季報
季度報告
10-Q
2026-08-07
Ultralife第二季淨利飆升近兩倍 受惠關稅退款110萬美元
AI 繁中摘要
Ultralife Corporation（納斯達克：ULBI）公佈2026年第二季度及上半年業績。截至2026年6月30日止三個月，公司收入為4,794萬美元，按年略跌1.3%（去年同期4,856萬美元）；歸屬於Ultralife的淨利潤為254萬美元，遠高於去年同期的88萬美元，每股攤薄盈利0.15美元（去年同期0.05美元）。上半年累計收入9,539萬美元，按年下跌3.9%；淨利潤209萬美元，低於去年同期的274萬美元，每股攤薄盈利0.13美元。
季度盈利大幅增長，主要受惠於一筆與IEEPA（國際緊急經濟權力法）關稅相關的現金退款。公司於第二季度收到約110萬美元的已繳關稅退款，並入賬列為銷貨成本減項，直接提振了盈利。管理層表示，公司正繼續評估潛在的額外退稅申索，但相關金額尚未符合確認條件，未記入賬目。
按業務分部劃分，電池及能源產品仍是主要收入來源，第二季度貢獻4,419萬美元（佔總收入92%）；通訊系統分部收入375萬美元，按年明顯增長39%。上半年電池業務收入8,834萬美元，按年下跌4.2%；通訊系統收入704萬美元，按年微跌1.1%。政府及國防相關收入佔第二季度總收入38%，商業客戶佔62%。
財務狀況方面，截至2026年6月30日，公司持有現金666萬美元，較去年底的935萬美元下降；存貨增至5,875萬美元，應收賬款淨額3,477萬美元。總資產2.162億美元，股東權益1.326億美元，較去年底增加。債務方面，定期貸款未償還本金4,513萬美元，本季償還了513萬美元借款；公司維持全數遵守銀行契約。截至季度末的實際借貸利率為6.11%。
稅務方面，上半年實際稅率由去年同期的22.8%大幅降至11.9%，主要反映經營業績的地域分佈變化，以及來自45X先進製造業生產稅收抵免的免稅收入。
整體而言，Ultralife第二季度盈利表現強勁，關稅退款屬一次性利好因素；核心業務收入仍受需求波動影響，投資者宜留意下半年關稅退款的後續進展、政府國防開支變化及庫存水平對現金流的影響。📊
展開英文正文
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2026
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to ____________
Commission file number: 0-20852
ULTRALIFE CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation or organization)
2000 Technology Parkway Newark, New York 14513
(Address of principal executive offices) (Zip Code)
16-1387013
(I.R.S. Employer Identification No.)
(315) 332-7100
(Registrant’s telephone number, including area code)
None
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Common Stock, $0.10 par value per
share
ULBI
NASDAQ
(Title of each class)
(Trading Symbol)
(Name of each exchange on which
registered)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data file required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐
Accelerated filer ☒
Non-accelerated filer ☐
Smaller reporting company ☒
Emerging Growth Company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐ No☒
As of August 3, 2026, the registrant had 16,663,269 shares of common stock outstanding.
ULTRALIFE CORPORATION AND SUBSIDIARIES
INDEX
Page
PART I.
FINANCIAL INFORMATION
Item 1.
Consolidated Financial Statements (unaudited):
Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025
1
Consolidated Statements of Income and Comprehensive Income for the Three and Six-Month Periods Ended June 30, 2026 and June 30, 2025
2
Consolidated Statements of Cash Flows for the Six-Month Periods Ended June 30, 2026 and June 30, 2025
3
Consolidated Statements of Changes in Stockholders’ Equity for the Three and Six-Month Periods Ended June 30, 2026 and June 30, 2025
4
Notes to Consolidated Financial Statements (unaudited)
5
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
19
Item 4.
Controls and Procedures
28
PART II.
OTHER INFORMATION
Item 6.
Exhibits
30
Signatures
31
PART I. FINANCIAL INFORMATION
Item 1. CONSOLIDATED FINANCIAL STATEMENTS
ULTRALIFE CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In Thousands except share amounts)
(Unaudited)
June 30,
2026
December 31,
2025
ASSETS
Current assets:
Cash
$
6,663
$
9,345
Trade accounts receivable, net of allowance for expected credit losses of $462 and $457, respectively
34,770
33,948
Inventories, net
58,745
54,008
Prepaid expenses and other current assets
6,980
8,500
Total current assets
107,158
105,801
Property, plant and equipment, net
39,514
40,397
Goodwill
45,369
45,376
Other intangible assets, net
10,386
10,933
Deferred income taxes, net
10,335
10,494
Other noncurrent assets
3,395
3,911
Total assets
$
216,157
$
216,912
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
22,601
$
17,423
Current portion of long-term debt
1,750
4,125
Accrued compensation and related benefits
2,930
2,754
Accrued expenses and other current liabilities
10,074
13,031
Total current liabilities
37,355
37,333
Long-term debt, net
42,854
45,526
Deferred income taxes
934
1,000
Other noncurrent liabilities
2,413
2,919
Total liabilities
83,556
86,778
Commitments and contingencies (Note 8)
Stockholders’ equity:
Preferred stock – par value $.10 per share; authorized 1,000,000 shares; none issued
-
-
Common stock – par value $.10 per share; authorized 40,000,000 shares; issued – 21,099,383 shares at June 30, 2026 and 21,092,617 shares at December 31, 2025; outstanding – 16,663,269 shares at June 30, 2026 and 16,656,503 shares at December 31, 2025
2,110
2,109
Capital in excess of par value
192,983
192,859
Accumulated deficit
(38,248
)
(40,340
)
Accumulated other comprehensive loss
(2,846
)
(3,141
)
Treasury stock - at cost; 4,436,114 shares at June 30, 2026 and 4,436,114 shares at December 31, 2025
(21,492
)
(21,492
)
Total Ultralife Corporation equity
132,507
129,995
Non-controlling interest
94
139
Total stockholders’ equity
132,601
130,134
Total liabilities and stockholders’ equity
$
216,157
$
216,912
The accompanying notes are an integral part of these consolidated financial statements.
1
ULTRALIFE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(In Thousands except per share amounts)
(Unaudited)
Three-month period ended
Six-month period ended
June 30,
2026
June 30,
2025
June 30,
2026
June 30,
2025
Revenues
$
47,943
$
48,561
$
95,388
$
99,307
Cost of products sold
34,077
36,960
71,412
74,961
Gross profit
13,866
11,601
23,976
24,346
Operating expenses:
Research and development
3,225
2,318
6,186
4,722
Selling, general and administrative
7,204
7,027
14,568
13,969
Total operating expenses
10,429
9,345
20,754
18,691
Operating income
3,437
2,256
3,222
5,655
Other expense (income):
Interest and financing expense
839
992
1,707
2,024
Miscellaneous (income) expense
(388
)
151
(808
)
72
Total other expense
451
1,143
899
2,096
Income before income taxes
2,986
1,113
2,323
3,559
Income tax provision
468
243
276
810
Net income
2,518
870
2,047
2,749
Net (loss) income attributable to non-controlling interest
(25
)
(9
)
(45
)
5
Net income attributable to Ultralife Corporation
2,543
879
2,092
2,744
Other comprehensive income:
Foreign currency translation adjustments
212
875
295
1,186
Comprehensive income attributable to Ultralife Corporation
$
2,755
$
1,754
$
2,387
$
3,930
Net income per share attributable to Ultralife common stockholders – basic
$
.15
$
.05
$
.13
$
.17
Net income per share attributable to Ultralife common stockholders – diluted
$
.15
$
.05
$
.13
$
.17
Weighted average shares outstanding – basic
16,659
16,635
16,658
16,634
Potential common shares
55
21
45
37
Weighted average shares outstanding - diluted
16,714
16,656
16,703
16,671
The accompanying notes are an integral part of these consolidated financial statements.
2
ULTRALIFE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
Six-month period ended
June 30,
2026
June 30,
2025
OPERATING ACTIVITIES:
Net income
$
2,047
$
2,749
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation
2,110
1,958
Amortization of intangible assets
535
815
Amortization of financing fees
132
133
Stock-based compensation
89
462
Deferred income taxes
93
609
Changes in operating assets and liabilities:
Accounts receivable
(839
)
(2,702
)
Inventories
(4,732
)
1,102
Prepaid expenses and other assets
2,124
4,577
Accounts payable and other liabilities
1,885
(400
)
Net cash provided by operating activities
3,444
9,303
INVESTING ACTIVITIES:
Purchases of property, plant and equipment
(1,223
)
(1,995
)
Net cash used in investing activities
(1,223
)
(1,995
)
FINANCING ACTIVITIES:
Payments on credit facilities
(5,125
)
(3,375
)
Debt issuance costs
-
(24
)
Proceeds from exercise of stock options
36
61
Net cash used in financing activities
(5,089
)
(3,338
)
Effect of exchange rate changes on cash
186
117
(DECREASE) INCREASE IN CASH
(2,682
)
4,087
Cash, Beginning of period
9,345
6,854
Cash, End of period
$
6,663
$
10,941
The accompanying notes are an integral part of these consolidated financial statements.
3
ULTRALIFE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(In thousands except share amounts)
(Unaudited)
Capital
Accumulated
Common Stock
in Excess
Other
Non-
Number of
of Par
Comprehensive
Accumulated
Treasury
Controlling
Shares
Amount
Value
Income (Loss)
Deficit
Stock
Interest
Total
Balance – December 31, 2024
21,069,079
$
2,107
$
191,828
$
(4,006
)
$
(34,442
)
$
(21,492
)
$
192
$
134,187
Net income
2,744
5
2,749
Stock option exercises
9,367
1
60
61
Stock-based compensation – stock options
378
378
Stock-based compensation - restricted stock
84
84
Foreign currency translation adjustments
1,186
1,186
Balance – June 30, 2025
21,078,446
$
2,108
$
192,350
$
(2,820
)
$
(31,698
)
$
(21,492
)
$
197
$
138,645
Balance – December 31, 2025
21,092,617
$
2,109
$
192,859
$
(3,141
)
$
(40,340
)
$
(21,492
)
$
139
$
130,134
Net income (loss)
2,092
(45
)
2,047
Stock option exercises
6,766
1
35
36
Stock-based compensation – stock options
155
155
Stock-based compensation - restricted stock
(66
)
(66
)
Foreign currency translation adjustments
295
295
Balance – June 30, 2026
21,099,383
$
2,110
$
192,983
$
(2,846
)
$
(38,248
)
$
(21,492
)
$
94
$
132,601
Balance – March 31, 2025
21,069,079
$
2,107
$
192,055
$
(3,695
)
$
(32,577
)
$
(21,492
)
$
206
$
136,604
Net income (loss)
879
(9
)
870
Stock option exercises
9,367
1
60
61
Stock-based compensation – stock options
190
190
Stock-based compensation - restricted stock
45
45
Foreign currency translation adjustments
875
875
Balance – June 30, 2025
21,078,446
$
2,108
$
192,350
$
(2,820
)
$
(31,698
)
$
(21,492
)
$
197
$
138,645
Balance – March 31, 2026
21,092,617
$
2,109
$
192,858
$
(3,058
)
$
(40,791
)
$
(21,492
)
$
119
$
129,745
Net income (loss)
2,543
(25
)
2,518
Stock option exercises
6,766
1
35
36
Stock-based compensation – stock options
77
77
Stock-based compensation - restricted stock
13
13
Foreign currency translation adjustments
212
212
Balance – June 30, 2026
21,099,383
$
2,110
$
192,983
$
(2,846
)
$
(38,248
)
$
(21,492
)
$
94
$
132,601
The accompanying notes are an integral part of these consolidated financial statements.
4
ULTRALIFE CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands except share and per share amounts)
(Unaudited)
1.
BASIS OF PRESENTATION
The accompanying unaudited consolidated financial statements of Ultralife Corporation and its subsidiaries (the “Company” or “Ultralife”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the instructions to Rule 8-03 of Regulation S-X. Accordingly, they do not include all the information and notes for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals and adjustments) considered necessary for a fair presentation of the consolidated financial statements have been included. Results for interim periods should not be considered indicative of results to be expected for a full year. Reference should be made to the consolidated financial statements and related notes thereto contained in our Form 10-K for the year ended December 31, 2025.
The December 31, 2025 consolidated balance sheet information referenced herein was derived from audited financial statements but does not include all disclosures required by GAAP.
Certain items previously reported in specific financial statement captions have been reclassified to conform to the current presentation.
Recent Business Developments
In connection with the importation of certain raw materials and components used in the manufacture of its products, the Company previously paid tariffs imposed pursuant to the International Emergency Economic Powers Act ("IEEPA"). Such tariff costs were included in inventory and recognized in cost of products sold as the related inventory was sold.
During the second quarter of 2026, the Company received cash refunds of previously paid IEEPA tariffs following legal developments related to the validity of certain IEEPA tariffs and the implementation of refund procedures by U.S. Customs and Border Protection. The Company accounts for IEEPA tariff refunds as gain contingencies and recognizes such amounts only when the related contingencies have been resolved and the amounts are realized or realizable. Accordingly, during the three- and six-month periods ended June 30, 2026, the Company recognized a net refund of $1,102 as a reduction of cost of products sold, representing the recovery of tariff costs previously recognized in earnings. The tariff costs related to the refund recognized as a reduction of cost of products sold were not charged to customers and therefore not payable to customers. Additional refunds received related to tariff costs capitalized in inventory on hand at June 30, 2026 were recorded as a reduction of inventory and will be recognized in cost of products sold as the related inventory is sold in future periods. The refund was received in cash during the quarter.
The Company continues to evaluate potential claims for additional IEEPA tariff refunds. Additional recoveries remain subject to governmental review, claim validation, administrative processing and ongoing legal proceedings. Accordingly, as of June 30, 2026, the Company had not recorded a receivable or recognized any amounts related to potential future IEEPA tariff recoveries as realization of such amounts is not considered sufficiently probable at this time.
Recent Accounting Guidance Not Yet Adopted
In November 2024, the FASB issued ASU 2024-03 “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” which requires public entities to disclose specified information about certain costs and expenses. ASU 2024-03 is effective for the Company’s annual reporting period beginning January 1, 2027, and interim reporting periods beginning January 1, 2028, with early adoption permitted. The Company is currently evaluating the impact that ASU 2024-03 will have on its consolidated financial statements.
5
2.
DEBT
On October 31, 2024, Ultralife, SWE, CLB, Excell USA, and Electrochem, as borrowers, and certain other subsidiaries of the Company, entered into a new Credit and Security Agreement with KeyBank National Association (“KeyBank” or the “Bank”), as lender and administrative agent (the “New Credit Agreement”). The proceeds of the loans under the New Credit Agreement were used, in part, to repay outstanding indebtedness under the Company’s then existing Credit and Security Agreement with KeyBank (the “Amended Credit Agreement”).
The New Credit Agreement, among other things, provides in its term loan provisions for a 5-year, $55 million senior secured term loan (the “Term Loan” or “Term Loan Facility”). The Term Loan is subject to repayment in quarterly installments commencing March 31, 2025, in amounts as set forth in the New Credit Agreement. Interest is payable on the unpaid principal outstanding under the Term Loan. All amounts of unpaid principal and accrued and unpaid interest remaining due under the Term Loan are scheduled to be paid in full October 31, 2029.
Upon closing of the acquisition of all issued and outstanding shares of Electrochem on October 31, 2024, the Company borrowed the full amount of the Term Loan Facility.
As of June 30, 2026, the Company had $45,125 outstanding principal on the Term Loan, $1,750 of which is included in current portion of long-term debt on the consolidated balance sheets, and no amounts outstanding on the Revolving Credit Facility. As of June 30, 2026, unamortized debt issuance costs associated with the Term Loan of $521 are classified on the consolidated balance sheets as a reduction of long-term debt, and unamortized debt issuance costs associated with the Revolving Credit Facility of $360 are classified on the consolidated balance sheets as other noncurrent assets. Debt issuance costs include lender fees and certain costs paid to third parties, including legal and accountant fees, and are amortized to interest expense over the term of the New Credit Agreement.
The New Credit Agreement also provides under its revolving credit provisions for revolving loans, letters of credit, and swing loans (“Revolving Credit Facility”). Upon the effectiveness of the New Credit Agreement, any amounts outstanding under letters of credit issued pursuant to the Amended Credit Agreement became issued under the New Credit Agreement. The availability under the Revolving Credit Facility is subject to certain borrowing base limits based on trade receivables and inventories. All unpaid principal and accrued and unpaid interest with respect to the Revolving Credit Facility is due and payable in full on October 31, 2029.
The Company may voluntarily prepay principal amounts outstanding under the New Credit Agreement at any time subject to certain advance notifications and other restrictions.
In addition to the customary affirmative and negative covenants, the Company must maintain a consolidated fixed charge coverage ratio, as defined in the New Credit Agreement, of equal to or greater than 1.15 to 1.00 for the fiscal quarter ending March 31, 2025, and for each fiscal quarter thereafter, as calculated for the four (4) consecutive fiscal quarters ending on such date, and a consolidated senior leverage ratio, as defined in the New Credit Agreement, not to exceed (i) 3.50 to 1.00 for the fiscal quarters ending March 31, 2025 through December 31, 2025, (ii) 3.25 to 1.00 for the fiscal quarters ending March 31, 2026 through December 31, 2026, (iii) 3.00 to 1.00 for the fiscal quarter ending March 31, 2027 and on the last day of each fiscal quarter thereafter, for the remaining term of the New Credit Agreement. The Company was in full compliance with its covenants under the New Credit Agreement as of June 30, 2026.
Borrowings under the New Credit Agreement are secured by substantially all the assets of the Company and certain of its present and future subsidiaries who are or become parties to, or guarantors under the New Credit Agreement.
Interest will accrue on outstanding indebtedness under the Term Loan Facility and Revolving Credit Facilities at a variable rate of interest based on designated interest rate benchmarks plus a varying margin determined by reference to the consolidated senior leverage ratio in effect from time to time. Our borrowing rate was 6.11% as of June 30, 2026.
The Company must pay a fee of twenty, twenty-five or thirty basis points (depending on the consolidated senior leverage ratio in effect from time to time) based on the average daily unused availability under the Revolving Credit Facility.
6
The Company must make payments to the extent borrowings exceed the maximum amount then permitted to be borrowed and from the proceeds of certain transactions. Upon the occurrence of an event of default, the outstanding obligations may be accelerated, and the Bank will have other customary remedies including resort to the security interest the Company provided to the Bank.
Future minimum principal repayment obligations on our New Credit Agreement as of June 30, 2026 are as follows:
2026
$
-
2027
4,500
2028
5,500
2029
35,125
Total
$
45,125
3.
EARNINGS PER SHARE
Basic earnings (loss) per share (“EPS”) is computed by dividing net income (loss) attributable to Ultralife by the weighted average shares outstanding during the period. Diluted EPS includes the dilutive effect of securities when the average market price exceeds the exercise price of the securities, if any, and is calculated using the treasury stock method.
For the three-month period ended June 30, 2026, there were 295,455 outstanding stock options and 19,543 unvested restricted stock awards included in the calculation of diluted weighted average shares outstanding, as such securities were dilutive, resulting in 55,268 potential common shares included in the calculation of diluted EPS. For the comparable three-month period ended June 30, 2025, there were 214,971 outstanding stock options and 35,486 unvested restricted stock awards included in the calculation of diluted weighted average shares outstanding, as such securities were dilutive, resulting in 21,856 potential common shares included in the calculation of diluted EPS.
There were 649,990 outstanding stock options for the three-month period ended June 30, 2026, and 783,093 outstanding stock options for the comparable three-month period ended June 30, 2025, that were not included in the calculation of diluted weighted average shares outstanding as the effect would be anti-dilutive.
For the six-month period ended June 30, 2026, there were 203,705 outstanding stock options and 19,543 unvested restricted stock awards included in the calculation of diluted weighted average shares outstanding, resulting in 44,992 potential common shares included in the calculation of diluted EPS. For the comparable six-month period ended June 30, 2025, there were 214,971 outstanding stock options and 35,486 unvested restricted stock awards included in the calculation of diluted weighted average shares outstanding, resulting in 37,237 potential common shares included in the calculation of diluted EPS.
There were 741,740 and 783,093 outstanding stock options for the six-month periods ended June 30, 2026 and 2025, respectively, not included in the calculation of diluted weighted average shares outstanding as the effect would be anti-dilutive.
4.
SUPPLEMENTAL BALANCE SHEET INFORMATION
Fair Value Measurements and Disclosures
The fair value of financial instruments approximated their carrying values at June 30, 2026, and December 31, 2025. 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. The carrying value of long-term debt approximates fair value, as the variable interest rates approximate current market rates.
7
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:
June 30,
December 31,
2026
2025
Raw materials
$
46,516
$
42,150
Work in process
6,010
4,045
Finished goods
6,219
7,813
Total
$
58,745
$
54,008
Property, Plant and Equipment, Net
Major classes of property, plant and equipment consisted of the following:
June 30,
December 31,
2026
2025
Land
$
4,693
$
4,693
Buildings and leasehold improvements
30,878
30,179
Machinery and equipment
65,383
63,556
Furniture and fixtures
3,240
3,195
Computer hardware and software
9,413
8,164
Construction in process
762
3,129
114,369
112,916
Less: Accumulated depreciation
(74,855
)
(72,519
)
Property, plant and equipment, net
$
39,514
$
40,397
Depreciation expense for property, plant and equipment was as follows:
Three-month period ended
Six-month period ended
June 30,
June 30,
June 30,
June 30,
2026
2025
2026
2025
Depreciation expense
$
1,056
$
1,008
$
2,110
$
1,958
Goodwill
The following table summarizes the goodwill activity by segment for the six-month period ended June 30, 2026:
Battery &
Energy
Communications
Products
Systems
Total
Balance – December 31, 2025
$
33,883
$
11,493
$
45,376
Effect of foreign currency translation
(7
)
-
(7
)
Balance – June 30, 2026
$
33,876
$
11,493
$
45,369
8
Other Intangible Assets, Net
The composition of other intangible assets was:
at June 30, 2026
Accumulated
Cost
Amortization
Net
Customer relationships
$
18,291
$
8,809
$
9,482
Patents and technology
5,746
5,637
109
Other
1,500
705
795
Total other intangible assets
$
25,537
$
15,151
$
10,386
at December 31, 2025
Accumulated
Cost
Amortization
Net
Customer relationships
$
18,333
$
8,360
$
9,973
Patents and technology
5,762
5,635
127
Other
1,500
667
833
Total other intangible assets
$
25,595
$
14,662
$
10,933
The change in the cost of total intangible assets from December 31, 2025, to June 30, 2026, is the effect of foreign currency translations.
Amortization expense for other intangible assets was as follows:
Three-month period ended
Six-month period ended
June 30