XML 20 R2.htm IDEA: XBRL DOCUMENT v3.25.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Feb. 28, 2025
May 31, 2024
Current assets:    
Cash and cash equivalents $ 68,743 $ 3,339
Restricted cash:    
Funds for construction 154,139 0
Letters of credit 31,342 21,349
Accounts receivable 14,619 3,847
Prepaid expenses and other current assets 5,416 1,343
Current assets held for sale 0 384
Total current assets 274,259 30,262
Property and equipment, net 1,002,206 340,381
Operating lease right of use assets, net 153,434 153,611
Finance lease right of use assets, net 235,203 218,683
Other assets 42,245 19,930
TOTAL ASSETS 1,707,347 762,867
Current liabilities:    
Accounts payable 170,517 116,117
Accrued liabilities 19,268 26,282
Current portion of operating lease liability 27,496 21,705
Current portion of finance lease liability 140,135 107,683
Current portion of debt 10,138 10,082
Current portion of debt, at fair value 0 35,836
Due to customer 4,807 13,002
Other current liabilities 216 96
Total current liabilities 393,581 385,537
Long-term portion of operating lease liability 104,679 109,740
Long-term portion of finance lease liability 32,232 63,288
Total liabilities 1,209,480 638,037
Commitments and contingencies (Note 10)
Stockholders' equity:    
Common stock, $0.001 par value, 400,000,000 shares authorized, 233,682,359 shares issued and 224,391,160 shares outstanding at February 28, 2025, and 144,083,944 shares issued and 139,051,142 shares outstanding at May 31, 2024 230 144
Treasury stock, 9,291,199 shares at February 28, 2025 and 5,032,802 shares at May 31, 2024, at cost (31,400) (62)
Additional paid in capital 914,336 374,738
Accumulated deficit (428,518) (249,990)
Total stockholders’ equity attributable to Applied Digital Corporation 454,648 124,830
TOTAL LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY 1,707,347 762,867
Series E Redeemable Preferred Stock    
Current liabilities:    
Preferred stock 6,932 0
Series E-1 Redeemable Preferred Stock    
Current liabilities:    
Preferred stock 36,287 0
Nonrelated Party    
Current liabilities:    
Customer deposits 16,125 13,819
Deferred revenue 4,879 37,674
Long-term debt 678,988 79,472
Related Party    
Current liabilities:    
Customer deposits 0 1,549
Deferred revenue $ 0 $ 1,692