Inventories

3 Months Ended

Jan. 31, 2023

Inventories

Inventories

Note 6. Inventories

Inventories (current and long-term) as of January 31, 2023 and October 31, 2022 consisted of the following (in thousands):

	January 31,		October 31,
	2023		2022
Raw materials	$	39,395	$	30,624
Work-in-process (1)		69,330		67,834
Inventories		108,725		98,458
Inventories – current		(101,176)		(90,909)
Inventories – long-term (2)	$	7,549	$	7,549

(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. Included in work-in-process as of January 31, 2023 and October 31, 2022 was $58.8 million and $54.0 million, respectively, of completed standard components and modules.

(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.