Quarterly report pursuant to Section 13 or 15(d)

Inventory

v3.22.2.2
Inventory
 3 Months Ended
Mar. 31, 2022
Inventory Disclosure [Abstract]  
Inventory Inventory
As of March 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
March 31,
2022		 December 31,
2021
(In thousands)
Raw materials
 $ 21,738  $ 18,890 
Work in process
 29,839  27,123 
Inventories, gross
 51,577  46,013 
Provision for contract losses
 (5,796) (11,626)
Reserve for inventory excess and obsolescence
 (1,053) (460)
Inventory
 $ 44,728  $ 33,927 
As of March 31, 2022, the Company determined inventory related to a certain near-term rocket build was not recoverable. As a result, in addition to $4.1 million of write-downs in previous periods, we wrote down inventory of $1.6 million during the three months ended March 31, 2022 to our estimated net realizable value