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Business Segments
 6 Months Ended
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 EndedSix Months Ended
November 30, 2024November 30, 2023November 30, 2024November 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 EndedSix Months Ended
November 30, 2024November 30, 2023November 30, 2024November 30, 2023
Segment profit (loss)
Data center hosting segment (1)
$12,550 $10,896 $48,401 $19,897 
Cloud services segment
(5,810)(11,559)(21,620)(18,964)
HPC hosting segment(5,839)(908)(8,784)(1,662)
Total segment profit (loss)901 (1,571)17,997 (729)
Other (2)
(19,516)(6,341)(27,128)(14,551)
Operating loss(18,615)(7,912)(9,131)(15,280)
Interest expense, net7,482 2,617 14,790 4,750 
Loss on conversion of debt
25,410 — 33,612 — 
Loss on change in fair value of debt87,218 — 85,439 — 
Loss on debt extinguishment— — — 2,353 
Net loss before income tax expenses$(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 EndedSix Months Ended
November 30, 2024November 30, 2023November 30, 2024November 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 segment1,353 184 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, 2024May 31, 2024
Data center hosting segment
$140,809 $145,222 
Cloud services segment
389,898 374,216 
HPC hosting segment717,131 220,648 
Total segment assets1,247,838 740,086 
Other (1)
295,331 22,781 
Total assets$1,543,169 $762,867 
(1) Other includes corporate related items not allocated to reportable segments.