| Schedule of Segment Reporting Information, by Segment |
The following tables present segment information, including revenue by segment and segment profit (loss) for the fiscal years ended May 31, 2025, 2024, and 2023 (in thousands): | | | | | | | | | | | | | Fiscal Year Ended May 31, 2025 | | Data Center Hosting Business | | HPC Hosting Business | | Revenue | $ | 142,267 | | | $ | — | | | Related party revenue | 1,926 | | | — | | Total segment revenue | 144,193 | | | — | | Costs and expenses | | | | | Cost of revenues | 100,744 | | | 143 | | | Selling, general and administrative | 3,006 | | | 11,943 | | (Gain) on classification of held for sale | (24,616) | | | — | | | Loss on sale of assets | 1,132 | | | — | | | | | | | Total costs and expenses | 80,266 | | | 12,086 | | Segment profit (loss) | $ | 63,927 | | | $ | (12,086) | |
| | | | | | | | | | | | | Fiscal Year Ended May 31, 2024 | | Data Center Hosting Business | | HPC Hosting Business | | Revenue | $ | 121,858 | | | $ | — | | | Related party revenue | 14,761 | | | — | | Total segment revenue | 136,619 | | | — | | Costs and expenses | | | | | Cost of revenues | 106,023 | | | 50 | | | Selling, general and administrative | 10,367 | | | 4,761 | | | Loss on classification of held for sale | 15,417 | | | — | | | | | | | | | | | Total costs and expenses | 131,807 | | | 4,811 | | Segment profit (loss) | $ | 4,812 | | | $ | (4,811) | |
| | | | | | | | | | | | | Fiscal Year Ended May 31, 2023 | | Data Center Hosting Business | | HPC Hosting Business | | Revenue | $ | 40,984 | | | $ | — | | | Related party revenue | 14,408 | | | — | | Total segment revenue | 55,392 | | | — | | Costs and expenses | | | | | Cost of revenues | 44,374 | | | — | | | Selling, general and administrative | 29,200 | | | 246 | | | | | | | | | | | | | | | Total costs and expenses | 73,574 | | | 246 | | Segment loss | $ | (18,182) | | | $ | (246) | |
We also provide the following additional segment disclosures (in thousands): | | | | | | | | | | | | | | | | | | | Fiscal Year Ended | | May 31, 2025 | | May 31, 2024 | | May 31, 2023 | | Depreciation and amortization: | | | | | | Data Center Hosting Business | $ | 13,312 | | | $ | 19,948 | | | $ | 7,025 | | | | | | | | HPC Hosting Business | 3,733 | | | 1,233 | | | 59 | | Other (1) | 244 | | | 296 | | | 29 | | Total depreciation and amortization (2) | $ | 17,289 | | | $ | 21,477 | | | $ | 7,113 | | | | | | | | | Capital expenditures: | | | | | | Data Center Hosting Business | $ | 9,320 | | | $ | 38,266 | | | $ | 135,946 | | | | | | | | HPC Hosting Business | 976,506 | | | 207,299 | | | 9,813 | | Other (1) | — | | | 4,291 | | | (1,164) | | | Total capital expenditures | $ | 985,826 | | | $ | 249,856 | | | $ | 144,595 | |
(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): | | | | | | | | | | | | | Fiscal Year Ended | | May 31, 2025 | | May 31, 2024 | Data Center Hosting Business | $ | 141,764 | | | $ | 145,222 | | HPC Hosting Business | 1,363,341 | | | 220,648 | | | Total segment assets | 1,505,105 | | | 365,870 | | Cloud Services Business (Discontinued operations) | 304,466 | | | 374,216 | | Other (1) | 60,519 | | | 22,781 | | | Total assets | $ | 1,870,090 | | | $ | 762,867 | |
(1) Other includes corporate related items not allocated to reportable segments.
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| Schedule of Segment Profit and a Reconciliation to Net Income (Loss) Before Income Tax Expenses |
The following table presents a reconciliation to net loss from continuing operations before income tax expense (in thousands): | | | | | | | | | | | | | | | | | | | Fiscal Year Ended | | May 31, 2025 | | May 31, 2024 | | May 31, 2023 | | Segment profit (loss) | | | | | | Data Center Hosting Business | $ | 63,927 | | | $ | 4,812 | | | $ | (18,182) | | | HPC Hosting Business | (12,086) | | | (4,811) | | | (246) | | Total segment profit (loss) | 51,841 | | | 1 | | | (18,428) | | Other (1) | (68,686) | | | (32,853) | | | (24,483) | | | Operating loss | (16,845) | | | (32,852) | | | (42,911) | | | Interest expense, net | 14,739 | | | 17,708 | | | 2,006 | | Loss on conversion of debt | 33,612 | | | — | | | — | | Loss on change in fair value of debt | 85,439 | | | 7,401 | | | — | | Loss on change in fair value of related party debt | — | | | 8,116 | | | — | | Loss on extinguishment of debt | 1,177 | | | — | | | 94 | | Loss on extinguishment of related party debt | — | | | 2,507 | | | — | | Loss on change in fair value of warrants | 6,421 | | | — | | | — | | Loss on change in fair value of related party warrants | — | | | 5,696 | | | — | | Net loss from continuing operations before income tax expense | $ | (158,233) | | | $ | (74,280) | | | $ | (45,011) | |
(1)Other includes corporate related items not allocated to reportable segments.
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