Inventories

9 Months Ended

Jul. 31, 2025

Inventories

Note 7. Inventories

Inventories (current and long-term) as of July 31, 2025 and October 31, 2024 consisted of the following (in thousands):


		July 31,			October 31,
		2025			2024
Raw materials		$	36,360		$	35,989
Work-in-process ⁽¹⁾			70,981			80,457
Inventories			107,341			116,446
Inventories – current			(104,598)			(113,703)
Inventories – long-term ⁽²⁾		$	2,743		$	2,743

(1)	Work-in-process includes the standard components of inventory used to build the typical modules or module components that are intended to be used in future project asset construction or power plant orders or for use under the Company’s service agreements.

(2)	Long-term inventory includes modules that are contractually required to be segregated for use as exchange modules for specific project assets.

Raw materials consist mainly of various nickel powders and steels, various other components used in producing cell stacks and purchased components for balance of plant. Work-in-process inventory is comprised of material, labor, and overhead costs incurred to build fuel cell stacks and modules, which are subcomponents of a power platform.

During the three month period ended July 31, 2025, the Company recognized an impairment expense of $9.0 million related to certain solid oxide inventories as a result of certain actions taken by the Company pursuant to the restructuring plan undertaken by the Company in June 2025. See Note 5. “Impairment and Restructuring” for additional information regarding the restructuring plan and the impairment expense.