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Inventories
12 Months Ended
Oct. 31, 2022
Inventories  
Inventories

Note 4. Inventories

Inventories (short and long-term) as of October 31, 2022 and 2021 consisted of the following (in thousands):

October 31,

October 31,

    

2022

    

2021

Raw materials

$

30,624

$

25,968

Work-in-process (1)

67,834

45,692

Inventories

98,458

71,660

Inventories – current

(90,909)

(67,074)

Inventories – long-term (2)

$

7,549

$

4,586

(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, 2022 and 2021 was $54.0 million and $39.7 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.