568	$	494
Right-of-use assets obtained in exchange for lease liabilities:	$	1,391	$	310

Supplemental consolidated balance sheet information related to leases was as follows:

	Balance sheet classification	June 30, 2024			December 31, 2023
Assets:
Operating lease right-of-use asset	Other noncurrent assets	$	4,325		$	3,589

Liabilities:
Current operating lease liability	Accrued expenses and other current liabilities	$	1,017		$	894
Operating lease liability, net of current portion	Other noncurrent liabilities		3,285			2,644
Total operating lease liability		$	4,302		$	3,538

Weighted-average remaining lease term (years)			5.1			5.3

Weighted-average discount rate			6.8	%		4.5	%

Future minimum lease payments as of June 30, 2024 are as follows:

Maturity of operating lease liabilities
2024	$	539
2025		1,016
2026		942
2027		969
2028		977
Thereafter		624
Total lease payments		5,067
Less: Imputed interest		(765	)
Present value of remaining lease payments	$	4,302

Note 5 - Stock-based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2024
Outstanding, shares (in shares)	1,250,595
Outstanding, weighted average exercise price (in dollars per share)	$ 7.1
Granted, shares (in shares)	3,460
Granted, weighted average exercise price (in dollars per share)	$ 6.84
Exercised, shares (in shares)	(288,675)
Exercised, weighted average exercise price (in dollars per share)	$ 7.1
Forfeited or expired, shares (in shares)	(91,482)
Forfeited or expired, weighted average exercise price (in dollars per share)	$ 8.79
Outstanding, shares (in shares)	873,898
Outstanding, weighted average exercise price (in dollars per share)	$ 6.92
Outstanding, weighted average remaining contractual term (Year)	4 years 4 months 2 days
Outstanding, aggregate intrinsic value	$ 3,231
Vested and expected to vest, shares (in shares)	775,281
Vested and expected, weighted average exercise price (in dollars per share)	$ 7
Vested and expected to vest, weighted average remaining contractual term (Year)	4 years 2 months 4 days
Vested and expected to vest, aggregate intrinsic value	$ 2,805
Exercisable, shares (in shares)	417,867
Exercisable, weighted average exercise price (in dollars per share)	$ 7.56
Exercisable, weighted average remaining contractual term (Year)	2 years 10 months 13 days
Exercisable, aggregate intrinsic value	$ 1,277

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

Note 3 - Earnings Per Share (Details Textual) - shares	3 Months Ended		6 Months Ended
Note 3 - Earnings Per Share (Details Textual) - shares	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Dilutive Securities Included in Computation of Earnings Per Share Amount Stock Option	873,898	4,166	795,898	0
Dilutive Securities Included in Computation of Earnings Per Share Amount Restricted Stock	5,229	2,500	5,229	2,500
Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements	257,068	2,334	179,112	2,157
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		1,289,862	78,000	1,294,028

Note 6 - Income Taxes (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Effective Income Tax Rate Reconciliation, Percent	20.90%	29.20%
Unrecognized Tax Benefits, Ending Balance	$ 0		$ 0
Domestic Tax Jurisdiction [Member] \| Internal Revenue Service (IRS) [Member]
Operating Loss Carryforwards			27,200
Tax Credit Carryforward, Amount			$ 2,900
Open Tax Year	2005 2006 2007 2009 2011 2012 2013 2014 2015
Foreign Tax Jurisdiction [Member]
Deferred Tax Assets, Valuation Allowance	$ 0
Foreign Tax Jurisdiction [Member] \| His Majesty's Revenue and Customs (HMRC) [Member]
Operating Loss Carryforwards	$ 9,800
State and Local Jurisdiction [Member]
Open Tax Year	2013 2014 2015 2019 2020 2021 2022
Foreign Tax Jurisdiction, Other [Member]
Open Tax Year	2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Note 4 - Supplemental Balance Sheet Information

6 Months Ended

Jun. 30, 2024

Notes to Financial Statements

Supplemental Balance Sheet Disclosures [Text Block]

4.	*SUPPLEMENTAL BALANCE SHEET INFORMATION*

Fair Value Measurements and Disclosures

The fair value of financial instruments approximated their carrying values at June 30, 2024 and December 31, 2023. The fair value of cash, accounts receivable, accounts payable, accrued liabilities, and the current portion of long-term debt approximates carrying value due to the short-term nature of these instruments.

Cash

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

	June 30,		December 31,
	2024		2023
Cash	$	6,690	$	10,196
Restricted cash		-		82
Total	$	6,690	$	10,278

As December 31, 2023, restricted cash of $82 represented euro-denominated deposits withheld by the Dutch tax authorities and third-party VAT representatives in connection with a previously utilized logistics arrangement in the Netherlands. During the period ended June 30, 2024, the deposits were returned to the Company and no longer restricted. As of June 30, 2024, there was no cash classified as restricted cash. Restricted cash as of December 31, 2023 is included as a component of the cash balance for purposes of the consolidated statements of cash flows.

Inventories, Net

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

	June 30,		December 31,
	2024		2023
Raw materials	$	29,848	$	29,098
Work in process		3,185		3,187
Finished goods		8,359		9,930
Total	$	41,392	$	42,215

Property, Plant and Equipment, Net

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

	June 30,			December 31,
	2024			2023
Land	$	1,273		$	1,273
Buildings and leasehold improvements		16,064			15,998
Machinery and equipment		57,494			57,584
Furniture and fixtures		2,809			2,845
Computer hardware and software		7,816			7,868
Construction in process		1,846			2,033
		87,302			87,601
Less: Accumulated depreciation		(67,021	)		(66,484	)
Property, plant and equipment, net	$	20,281		$	21,117

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

	Three-month period ended				Six-month period ended
	June 30,		June 30,		June 30,		June 30,
	2024		2023		2024		2023
Depreciation expense	$	789	$	760	$	1,529	$	1,522

Goodwill

The following table summarizes the goodwill activity by segment for the six-month period ended June 30, 2024.

	Battery & Energy			Communications
	Products			Systems		Total
Balance – December 31, 2023	$	26,078		$	11,493	$	37,571
Effect of foreign currency translation		(61	)		-		(61	)
Balance – June 30, 2024	$	26,017		$	11,493	$	37,510

Other Intangible Assets, Net

The composition of other intangible assets was:

	at June 30, 2024
			Accumulated
	Cost		Amortization		Net
Customer relationships	$	13,087	$	6,956	$	6,131
Patents and technology		5,603		5,378		225
Trade names		4,647		703		3,944
Trademarks		3,399		-		3,399
Other		1,500		553		947
Total other intangible assets	$	28,236	$	13,590	$	14,646

	at December 31, 2023
			Accumulated
	Cost		Amortization		Net
Customer relationships	$	13,092	$	6,656	$	6,436
Patents and technology		5,606		5,322		284
Trade names		4,647		647		4,000
Trademarks		3,402		-		3,402
Other		1,500		515		985
Total other intangible assets	$	28,247	$	13,140	$	15,107

The change in the cost of total intangible assets from December 31, 2023 to June 30, 2024 is the effect of foreign currency translations.

Amortization expense for other intangible assets was as follows:

	Three-month period ended				Six-month period ended
	June 30,		June 30,		June 30,		June 30,
	2024		2023		2024		2023
Amortization included in:
Selling, general and administrative	$	202	$	203	$	405	$	388
Research and development		25		24		50		48
Total amortization expense	$	227	$	227	$	455	$	436

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

Note 10 - Business Segment Information

6 Months Ended

Jun. 30, 2024

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

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.

Three-month period ended June 30, 2024:

	Battery & Energy Products		Communications Systems		Corporate			Total
Revenues	$	36,683	$	6,300	$	-		$	42,983
Segment contribution		9,953		1,610		(7,646	)		3,917
Other expense						(71	)		(71	)
Income tax provision						(853	)		(853	)
Non-controlling interest						(24	)		(24	)
Net income attributable to Ultralife								$	2,969

Three-month period ended June 30, 2023:

	Battery & Energy Products		Communications Systems		Corporate			Total
Revenues	$	33,861	$	8,831	$	-		$	42,692
Segment contribution		7,543		3,045		(6,923	)		3,665
Other income						1,058			1,058
Income tax provision						(1,375	)		(1,375	)
Non-controlling interest						(8	)		(8	)
Net income attributable to Ultralife								$	3,340

Six-month period ended June 30, 2024:

	Battery & Energy Products		Communications Systems		Corporate			Total
Revenues	$	71,672	$	13,238	$	-		$	84,910
Segment contribution		18,939		4,094		(15,053	)		7,980
Other expense						(527	)		(527	)
Income tax provision						(1,556	)		(1,556	)
Non-controlling interest						(37	)		(37	)
Net income attributable to Ultralife								$	5,860

Six-month period ended June 30, 2023:

	Battery & Energy Products		Communications Systems		Corporate			Total
Revenues	$	62,331	$	12,277	$	-		$	74,608
Segment contribution		14,055		3,969		(14,333	)		3,691
Other income						564			564
Income tax provision						(1,242	)		(1,242	)
Non-controlling interest						(19	)		(19	)
Net income attributable to Ultralife								$	2,994

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

Commercial and Government/Defense Revenue Information:

Three-month period ended June 30, 2024:

	Total Revenue		Commercial			Government/ Defense
Battery & Energy Products	$	36,683	$	27,664		$	9,019
Communications Systems		6,300		-			6,300
Total	$	42,983	$	27,664		$	15,319
				64	%		36	%

Three-month period ended June 30, 2023:

	Total Revenue		Commercial			Government/ Defense
Battery & Energy Products	$	33,861	$	26,950		$	6,911
Communications Systems		8,831		-			8,831
Total	$	42,692	$	26,950		$	15,742
				63	%		37	%

Six-month period ended June 30, 2024:

	Total Revenue		Commercial			Government/ Defense
Battery & Energy Products	$	71,672	$	51,804		$	19,868
Communications Systems		13,238		-			13,238
Total	$	84,910	$	51,804		$	33,106
				61	%		39	%

Six-month period ended June 30, 2023:

	Total Revenue		Commercial			Government/ Defense
Battery & Energy Products	$	62,331	$	49,169		$	13,162
Communications Systems		12,277		-			12,277
Total	$	74,608	$	49,169		$	25,439
				66	%		34	%

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

Three-month period ended June 30, 2024:

	Total Revenue		United States			Non-United States
Battery & Energy Products	$	36,683	$	19,412		$	17,271
Communications Systems		6,300		3,987			2,313
Total	$	42,983	$	23,399		$	19,584
				54	%		46	%

Three-month period ended June 30, 2023:

	Total Revenue		United States			Non-United States
Battery & Energy Products	$	33,861	$	17,394		$	16,467
Communications Systems		8,831		3,945			4,886
Total	$	42,692	$	21,339		$	21,353
				50	%		50	%

Six-month period ended June 30, 2024:

	Total Revenue		United States			Non-United States
Battery & Energy Products	$	71,672	$	39,015		$	32,657
Communications Systems		13,238		8,845			4,393
Total	$	84,910	$	47,860		$	37,050
				56	%		44	%

Six-month period ended June 30, 2023:

	Total Revenue		United States			Non-United States
Battery & Energy Products	$	62,331	$	31,162		$	31,169
Communications Systems		12,277		6,822			5,455
Total	$	74,608	$	37,984		$	36,624
				51	%		49	%

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

- Definition

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

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+ Details

Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues	$ 42,983	$ 42,692	$ 84,910	$ 74,608
Cost of products sold	31,420	32,104	61,877	56,584
Gross profit	11,563	10,588	23,033	18,024
Operating expenses:
Research and development	1,997	1,778	3,753	3,810
Selling, general and administrative	5,649	5,145	11,300	10,523
Total operating expenses	7,646	6,923	15,053	14,333
Operating income	3,917	3,665	7,980	3,691
Interest and financing expense	(418)	(440)	(938)	(864)
Miscellaneous income	347	1,498	411	1,428
Total other (expense) income	(71)	1,058	(527)	564
Income before income taxes	3,846	4,723	7,453	4,255
Income tax provision	853	1,375	1,556	1,242
Net income	2,993	3,348	5,897	3,013
Net income attributable to non-controlling interest	24	8	37	19
Net income attributable to Ultralife Corporation	2,969	3,340	5,860	2,994
Other comprehensive loss:
Foreign currency translation adjustments	(3)	(293)	(235)	(96)
Comprehensive income attributable to Ultralife Corporation	$ 2,966	$ 3,047	$ 5,625	$ 2,898
Net income per share attributable to Ultralife common stockholders – basic (in dollars per share)	$ 0.21	$ 0.03	$ 0.21	$ 0.21
Net income per share attributable to Ultralife common stockholders – diluted (in dollars per share)	$ 0.21	$ 0.03	$ 0.21	$ 0.21
Weighted average shares outstanding – basic (in shares)	16,568	16,141	16,482	16,138
Potential common shares (in shares)	257	3	179	3
Weighted average shares outstanding - diluted (in shares)	16,825	16,144	16,661	16,141