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Note 11 - Business Segment Information

9 Months Ended

Sep. 30, 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.

The CODM does not review segment assets at a level other than that presented in the Company’s consolidated balance sheets.

Three-month period ended September 30, 2025:

		Battery & Energy Products				Communications Systems				Corporate				Total
Revenues		$	39,946			$	3,425			$	-			$	43,371
Cost of products sold			(31,126	)			(2,626	)			-				(33,752	)
Gross profit			8,820				799				-				9,619
Direct SG&A expenses			(3,689	)			(439	)			-				(4,128	)
Research and development			(2,013	)			(842	)			-				(2,855	)
Segment contribution			3,118				(482	)			-				2,636
Corporate G&A expenses											(3,587	)			(3,587	)
Operating loss															(951	)
Other expenses, net											(800	)			(800	)
Income tax (benefit)											(504	)			(504	)
Non-controlling interest											(27	)			(27	)
Net income attributable to Ultralife														$	(1,220	)

Three-month period ended September 30, 2024:

		Battery & Energy Products				Communications Systems				Corporate				Total
Revenues		$	32,529			$	3,165			$	-			$	35,694
Cost of products sold			(24,482	)			(2,530	)			-				(27,012	)
Gross profit			8,047				635				-				8,682
Direct SG&A expenses			(2,941	)			(390	)			-				(3,331	)
Research and development			(1,322	)			(779	)			-				(2,101	)
Segment contribution			3,784				(534	)			-				3,250
Corporate G&A expenses											(2,739	)			(2,739	)
Operating income															511
Other expenses, net											(158	)			(158	)
Income tax provision											74				74
Non-controlling interest											(21	)			(21	)
Net income attributable to Ultralife														$	258

Nine-month period ended September 30, 2025:

		Battery & Energy Products				Communications Systems				Corporate				Total
Revenues		$	132,134			$	10,544			$	-			$	142,678
Cost of products sold			(101,039	)			(7,674	)			-				(108,713	)
Gross profit			31,095				2,870				-				33,965
Direct SG&A expenses			(11,578	)			(1,189	)			-				(12,767	)
Research and development			(5,098	)			(2,479	)			-				(7,577	)
Segment contribution			14,419				(798	)			-				13,621
Corporate G&A expenses											(8,917	)			(8,917	)
Operating income															4,704
Other expenses, net											(2,896	)			(2,896	)
Income tax provision											306				306
Non-controlling interest											22				22
Net income attributable to Ultralife														$	1,524

Nine-month period ended September 30, 2024:

		Battery & Energy Products				Communications Systems				Corporate				Total
Revenues		$	104,201			$	16,403			$	-			$	120,604
Cost of products sold			(77,215	)			(11,674	)			-				(88,889	)
Gross profit			26,986				4,729				-				31,715
Direct SG&A expenses			(8,839	)			(1,253	)			-				(10,092	)
Research and development			(3,583	)			(2,271	)			-				(5,854	)
Segment contribution			14,564				1,205				-				15,769
Corporate G&A expenses											(7,278	)			(7,278	)
Operating income															8,491
Other expenses, net											(685	)			(685	)
Income tax provision											1,630				1,630
Non-controlling interest											(58	)			(58	)
Net income attributable to Ultralife														$	6,118

The following tables disaggregate our business segment revenues by major source and geography.

Commercial and Government/Defense Revenue Information:

Three-month period ended September 30, 2025:

		Total Revenue				Commercial				Government/ Defense
Battery & Energy Products		$	39,946			$	28,026			$	11,920
Communications Systems			3,425				-				3,425
Total		$	43,371			$	28,026			$	15,345
							65	%			35	%

Three-month period ended September 30, 2024:

		Total Revenue				Commercial				Government/ Defense
Battery & Energy Products		$	32,529			$	22,516			$	10,013
Communications Systems			3,165				-				3,165
Total		$	35,694			$	22,516			$	13,178
							63	%			37	%

Nine-month period ended September 30, 2025:

		Total Revenue				Commercial				Government/ Defense
Battery & Energy Products		$	132,134			$	89,018			$	43,116
Communications Systems			10,544				-				10,544
Total		$	142,678			$	89,018			$	53,660
							62	%			38	%

Nine-month period ended September 30, 2024:

		Total Revenue				Commercial				Government/ Defense
Battery & Energy Products		$	104,201			$	74,320			$	29,881
Communications Systems			16,403				-				16,403
Total		$	120,604			$	74,320			$	46,284
							62	%			38	%

U.S. and Non-U.S. Revenue Information¹:

Three-month period ended September 30, 2025:

		Total Revenue				United States				Non-United States
Battery & Energy Products		$	39,946			$	28,724			$	11,222
Communications Systems			3,425				3,250				175
Total		$	43,371			$	31,974			$	11,397
							74	%			26	%

Three-month period ended September 30, 2024:

		Total Revenue				United States				Non-United States
Battery & Energy Products		$	32,529			$	18,311			$	14,218
Communications Systems			3,165				2,567				598
Total		$	35,694			$	20,878			$	14,816
							58	%			42	%

Nine-month period ended September 30, 2025:

		Total Revenue				United States				Non-United States
Battery & Energy Products		$	132,134			$	97,206			$	34,928
Communications Systems			10,544				9,601				943
Total		$	142,678			$	106,807			$	35,871
							75	%			25	%

Nine-month period ended September 30, 2024:

		Total Revenue				United States				Non-United States
Battery & Energy Products		$	104,201			$	57,326			$	46,875
Communications Systems			16,403				11,412				4,991
Total		$	120,604			$	68,738			$	51,866
							57	%			43	%

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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The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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