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Note 4 - Supplemental Balance Sheet Information

12 Months Ended

Dec. 31, 2024

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.