Property and Equipment

6 Months Ended

Nov. 30, 2023

Property, Plant and Equipment [Abstract]

Property and equipment consisted of the following as of November 30, 2023, and May 31, 2023 (in thousands):


	Estimated Useful Life	November 30, 2023		May 31, 2023
Electric generation and transformers	15 years	$	13,169	$	4,655
Other equipment and fixtures	5 years - 7 years	5,074		1,684
Construction in progress		70,846		106,226
Information systems and software	5 years	41,295		21,173
Land and building
Land		6,213		2,152
Land improvements	15 years	1,391		1,293
Building	39 years	129,815		63,350
Leasehold improvements	3 years - 7 years	468		—
Total cost of property and equipment		268,271		200,533
Accumulated depreciation		(9,763)		(4,940)
Property and equipment, net		$	258,508	$	195,593

Depreciation expense totaled $2.6 million and $4.9 million for the three and six months ended November 30, 2023 and $0.8 million and $1.7 million for the three and six months ended November 30, 2022.