Applied Digital Corp
For the period ended May 31, 2024. Filed Aug 30, 2024.
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FY2024 · Filed Aug 30, 2024
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Consolidated Statements of Operations
(In thousands, except share and per share data)
| Fiscal Year Ended | ||
|---|---|---|
| May 31, 2024 | May 31, 2023 | |
| Revenue: | ||
| Revenue | $150,814 | $40,984 |
| Related party revenue | 14,761 | 14,408 |
| Total revenue | 165,575 | 55,392 |
| Costs and expenses: | ||
| Cost of revenues | 148,340 | 44,388 |
| Selling, general and administrative (1) | 98,461 | 55,059 |
| Loss on classification as held for sale | 15,417 | — |
| Loss from legal settlement | 2,380 | — |
| Total costs and expenses | 264,598 | 99,447 |
| Operating loss | (99,023) | (44,055) |
| Interest expense, net (2) | 26,832 | 1,980 |
| Loss on change in fair value of debt | 7,401 | — |
| Loss on change in fair value of related party debt | 13,812 | — |
| Loss on extinguishment of debt (3) | 2,507 | 94 |
| Net loss before income tax expenses | (149,575) | (46,129) |
| Income tax expense (benefit) | 96 | (523) |
| Net loss | (149,671) | (45,606) |
| Net loss attributable to noncontrolling interest | (397) | (960) |
| Net loss attributable to Applied Digital Corporation | $(149,274) | $(44,646) |
| Basic and diluted net loss per share attributable to Applied Digital Corporation | $(1.31) | $(0.48) |
| Basic and diluted weighted average number of shares outstanding | 114,061,414 | 93,976,233 |
(1)Includes related party selling, general and administrative expense of $0.6 million and $0.1 million for the fiscal years ended May 31, 2024 and May 31, 2023, respectively.
(2)Includes related party interest expense of $5.7 million and $0.1 million for the fiscal years ended May 31, 2024 and May 31, 2023, respectively.
(3)Amounts included in the fiscal year ended May 31, 2024 are related to the extinguishment of related party debt.
See accompanying notes to the consolidated financial statements and, specifically, Note 6 - Related Party Transactions for further discussion of related party transactions.
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