Applied Digital Corp.
For the period ended May 31, 2026. Filed Jul 29, 2026.
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FY2026 · Filed Jul 29, 2026
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, 2026 | May 31, 2025 | |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $1,591,988 | $43,950 |
| Restricted cash | 2,381,027 | 72,368 |
| Accounts receivable | 56,309 | 6,830 |
| Prepaid expenses and other current assets (1) | 613,692 | 9,652 |
| Current assets held for sale | 19,841 | — |
| Total current assets | 4,662,857 | 132,800 |
| Property and equipment, net | 4,236,300 | 1,252,287 |
| Operating lease right of use assets, net | 76,922 | 92,335 |
| Finance lease right of use assets, net | 122,523 | 213,315 |
| Other assets | 830,710 | 179,353 |
| TOTAL ASSETS | $9,929,312 | $1,870,090 |
| LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY | ||
| Current liabilities: | ||
| Accounts payable | $395,474 | $251,491 |
| Accrued liabilities | 548,493 | 30,121 |
| Current portion of operating lease liability | 18,484 | 16,785 |
| Current portion of finance lease liability | 47,585 | 147,040 |
| Current portion of debt | 16,422 | 10,331 |
| Customer deposits | 16,752 | 16,125 |
| Deferred revenue | 4,666 | 3,594 |
| Current liabilities held for sale | 7,426 | — |
| Due to customer | 10,065 | 4,807 |
| Other current liabilities | 97,489 | 19,431 |
| Total current liabilities | 1,162,856 | 499,725 |
| Long-term portion of operating lease liability | 47,178 | 58,800 |
| Long-term portion of finance lease liability | 10,731 | 15 |
| Long-term debt | 4,959,516 | 677,825 |
| Other long-term liabilities | 5,454 | — |
| Total liabilities | 6,185,735 | 1,236,365 |
| Commitments and contingencies (Note 18) | ||
| Temporary equity | ||
| Series E preferred stock, $0.001 par value, 2,000,000 shares authorized, 301,673 shares issued and 276,673 outstanding at May 31, 2026, and 301,673 shares issued and outstanding at May 31, 2025 | 6,306 | 6,932 |
| Series E-1 preferred stock, $0.001 par value, 62,500 shares authorized and issued and 61,909 shares outstanding at May 31, 2026, and 62,485 shares outstanding at May 31, 2025 | 56,460 | 57,011 |
| Series G preferred stock, $0.001 par value, 1,030,000 shares authorized, no shares issued and outstanding at May 31, 2026, and 156,000 shares authorized, 78,000 shares issued and outstanding at May 31, 2025 | — | 72,094 |
| Redeemable noncontrolling interest | 1,956,303 | — |
| Stockholders' equity: | ||
| Common stock, $0.001 par value, 600,000,000 shares authorized, 295,048,903 shares issued and 287,883,603 shares outstanding at May 31, 2026, and 234,200,868 shares issued and 224,909,669 shares outstanding at May 31, 2025 | 296 | 230 |
| Treasury stock, 7,165,300 shares at May 31, 2026 and 9,291,199 shares at May 31, 2025, at cost | (52,737) | (31,400) |
| Additional paid in capital | 2,432,250 | 1,009,913 |
| Accumulated deficit | (662,333) | (481,055) |
| Total stockholders’ equity attributable to Applied Digital Corporation | 1,717,476 | 497,688 |
| Noncontrolling interest | 7,032 | — |
| Total stockholders' equity including noncontrolling interest | 1,724,508 | 497,688 |
| TOTAL LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY | $9,929,312 | $1,870,090 |
(1)Includes a related party loan receivable of $58.6 million as of May 31, 2026. See Note 7 - Related Party Transactionsfor further discussion.
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