v3.26.1
Consolidated Statements of Cash Flows
$ in Thousands
 12 Months Ended
May 31, 2026
USD ($)
May 31, 2025
USD ($)
CASH FLOW FROM OPERATING ACTIVITIES    
Net loss $ (50,320) $ (72,730)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 60,340 80,656
Stock-based compensation 1,297 (1,463)
Lease expense 21,034 30,922
Loss on change in fair value of warrants 2,212 0
Loss (gain) on sale of assets 598 (414)
Changes in operating assets and liabilities:    
Accounts receivable (8,544) (3,788)
Prepaid expenses and other current assets (1,870) 111
Other assets (520) 581
Accounts payable 4,565 (9,014)
Accrued liabilities and other noncurrent liabilities (453) (1,008)
Lease assets and liabilities 14,447 (3,491)
Deferred revenues (3,719) (27,584)
CASH FLOW PROVIDED BY (USED IN) OPERATING ACTIVITIES 39,067 (7,222)
CASH FLOW FROM INVESTING ACTIVITIES    
Net cash acquired in reverse merger acquisition 1,707 0
Purchases of property and equipment and other assets (26,876) (1,376)
CASH FLOW USED IN INVESTING ACTIVITIES (25,169) (1,376)
CASH FLOW FROM FINANCING ACTIVITIES    
Principal transfer of SAFE agreement to Applied Parent (12,000) 0
Repayment of finance leases (89,519) (114,743)
Proceeds from issuance of common stock 15,750 0
Common stock issuance costs (750) 0
Proceeds from issuance of SAFE agreement included in long-term debt 0 12,000
Capital contributions from Applied Parent 75,435 113,739
Proceeds from exercise of warrants 4,452 0
CASH FLOW (USED IN) PROVIDED BY FINANCING ACTIVITIES (6,632) 10,996
NET INCREASE IN CASH 7,266 2,398
CASH, BEGINNING OF PERIOD 2,398 0
CASH, END OF PERIOD 9,664 2,398
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Fair value of assets acquired resulting from reverse merger 74,705 0
138,217 shares issued in recapitalization adjustment resulting from reverse merger 57,623 0
Fair value of liabilities assumed from reverse merger acquisition 18,789 0
Deemed dividend in connection with equity financings 113 [1] 0
Series B Preferred shares converted to common 1,955 0
Operating right-of-use assets obtained by lease obligation 0 20,280
Finance right-of-use assets obtained by lease obligation 5,895 64,358
Property and equipment in accounts payable and accrued liabilities 0 1,387
Modification of liability classified incentive award to equity classified award 2,398 0
Share issuance of restricted stock units 1 0
SUPPLEMENTARY CASH FLOW DISCLOSURE:    
Interest paid $ 9,532 $ 17,270
[1] Refer to Note 13. Temporary Equity for additional information regarding the January 2026 Series B Preferred Stock (as defined below).