The Company’s inventory consisted of the following as of June 30, 2024 and December 31, 2023 (in thousands):


	June 30,		December 31,
	2024		2023
Raw materials	$	50,474	$	32,724
Semi-finished goods		116,542		82,924
Finished goods		8,777		30,714
Total inventory	$	175,793	$	146,362

The Company classifies its inventory as long-term when consumption or sale of the inventory is expected beyond twelve months. The Company's long-term inventory balance consists of raw materials that are not expected to be consumed with in twelve months.

Inventory amounts written down as a result of excess, obsolete, unmarketability or other reasons are charged to cost of sales. The Company's reserve for excess and obsolete inventory was $5.6 million and $9.3 million as of June 30, 2024 and December 31, 2023, respectively.