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Project Assets | 6 Months Ended
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Apr. 30, 2026
Project Assets |
Project Assets | Note 8. Project Assets Project assets as of April 30, 2026 and October 31, 2025 consisted of the following (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | April 30, | ​ | October 31, | ​ | Estimated
​ | ​ ​ ​ | 2026 | ​ ​ ​ | 2025 | ​ ​ ​ | Useful Life
Project Assets – Operating | ​ | $ | 252,430 | ​ | $ | 306,697 | ​ | 4-20 years
Accumulated depreciation | ​ | ​ | (86,000) | ​ | ​ | (90,622) | ​ | ​
Project Assets – Operating, net | ​ | ​ | 166,430 | ​ | ​ | 216,075 | ​ | ​
Project Assets – Construction in progress | ​ | ​ | 1,082 | ​ | ​ | 772 | ​ | 7-20 years
Project Assets, net | ​ | $ | 167,512 | ​ | $ | 216,847 | ​ | ​
​ The estimated useful lives of these project assets are 20 years for balance of plant and site construction, and four to seven years for modules. Project assets as of April 30, 2026 and October 31, 2025 included twelve completed, commissioned installations generating power with respect to which the Company has a PPA with the end-user of power and site host with a net aggregate value of $166.4 million and $216.1 million as of April 30, 2026 and October 31, 2025, respectively. Certain of these assets are the subject of sale-leaseback arrangements with Crestmark Equipment Finance (“Crestmark”). See Note 5. “Restructuring and Impairment” for information regarding the impairment expense to Project assets during the three and six month periods ended April 30, 2026. There was no impairment expense during the three and six month periods ended April 30, 2025. Project assets as of April 30, 2026 and October 31, 2025 also include installations with carrying values of $1.1 million and $0.8 million, respectively, which are being developed and constructed by the Company in connection with a project for which we have entered into a PPA. Project construction costs incurred for long-term project assets are reported as investing activities in the Consolidated Statements of Cash Flows.

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