(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Item 2.02. | Results of Operations and Financial Condition |
Item 9.01 | Financial Statements and Exhibits |
Exhibit No. | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
Dated: October 9, 2024 | By: | /s/ David Rench | |||||||||
Name: | David Rench | ||||||||||
Title: | Chief Financial Officer | ||||||||||
August 31, 2024 | May 31, 2024 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 58,215 | $ | 3,339 | |||||||
Restricted cash | 21,342 | 21,349 | |||||||||
Accounts receivable | 2,298 | 3,847 | |||||||||
Prepaid expenses and other current assets | 2,063 | 1,343 | |||||||||
Current assets held for sale | 192 | 384 | |||||||||
Total current assets | 84,110 | 30,262 | |||||||||
Property and equipment, net | 478,249 | 340,381 | |||||||||
Operating lease right of use assets, net | 147,148 | 153,611 | |||||||||
Finance lease right of use assets, net | 200,649 | 218,683 | |||||||||
Other assets | 27,576 | 19,930 | |||||||||
TOTAL ASSETS | $ | 937,732 | 762,867 | ||||||||
LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 140,264 | $ | 116,117 | |||||||
Accrued liabilities | 26,723 | 26,282 | |||||||||
Current portion of operating lease liability | 22,393 | 21,705 | |||||||||
Current portion of finance lease liability | 112,079 | 107,683 | |||||||||
Current portion of debt | 6,892 | 10,082 | |||||||||
Current portion of debt, at fair value | 30,464 | 35,836 | |||||||||
Customer deposits | 13,676 | 13,819 | |||||||||
Related party customer deposits | — | 1,549 | |||||||||
Deferred revenue | 16,867 | 37,674 | |||||||||
Related party deferred revenue | — | 1,692 | |||||||||
Due to customer | 17,211 | 13,002 | |||||||||
Other current liabilities | 96 | 96 | |||||||||
Total current liabilities | 386,665 | 385,537 | |||||||||
Long-term portion of operating lease liability | 103,871 | 109,740 | |||||||||
Long-term portion of finance lease liability | 43,841 | 63,288 | |||||||||
Long-term debt | 106,227 | 79,472 | |||||||||
Total liabilities | 640,604 | 638,037 | |||||||||
Commitments and contingencies (Note 11) | |||||||||||
Temporary equity | |||||||||||
Series E preferred stock, $0.001 par value, 2,000,000 shares authorized, 301,673 shares issued and outstanding at August 31, 2024, and no shares authorized, issued or outstanding at May 31, 2024 | 6,932 | — | |||||||||
Series F preferred stock, 0.001 par value, 53,191 shares authorized, issued and outstanding at August 31, 2024, and no shares authorized, issued or outstanding at May 31, 2024 | 48,350 | — | |||||||||
Stockholders' equity: | |||||||||||
Common stock, $0.001 par value, 300,000,000 shares authorized, 162,471,048 shares issued and 157,438,246 shares outstanding at August 31, 2024, and 144,083,944 shares issued and 139,051,142 shares outstanding at May 31, 2024 | 162 | 144 | |||||||||
Treasury stock, 5,032,802 shares at August 31, 2024 and 5,032,802 shares at May 31, 2024, at cost | (62) | (62) | |||||||||
Additional paid in capital | 496,027 | 374,738 | |||||||||
Accumulated deficit | (254,281) | (249,990) | |||||||||
Total stockholders’ equity attributable to Applied Digital Corporation | 241,846 | 124,830 | |||||||||
TOTAL LIABILITIES, TEMPORARY EQUITY AND SHAREHOLDERS' EQUITY | $ | 937,732 | 762,867 |
Three Months Ended | |||||||||||
August 31, 2024 | August 31, 2023 | ||||||||||
Revenue: | |||||||||||
Revenue | $ | 58,778 | $ | 32,139 | |||||||
Related party revenue | 1,926 | 4,184 | |||||||||
Total revenue | 60,704 | 36,323 | |||||||||
Costs and expenses: | |||||||||||
Cost of revenues | 61,060 | 25,221 | |||||||||
Selling, general and administrative (1) | 14,341 | 16,170 | |||||||||
Gain on classification of held for sale (2) | (24,808) | — | |||||||||
Loss on abandonment of assets | 628 | — | |||||||||
Loss from legal settlement | — | 2,300 | |||||||||
Total costs and expenses | 51,221 | 43,691 | |||||||||
Operating income (loss) | 9,483 | (7,368) | |||||||||
Interest expense, net (3) | 7,308 | 2,133 | |||||||||
Loss on change in fair value of debt | 6,422 | — | |||||||||
Loss on extinguishment of related party debt | — | 2,353 | |||||||||
Net loss before income tax expenses | (4,247) | (11,854) | |||||||||
Income tax expense (benefit) | — | — | |||||||||
Net loss | (4,247) | (11,854) | |||||||||
Net loss attributable to noncontrolling interest | — | (397) | |||||||||
Preferred dividends | (44) | — | |||||||||
Net loss attributable to Common Stockholders | $ | (4,291) | $ | (11,457) | |||||||
Basic and diluted net loss per share attributable to Applied Digital Corporation | $ | (0.03) | $ | (0.11) | |||||||
Basic and diluted weighted average number of shares outstanding | 149,009,336 | 100,521,673 |
Three Months Ended | |||||||||||
August 31, 2024 | August 31, 2023 | ||||||||||
CASH FLOW FROM OPERATING ACTIVITIES | |||||||||||
Net loss | $ | (4,247) | $ | (11,854) | |||||||
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | |||||||||||
Depreciation and amortization | 34,316 | 7,860 | |||||||||
Stock-based compensation | (2,919) | 5,641 | |||||||||
Lease expense | 7,659 | — | |||||||||
Loss on extinguishment of debt | — | 2,353 | |||||||||
Loss on legal settlement | — | 2,300 | |||||||||
Amortization of debt issuance costs | 2,769 | 235 | |||||||||
Gain on classification of held for sale | (24,808) | — | |||||||||
Loss on change in fair value of debt | 6,422 | — | |||||||||
Loss on abandonment of assets | 628 | 173 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | 1,549 | 55 | |||||||||
Prepaid expenses and other current assets | (721) | (205) | |||||||||
Customer deposits | (143) | — | |||||||||
Related party customer deposits | (1,549) | — | |||||||||
Deferred revenue | (20,807) | 3,695 | |||||||||
Related party deferred revenue | (1,692) | (553) | |||||||||
Accounts payable | (77,537) | 205 | |||||||||
Accrued liabilities | 9,738 | 2,113 | |||||||||
Due to customer | 4,209 | — | |||||||||
Lease assets and liabilities | (8,757) | 39 | |||||||||
Sales and use tax payable | — | (1,568) | |||||||||
Other assets | — | (5,972) | |||||||||
CASH FLOW (USED IN) PROVIDED BY OPERATING ACTIVITIES | (75,890) | 4,517 | |||||||||
CASH FLOW FROM INVESTING ACTIVITIES | |||||||||||
Purchases of property and equipment and other assets | (54,798) | (32,591) | |||||||||
Proceeds from sale of assets | 25,000 | — | |||||||||
Finance lease prepayments | (2,808) | (7,560) | |||||||||
Purchases of investments | — | (390) | |||||||||
CASH FLOW USED IN INVESTING ACTIVITIES | (32,606) | (40,541) | |||||||||
CASH FLOW FROM FINANCING ACTIVITIES | |||||||||||
Repayment of finance leases | (26,049) | (4,849) | |||||||||
Borrowings of long-term debt | 105,000 | 3,750 | |||||||||
Borrowings of related party debt | — | 3,000 | |||||||||
Repayment of long-term debt | (5,886) | (3,463) | |||||||||
Repayment of related party debt | — | (39,257) | |||||||||
Payment of deferred financing costs | (8,484) | — | |||||||||
Proceeds from issuance of common stock, net of costs | 31,590 | 64,482 | |||||||||
Common stock issuance costs | (44) | — | |||||||||
Proceeds from issuance of preferred stock | 60,726 | — | |||||||||
Preferred stock issuance costs | (5,444) | — | |||||||||
Dividends issued on preferred stock | (44) | — | |||||||||
Proceeds from issuance of SAFE agreement included in long-term debt | 12,000 | — | |||||||||
CASH FLOW PROVIDED BY FINANCING ACTIVITIES | 163,365 | 23,663 | |||||||||
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 54,869 | (12,361) | |||||||||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD | 31,688 | 43,574 | |||||||||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD | $ | 86,557 | $ | 31,213 |
Three Months Ended | |||||||||||
August 31, 2024 | August 31, 2023 | ||||||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||||||||||
Interest paid | $ | 5,511 | $ | 1,839 | |||||||
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES | |||||||||||
Operating right-of-use assets obtained by lease obligation | $ | — | $ | 10,272 | |||||||
Finance right-of-use assets obtained by lease obligation | $ | 13,305 | $ | 46,952 | |||||||
Property and equipment in accounts payable and accrued liabilities | $ | 116,440 | $ | 6,729 | |||||||
Conversion of debt to common stock | $ | 56,201 | $ | — | |||||||
Extinguishment of non-controlling interest | $ | — | $ | 9,765 | |||||||
Loss from legal settlement | $ | — | $ | 2,300 | |||||||
Issuance of warrants, at fair value | $ | 36,479 | $ | — |
Three Months Ended | |||||||||||
$ in thousands | August 31, 2024 | August 31, 2023 | |||||||||
Adjusted operating (loss) income | |||||||||||
Operating income (loss) (GAAP) | $ | 9,483 | $ | (7,368) | |||||||
Stock-based compensation | (3,072) | 5,641 | |||||||||
Non-recurring repair expenses (1) | 32 | — | |||||||||
Diligence, acquisition, disposition and integration expenses (2) | 2,888 | 10 | |||||||||
Litigation expenses (3) | 407 | 381 | |||||||||
Research and development expenses (4) | 36 | 184 | |||||||||
Gain on classification of held for sale | (24,808) | — | |||||||||
Loss on abandonment of assets | 628 | — | |||||||||
Accelerated depreciation and amortization (5) | 45 | 152 | |||||||||
Loss on legal settlement | — | 2,300 | |||||||||
Other non-recurring expenses (6) | 38 | 307 | |||||||||
Adjusted operating (loss) income (Non-GAAP) | $ | (14,323) | $ | 1,607 | |||||||
Adjusted operating margin | (24) | % | 4 | % | |||||||
Adjusted net loss attributable to Applied Digital Corporation | |||||||||||
Net loss attributable to Applied Digital Corporation (GAAP) | $ | (4,247) | $ | (11,457) | |||||||
Stock-based compensation | (3,072) | 5,641 | |||||||||
Non-recurring repair expenses (1) | 32 | — | |||||||||
Diligence, acquisition, disposition and integration expenses (2) | 2,888 | 10 | |||||||||
Litigation expenses (3) | 407 | 381 | |||||||||
Research and development expenses (4) | 36 | 184 | |||||||||
Gain on classification of held for sale | (24,808) | — | |||||||||
Accelerated depreciation and amortization (5) | 45 | 152 | |||||||||
Loss on abandonment of assets | 628 | — | |||||||||
Loss on change in fair value of debt | 6,422 | — | |||||||||
Loss on extinguishment of debt | — | 2,353 | |||||||||
Loss on legal settlement | — | 2,300 | |||||||||
Other non-recurring expenses (6) | 38 | 307 | |||||||||
Adjusted net loss attributable to Applied Digital Corporation (Non-GAAP) | $ | (21,631) | $ | (129) | |||||||
Adjusted net loss attributable to Applied Digital Corporation per diluted share (Non-GAAP) | $ | (0.15) | $ | — |
Three Months Ended | |||||||||||
$ in thousands | August 31, 2024 | August 31, 2023 | |||||||||
EBITDA and Adjusted EBITDA | |||||||||||
Net loss attributable to Applied Digital Corporation (GAAP) | $ | (4,247) | $ | (11,457) | |||||||
Interest expense, net | 7,308 | 2,133 | |||||||||
Income tax expense (benefit) | — | — | |||||||||
Depreciation and amortization (5) | 34,361 | 8,012 | |||||||||
EBITDA (Non-GAAP) | 37,422 | (1,312) | |||||||||
Stock-based compensation | (3,072) | 5,641 | |||||||||
Non-recurring repair expenses (1) | 32 | — | |||||||||
Diligence, acquisition, disposition and integration expenses (2) | 2,888 | 10 | |||||||||
Litigation expenses (3) | 407 | 381 | |||||||||
Research and development expenses (4) | 36 | 184 | |||||||||
Gain on classification of held for sale | (24,808) | — | |||||||||
Loss on abandonment of assets | 628 | — | |||||||||
Loss on change in fair value of debt | 6,422 | — | |||||||||
Loss on extinguishment of debt | — | 2,353 | |||||||||
Loss on legal settlement | — | 2,300 | |||||||||
Other non-recurring expenses (6) | 38 | 307 | |||||||||
Adjusted EBITDA (Non-GAAP) | $ | 19,993 | $ | 9,864 |
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end
Cover |
Oct. 09, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Oct. 09, 2024 |
Entity Registrant Name | APPLIED DIGITAL CORPORATION |
Entity Incorporation, State or Country Code | NV |
Entity File Number | 001-31968 |
Entity Tax Identification Number | 95-4863690 |
Entity Address, Address Line One | 3811 Turtle Creek Boulevard, |
Entity Address, Address Line Two | Suite 2100, |
Entity Address, City or Town | Dallas, |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 75219 |
City Area Code | 214 |
Local Phone Number | 427-1704 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Title of 12(b) Security | Common Stock |
Trading Symbol | APLD |
Security Exchange Name | NASDAQ |
Entity Central Index Key | 0001144879 |
Amendment Flag | false |
-8?20$3;8T.P6BP^0"X99K>]
M9!:G
@EV\((96O)+O\1>O\:B54CL,
MEG?Y$I*G^#?% PR*%_*R!4FI98:69%2\%*;);%OHFW;R]W#T_+FH37;FFED9WV\9I0Y#Z\QVFT*
M;,5RU6$Y2[.LSOXX;DL*N H2^[9<^7*I$C;7&_W"!20=FYF&9C7,-?GL&5J_
ME61;%:$<+I'6%09;)-(1P;
%#3J["A!'#>*\*;+VN8AXPZ$[*Y2W1*FP$ACZ-
MGOC1,06;7A7"J[A]=@=O06.79!SET6IQ$CK?-/*C7M=U T/91$Z<1DP-NH+_
MDWA((SSO-$V&800?
:(F&N?
M3BO!TN"Z\><$SVZ#GZ[W\-LO\$_>Y4);#@L2%F63^]LO/7PM&^;L6]G$F+@C
M,PYC+_%"Z NF]GD/[,.CYR;#;-:*;V7#UZ>OT!X,-DWF7UG:B>*_PXDO9DP'
MK-:+&/U6HWT8Q"GU'^E37/[\R MRBK9,Z/BR;F:37L,U>6I8]28.,KL6"8;@
M%^$M;S0@U$]^?>>-H =_ZK3^UW@ XB=RYBZ5)JX)A/PPHM$ NI3-"GYEAHZ<
M-N)VWMD.O/BN/ LK$'-K*\707\(J)C]L_.;FK1E'
@V