Inventory

3 Months Ended

Mar. 31, 2024

Inventory consisted of the following (in thousands):


	March 31, 2024		December 31, 2023
Raw materials	$	5,295	$	6,614
Semi-finished goods	8,984		7,392
Finished goods	1,499		27,690
Total inventory	$	15,778	$	41,696

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 the Company’s consolidated statements of operations. For the three months ended March 31, 2024, inventory write-downs were $8.8 million. For the three months ended March 31, 2023, inventory write-downs were $12.5 million and losses on firm purchase commitments were $7.7 million. In addition, for the three months ended March 31, 2023 the Company recorded recoveries on

firm purchase commitments of $0.8 million related primarily to negotiated reductions to previously recognized firm purchase commitments