Applied Digital Corp.
For the period ended May 31, 2025. Filed Jul 30, 2025.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Jul 30, 2025
APLD$16.72+7.5%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Balance Sheets
(In thousands, except share and par value data)
| May 31, 2025 | May 31, 2024 | |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $41,552 | $3,339 |
| Restricted cash: | ||
| Funds for construction | 41,026 | — |
| Letters of credit | 31,342 | 21,349 |
| Accounts receivable | 3,043 | 3,847 |
| Prepaid expenses and other current assets | 9,430 | 1,010 |
| Current assets held for sale | 304,200 | 374,599 |
| Total current assets | 430,593 | 404,144 |
| Property and equipment, net | 1,275,841 | 329,103 |
| Operating lease right of use assets, net | 960 | 1,521 |
| Finance lease right of use assets, net | 17,820 | 8,750 |
| Other assets | 144,876 | 19,349 |
| TOTAL ASSETS | $1,870,090 | $762,867 |
| LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY | ||
| Current liabilities: | ||
| Accounts payable | $247,528 | $104,528 |
| Accrued liabilities | 29,549 | 24,702 |
| Current portion of operating lease liability | 692 | 604 |
| Current portion of finance lease liability | 13,633 | 5,283 |
| Current portion of debt | 10,331 | 10,082 |
| Current portion of debt, at fair value | — | 35,836 |
| Customer deposits | 16,125 | 13,819 |
| Related party customer deposits | — | 1,549 |
| Deferred revenue | — | 6,496 |
| Related party deferred revenue | — | 1,692 |
| Due to customer | 4,807 | 13,002 |
| Current liabilities held for sale | 216,047 | 336,423 |
| Other current liabilities | 19,432 | 96 |
| Total current liabilities | 558,144 | 554,112 |
| Long-term portion of operating lease liability | 381 | 1,072 |
| Long-term portion of finance lease liability | 15 | 3,381 |
| Long-term debt | 677,825 | 79,472 |
| Total liabilities | 1,236,365 | 638,037 |
| Commitments and contingencies (Note 15) | ||
| Temporary equity | ||
| Series E preferred stock, 0.001 par value, 2,000,000 shares authorized, 301,673 shares issued and outstanding at May 31, 2025, and no shares authorized, issued or outstanding at May 31, 2024 | 6,932 | — |
| Series E-1 preferred stock, $0.001 par value, 62,500 shares authorized, 62,500 shares issued and 62,485 shares outstanding at May 31, 2025, and no shares authorized, issued or outstanding at May 31, 2024 | 57,011 | — |
| Series G preferred stock, 0.001 par value, 156,000 shares authorized, 78,000 shares issued and outstanding at May 31, 2025, and no shares authorized, issued or outstanding at May 31, 2024 | 72,094 | — |
| Stockholders' equity: | ||
| Common stock, $0.001 par value, 400,000,000 shares authorized, 234,200,868 shares issued and 224,909,669 shares outstanding at May 31, 2025, and 144,083,944 shares issued and 139,051,142 shares outstanding at May 31, 2024 | 230 | 144 |
| Treasury stock, 9,291,199 shares at May 31, 2025 and 5,032,802 shares at May 31, 2024, at cost | (31,400) | (62) |
| Additional paid in capital | 1,009,913 | 374,738 |
| Accumulated deficit | (481,055) | (249,990) |
| Total stockholders’ equity attributable to Applied Digital Corporation | 497,688 | 124,830 |
| TOTAL LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY | $1,870,090 | $762,867 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.