Applied Digital Corp.
For the period ended May 31, 2025. Filed Jul 30, 2025.
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FY2025 · Filed Jul 30, 2025
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Consolidated Statements of Operations
(In thousands, except share and per share data)
| Fiscal Year Ended | |||
|---|---|---|---|
| May 31, 2025 | May 31, 2024 | May 31, 2023 | |
| Revenue: | |||
| Revenue | $142,267 | $121,857 | $40,984 |
| Related party revenue | 1,926 | 14,761 | 14,408 |
| Total revenue | 144,193 | 136,618 | 55,392 |
| Costs and expenses: | |||
| Cost of revenues | 101,451 | 106,653 | 44,388 |
| Selling, general and administrative (1) | 83,065 | 45,020 | 53,915 |
| (Gain) loss on classification as held for sale (2) | (24,616) | 15,417 | — |
| Loss on abandonment of assets | 1,138 | — | — |
| Loss from legal settlement | — | 2,380 | — |
| Total costs and expenses | 161,038 | 169,470 | 98,303 |
| Operating loss | (16,845) | (32,852) | (42,911) |
| Interest expense, net (3) | 14,739 | 17,708 | 2,006 |
| Loss on conversion of debt | 33,612 | — | — |
| Loss on change in fair value of debt | 85,439 | 7,401 | — |
| Loss on change in fair value of related party debt | — | 8,116 | — |
| Loss on extinguishment of debt | 1,177 | — | 94 |
| Loss on extinguishment of related party debt | — | 2,507 | — |
| Loss on change in fair value of warrants | 6,421 | — | — |
| Loss on change in fair value of related party warrants | — | 5,696 | — |
| Net loss from continuing operations before income tax expenses | (158,233) | (74,280) | (45,011) |
| Income tax expense (benefit) | 102 | 96 | (523) |
| Net loss from continuing operations | (158,335) | (74,376) | (44,488) |
| Net loss from discontinued operations | (72,730) | (75,295) | (1,118) |
| Net loss | (231,065) | (149,671) | (45,606) |
| Net loss attributable to noncontrolling interest | — | (397) | (960) |
| Preferred dividends | (2,615) | — | — |
| Net loss attributable to common stockholders | $(233,680) | $(149,274) | $(44,646) |
| Net loss attributable to common stockholders | |||
| Continuing operations | $(160,950) | $(73,979) | $(43,528) |
| Discontinued operations | (72,730) | (75,295) | (1,118) |
| Net loss | $(233,680) | $(149,274) | $(44,646) |
| Basic and diluted net loss per share attributable to common stockholders | |||
| Continuing operations | $(0.80) | $(0.65) | $(0.46) |
| Discontinued operations | (0.36) | (0.66) | (0.01) |
| Basic and diluted net loss per share | $(1.16) | $(1.31) | $(0.47) |
| Basic and diluted weighted average number of shares outstanding | 201,194,451 | 114,061,414 | 93,976,233 |
(1)Includes related party selling, general and administrative expense of $0.3 million, $0.6 million, and $0.1 million for the fiscal years ended May 31, 2025, May 31, 2024, and May 31, 2023 respectively.
(2)Includes $25 million received in connection with the sale of our Garden City facility once conditional approval requirements were met and escrowed funds were released during the fiscal years ended May 31, 2025. The fiscal year ended May 31, 2024 includes $15.4 million loss on classification of held for sale related to the sale of the Garden City facility.
(3)For the fiscal years ended May 31, 2024 and May 31, 2023, amount includes related party interest expense of $5.7 million and $0.1 million, respectively.
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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