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INVENTORIES

12 Months Ended

Dec. 31, 2024

INVENTORIES

NOTE 7—INVENTORIES

Inventories, which are comprised of chemicals and raw materials available for resale and parts and consumables used in operations, are valued at the lower of cost and net realizable value, with cost determined under the weighted-average method. The significant components of inventory are as follows:


		As of December 31,
		2024			2023

		(in thousands)
Raw materials		$	24,884		$	25,183
Finished goods			13,563			13,470
Total		$	38,447		$	38,653

During the year ended December 31, 2024, the Company recorded net credits to the reserve for excess and obsolete inventory of $0.6 million. During the year ended December 31, 2023, the Company recorded charges to the reserve for excess and obsolete inventory of $2.3 million. Both credits and charges to the reserve for excess and obsolete inventory were recognized within costs of revenue on the accompanying consolidated statements of operations. The Company’s inventory reserve was $4.8 million and $5.5 million as of the years ended December 31, 2024 and December 31, 2023, respectively. The reserve for excess and obsolete inventories is determined based on the Company’s historical usage of inventory on hand, as well as future expectations, and the amount necessary to reduce the cost of the inventory to its estimated net realizable value.