v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
May 31, 2026
May 31, 2025
Current assets:    
Cash and cash equivalents $ 1,591,988 $ 43,950
Restricted cash 2,381,027 72,368
Accounts receivable 56,309 6,830
Prepaid expenses and other current assets [1] 613,692 9,652
Current assets held for sale 19,841 0
Total current assets 4,662,857 132,800
Property and equipment, net 4,236,300 1,252,287
Operating lease right of use assets, net 76,922 92,335
Finance lease right of use assets, net 122,523 213,315
Other assets 830,710 179,353
TOTAL ASSETS 9,929,312 1,870,090
Current liabilities:    
Accounts payable 395,474 251,491
Accrued liabilities 548,493 30,121
Current portion of operating lease liability 18,484 16,785
Current portion of finance lease liability 47,585 147,040
Current portion of debt 16,422 10,331
Customer deposits 16,752 16,125
Deferred revenue 4,666 3,594
Current liabilities held for sale 7,426 0
Due to customer 10,065 4,807
Other current liabilities 97,489 19,431
Total current liabilities 1,162,856 499,725
Long-term portion of operating lease liability 47,178 58,800
Long-term portion of finance lease liability 10,731 15
Long-term debt 4,959,516 677,825
Other long-term liabilities 5,454 0
Total liabilities 6,185,735 1,236,365
Commitments and contingencies (Note 18)
Redeemable noncontrolling interest [2] 1,956,303 0
Stockholders' equity:    
Common stock, $0.001 par value, 600,000,000 shares authorized, 295,048,903 shares issued and 287,883,603 shares outstanding at May 31, 2026, and 234,200,868 shares issued and 224,909,669 shares outstanding at May 31, 2025 296 230
Treasury stock, 7,165,300 shares at May 31, 2026 and 9,291,199 shares at May 31, 2025, at cost (52,737) (31,400)
Additional paid in capital 2,432,250 1,009,913
Accumulated deficit (662,333) (481,055)
Total stockholders’ equity attributable to Applied Digital Corporation 1,717,476 497,688
Noncontrolling interest 7,032 0
Total stockholders' equity including noncontrolling interest 1,724,508 497,688
TOTAL LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY 9,929,312 1,870,090
Series E Redeemable Preferred Stock    
Current liabilities:    
Preferred stock 6,306 6,932
Series E-1 Redeemable Preferred Stock    
Current liabilities:    
Preferred stock 56,460 57,011
Series G preferred stock    
Current liabilities:    
Preferred stock $ 0 $ 72,094
[1] Includes a related party loan receivable of $58.6 million as of May 31, 2026. See Note 7 - Related Party Transactions for further discussion.
[2] See Note 16 - Temporary Equity for further discussion of preferred stock and redeemable noncontrolling interest activity