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Note 4 - Supplemental Balance Sheet Information

3 Months Ended

Mar. 31, 2024

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 March 31, 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:

	March 31,		December 31,
	2024		2023
Cash	$	10,099	$	10,196
Restricted cash		-		82
Total	$	10,099	$	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 quarter ended March 31, 2024, the deposits were returned to the Company and no longer restricted. As of March 31, 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:

	March 31,		December 31,
	2024		2023
Raw materials	$	30,168	$	29,098
Work in process		3,593		3,187
Finished goods		10,060		9,930
Total	$	43,821	$	42,215

Property, Plant and Equipment, Net

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

	March 31,			December 31,
	2024			2023
Land	$	1,273		$	1,273
Buildings and leasehold improvements		16,007			15,998
Machinery and equipment		57,427			57,584
Furniture and fixtures		2,818			2,845
Computer hardware and software		7,770			7,868
Construction in process		1,695			2,033
		86,990			87,601
Less: Accumulated depreciation		(66,320	)		(66,484	)
Property, plant and equipment, net	$	20,670		$	21,117

Depreciation expense for property, plant and equipment was $740 and $762 for the three-month periods ended March 31, 2024 and March 31, 2023, respectively.

Goodwill

The following table summarizes the goodwill activity by segment for the three-month period ended March 31, 2024.

	Battery & Energy			Communications
	Products			Systems		Total
Balance – December 31, 2023	$	26,078		$	11,493	$	37,571
Effect of foreign currency translation		(72	)		-		(72	)
Balance – March 31, 2024	$	26,006		$	11,493	$	37,499

Other Intangible Assets, Net

The composition of other intangible assets was:

	at March 31, 2024
			Accumulated
	Cost		Amortization		Net
Customer relationships	$	13,072	$	6,796	$	6,276
Patents and technology		5,597		5,344		253
Trade names		4,645		673		3,972
Trademarks		3,400		-		3,400
Other		1,500		534		966
Total other intangible assets	$	28,214	$	13,347	$	14,867

	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 March 31, 2024 is the effect of foreign currency translations.

Amortization expense for intangible assets was $228 and $209 for the three-month periods ended March 31, 2024 and March 31, 2023, respectively. Amortization included in selling, general and administrative expenses was $203 and $185 for the three-month periods ended March 31, 2024 and March 31, 2023, respectively. Amortization included in research and development expenses was $25 and $24 for the three-month periods ended March 31, 2024 and March 31, 2023, respectively.