Inventories

12 Months Ended

Oct. 31, 2021

Inventories

Inventories

Note 6. Inventories

Inventories (short and long-term) as of October 31, 2021 and 2020 consisted of the following (in thousands):

	October 31,		October 31,
	2021		2020
Raw materials	$	25,968	$	21,726
Work-in-process (1)		45,692		38,231
Inventories		71,660		59,957
Inventories - short-term		(67,074)		(50,971)
Inventories - long-term (2)	$	4,586	$	8,986

(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 platform orders or for use under the Company’s service agreements. Included in work-in-process as of October 31, 2021 and 2020 was $39.7 million and $19.6 million, respectively, of completed standard components and modules.

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

Raw materials consist mainly of various nickel powders and steels, various other components used in producing cell stacks and purchased components for BOP. 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.

The Company incurred costs associated with excess plant capacity including unabsorbed overhead and manufacturing variances of $6.3 million and $8.4 million for the years ended October 31, 2021 and 2020, respectively, which were included within product cost of revenues on the Consolidated Statements of Operations and Comprehensive Loss.