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Debt | 6 Months Ended
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Apr. 30, 2026
Debt |
Debt | Note 17. Debt Debt as of April 30, 2026 and October 31, 2025 consisted of the following (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | April 30, | ​ | October 31,
​ | ​ ​ ​ | 2026 | ​ ​ ​ | 2025
Export-Import Bank of the United States - 2025 Financing Facility (2025 EXIM Financing) | ​ | $ | 23,852 | ​ | $ | —
Export-Import Bank of the United States - 2024 Financing Facility (2024 EXIM Financing) | ​ | ​ | 8,483 | ​ | ​ | 9,106
Liberty Bank Term Loan Agreement (Derby Senior Back Leverage Loan Facility) | ​ | ​ | 4,855 | ​ | ​ | 5,204
Connecticut Green Bank Term Loan Agreement (Derby Senior Back Leverage Loan Facility) | ​ | ​ | 2,241 | ​ | ​ | 2,402
Connecticut Green Bank Loan (Derby Subordinated Back Leverage Loan Facility) | ​ | ​ | 3,500 | ​ | ​ | 3,500
Connecticut Green Bank Loan (Groton Subordinated Back Leverage Loan Facility) | ​ | ​ | 7,597 | ​ | ​ | 8,000
Liberty Bank Term Loan Agreement (Groton Senior Back Leverage Loan Facility) | ​ | ​ | 4,717 | ​ | ​ | 4,966
Amalgamated Bank Loan (Groton Senior Back Leverage Loan Facility) | ​ | ​ | 4,682 | ​ | ​ | 4,936
Finance obligation for sale-leaseback transactions | ​ | ​ | 18,837 | ​ | ​ | 18,803
State of Connecticut Loan | ​ | ​ | 4,666 | ​ | ​ | 5,123
OpCo Financing Facility | ​ | ​ | 55,643 | ​ | ​ | 60,868
Deferred finance costs | ​ | ​ | (4,893) | ​ | ​ | (3,265)
Total debt and finance obligations | ​ | ​ | 134,180 | ​ | ​ | 119,643
Current portion of long-term debt and finance obligations | ​ | ​ | (17,351) | ​ | ​ | (15,847)
Long-term debt and finance obligations | ​ | $ | 116,829 | ​ | $ | 103,796
​ 2025 EXIM Financing On November 26, 2025, the Company closed on its second project debt financing transaction (the “2025 EXIM Financing”) with the Export-Import Bank of the United States (“EXIM”) to support the Company’s obligations under its long-term service agreement with Gyeonggi Green Energy Co., Ltd. (“GGE”). In conjunction with this financing, the Company entered into a promissory note and related security agreements securing the loan with equipment liens, resulting in gross proceeds of approximately $25.0 million before deducting customary fees and transaction costs, and net proceeds to the Company of approximately $22.7 million after deducting customary fees and transaction costs of approximately $2.3 million. Interest accrues at a fixed interest rate of 5.29%, and the note is repayable in monthly installments consisting of interest and principal over 7 years from the date of the first debt payment, which was due in December 2025. The credit agreement between the Company and EXIM with respect to the 2025 EXIM Financing contains certain reporting requirements and other affirmative and negative covenants which are customary for transactions of this type. In addition, under this credit agreement and through an amendment to the credit agreement for the Company’s 2024 financing transaction with EXIM (the “2024 EXIM Financing”), the Company is required to maintain, throughout the remaining term of the credit agreement for the 2024 EXIM Financing and the term of the credit agreement for the 2025 EXIM Financing, a total minimum cash balance of $55.0 million. The amendment to the credit agreement for the 2024 EXIM Financing, which was executed in conjunction with and at the same time as the credit agreement for the 2025 EXIM Financing, reduced the total minimum cash balance requirement from $100.0 million to $55.0 million. For the purposes of these credit agreements, cash is defined as the sum of unrestricted cash plus all short-term (but no longer than three months), marketable United States Treasury instruments (as measured based on the maturity amount of each instrument). OpCo Financing Facility Interest Rate Swap – Fair Value Adjustment The Company’s interest rate swap related to the OpCo Financing Facility (as defined elsewhere herein) is recorded at its fair value each reporting period, with the resulting gains/losses recorded to other income/expense. The interest rate swap is a Level 2 asset/liability since the value can be determined based on the observed values for underlying interest rates. The fair value adjustment for the three and six months ended April 30, 2026 resulted in gains of $0.3 million and $0.7 million, respectively. The fair value adjustment for the three and six months ended April 30, 2025 resulted in losses of $1.6 million and $0.8 million, respectively. The Company has recorded a derivative asset within other assets on the Consolidated Balance Sheets, which had an estimated fair value of $0.3 million as of April 30, 2026, and a derivative liability within long-term debt and other liabilities on the Consolidated Balance Sheets, which had an estimated fair value of $0.4 million as of October 31, 2025. ​ Groton Back Leverage Financing See Note 20. “Subsequent Events” for information regarding the Waiver, Consent and Amendment Agreements which were entered into subsequent to April 30, 2026 with respect to the Groton Senior and Subordinated Back Leverage Credit Agreements.

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