Goodwill and Intangible Assets

12 Months Ended

Oct. 31, 2025

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Note 9. Goodwill and Intangible Assets

As of October 31, 2024, the Company had goodwill of $4.1 million and intangible assets of $14.8 million that were recorded in connection with the Company’s 2012 acquisition of Versa Power Systems, Inc. (“Versa Inc.”) and the 2019 Bridgeport Fuel Cell Project acquisition.

The Versa Inc. acquisition intangible asset represented indefinite-lived IPR&D for cumulative research and development efforts associated with the development of solid oxide fuel cell stationary power generation. As a result of the restructuring plan undertaken by the Company in June 2025, which ceased certain commercialization and capacity expansion activities related to its solid oxide technology primarily performed by the Versa reporting unit, the Company recognized impairment expenses equal to the carrying value of the goodwill in Versa Inc. of $4.1 million, and impairment expenses equal to the carrying value of the IPR&D intangible assets in Versa Inc. of $9.3 million during the year ended October 31, 2025. See Note 4. “Impairment and Restructuring” for additional information regarding the restructuring plan and the impairment expenses. Additionally, there were no impairments of goodwill or the IPR&D intangible asset during the years ended October 31, 2024 and 2023.  

As of October 31, 2025, the Company had intangible assets of $3.9 million that were recorded in connection with the 2019 Bridgeport Fuel Cell Project acquisition.

Amortization expense for the Bridgeport Fuel Cell Project-related intangible asset was $1.3 million for each of the years ended October 31, 2025, 2024 and 2023.

The following tables summarize the Company’s intangible assets as of October 31, 2025 and 2024 (in thousands):

As of October 31, 2025	Gross Amount		Accumulated Amortization		Net Amount
In-Process Research and Development	$	-	$	-	$	-
Bridgeport PPA		12,320		(8,429)		3,891
Total	$	12,320	$	(8,429)	$	3,891
As of October 31, 2024	Gross Amount		Accumulated Amortization		Net Amount
In-Process Research and Development	$	9,592	$	-	$	9,592
Bridgeport PPA		12,320		(7,133)		5,187
Total	$	21,912	$	(7,133)	$	14,779

Amortization expense is recorded on a straight-line basis and future amortization expense will be $1.3 million per year until the Bridgeport PPA is fully amortized.