Note 9. Goodwill and Intangible Assets

As of October 31, 2024, the Company had goodwill of $4.1 million and intangible assets of $14.8 million that were recorded in connection with the Company’s 2012 acquisition of Versa Power Systems, Inc. (“Versa Inc.”) and the 2019 Bridgeport Fuel Cell Project acquisition. During the three month period ended July 31, 2025, the Company recognized impairment expenses related to the goodwill in Versa Inc. of $4.1 million and impairment expenses related to IPR&D intangible assets in Versa Inc. of $9.3 million, as a result of certain actions taken by the Company pursuant to the restructuring plan undertaken by the Company in June 2025. As of July 31, 2025, the Company had intangible assets of $4.2 million that were recorded in connection with the 2019 Bridgeport Fuel Cell Project acquisition. See Note 5. “Impairment and Restructuring” for additional information regarding the restructuring plan and the impairment expenses.

The Versa Inc. acquisition intangible asset represented an indefinite-lived IPR&D asset for cumulative research and development efforts associated with the development of solid oxide fuel cell stationary power generation. Amortization expense for the Bridgeport Fuel Cell Project-related intangible asset for each of the three month periods ended July 31, 2025 and 2024 was $0.3 million, and for each of the nine month periods ended July 31, 2025 and 2024 was $1.0 million.

The following tables summarize the carrying value of the Company’s intangible assets as of July 31, 2025 and October 31, 2024 (in thousands):

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