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	$	15,156	$	19,819	$	4,901	$	39,876
Work-in-process	9,150		11,536		18,231		38,917
Finished goods	62,780		30,405		143		93,328
Supplies	—		—		225		225
Total inventories	$	87,086	$	61,760	$	23,500	$	172,346

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