Earnings Per Share

9 Months Ended

Feb. 29, 2024

Basic net income (loss) per share (“EPS”) of common stock is computed by dividing a 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				Nine Months Ended
	February 29, 2024		February 28, 2023		February 29, 2024		February 28, 2023
Net loss	$	(62,838)	$	(7,341)	$	(85,221)	$	(38,750)
Net loss attributable to noncontrolling interest	—		(316)		(397)		(577)
Net loss attributable to Applied Digital Corporation	$	(62,838)	$	(7,025)	$	(84,824)	$	(38,173)

Basic and diluted net loss per share attributable to Applied Digital Corporation	$	(0.52)	$	(0.07)	$	(0.77)	$	(0.41)
Basic and diluted weighted average number of shares outstanding	121,426,622		94,119,944		110,500,556		93,545,687