Inventory, net (Current and non current)

9 Months Ended

Sep. 30, 2025

Inventory, net (Current and non current)

Inventory, net, consists of the following as of:


(in thousands)	September 30, 2025			December 31, 2024
Raw materials (net of reserves)		$	11,252	$	27,440
Work in progress		182		46
Finished goods		199		—
		$	11,633	$	27,486

Inventory, current portion		$	381	$	27,486
Inventory, non-current portion (1)		$	11,252	$	—

1) Non-current inventory presented as part of Other non-current assets in the Unaudited Condensed Consolidated Balance Sheets

The inventory reserve was $17.7 million and $3.3 million as of September 30, 2025 and December 31, 2024, respectively. During the three and nine months ended September 30, 2025 the Company increased its inventory reserve by $10.6 million and $14.4 million, respectively. Of these amounts, approximately $9.6 million related to market conditions such as anticipated tariffs and higher transportation costs, and approximately $4.8 million, related to excess and obsolete (“E&O”) inventory identified during the period.