$APLD
Applied Digital Corp.
CIK:0001144879|SEC Filings
Consolidated Statements of Operations - USD ($) $ in Thousands |
12 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|
May 31, 2026 |
May 31, 2025 |
May 31, 2024 |
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| Revenue: | |||||||||
| Data center rental and other revenue | $ 114,702 | $ 0 | $ 0 | ||||||
| Total revenue | 611,311 | 228,569 | 165,575 | ||||||
| Costs and expenses: | |||||||||
| Services cost of revenue | 396,858 | 216,759 | 148,340 | ||||||
| Data center rental and other cost of revenue | 56,771 | 0 | 0 | ||||||
| Selling, general and administrative | [1] | 332,096 | 107,877 | 97,776 | |||||
| Loss (gain) on classification as held for sale | [2] | (59,650) | 24,616 | (15,417) | |||||
| Loss on abandonment of assets | 2,398 | 724 | 0 | ||||||
| Loss from legal settlement | 0 | 0 | 2,380 | ||||||
| Total costs and expenses | 847,773 | 300,744 | 263,913 | ||||||
| Segment profit | (236,462) | (72,175) | (98,338) | ||||||
| Interest expense, net | [3] | 29,516 | 32,139 | 27,517 | |||||
| Gain on change in fair value of derivatives | (75,818) | 0 | 0 | ||||||
| Gain on change in fair value of investments | (10,840) | 0 | 0 | ||||||
| Loss on conversion of debt | 0 | 33,612 | 0 | ||||||
| Loss on change in fair value of debt | 0 | 85,439 | 7,401 | ||||||
| Loss on change in fair value of related party debt | 0 | 0 | 8,116 | ||||||
| Loss on change in fair value of warrants | 2,212 | 6,421 | 0 | ||||||
| Net loss from continuing operations before income tax expenses | (181,532) | (230,963) | (149,575) | ||||||
| Income tax expense | (1,787) | (102) | (96) | ||||||
| Net loss from continuing operations | (183,319) | (231,065) | (149,671) | ||||||
| Net loss from discontinued operations | (1,020) | 0 | 0 | ||||||
| Net loss | (184,339) | (231,065) | (149,671) | ||||||
| Net loss attributable to noncontrolling interest and redeemable noncontrolling interest | (59,665) | 0 | (397) | ||||||
| Preferred dividends | (6,259) | (2,615) | 0 | ||||||
| Net loss attributable to common stockholders | (250,263) | (233,680) | (149,274) | ||||||
| Net loss attributable to common stockholders | |||||||||
| Continuing operations | (249,243) | (233,680) | (149,274) | ||||||
| Discontinued operations | (1,020) | 0 | 0 | ||||||
| Net loss attributable to common stockholders | $ (250,263) | $ (233,680) | $ (149,274) | ||||||
| Basic and diluted net loss per share attributable to common stockholders | |||||||||
| Continuing operations, basic (in dollars per share) | $ (0.91) | $ (1.16) | $ (1.31) | ||||||
| Continuing operations, diluted (in dollars per share) | (0.91) | (1.16) | (1.31) | ||||||
| Discontinued operations, basic (in dollars per share) | 0 | 0 | 0 | ||||||
| Discontinued operations, diluted (in dollars per share) | 0 | 0 | 0 | ||||||
| Basic net loss per share attributable to common stockholders (in dollars per share) | (0.91) | (1.16) | (1.31) | ||||||
| Diluted net loss per share attributable to common stockholders (in dollars per share) | $ (0.91) | $ (1.16) | $ (1.31) | ||||||
| Basic weighted average number of shares outstanding (in shares) | 275,194,755 | 201,194,451 | 114,061,414 | ||||||
| Diluted weighted average number of shares outstanding (in shares) | 275,194,755 | 201,194,451 | 114,061,414 | ||||||
| Nonrelated Party | |||||||||
| Revenue: | |||||||||
| Services revenue | $ 496,609 | $ 226,643 | $ 150,814 | ||||||
| Costs and expenses: | |||||||||
| Loss on extinguishment of debt | 0 | 1,177 | 0 | ||||||
| Loss on change in fair value of warrants | 2,212 | 6,421 | 0 | ||||||
| Related Party | |||||||||
| Revenue: | |||||||||
| Services revenue | 0 | 1,926 | 14,761 | ||||||
| Costs and expenses: | |||||||||
| Selling, general and administrative | 300 | 300 | 600 | ||||||
| Interest expense, net | 5,700 | ||||||||
| Loss on extinguishment of debt | 0 | 0 | 2,507 | ||||||
| Loss on change in fair value of warrants | $ 0 | $ 0 | $ 5,696 | ||||||
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