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Note 11 - Business Segment Information | 3 Months Ended
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Mar. 31, 2025
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] |
11. | BUSINESS SEGMENT INFORMATION
Operating segments represent a component of the Company that engages in business activities from which it may recognize revenues and incur expenses whose operating results are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available. Once operating segments are identified, the Company determined which of those operating segments are required to be presented as reportable segments based on the quantitative thresholds. We structure our operations primarily around the products we sell and report our financial results in the following two reportable 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 CODM is Mike Manna, President & Chief Executive Officer. Both of our operating 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 selling, general and administrative (“SG&A”) and research and development 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 operating segments. Three-month period ended March 31, 2025:
|  | Battery & Energy Products |  |  | Communications Systems |  |  | Corporate |  |  | Total |
Revenues |  | $ | 46,321 |  |  | $ | 4,425 |  |  | $ | - |  |  | $ | 50,746 |
Cost of products sold |  |  | (34,881 | ) |  |  | (3,120 | ) |  |  | - |  |  |  | (38,001 | )
Gross profit |  |  | 11,440 |  |  |  | 1,305 |  |  |  | - |  |  |  | 12,745 |
Direct SG&A expenses |  |  | (3,865 | ) |  |  | (366 | ) |  |  | - |  |  |  | (4,231 | )
Research and development |  |  | (1,591 | ) |  |  | (813 | ) |  |  | - |  |  |  | (2,404 | )
Segment contribution |  |  | 5,984 |  |  |  | 126 |  |  |  | - |  |  |  | 6,110 |
Corporate G&A expenses |  |  |  |  |  |  |  |  |  |  | (2,711 | ) |  |  | (2,711 | )
Operating income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,399 |
Other expenses, net |  |  |  |  |  |  |  |  |  |  | (953 | ) |  |  | (953 | )
Income tax provision |  |  |  |  |  |  |  |  |  |  | (567 | ) |  |  | (567 | )
Non-controlling interest |  |  |  |  |  |  |  |  |  |  | (14 | ) |  |  | (14 | )
Net income attributable to Ultralife |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,865 |
Three-month period ended March 31, 2024:
|  | Battery & Energy Products |  |  | Communications Systems |  |  | Corporate |  |  | Total |
Revenues |  | $ | 34,989 |  |  | $ | 6,938 |  |  | $ | - |  |  | $ | 41,927 |
Cost of products sold |  |  | (26,003 | ) |  |  | (4,454 | ) |  |  | - |  |  |  | (30,457 | )
Gross profit |  |  | 8,986 |  |  |  | 2,484 |  |  |  | - |  |  |  | 11,470 |
Direct SG&A expenses |  |  | (2,907 | ) |  |  | (394 | ) |  |  |  |  |  |  | (3,301 | )
Research and development |  |  | (1,001 | ) |  |  | (755 | ) |  |  |  |  |  |  | (1,756 | )
Segment contribution |  |  | 5,078 |  |  |  | 1,335 |  |  |  | - |  |  |  | 6,413 |
Corporate G&A expenses |  |  |  |  |  |  |  |  |  |  | (2,350 | ) |  |  | (2,350 | )
Operating income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,063 |
Other expenses, net |  |  |  |  |  |  |  |  |  |  | (456 | ) |  |  | (456 | )
Income tax provision |  |  |  |  |  |  |  |  |  |  | (703 | ) |  |  | (703 | )
Non-controlling interest |  |  |  |  |  |  |  |  |  |  | (13 | ) |  |  | (13 | )
Net income attributable to Ultralife |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,891 |
The following tables disaggregate our business segment revenues by major source and geography. Commercial and Government/Defense Revenue Information: Three-month period ended March 31, 2025:
|  | Total Revenue |  |  | Commercial |  |  | Government/ Defense |
Battery & Energy Products |  | $ | 46,321 |  |  | $ | 29,659 |  |  | $ | 16,662 |
Communications Systems |  |  | 4,425 |  |  |  | - |  |  |  | 4,425 |
Total |  | $ | 50,746 |  |  | $ | 29,659 |  |  | $ | 21,087 |
|  |  |  |  |  |  | 58 | % |  |  | 42 | %
Three-month period ended March 31, 2024:
|  | Total Revenue |  |  | Commercial |  |  | Government/ Defense |
Battery & Energy Products |  | $ | 34,989 |  |  | $ | 24,140 |  |  | $ | 10,849 |
Communications Systems |  |  | 6,938 |  |  |  | - |  |  |  | 6,938 |
Total |  | $ | 41,927 |  |  | $ | 24,140 |  |  | $ | 17,787 |
|  |  |  |  |  |  | 58 | % |  |  | 42 | %
U.S. and Non-U.S. Revenue Information1: Three-month period ended March 31, 2025:
|  | Total Revenue |  |  | United States |  |  | Non-United States |
Battery & Energy Products |  | $ | 46,321 |  |  | $ | 35,182 |  |  | $ | 11,139 |
Communications Systems |  |  | 4,425 |  |  |  | 4,287 |  |  |  | 138 |
Total |  | $ | 50,746 |  |  | $ | 39,469 |  |  | $ | 11,277 |
|  |  |  |  |  |  | 78 | % |  |  | 22 | %
Three-month period ended March 31, 2024:
|  | Total Revenue |  |  | United States |  |  | Non-United States |
Battery & Energy Products |  | $ | 34,989 |  |  | $ | 19,603 |  |  | $ | 15,386 |
Communications Systems |  |  | 6,938 |  |  |  | 4,858 |  |  |  | 2,080 |
Total |  | $ | 41,927 |  |  | $ | 24,461 |  |  | $ | 17,466 |
|  |  |  |  |  |  | 58 | % |  |  | 42 | %
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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