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Note 5 - Supplemental Balance Sheet Information

9 Months Ended

Sep. 30, 2025

Supplemental Balance Sheet Disclosures [Text Block]

5.	*SUPPLEMENTAL BALANCE SHEET INFORMATION*

Fair Value Measurements and Disclosures

The fair value of financial instruments approximated their carrying values at September 30, 2025 and December 31, 2024. 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.

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,
	2025		2024
Raw materials	$	38,242	$	36,035
Work in process	3,568			4,501
Finished goods	10,937			10,827
Total	$	52,747	$	51,363

Property, Plant and Equipment, Net

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

	September 30,		December 31,
	2025		2024
Land	$	4,693	$	4,693
Buildings and leasehold improvements	30,162			30,109
Machinery and equipment	62,282			60,986
Furniture and fixtures	3,129			3,067
Computer hardware and software	8,161			7,990
Construction in process	3,578			2,077
	112,005			108,922
Less: Accumulated depreciation	(71,469)			(68,437	)
Property, plant and equipment, net	$	40,536	$	40,485

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,
	2025		2024		2025		2024
Depreciation expense	$	1,008	$	765	$	2,966	$	2,294

Goodwill

The following table summarizes the goodwill activity by segment for the nine-month period ended September 30, 2025.

	Battery & Energy		Communications
	Products		Systems		Total
Balance – December 31, 2024	$	33,513	$	11,493	$	45,006
Effect of foreign currency translation		330		-		330
Balance – September 30, 2025	$	33,843	$	11,493	$	45,336

Other Intangible Assets, Net

The composition of other intangible assets was:

	at September 30, 2025
			Accumulated
	Cost		Amortization		Net
Customer relationships	$	18,330	$	8,119	$	10,211
Trade names		9,968		1,187		8,781
Patents and technology		5,761		5,598		163
Trademarks		3,400		-		3,400
Other		1,500		648		852
Total other intangible assets	$	38,959	$	15,552	$	23,407

	at December 31, 2024
			Accumulated
	Cost		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

The change in the cost of total intangible assets from December 31, 2024 to September 30, 2025 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,
	2025		2024		2025		2024
Amortization included in:
Selling, general and administrative	$	380	$	204	$	1,134	$	609
Research and development		31		25		92		75
Total amortization expense	$	411	$	229	$	1,226	$	684