Inventory

3 Months Ended

12 Months Ended

Mar. 31, 2022

Dec. 31, 2021

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, we wrote down inventory of $1.6 million for the three months ended March 31, 2022 to our estimated net realizable value.

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.