Inventories, net consisted of the following (in thousands):


	June 30,		December 31,
	2026		2025
Raw materials	$	15,586	$	16,160
Consumables	5,745		8,021
Work in progress	2,240		3,633
Finished goods	9,860		5,395
Total inventories, net	$	33,431	$	33,209

Inventory write-downs as a result of excess, obsolescence, scrap or other reasons are recorded in cost of sales in the Company’s consolidated statements of operations. For the three months ended June 30, 2026 and 2025, inventory write-downs were $1.2 million and $2.5 million, respectively. For the six months ended June 30, 2026 and 2025, inventory write-downs were $3.1 million and $3.2 million, respectively. Inventory write-downs were mainly related to inventory in excess of expected demand, shelf-life expiration and inventory costs incurred on cancelled and failed batches. Inventory amounts above are net of the associated inventory write-downs.