Inventories

12 Months Ended

Oct. 31, 2023

Inventories

Inventories

Note 5. Inventories

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

	October 31,		October 31,
	2023		2022
Raw materials	$	36,200	$	30,624
Work-in-process (1)		55,585		67,834
Inventories		91,785		98,458
Inventories – current		(84,456)		(90,909)
Inventories – long-term (2)	$	7,329	$	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 platform 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 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.