ULTRALIFE CORP Leases Disclosure
Note 8 – Operating Leases
The Company has operating leases predominantly for operating facilities. As of December 31, 2025, the remaining lease terms on our operating leases range from approximately one (1) year to seven (7) years. Lease terms include renewal options reasonably certain of exercise. There is no transfer of title or option to purchase the leased assets upon expiration. There are no residual value guarantees or material restrictive covenants.
The components of lease expense for the current and prior-year comparative periods were as follows:
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Year ended December 31, |
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2025 |
2024 |
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Operating lease cost |
$ | 1,166 | $ | 1,101 | ||||
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Variable lease cost |
93 | 100 | ||||||
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Total lease cost |
$ | 1,259 | $ | 1,201 | ||||
Supplemental cash flow information related to leases was as follows:
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Year ended December 31, |
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2025 |
2024 |
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Cash paid for amounts included in the measurement of lease liabilities: |
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Operating cash flows from operating leases |
$ | 1,151 | $ | 1,108 | ||||
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Right-of-use assets obtained in exchange for lease liabilities: |
$ | 57 | $ | 1,706 | ||||
Supplemental balance sheet information related to leases was as follows:
|
December 31, |
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Balance Sheet Classification |
2025 |
2024 |
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Assets: |
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Operating lease right-of-use asset |
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$ | 3,344 | $ | 4,153 | ||||
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Liabilities: |
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Current operating lease liability |
Accrued expenses and other current liabilities |
$ | 976 | $ | 1,138 | ||||
|
Operating lease liability, net of current portion |
Other noncurrent liabilities |
2,357 | 2,998 | ||||||
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|
$ | 3,333 | $ | 4,136 | |||||
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Weighted-average remaining lease term (years) |
4.1 | 4.5 | |||||||
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Weighted-average discount rate |
7.1 | % | 6.7 | % | |||||
Future minimum lease payments as of December 31, 2025, are as follows:
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Maturity of Operating Lease Liabilities |
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|
2026 |
$ | 1,013 | ||
|
2027 |
944 | |||
|
2028 |
933 | |||
|
2029 |
580 | |||
|
2030 |
156 | |||
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Thereafter |
196 | |||
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Total lease payments |
$ | 3,822 | ||
|
Less: Imputed interest |
(489 | ) | ||
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Present value of remaining lease payments |
$ | 3,333 |
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 23, 2026 | Showing above |
| 2024 | Apr 1, 2025 | |
| 2023 | Mar 21, 2024 | |
| 2022 | Mar 31, 2023 | |
| 2021 | Mar 8, 2022 | |
| 2020 | Feb 4, 2021 | |
| 2019 | Feb 6, 2020 | |
| 2017 | Feb 8, 2018 | |
| 2016 | Feb 9, 2017 | |
| 2015 | Mar 2, 2016 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.