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Inventory
9 Months Ended
Sep. 30, 2025
Inventory Disclosure [Abstract]  
Inventory

4. Inventory

 

The Company’s inventory consisted of the following as of September 30, 2025 and December 31, 2024 (in thousands):

 

 

 

September 30,

 

 

December 31,

 

 

 

2025

 

 

2024

 

Raw materials

 

$

52,183

 

 

$

54,385

 

Semi-finished goods

 

 

107,463

 

 

 

92,872

 

Finished goods

 

 

4,082

 

 

 

9,860

 

Total inventory

 

$

163,728

 

 

$

157,117

 

 

The Company's long-term inventory balance consists of raw materials as of September 30, 2025, and raw materials and semi-finished goods as of December 31, 2024, that are not expected to be sold within the Company's normal operating cycle.

Inventory amounts written down as a result of excess, obsolescence, unmarketability or other reasons are charged to cost of sales. The Company's reserve for excess and obsolete inventory was $19.6 million and $19.0 million as of September 30, 2025 and December 31, 2024, respectively.