Quarterly report pursuant to Section 13 or 15(d)

Inventory

v3.23.3
Inventory
 9 Months Ended
Oct. 01, 2023
Inventory Disclosure [Abstract]  
Inventory Inventory
Inventory is stated at the lower of cost or net realizable value (“NRV”) on a first-in and first-out basis. Cost includes materials, labor, and normal manufacturing overhead related to the purchase and production of inventories. The Company values its inventory periodically to the lower of cost or NRV and records the difference to cost of revenue. Inventory consists of the following components (in thousands).
October 1, 2023 January 1, 2023
Raw materials $ —  $ 481 
Work-in-process 15  106 
Finished goods 200  47 
Total inventory $ 215  $ 634 
In connection with the restructuring plan as described in the Note 15 “Restructuring Costs,” the Company wrote off $0.6 million of raw materials as Restructuring cost in the Condensed Consolidated Statements of Operations for the quarter and fiscal year-to-day ended October 1, 2023. There was no write-off of inventory recorded for the corresponding periods in the prior year.