Inventories

6 Months Ended

Apr. 30, 2024

Inventories

Inventories

Note 6. Inventories

Inventories (current and long-term) as of April 30, 2024 and October 31, 2023 consisted of the following (in thousands):

	April 30,		October 31,
	2024		2023
Raw materials	$	39,729	$	36,200
Work-in-process (1)		76,932		55,585
Inventories		116,661		91,785
Inventories – current		(113,918)		(84,456)
Inventories – long-term (2)	$	2,743	$	7,329

(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.