Inventory |
Inventory The following table summarizes the components of our inventory, net of allowance for obsolescence, as of the dates presented: | | | | | | | | | | | | | June 30, | | December 31, | | 2025 | | 2024 | Raw materials, net of allowance of $1,499 and $4,379, respectively | $ | 17,576 | | | $ | 17,706 | | Work-in-process | 758 | | | 345 | | Inventory - current | 18,334 | | | 18,051 | | Raw materials - long term, net of allowance of $1,020 and $1,488, respectively | — | | | — | | Total inventory | $ | 18,334 | | | $ | 18,051 | |
Our long-term inventory, which is fully reserved for obsolescence, consists of raw materials that remain viable but with limited market opportunities. The following table summarizes the changes in our allowance for obsolescence for the periods presented: | | | | | | | | | | | | | June 30, | | December 31, | | 2025 | | 2024 | Beginning balance | $ | 5,867 | | | $ | 4,004 | | Allowance for obsolescence | 61 | | | 1,863 | | Write-offs | (3,409) | | | — | | Ending balance | $ | 2,519 | | | $ | 5,867 | |
The substantial write-off of the allowance for obsolescence during the six months ended June 30, 2025 reflects the disposal of inventory items, including engines, frames and coolers, among other items that were previously held and reserved at our former Midland, Texas fabrication facility.
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