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v3.25.2

Business Segments (Tables) | 12 Months Ended
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May 31, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | The following tables present segment information, including revenue by segment and segment profit (loss) for the fiscal years ended May 31, 2025, 2024, and 2023 (in thousands):
| Fiscal Year Ended May 31, 2025
| Data Center Hosting Business |  | HPC Hosting Business
Revenue | $ | 142,267 |  |  | $ | — |
Related party revenue | 1,926 |  |  | — |
Total segment revenue | 144,193 |  |  | — |
Costs and expenses |  |  |
Cost of revenues | 100,744 |  |  | 143 |
Selling, general and administrative | 3,006 |  |  | 11,943 |
(Gain) on classification of held for sale | (24,616) |  |  | — |
Loss on sale of assets | 1,132 |  |  | — |
Total costs and expenses | 80,266 |  |  | 12,086 |
Segment profit (loss) | $ | 63,927 |  |  | $ | (12,086) |
| Fiscal Year Ended May 31, 2024
| Data Center Hosting Business |  | HPC Hosting Business
Revenue | $ | 121,858 |  |  | $ | — |
Related party revenue | 14,761 |  |  | — |
Total segment revenue | 136,619 |  |  | — |
Costs and expenses |  |  |
Cost of revenues | 106,023 |  |  | 50 |
Selling, general and administrative | 10,367 |  |  | 4,761 |
Loss on classification of held for sale | 15,417 |  |  | — |
Total costs and expenses | 131,807 |  |  | 4,811 |
Segment profit (loss) | $ | 4,812 |  |  | $ | (4,811) |
| Fiscal Year Ended May 31, 2023
| Data Center Hosting Business |  | HPC Hosting Business
Revenue | $ | 40,984 |  |  | $ | — |
Related party revenue | 14,408 |  |  | — |
Total segment revenue | 55,392 |  |  | — |
Costs and expenses |  |  |
Cost of revenues | 44,374 |  |  | — |
Selling, general and administrative | 29,200 |  |  | 246 |
Total costs and expenses | 73,574 |  |  | 246 |
Segment loss | $ | (18,182) |  |  | $ | (246) |
We also provide the following additional segment disclosures (in thousands):
| Fiscal Year Ended
| May 31, 2025 |  | May 31, 2024 |  | May 31, 2023
Depreciation and amortization: |  |  |  |  |
Data Center Hosting Business | $ | 13,312 |  |  | $ | 19,948 |  |  | $ | 7,025 |
HPC Hosting Business | 3,733 |  |  | 1,233 |  |  | 59 |
Other (1) | 244 |  |  | 296 |  |  | 29 |
Total depreciation and amortization (2) | $ | 17,289 |  |  | $ | 21,477 |  |  | $ | 7,113 |
Capital expenditures: |  |  |  |  |
Data Center Hosting Business | $ | 9,320 |  |  | $ | 38,266 |  |  | $ | 135,946 |
HPC Hosting Business | 976,506 |  |  | 207,299 |  |  | 9,813 |
Other (1) | — |  |  | 4,291 |  |  | (1,164) |
Total capital expenditures | $ | 985,826 |  |  | $ | 249,856 |  |  | $ | 144,595 |
(1)Other includes corporate related items not allocated to reportable segments. (2)Includes amortization of the finance lease right-of-use assets. Information on segment assets and a reconciliation to consolidated assets are as follows (in thousands):
| Fiscal Year Ended
| May 31, 2025 |  | May 31, 2024
Data Center Hosting Business | $ | 141,764 |  |  | $ | 145,222 |
HPC Hosting Business | 1,363,341 |  |  | 220,648 |
Total segment assets | 1,505,105 |  |  | 365,870 |
Cloud Services Business (Discontinued operations) | 304,466 |  |  | 374,216 |
Other (1) | 60,519 |  |  | 22,781 |
Total assets | $ | 1,870,090 |  |  | $ | 762,867 |
(1) Other includes corporate related items not allocated to reportable segments.
Schedule of Segment Profit and a Reconciliation to Net Income (Loss) Before Income Tax Expenses | The following table presents a reconciliation to net loss from continuing operations before income tax expense (in thousands):
| Fiscal Year Ended
| May 31, 2025 |  | May 31, 2024 |  | May 31, 2023
Segment profit (loss) |  |  |  |  |
Data Center Hosting Business | $ | 63,927 |  |  | $ | 4,812 |  |  | $ | (18,182) |
HPC Hosting Business | (12,086) |  |  | (4,811) |  |  | (246) |
Total segment profit (loss) | 51,841 |  |  | 1 |  |  | (18,428) |
Other (1) | (68,686) |  |  | (32,853) |  |  | (24,483) |
Operating loss | (16,845) |  |  | (32,852) |  |  | (42,911) |
Interest expense, net | 14,739 |  |  | 17,708 |  |  | 2,006 |
Loss on conversion of debt | 33,612 |  |  | — |  |  | — |
Loss on change in fair value of debt | 85,439 |  |  | 7,401 |  |  | — |
Loss on change in fair value of related party debt | — |  |  | 8,116 |  |  | — |
Loss on extinguishment of debt | 1,177 |  |  | — |  |  | 94 |
Loss on extinguishment of related party debt | — |  |  | 2,507 |  |  | — |
Loss on change in fair value of warrants | 6,421 |  |  | — |  |  | — |
Loss on change in fair value of related party warrants | — |  |  | 5,696 |  |  | — |
Net loss from continuing operations before income tax expense | $ | (158,233) |  |  | $ | (74,280) |  |  | $ | (45,011) |
(1)Other includes corporate related items not allocated to reportable segments.

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- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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