v3.26.3
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Aug. 31, 2026
May 31, 2026
Current assets:    
Cash and cash equivalents $ 2,949,909 $ 1,591,988
Restricted cash 313,385 2,381,027
Accounts receivable 114,110 56,309
Prepaid expenses and other current assets [1] 685,638 613,692
Current assets held for sale 19,366 19,841
Total current assets 4,082,408 4,662,857
Property and equipment, net 6,330,411 4,236,300
Operating lease right of use assets, net 72,250 76,922
Finance lease right of use assets, net 109,887 122,523
Other assets 1,112,220 830,710
TOTAL ASSETS 11,707,176 9,929,312
Current liabilities:    
Accounts payable 336,865 395,474
Accrued liabilities 850,355 548,493
Current portion of operating lease liability 19,199 18,484
Current portion of finance lease liability 43,490 47,585
Current portion of debt 112,645 16,422
Customer deposits 16,752 16,752
Deferred revenue 39,217 4,666
Due to customer 11,448 10,065
Current liabilities held-for-sale 4,988 7,426
Other current liabilities 158,273 97,489
Total current liabilities 1,593,232 1,162,856
Long-term deferred revenue 107 0
Long-term portion of operating lease liability 41,670 47,178
Long-term portion of finance lease liability 2,457 10,731
Long-term debt 6,263,947 4,959,516
Other long-term liabilities 5,432 5,454
Total liabilities 7,906,845 6,185,735
Commitments and contingencies (Note 18)
Temporary equity    
Redeemable noncontrolling interest 2,010,873 1,956,303
Stockholders' equity:    
Common stock, $0.001 par value, 600,000,000 shares authorized, 304,232,295 shares issued and 297,066,995 shares outstanding at August 31, 2026, and 295,048,903 shares issued and 287,883,603 shares outstanding at May 31, 2026 305 296
Treasury stock, 7,165,300 shares at August 31, 2026 and 7,165,300 shares at May 31, 2026, at cost (52,737) (52,737)
Additional paid in capital 2,492,725 2,432,250
Accumulated deficit (837,821) (662,333)
Total stockholders’ equity attributable to Applied Digital Corporation 1,602,472 1,717,476
Noncontrolling interest 5,684 7,032
Total stockholders’ equity including noncontrolling interest 1,608,156 1,724,508
TOTAL LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY 11,707,176 9,929,312
Series E Redeemable Preferred Stock    
Temporary equity    
Temporary equity 0 6,306
Series E-1 Redeemable Preferred Stock    
Temporary equity    
Temporary equity 56,373 56,460
Series G Convertible Preferred Stock    
Temporary equity    
Temporary equity $ 124,929 $ 0
[1] Includes a related party receivable of $59.3 million and $58.6 million as of August 31, 2026 and May 31, 2026, respectively. See Note 7 - Related Party Transactions for further discussion.