Earnings Per Share

6 Months Ended

Nov. 30, 2023

Basic net income (loss) per share (“EPS”) of common stock is computed by dividing the Company’s net earnings (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted EPS reflects the potential dilution that could occur if the securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity.

Potentially dilutive securities are excluded from the computation of diluted net loss per share as their inclusion would be anti-dilutive. The table below shows the calculation for earnings per share:


	Three Months Ended				Six Months Ended
	November 30, 2023		November 30, 2022		November 30, 2023		November 30, 2022
Net loss	$	(10,529)	$	(26,750)	$	(22,383)	$	(31,409)
Net loss attributable to noncontrolling interest	—		(133)		(397)		(261)
Net loss attributable to Applied Digital Corporation	$	(10,529)	$	(26,617)	$	(21,986)	$	(31,148)

Basic and diluted net loss per share attributable to Applied Digital Corporation	$	(0.10)	$	(0.28)	$	(0.21)	$	(0.33)
Basic and diluted weighted average number of shares outstanding	109,663,030		93,422,427		105,067,375		93,263,266