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Note 7 - Inventories

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Inventory Disclosure [Text Block]

Note 7. Inventories

Inventories, net of inventory write-downs, consist of the following for the periods indicated (in thousands):

		*September 30, 2023*				*December 31, 2022*
Raw materials		$	26,566			$	25,732
Work in process and sub-assemblies			32,838				39,563
Finished goods			8,129				14,384
Total inventories		$	67,533			$	79,679

For the three months ended September 30, 2023 and 2022, the inventory reserve adjustment expensed for inventory was $2.4 million, and $1.4 million, respectively. For the nine months ended September 30, 2023 and 2022, the inventory reserve adjustment expensed for inventory was $7.5 million, and $3.9 million, respectively.

For the three months ended September 30, 2023 and 2022, the direct inventory write-offs related to scrap, discontinued products, and damaged inventories were $1.5 million and $1.1 million, respectively. For the nine months ended September 30, 2023 and 2022, the direct inventory write-offs related to scrap, discontinued products, and damaged inventories were $8.4 million and $3.8 million, respectively.