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Note 4 - Supplemental Balance Sheet Information

9 Months Ended

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

Cash

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

	September 30,		December 31,
	2024		2023
Cash	$	6,774	$	10,196
Restricted cash		-		82
Total	$	6,774	$	10,278

As December 31, 2023, restricted cash of $82 represented euro-denominated deposits withheld by the Dutch tax authorities and third-party VAT representatives in connection with a previously utilized logistics arrangement in the Netherlands. During the nine-month period ended September 30, 2024, the deposits were returned to the Company and no longer restricted. As of September 30, 2024, there was no 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:

	September 30,		December 31,
	2024		2023
Raw materials	$	30,694	$	29,098
Work in process		3,108		3,187
Finished goods		10,192		9,930
Total	$	43,994	$	42,215

Property, Plant and Equipment, Net

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

	September 30,			December 31,
	2024			2023
Land	$	1,273		$	1,273
Buildings and leasehold improvements		16,163			15,998
Machinery and equipment		58,399			57,584
Furniture and fixtures		2,843			2,845
Computer hardware and software		7,864			7,868
Construction in process		1,642			2,033
		88,184			87,601
Less: Accumulated depreciation		(67,939	)		(66,484	)
Property, plant and equipment, net	$	20,245		$	21,117

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

	Three-month period ended				Nine-month period ended
	September 30,		September 30,		September 30,		September 30,
	2024		2023		2024		2023
Depreciation expense	$	765	$	760	$	2,294	$	2,282

Goodwill

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

	Battery & Energy		Communications
	Products		Systems		Total
Balance – December 31, 2023	$	26,078	$	11,493	$	37,571
Effect of foreign currency translation		221		-		221
Balance – September 30, 2024	$	26,299	$	11,493	$	37,792

Other Intangible Assets, Net

The composition of other intangible assets was:

	at September 30, 2024
			Accumulated
	Cost		Amortization		Net
Customer relationships	$	13,219	$	7,185	$	6,034
Patents and technology		5,657		5,454		203
Trade names		4,667		748		3,919
Trademarks		3,403		-		3,403
Other		1,500		572		928
Total other intangible assets	$	28,446	$	13,959	$	14,487

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

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

Amortization expense for other intangible assets was as follows:

	Three-month period ended				Nine-month period ended
	September 30,		September 30,		September 30,		September 30,
	2024		2023		2024		2023
Amortization included in:
Selling, general and administrative	$	204	$	203	$	609	$	591
Research and development		25		24		75		72
Total amortization expense	$	229	$	227	$	684	$	663