INVENTORIES

6 Months Ended

Jun. 30, 2025

Inventories are stated at the lower of cost (first-in, first-out) or net realizable value. Significant cost elements included in inventory are raw materials, labor, freight, subcontract costs, and manufacturing overhead. As necessary, we write down inventory to its net realizable value by recording provisions for excess, slow moving and obsolete inventory. To determine provision amounts, we regularly review inventory quantities on hand and values, and compare them to estimates of future product demand, market conditions, production requirements and technological developments.

Inventories consisted of the following at June 30, 2025:


	Arcadia Products		DynaEnergetics		NobelClad		DMC Global Inc.
Raw materials	$	7,547	$	27,461	$	6,310	$	41,318
Work-in-process	5,717		10,599		8,867		25,183
Finished goods	51,983		25,554		257		77,794
Supplies	—		—		262		262
Total inventories	$	65,247	$	63,614	$	15,696	$	144,557

Inventories consisted of the following at December 31, 2024:


	Arcadia Products		DynaEnergetics		NobelClad		DMC Global Inc.
Raw materials	$	9,548	$	25,831	$	6,624	$	42,003
Work-in-process	5,942		10,201		14,248		30,391
Finished goods	57,495		22,038		374		79,907
Supplies	—		—		279		279
Total inventories	$	72,985	$	58,070	$	21,525	$	152,580