v3.25.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
May 31, 2025
May 31, 2024
May 31, 2023
CASH FLOW FROM OPERATING ACTIVITIES      
Net loss $ (231,065) $ (149,671) $ (45,606)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:      
Depreciation and amortization 97,945 79,360 7,614
Stock-based compensation 22,704 17,362 32,072
Lease expense 31,661 13,944 0
Deferred income taxes 0 0 (540)
Loss on legal settlement 0 2,380 0
Amortization of debt issuance costs 9,563 5,214 410
(Gain) loss on classification of held for sale (24,616) 15,417 0
Loss on conversion of debt 33,612 0 0
Loss on change in fair value of debt 85,439 7,401 0
Loss on change in fair value of related party debt 0 13,812 0
Loss on change in fair value of warrants 6,421 0 0
Loss on abandonment of assets 1,138 0 0
Changes in operating assets and liabilities:      
Accounts receivable (2,934) (3,765) 145
Prepaid expenses and other current assets (8,309) 899 (766)
Other assets 2,979 327 364
Accounts payable (78,256) 41,840 (13,750)
Accrued liabilities (12,127) 21,601 7,485
Due to customer (8,195) 13,002 0
Lease assets and liabilities (7,524) (47,479) (446)
CASH FLOW (USED IN) PROVIDED BY OPERATING ACTIVITIES (115,402) 13,794 58,735
CASH FLOW FROM INVESTING ACTIVITIES      
Purchases of property and equipment and other assets (681,603) (141,809) (131,278)
Proceeds from sale of assets 25,000 19,852 0
Finance lease prepayments (6,178) (50,089) 0
Purchases of investments (4,873) (391) (810)
CASH FLOW USED IN INVESTING ACTIVITIES (667,654) (172,437) (132,088)
CASH FLOW FROM FINANCING ACTIVITIES      
Repayment of finance leases (125,073) (59,967) (3,353)
Tax payments for restricted stock upon vesting (4,116) (861) (168)
Proceeds from issuance of common stock 191,590 130,849 0
Common stock issuance costs (10,305) (284) 0
Proceeds from issuance of preferred stock 198,205 0 0
Preferred stock issuance costs (13,812) 0 0
Dividends issued on preferred stock (2,615) 0 0
Proceeds from issuance of SAFE agreement included in long-term debt 12,000 0 0
Repurchase of shares (31,342) 0 0
Proceeds from convertible notes 450,000 0 0
Purchase of capped call options (51,750) 0 0
Purchase of prepaid forward contract (52,736) 0 0
Noncontrolling interest contributions 0 0 4,146
CASH FLOW PROVIDED BY FINANCING ACTIVITIES 874,686 146,757 70,628
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 91,630 (11,886) (2,725)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD, INCLUDING CASH FROM DISCONTINUED OPERATIONS 31,688 43,574 46,299
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD, INCLUDING CASH FROM DISCONTINUED OPERATIONS 123,318 31,688 43,574
Less: CASH, CASH EQUIVALENTS, AND RESTRICTED CASH FROM DISCONTINUED OPERATIONS 2,398 0 0
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH FROM CONTINUING OPERATIONS 120,920 31,688 43,574
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION      
Interest paid 62,712 17,782 1,118
Income taxes paid 105 5 0
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]      
Operating right-of-use assets obtained by lease obligation 20,280 159,153 0
Finance right-of-use assets obtained by lease obligation 113,674 227,047 8,693
Property and equipment in accounts payable and accrued liabilities 246,472 85,019 9,384
Extinguishment of non-controlling interest 0 9,765 0
Conversion of debt to common stock 104,945 52,060 0
Conversion of preferred stock to common stock 48,350 0 0
Loss on legal settlement 0 2,380 0
Issuance of warrants, at fair value 136,292 5,696 0
Conversion of warrants 5 0 0
Nonrelated Party      
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:      
Loss on extinguishment of debt 1,177 0 94
Loss on change in fair value of warrants 6,421 0 0
Changes in operating assets and liabilities:      
Customer deposits 2,306 (8,770) 24,584
Deferred revenue (34,080) (9,494) 44,245
CASH FLOW FROM FINANCING ACTIVITIES      
Borrowings of long-term debt 650,083 116,554 45,650
Repayment of long-term debt (293,045) (21,714) (10,032)
Payment of deferred financing costs (42,398) (320) (567)
Related Party      
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:      
Loss on extinguishment of debt 0 2,507 0
Loss on change in fair value of warrants 0 5,696 0
Changes in operating assets and liabilities:      
Customer deposits (1,549) (2,261) 2,261
Deferred revenue (1,692) 168 569
CASH FLOW FROM FINANCING ACTIVITIES      
Borrowings of related party debt 0 28,000 36,500
Repayment of related party debt 0 (45,500) 0
Payment of deferred financing costs $ 0 $ 0 $ (1,548)