Inventories are stated at the lower of cost (first-in, first-out) or net realizable value. Significant cost elements included in inventory are raw materials, labor, freight, subcontract costs, and manufacturing overhead. As necessary, we write down inventory to its net realizable value by recording provisions for excess, slow moving and obsolete inventory. To determine provision amounts, we regularly review inventory quantities on hand and values, and compare them to estimates of future product demand, market conditions, production requirements and technological developments.


	Arcadia Products		DynaEnergetics		NobelClad		DMC Global Inc.
Raw materials	$	13,382	$	17,899	$	7,247	$	38,528
Work-in-process	8,427		10,994		18,458		37,879
Finished goods	61,672		28,313		648		90,633
Supplies	—		—		269		269
Total inventories	$	83,481	$	57,206	$	26,622	$	167,309

Inventories consisted of the following at December 31, 2025:


	Arcadia Products		DynaEnergetics		NobelClad		DMC Global Inc.
Raw materials	$	9,382	$	24,240	$	9,060	$	42,682
Work-in-process	6,797		10,036		10,244		27,077
Finished goods	50,257		23,942		314		74,513
Supplies	—		—		280		280
Total inventories	$	66,436	$	58,218	$	19,898	$	144,552