Applied Digital Corp.
For the period ended May 31, 2026. Filed Jul 29, 2026.
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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.
FY2026 · Filed Jul 29, 2026
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, 2026 | May 31, 2025 | May 31, 2024 | |
| CASH FLOW FROM OPERATING ACTIVITIES | |||
| Net loss | $(184,339) | $(231,065) | $(149,671) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
| Depreciation and amortization | 67,387 | 97,945 | 79,360 |
| Stock-based compensation | 220,135 | 22,704 | 17,362 |
| Lease expense | 10,106 | 31,661 | 13,944 |
| Gain on change in fair value of derivatives | (75,818) | — | — |
| Gain on change in fair value of investments | (10,840) | — | — |
| Loss on extinguishment of debt | — | 1,177 | — |
| Loss on extinguishment of related party debt | — | — | 2,507 |
| Loss on legal settlement | — | — | 2,380 |
| Amortization of debt issuance costs | 6,323 | 9,563 | 5,214 |
| Loss (gain) on classification of held for sale | 59,650 | (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 | 2,212 | 6,421 | — |
| Loss on abandonment of assets | 2,398 | 1,138 | — |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (49,268) | (2,934) | (3,765) |
| Prepaid expenses and other current assets | (36,164) | (8,309) | 899 |
| Other assets | (51,483) | 2,979 | 327 |
| Customer deposits | 627 | 2,306 | (8,770) |
| Related party customer deposits | — | (1,549) | (2,261) |
| Deferred revenue | 947 | (34,080) | (9,494) |
| Related party deferred revenue | — | (1,692) | 168 |
| Accounts payable | (1,182) | (78,256) | 41,840 |
| Accrued liabilities | 106,223 | (12,127) | 21,601 |
| Due to customer | 5,258 | (8,195) | 13,002 |
| Lease assets and liabilities | 17,513 | (7,524) | (47,479) |
| CASH FLOW PROVIDED BY (USED IN) OPERATING ACTIVITIES | 89,685 | (115,402) | 13,794 |
| CASH FLOW USED IN INVESTING ACTIVITIES | |||
| Purchases of property and equipment and other assets | (2,865,765) | (681,603) | (141,809) |
| Proceeds from sale of investments | 5,000 | — | — |
| Proceeds from sale of assets | — | 25,000 | 19,852 |
| Finance lease prepayments | — | (6,178) | (50,089) |
| Loans to related parties | (58,632) | — | — |
| Purchases of investments | (17,000) | (4,873) | (391) |
| CASH FLOW USED IN INVESTING ACTIVITIES | (2,936,397) | (667,654) | (172,437) |
| CASH FLOW PROVIDED BY FINANCING ACTIVITIES | |||
| Repayment of finance leases | (99,455) | (125,073) | (59,967) |
| Borrowings of long-term debt | 4,955,327 | 650,083 | 116,554 |
| Borrowings of related party debt | — | — | 28,000 |
| Repayment of long-term debt | (521,512) | (293,045) | (21,714) |
| Repayment of related party debt | — | — | (45,500) |
| Payment of deferred financing costs | (171,885) | (42,398) | (320) |
| Tax payments for restricted stock upon vesting | (36,282) | (4,116) | (861) |
| Proceeds from issuance of common stock | 196,366 | 191,590 | 130,849 |
| Common stock issuance costs | (5,950) | (10,305) | (284) |
| Proceeds from issuance of preferred stock | 814,998 | 198,205 | — |
|---|---|---|---|
| Preferred stock issuance costs | (11,897) | (13,812) | — |
| Redemption of preferred stock | (1,187) | (2,615) | — |
| Dividends issued on preferred stock | (6,259) | — | — |
| Issuance of warrants, at fair value | (8,250) | — | — |
| Exercise of warrants | 6,265 | — | — |
| Issuance of warrants by subsidiary | 4,451 | — | — |
| 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) | — |
| Redeemable noncontrolling interest contributions | 1,825,000 | — | — |
| Redeemable noncontrolling interest issuance costs | (62,904) | — | — |
| CASH FLOW PROVIDED BY FINANCING ACTIVITIES | $6,876,826 | $874,686 | $146,757 |
| NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | $4,030,114 | $91,630 | $(11,886) |
| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD, INCLUDING CASH FROM DISCONTINUED OPERATIONS | 123,318 | 31,688 | 43,574 |
| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD, INCLUDING CASH FROM DISCONTINUED OPERATIONS | 4,153,432 | 123,318 | 31,688 |
| Less: CASH, CASH EQUIVALENTS, AND RESTRICTED CASH FROM DISCONTINUED OPERATIONS | 2 | — | — |
| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH FROM CONTINUED OPERATIONS | $4,153,430 | $123,318 | $31,688 |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||
| Interest paid | $263,402 | $62,712 | $17,782 |
| Income taxes paid | $241 | $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 | $25,214 | $113,674 | $227,047 |
| Property and equipment in accounts payable and accrued liabilities | $556,446 | $246,472 | $85,019 |
| Extinguishment of non-controlling interest | $— | $— | $9,765 |
| Conversion of debt to common stock | $— | $104,945 | $52,060 |
| Conversion of preferred stock to common stock | $875,185 | $48,350 | $— |
| Consideration for guarantee of an affiliate's obligations | $2,000 | $— | $— |
| Loss on legal settlement | $— | $— | $2,380 |
| Issuance of warrants, at fair value | $104,705 | $136,292 | $5,696 |
| Cashless exercise of warrants | $1 | $5 | $— |
| Non-cash dividends paid in-kind | $62,726 | $— | $— |
| Acquisition of ChronoScale | $18,110 | $— | $— |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.