Annual report pursuant to Section 13 and 15(d)

Inventory

v3.23.1
Inventory
 12 Months Ended
Dec. 31, 2022
Inventory Disclosure [Abstract]  
Inventory Inventory
As of December 31, 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
December 31,
2022		 December 31,
2021
(In thousands)
Raw materials
 $ 48,188  $ 18,890 
Work in process
 $ 66,710  27,123 
Inventories, gross
 $ 114,898  46,013 
Provision for contract losses against inventory
 $ (35,370) (11,626)
Reserve for inventory excess and obsolescence
 $ (2,466) (460)
Inventory
 $ 77,062  $ 33,927 
As of December 31, 2022, the Company determined inventory related to certain rocket builds were not recoverable. The change in provision for contract losses against inventory of $35.4 million and reserve for inventory excess and obsolescence of $2.5 million were recorded for the year ended December 31, 2022.