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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Nov. 30, 2024
May 31, 2024
Current assets:    
Cash and cash equivalents $ 286,237 $ 3,339
Restricted cash 21,342 21,349
Accounts receivable 12,313 3,847
Prepaid expenses and other current assets 8,496 1,343
Current assets held for sale 0 384
Total current assets 328,388 30,262
Property and equipment, net 772,664 340,381
Operating lease right of use assets, net 140,583 153,611
Finance lease right of use assets, net 261,452 218,683
Other assets 40,082 19,930
TOTAL ASSETS 1,543,169 762,867
Current liabilities:    
Accounts payable 192,017 116,117
Accrued liabilities 31,625 26,282
Current portion of operating lease liability 23,096 21,705
Current portion of finance lease liability 136,511 107,683
Current portion of debt 6,543 10,082
Current portion of debt, at fair value 4,798 35,836
Due to customer 7,355 13,002
Other current liabilities 96 96
Total current liabilities 424,353 385,537
Long-term portion of operating lease liability 97,821 109,740
Long-term portion of finance lease liability 62,397 63,288
Total liabilities 1,052,815 638,037
Commitments and contingencies (Note 10)
Stockholders' equity:    
Common stock, $0.001 par value, 400,000,000 shares authorized, 225,846,268 shares issued and 216,555,069 shares outstanding at November 30, 2024, and 144,083,944 shares issued and 139,051,142 shares outstanding at May 31, 2024 222 144
Treasury stock, 9,291,199 shares at November 30, 2024 and 5,032,802 shares at May 31, 2024, at cost (31,400) (62)
Additional paid in capital 858,713 374,738
Accumulated deficit (392,963) (249,990)
Total stockholders’ equity attributable to Applied Digital Corporation 434,572 124,830
TOTAL LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY 1,543,169 762,867
Series E Preferred Stock    
Current liabilities:    
Preferred stock 6,932 0
Series F Preferred Stock    
Current liabilities:    
Preferred stock 43,000 0
Series E-1 Preferred Stock    
Current liabilities:    
Preferred stock 5,850 0
Nonrelated Party    
Current liabilities:    
Customer deposits 16,125 13,819
Deferred revenue 6,187 37,674
Long-term debt 468,244 79,472
Related Party    
Current liabilities:    
Customer deposits 0 1,549
Deferred revenue $ 0 $ 1,692