Inventory

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Inventory

Inventory

Inventory consisted of the following (in thousands):

	June 30, 2023		December 31, 2022
Raw materials	$	10,892	$	13,912
Semi-finished goods	12,596		21,410
Finished goods	—		1,361
Total inventory	$	23,488	$	36,683

Inventory write-downs as a result of excess, obsolescence, expiry, or other reasons, and losses on firm purchase commitments, offset by recoveries of such commitments, are recorded as a component of cost of sales in our consolidated statements of operations. For the three and six months ended June 30, 2023, inventory write-downs were $19.1 million and $31.5 million, respectively and losses on firm purchase commitments were $0.7 million and $8.5 million, respectively. In addition, for the three and six months ended June 30, 2023 the Company recorded recoveries on firm purchase commitments of $17.9 million and $18.8 million, respectively, related primarily to negotiated reductions to previously recognized firm purchase commitments. For the three and six months ended June 30, 2022, inventory write-downs and losses on firm purchase commitments were $155.7 million and $99.6 million, respectively.