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$16.68-0.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows (in thousands)
| Fiscal Year Ended | |||
|---|---|---|---|
| May 31, 2025 | May 31, 2024 | May 31, 2023 | |
| CASH FLOW FROM OPERATING ACTIVITIES | |||
| Net loss | $(231,065) | $(149,671) | $(45,606) |
| Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | |||
| Depreciation and amortization | 97,945 | 79,360 | 7,614 |
| Stock-based compensation | 22,704 | 17,362 | 32,072 |
| Lease expense | 31,661 | 13,944 | — |
| Deferred income taxes | — | — | (540) |
| Loss on extinguishment of debt | 1,177 | — | 94 |
| Loss on extinguishment of related party debt | — | 2,507 | — |
| Loss on legal settlement | — | 2,380 | — |
| Amortization of debt issuance costs | 9,563 | 5,214 | 410 |
| (Gain) loss on classification of held for sale | (24,616) | 15,417 | — |
| 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 | — | 13,812 | — |
| Loss on change in fair value of warrants issued | 6,421 | — | — |
| Loss on abandonment of assets | 1,138 | — | — |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (2,934) | (3,765) | 145 |
| Prepaid expenses and other current assets | (8,309) | 899 | (766) |
| Other assets | 2,979 | 327 | 364 |
| Customer deposits | 2,306 | (8,770) | 24,584 |
| Related party customer deposits | (1,549) | (2,261) | 2,261 |
| Deferred revenue | (34,080) | (9,494) | 44,245 |
| Related party deferred revenue | (1,692) | 168 | 569 |
| Accounts payable | (78,256) | 41,840 | (13,750) |
| Accrued liabilities | (12,127) | 21,601 | 7,485 |
| Due to customer | (8,195) | 13,002 | — |
| Lease assets and liabilities | (7,524) | (47,479) | (446) |
| CASH FLOW (USED IN) PROVIDED BY OPERATING ACTIVITIES | (115,402) | 13,794 | 58,735 |
| CASH FLOW FROM INVESTING ACTIVITIES | |||
| Purchases of property and equipment and other assets | (681,603) | (141,809) | (131,278) |
| Proceeds from sale of assets | 25,000 | 19,852 | — |
| Finance lease prepayments | (6,178) | (50,089) | — |
| Purchases of investments | (4,873) | (391) | (810) |
| CASH FLOW USED IN INVESTING ACTIVITIES | (667,654) | (172,437) | (132,088) |
| CASH FLOW FROM FINANCING ACTIVITIES | |||
| Repayment of finance leases | (125,073) | (59,967) | (3,353) |
| Borrowings of long-term debt | 650,083 | 116,554 | 45,650 |
| Borrowings of related party debt | — | 28,000 | 36,500 |
| Repayment of long-term debt | (293,045) | (21,714) | (10,032) |
| Repayment of related party debt | — | (45,500) | — |
| Payment of deferred financing costs | (42,398) | (320) | (567) |
| Payment of related party deferred financing costs | — | — | (1,548) |
| Tax payments for restricted stock upon vesting | (4,116) | (861) | (168) |
| Proceeds from issuance of common stock | 191,590 | 130,849 | — |
| Common stock issuance costs | (10,305) | (284) | — |
| Proceeds from issuance of preferred stock | 198,205 | — | — |
| Preferred stock issuance costs | (13,812) | — | — |
| Dividends issued on preferred stock | (2,615) | — | — |
|---|---|---|---|
| Proceeds from issuance of SAFE agreement included in long-term debt | 12,000 | — | — |
| Repurchase of shares | (31,342) | — | — |
| Proceeds from convertible notes | 450,000 | — | — |
| Purchase of capped call options | (51,750) | — | — |
| Purchase of prepaid forward contract | (52,736) | — | — |
| Noncontrolling interest contributions | — | — | 4,146 |
| CASH FLOW PROVIDED BY FINANCING ACTIVITIES | 874,686 | 146,757 | 70,628 |
| NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 91,630 | (11,886) | (2,725) |
| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD, INCLUDING CASH FROM DISCONTINUED OPERATIONS | 31,688 | 43,574 | 46,299 |
| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD, INCLUDING CASH FROM DISCONTINUED OPERATIONS | 123,318 | 31,688 | 43,574 |
| Less: CASH, CASH EQUIVALENTS, AND RESTRICTED CASH FROM DISCONTINUED OPERATIONS | 2,398 | — | — |
| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH FROM CONTINUING OPERATIONS | $120,920 | $31,688 | $43,574 |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||
| Interest paid | $62,712 | $17,782 | $1,118 |
| Income taxes paid | $105 | $5 | $— |
| SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES | |||
| Operating right-of-use assets obtained by lease obligation | $20,280 | $159,153 | $— |
| Finance right-of-use assets obtained by lease obligation | $113,674 | $227,047 | $8,693 |
| Property and equipment in accounts payable and accrued liabilities | $246,472 | $85,019 | $9,384 |
| Extinguishment of non-controlling interest | $— | $9,765 | $— |
| Conversion of debt to common stock | $104,945 | $52,060 | $— |
| Conversion of preferred stock to common stock | $48,350 | $— | $— |
| Loss on legal settlement | $— | $2,380 | $— |
| Issuance of warrants, at fair value | $136,292 | $5,696 | $— |
| Conversion of warrants | $5 | $— | $— |
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