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v3.24.4

Business Segments | 6 Months Ended
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Nov. 30, 2024
Segment Reporting [Abstract] |
Business Segments | Business Segments Revenue by segment (excluding HPC hosting as that segment has no revenue) was as follows (in thousands):
| Three Months Ended |  |  | Six Months Ended
| November 30, 2024 |  | November 30, 2023 |  |  | November 30, 2024 |  | November 30, 2023
Data center hosting segment | $ | 36,163 |  |  | $ | 37,753 |  |  |  | $ | 71,012 |  |  | $ | 71,925 |
Cloud services segment | 27,705 |  |  | 4,450 |  |  |  | 53,560 |  |  | 6,602 |
Total revenue | $ | 63,868 |  |  | $ | 42,203 |  |  |  | $ | 124,572 |  |  | $ | 78,527 |
Segment profit (loss) and a reconciliation to net loss before income tax expenses is as follows (in thousands):
| Three Months Ended |  |  | Six Months Ended
| November 30, 2024 |  | November 30, 2023 |  |  | November 30, 2024 |  | November 30, 2023
Segment profit (loss) |  |  |  |  |  |  |  |
Data center hosting segment (1) | $ | 12,550 |  |  | $ | 10,896 |  |  |  | $ | 48,401 |  |  | $ | 19,897 |
Cloud services segment | (5,810) |  |  | (11,559) |  |  |  | (21,620) |  |  | (18,964) |
HPC hosting segment | (5,839) |  |  | (908) |  |  |  | (8,784) |  |  | (1,662) |
Total segment profit (loss) | 901 |  |  | (1,571) |  |  |  | 17,997 |  |  | (729) |
Other (2) | (19,516) |  |  | (6,341) |  |  |  | (27,128) |  |  | (14,551) |
Operating loss | (18,615) |  |  | (7,912) |  |  |  | (9,131) |  |  | (15,280) |
Interest expense, net | 7,482 |  |  | 2,617 |  |  |  | 14,790 |  |  | 4,750 |
Loss on conversion of debt | 25,410 |  |  | — |  |  |  | 33,612 |  |  | — |
Loss on change in fair value of debt | 87,218 |  |  | — |  |  |  | 85,439 |  |  | — |
Loss on debt extinguishment | — |  |  | — |  |  |  | — |  |  | 2,353 |
Net loss before income tax expenses | $ | (138,725) |  |  | $ | (10,529) |  |  |  | $ | (142,972) |  |  | $ | (22,383) |
(1)The six months ended November 30, 2024 includes a $25 million gain on classification of held for sale related to the satisfaction of a contingency associated with the sale of the Garden City facility. (2)Other includes corporate related items not allocated to reportable segments. We also provide the following additional segment disclosures (in thousands):
| Three Months Ended |  |  | Six Months Ended
| November 30, 2024 |  | November 30, 2023 |  |  | November 30, 2024 |  | November 30, 2023
Depreciation and amortization: |  |  |  |  |  |  |  |
Data center hosting segment | $ | 3,298 |  |  | $ | 4,365 |  |  |  | $ | 6,657 |  |  | $ | 7,564 |
Cloud services segment | 21,733 |  |  | 8,782 |  |  |  | 51,951 |  |  | 13,290 |
HPC hosting segment | 1,353 |  |  | 184 |  |  |  | 2,074 |  |  | 311 |
Other (1) | 61 |  |  | 93 |  |  |  | 124 |  |  | 119 |
Total depreciation and amortization (2) | $ | 26,445 |  |  | $ | 13,424 |  |  |  | $ | 60,806 |  |  | $ | 21,284 |
(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):
| November 30, 2024 |  | May 31, 2024
Data center hosting segment | $ | 140,809 |  |  | $ | 145,222 |
Cloud services segment | 389,898 |  |  | 374,216 |
HPC hosting segment | 717,131 |  |  | 220,648 |
Total segment assets | 1,247,838 |  |  | 740,086 |
Other (1) | 295,331 |  |  | 22,781 |
Total assets | $ | 1,543,169 |  |  | $ | 762,867 |
(1) Other includes corporate related items not allocated to reportable segments.

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- Definition The entire disclosure for reporting segments including data and tables. 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