v3.25.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
May 31, 2025
May 31, 2024
Current assets:    
Cash and cash equivalents $ 41,552 $ 3,339
Restricted cash:    
Funds for construction 41,026 0
Letters of credit 31,342 21,349
Accounts receivable 3,043 3,847
Prepaid expenses and other current assets 9,430 1,010
Current assets held for sale 304,200 374,599
Total current assets 430,593 404,144
Property and equipment, net 1,275,841 329,103
Operating lease right of use assets, net 960 1,521
Finance lease right of use assets, net 17,820 8,750
Other assets 144,876 19,349
TOTAL ASSETS 1,870,090 762,867
Current liabilities:    
Accounts payable 247,528 104,528
Accrued liabilities 29,549 24,702
Current portion of operating lease liability 692 604
Current portion of finance lease liability 13,633 5,283
Current portion of debt 10,331 10,082
Current portion of debt, at fair value 0 35,836
Due to customer 4,807 13,002
Current liabilities held for sale 216,047 336,423
Other current liabilities 19,432 96
Total current liabilities 558,144 554,112
Long-term portion of operating lease liability 381 1,072
Long-term portion of finance lease liability 15 3,381
Total liabilities 1,236,365 638,037
Commitments and contingencies (Note 15)
Stockholders' equity:    
Common stock, $0.001 par value, 400,000,000 shares authorized, 234,200,868 shares issued and 224,909,669 shares outstanding at May 31, 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 May 31, 2025 and 5,032,802 shares at May 31, 2024, at cost (31,400) (62)
Additional paid in capital 1,009,913 374,738
Accumulated deficit (481,055) (249,990)
Total stockholders’ equity attributable to Applied Digital Corporation 497,688 124,830
TOTAL LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY 1,870,090 762,867
Series E Preferred Stock    
Current liabilities:    
Preferred stock 6,932 0
Series E-1 Redeemable Preferred Stock    
Current liabilities:    
Preferred stock 57,011 0
Series G Convertible Preferred Stock    
Current liabilities:    
Preferred stock 72,094 0
Nonrelated Party    
Current liabilities:    
Customer deposits 16,125 13,819
Deferred revenue 0 6,496
Long-term debt 677,825 79,472
Related Party    
Current liabilities:    
Customer deposits 0 1,549
Deferred revenue $ 0 $ 1,692