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Business Segments (Tables)

9 Months Ended

Feb. 28, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Revenue by segment (excluding the HPC Hosting Business as that segment has no revenue) was as follows (in thousands):

			Three Months Ended															Nine Months Ended
			February 28, 2025						February 29, 2024									February 28, 2025						February 29, 2024
Data Center Hosting Business			$	35,167					$	37,795								$	106,180					$	109,720
Cloud Services Business			17,754						5,553									71,313						12,156
Total revenue			$	52,921					$	43,348								$	177,493					$	121,876

We also provide the following additional segment disclosures (in thousands):

			Three Months Ended															Nine Months Ended
			February 28, 2025						February 29, 2024									February 28, 2025						February 29, 2024
Depreciation and amortization:
Data Center Hosting Business			$	3,333					$	9,162								$	9,990					$	16,902
Cloud Services Business			14,403						16,534									66,355						29,824
HPC Hosting Business			982						407									3,056						717
Other (1)			60						102									183						221
Total depreciation and amortization (2)			$	18,778					$	26,205								$	79,584					$	47,664

(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):

			February 28, 2025						May 31, 2024
Data Center Hosting Business			$	135,648					$	145,222
Cloud Services Business			386,608						374,216
HPC Hosting Business			1,101,811						220,648
Total segment assets			1,624,067						740,086
Other (1)			83,280						22,781
Total assets			$	1,707,347					$	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

Segment profit (loss) and a reconciliation to net loss before income tax expenses is as follows (in thousands):

			Three Months Ended															Nine Months Ended
			February 28, 2025						February 29, 2024									February 28, 2025						February 29, 2024
Segment profit (loss)
Data Center Hosting Business (1)			$	8,780					$	(24,443)								$	57,181					$	(4,647)
Cloud Services Business			(10,308)						(21,565)									(31,928)						(40,694)
HPC Hosting Business			(222)						(1,445)									(9,022)						(3,106)
Total segment (loss) profit			(1,750)						(47,453)									16,231						(48,447)
Other (2)			(17,193)						(8,003)									(44,305)						(22,287)
Operating loss			(18,943)						(55,456)									(28,074)						(70,734)
Interest expense, net			8,897						4,770									23,687						9,522
Loss on conversion of debt			—						—									33,612						—
Loss on change in fair value of debt			—						—									85,439						—
Loss on change in fair value of related party debt			—						2,612									—						2,612
Loss on extinguishment of debt			1,177						—									1,177						—
Loss on extinguishment of related party debt			$	—					$	—								$	—					$	2,353
Loss on change in fair value of warrants			$	6,421					$	—								$	6,421					$	—
Net loss before income tax expenses			$	(35,438)					$	(62,838)								$	(178,410)					$	(85,221)

(1)The nine months ended February 28, 2025 includes $25 million received in connection with the sale of our Garden City facility once conditional approval requirements were met and escrowed funds were released. The three and nine months ended February 29, 2024 includes $21.7 million loss on held for sale classification related to the sale of the Garden City facility.

(2)Other includes corporate related items not allocated to reportable segments.

X

- 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.

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-Name Accounting Standards Codification
-Topic 280
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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.

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