Inventory

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Inventory

Inventory

As of December 31, 2021, inventory is comprised of raw materials, labor, and overhead costs incurred for the production of the Company’s rockets and bridge ventilator spare parts. As of December 31, 2020, inventory was comprised entirely of bridge ventilator spare parts given technological feasibility was not reached until January 2021. Inventory consists of the following as of December 31, 2021 and December 31, 2020:

	As of
	December 31, 2021		December 31, 2020
	(In thousands)
Raw materials	$	18,890	$	66
Work in process	27,123		—
Inventories, gross	46,013		66
Provision for contract losses	(11,626)		—
Reserve for inventory excess and obsolescence	(460)		—
Inventory	$	33,927	$	66

For the year ended December 31, 2021, the Company determined inventory related to certain near-term rocket builds was not recoverable. As a result, the Company recognized an expense of $4.1 million to write-down inventory to our estimated net realizable value.