Quarterly report pursuant to Section 13 or 15(d)

Inventory

v3.22.2.2
Inventory
 9 Months Ended
Sep. 30, 2022
Inventory Disclosure [Abstract]  
Inventory Inventory
As of September 30, 2022 and December 31, 2021, inventory is comprised of raw materials, labor, and overhead costs incurred for the production of the Company’s rockets.
As of
September 30,
2022		 December 31,
2021
(In thousands)
Raw materials
 $ 31,617  $ 18,890 
Work in process
 57,402  27,123 
Inventories, gross
 89,019  46,013 
Provision for contract losses against inventory
 (17,895) (11,626)
Reserve for inventory excess and obsolescence
 (1,895) (460)
Inventory
 $ 69,229  $ 33,927 

As of September 30, 2022, the Company determined inventory related to certain rocket builds were not recoverable. The change in provision for contract losses against inventory of $6.3 million and reserve for inventory excess and obsolescence of $1.4 million were recorded for the nine months ended September 30, 2022. During the three months ended September 30, 2022, change in provision for contract losses against inventory was $12.1 million and reserve for inventory excess and obsolescence of $1.0 million were recorded.