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Note 10 - Business Segment Information | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] | Note 10 - Business Segment Information We structure our operations primarily around the products we sell and report our financial results in following 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. Our Chief Operating Decision Maker (“CODM”) is Mike Manna, President & Chief Executive Officer. Both of our business segments are regularly reviewed by the CODM through weekly revenue, gross margin and consolidated financial forecast updates, bi-weekly business and financial reviews to assess business performance, top priorities, utilization of resources and to regularly communicate with segment management, who are part of the CODM’s executive leadership team, and monthly meetings with the executive leadership team. In his role as CODM, Mr. Manna is deeply involved in business operations through daily updates by the segment management and ongoing financial, revenue and operations discussions. The primary financial measures used by the CODM to monitor and evaluate the performance of the operating segments is segment contribution, as defined by gross profit less direct research and development (“R&D”) and direct selling, general and administrative (“SG&A”) expenses. This metric is used as a consistent benchmark for comparison across reporting periods. Corporate general and administrative (“G&A”) expenses, including costs associated with our acquisitions, include corporate functions including board of directors, executive officers, accounting & finance, human resources, legal, information technology and their related functional expenses. These costs are not directly allocable to the business segments. 2024:
|  | Battery & Energy Products |  |  | Communications Systems |  |  | Corporate |  |  | Total |
Revenue |  | $ | 144,081 |  |  | $ | 20,375 |  |  | $ | - |  |  | $ | 164,456 |
Cost of products sold |  |  | (107,764 | ) |  |  | (14,378 | ) |  |  | - |  |  |  | (122,142 | )
Gross profit |  |  | 36,317 |  |  |  | 5,997 |  |  |  | - |  |  |  | 42,314 |
Direct R&D and SG&A expenses |  |  | (17,320 | ) |  |  | (4,806 | ) |  |  | - |  |  |  | (22,126 | )
Segment contribution |  |  | 18,997 |  |  |  | 1,191 |  |  |  | - |  |  |  | 20,188 |
Corporate G&A expenses |  |  | - |  |  |  | - |  |  |  | (10,223 | ) |  |  | (10,223 | )
Operating profit |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9,965 |
Other expense, net |  |  |  |  |  |  |  |  |  |  | (1,664 | ) |  |  | (1,664 | )
Income tax provision |  |  |  |  |  |  |  |  |  |  | (1,892 | ) |  |  | (1,892 | )
Non-controlling interest |  |  |  |  |  |  |  |  |  |  | (97 | ) |  |  | (97 | )
Net income attributable to Ultralife |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 6,312 |
Total assets |  | $ | 173,954 |  |  | $ | 26,876 |  |  | $ | 19,621 |  |  | $ | 220,451 |
Capital expenditures |  | $ | 1,261 |  |  | $ | 513 |  |  | $ | 158 |  |  | $ | 1,932 |
Goodwill |  | $ | 33,513 |  |  | $ | 11,493 |  |  | $ | - |  |  | $ | 45,006 |
Depreciation and amortization of intangible assets |  | $ | 3,676 |  |  | $ | 237 |  |  | $ | 244 |  |  | $ | 4,157 |
Stock-based compensation |  | $ | 383 |  |  | $ | 96 |  |  | $ | 219 |  |  | $ | 698 |
2023:
|  | Battery & Energy Products |  |  | Communications Systems |  |  | Corporate |  |  | Total |
Revenue |  | $ | 129,953 |  |  | $ | 28,691 |  |  | $ | - |  |  | $ | 158,644 |
Cost of products sold |  |  | (99,178 | ) |  |  | (20,266 | ) |  |  | - |  |  |  | (119,444 | )
Gross profit |  |  | 30,775 |  |  |  | 8,425 |  |  |  | - |  |  |  | 39,200 |
Direct R&D and SG&A expenses |  |  | (16,499 | ) |  |  | (4,467 | ) |  |  | - |  |  |  | (20,966 | )
Segment contribution |  |  | 14,276 |  |  |  | 3,958 |  |  |  | - |  |  |  | 18,234 |
Corporate G&A expenses |  |  | - |  |  |  | - |  |  |  | (8,759 | ) |  |  | (8,759 | )
Operating profit |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9,475 |
Other expense, net |  |  |  |  |  |  |  |  |  |  | (358 | ) |  |  | (358 | )
Income tax provision |  |  |  |  |  |  |  |  |  |  | (1,951 | ) |  |  | (1,951 | )
Non-controlling interest |  |  |  |  |  |  |  |  |  |  | 31 |  |  |  | 31 |
Net income attributable to Ultralife |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 7,197 |
Total assets |  | $ | 124,411 |  |  | $ | 28,873 |  |  | $ | 24,992 |  |  | $ | 178,276 |
Capital expenditures |  | $ | 2,064 |  |  | $ | 118 |  |  | $ | 370 |  |  | $ | 2,552 |
Goodwill |  | $ | 26,078 |  |  | $ | 11,493 |  |  | $ | - |  |  | $ | 37,571 |
Depreciation and amortization of intangible assets |  | $ | 3,336 |  |  | $ | 183 |  |  | $ | 392 |  |  | $ | 3,911 |
Stock-based compensation |  | $ | 336 |  |  | $ | 74 |  |  | $ | 118 |  |  | $ | 528 |
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 $22,306 and $23,709 as of December 31, 2024 and 2023, respectively. The following tables disaggregate our business segment revenues by major source and geography. Commercial and Government/Defense Revenue Information: Year ended December 31, 2024:
|  | Total Revenue |  |  | Commercial |  |  | Government/ Defense |
Battery & Energy Products |  | $ | 144,081 |  |  | $ | 102,082 |  |  | $ | 41,999 |
Communications Systems |  |  | 20,375 |  |  |  | - |  |  |  | 20,375 |
Total |  | $ | 164,456 |  |  | $ | 102,082 |  |  | $ | 62,374 |
|  |  |  |  |  |  | 62 | % |  |  | 38 | %
Year ended December 31, 2023:
|  | Total Revenue |  |  | Commercial |  |  | Government/ Defense |
Battery & Energy Products |  | $ | 129,953 |  |  | $ | 100,842 |  |  | $ | 29,111 |
Communications Systems |  |  | 28,691 |  |  |  | - |  |  |  | 28,691 |
Total |  | $ | 158,644 |  |  | $ | 100,842 |  |  | $ | 57,802 |
|  |  |  |  |  |  | 64 | % |  |  | 36 | %
U.S. and Non-U.S. Revenue Information 1: Year ended December 31, 2024:
|  | Total Revenue |  |  | United States |  |  | Non-United States |
Battery & Energy Products |  | $ | 144,081 |  |  | $ | 82,227 |  |  | $ | 61,854 |
Communications Systems |  |  | 20,375 |  |  |  | 14,813 |  |  |  | 5,562 |
Total |  | $ | 164,456 |  |  | $ | 97,040 |  |  | $ | 67,416 |
|  |  |  |  |  |  | 59 | % |  |  | 41 | %
Year ended December 31, 2023:
|  | Total Revenue |  |  | United States |  |  | Non-United States |
Battery & Energy Products |  | $ | 129,953 |  |  | $ | 64,120 |  |  | $ | 65,833 |
Communications Systems |  |  | 28,691 |  |  |  | 17,276 |  |  |  | 11,415 |
Total |  | $ | 158,644 |  |  | $ | 81,396 |  |  | $ | 77,248 |
|  |  |  |  |  |  | 51 | % |  |  | 49 | %
1 Sales classified to U.S. include shipments to U.S.-based prime contractors which in some cases may serve non-U.S. projects.

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- Definition The entire disclosure for reporting segments including data and tables. 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