Annual report [Section 13 and 15(d), not S-K Item 405]

Note 8 - Inventory

v3.25.4
Note 8 - Inventory
12 Months Ended
Nov. 30, 2025
Notes to Financial Statements  
Inventory Disclosure [Text Block]

8.

INVENTORY

 

The following table summarizes inventory (in thousands):

 

               
   

November 30,

   

November 30,

 
   

2025

   

2024

 

Raw materials

  $ 18,736     $ 10,307  

Work in process

    4,387       3,433  

Finished goods

    9,571       6,232  

Total

  $ 32,694     $ 19,972  

 

The Company reviews inventory for excess and obsolete products and records provisions based on its estimate of the probability that material will not be consumed in production or will be sold below cost. Inventory increased from $20.0 million as of November 30, 2024 to $32.7 million as of November 30, 2025, primarily due to planned production increases to support the expansion of the wholesale and retail segment and the launch of new product configurations. The Company recorded an inventory reserve of $0.4 million at  November 30, 2025 related to slow‑moving components and discontinued SKUs, which is consistent with the $0.4 million inventory reserve recorded at November 30, 2024.