v3.26.1
Property and Equipment
 9 Months Ended 12 Months Ended
Feb. 28, 2026
May 31, 2025
Applied Digital Cloud Corporation [Member]    
Restructuring Cost and Reserve [Line Items]    
Property and Equipment

 

3.Property and Equipment

 

Property and equipment consisted of the following as of February 28, 2026 and May 31, 2025 (in thousands):

 

   Estimated Useful Life  February 28, 2026   May 31, 2025 
Networking equipment, electrical equipment, and software  3 years - 5 years  $672   $672 
Leasehold improvements  3 years - 7 years   697    697 
Construction in progress      3,361    3,331 
Other equipment and fixtures  5 years - 7 years   33,149    8,900 
Total cost of property and equipment      37,879    13,600 
Accumulated depreciation      (5,374)   (2,678)
Property and equipment, net     $32,505   $10,922 

 

Depreciation expense totaled $1.6 million and $2.7 million for the three and nine months ended February 28, 2026, respectively, and $0.5 million and $1.4 million for the three and nine months ended February 28, 2025, respectively.

 

 

APPLIED DIGITAL CLOUD CORPORATION AND AFFILIATES

Notes to the Condensed Combined Financial Statements (Unaudited)

For the Three and Nine Months Ended February 28, 2026 and February 28, 2025

 

3.Property and Equipment

 

Property and equipment, net consisted of the following as of May 31, 2025 and 2024 (in thousands):

Schedule of Property and Equipment

 

  

Estimated Useful Life

  May 31, 2025   May 31, 2024 
Networking equipment, electrical equipment, and software  3 years - 5 years  $672   $333 
Leasehold improvements  3 years - 7 years   697    607 
Construction in progress      3,331    3,293 
Other equipment and fixtures  5 years - 7 years   8,900    7,791 
Total cost of property and equipment      13,600    12,024 
Accumulated depreciation      (2,678)   (746)
Property and equipment, net     $10,922   $11,278 

 

Depreciation expense totaled $1.9 million and $0.7 million for the fiscal years ended May 31, 2025 and 2024, respectively.