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Note 4 - Supplemental Balance Sheet Information | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Supplemental Balance Sheet Disclosures [Text Block] | Note 4 - Supplemental Balance Sheet Information
a. | Cash and Restricted Cash
The composition of the Company’s cash was as follows.
|  | December 31, |
|  | 2024 |  |  | 2023 |
Cash |  | $ | 6,854 |  |  | $ | 10,196 |
Restricted cash |  |  | - |  |  |  | 82 |
Total |  | $ | 6,854 |  |  | $ | 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 year ended December 31, 2024, the deposits were returned to the Company and no longer restricted. As of December 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.
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, |
|  | 2024 |  |  | 2023 |
Raw materials |  | $ | 36,035 |  |  | $ | 29,098 |
Work in process |  |  | 4,501 |  |  |  | 3,187 |
Finished products |  |  | 10,827 |  |  |  | 9,930 |
Total |  | $ | 51,363 |  |  | $ | 42,215 |
c. | Property, Plant and Equipment
Major classes of property, plant and equipment consisted of the following:
|  | December 31, |
|  | 2024 |  |  | 2023 |
Land |  | $ | 4,693 |  |  | $ | 1,273 |
Buildings and leasehold improvements |  |  | 30,109 |  |  |  | 15,998 |
Machinery and equipment |  |  | 60,986 |  |  |  | 57,584 |
Furniture and fixtures |  |  | 3,067 |  |  |  | 2,845 |
Computer hardware and software |  |  | 7,990 |  |  |  | 7,868 |
Construction in progress |  |  | 2,077 |  |  |  | 2,033 |
|  |  | 108,922 |  |  |  | 87,601 |
Less: Accumulated depreciation |  |  | (68,437 | ) |  |  | (66,484 | )
Total |  | $ | 40,485 |  |  | $ | 21,117 |
Depreciation expense was $3,125 and $3,022 for the years ended December 31, 2024 and 2023, 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, 2024. We identified two (2) goodwill reporting units and five (5) 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, 2024, no impairment was identified. The following table summarizes the goodwill activity by segment for the years ended December 31, 2024 and 2023:
|  | Battery & Energy Products |  |  | Communications Systems |  |  | Total |
Balance – January 1, 2024 |  | $ | 26,078 |  |  | $ | 11,493 |  |  | $ | 37,571 |
Acquisition of Electrochem |  |  | 7,558 |  |  |  | - |  |  |  | 7,558 |
Effect of foreign currency translation |  |  | (123 | ) |  |  | - |  |  |  | (123 | )
Balance – December 31, 2024 |  | $ | 33,513 |  |  | $ | 11,493 |  |  | $ | 45,006 |
The composition of intangible assets was:
|  | December 31, 2024 |
|  | Cost |  |  | Accumulated amortization |  |  | Net |
Customer relationships |  | $ | 18,154 |  |  | $ | 7,296 |  |  | $ | 10,858 |
Trade names |  |  | 9,942 |  |  |  | 813 |  |  |  | 9,129 |
Patents and technology |  |  | 5,690 |  |  |  | 5,428 |  |  |  | 262 |
Trademarks |  |  | 3,399 |  |  |  | - |  |  |  | 3,399 |
Other |  |  | 1,500 |  |  |  | 591 |  |  |  | 909 |
Total other intangible assets |  | $ | 38,685 |  |  | $ | 14,128 |  |  | $ | 24,557 |
|  | December 31, 2023 |
|  | Cost |  |  | Accumulated amortization |  |  | Net |
Customer relationships |  | $ | 13,092 |  |  | $ | 6,656 |  |  | $ | 6,436 |
Trade names |  |  | 4,647 |  |  |  | 647 |  |  |  | 4,000 |
Patents and technology |  |  | 5,606 |  |  |  | 5,322 |  |  |  | 284 |
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 value of other intangible assets is a result of the Electrochem 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, |
|  | 2024 |  |  | 2023 |
Selling, general and administrative expense |  | $ | 929 |  |  | $ | 792 |
Research and development expense |  |  | 103 |  |  |  | 97 |
Total |  | $ | 1,032 |  |  | $ | 889 |
Future amortization expense of amortizable intangible assets will be approximately $1,620, $1,486, $1,486, $1,486 and $1,465 for the five fiscal years ending December 31, 2025 through 2029, respectively.

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