(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: April 11, 2024 | By: | /s/ David Rench | |||||||||
Name: | David Rench | ||||||||||
Title: | Chief Financial Officer | ||||||||||
February 29, 2024 | May 31, 2023 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 4,435 | $ | 28,999 | |||||||
Restricted cash | 29,545 | 14,575 | |||||||||
Accounts receivable | 225 | 82 | |||||||||
Prepaid expenses and other current assets | 6,127 | 2,012 | |||||||||
Current assets held-for-sale | 65,369 | — | |||||||||
Total current assets | 105,701 | 45,668 | |||||||||
Property and equipment, net | 211,172 | 195,593 | |||||||||
Operating lease right of use assets, net | 95,429 | 1,290 | |||||||||
Finance lease right of use assets, net | 189,627 | 14,303 | |||||||||
Other assets | 41,239 | 7,103 | |||||||||
TOTAL ASSETS | $ | 643,168 | $ | 263,957 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 93,918 | $ | 6,446 | |||||||
Accrued liabilities | 27,545 | 9,960 | |||||||||
Current portion of operating lease liability | 13,023 | 320 | |||||||||
Current portion of finance lease liability | 86,438 | 5,722 | |||||||||
Current portion of debt | 19,329 | 7,950 | |||||||||
Customer deposits | 32,410 | 32,560 | |||||||||
Related party customer deposits | 3,810 | 3,810 | |||||||||
Deferred revenue | 63,121 | 47,168 | |||||||||
Related party deferred revenue | 1,287 | 1,524 | |||||||||
Current liabilities held-for-sale | 8,279 | — | |||||||||
Total current liabilities | 349,160 | 115,460 | |||||||||
Long-term portion of operating lease liability | 69,260 | 1,005 | |||||||||
Long-term portion of finance lease liability | 63,803 | 8,334 | |||||||||
Long-term debt | 24,845 | 33,222 | |||||||||
Long-term related party loan | 17,612 | 35,257 | |||||||||
Other long-term related party liabilities | — | 1,000 | |||||||||
Total liabilities | 524,680 | 194,278 | |||||||||
Commitments and contingencies | |||||||||||
Stockholders' equity: | |||||||||||
Common stock, $0.001 par value, 166,666,667 shares authorized, 127,486,937 shares issued and 122,417,839 shares outstanding at February 29, 2024, and 100,927,358 shares issued and 95,925,630 shares outstanding at May 31, 2023 | 127 | 101 | |||||||||
Treasury stock, 5,069,098 shares at February 29, 2024 and 5,001,728 shares at May 31, 2023, at cost | (62) | (62) | |||||||||
Additional paid in capital | 303,963 | 160,194 | |||||||||
Accumulated deficit | (185,540) | (100,716) | |||||||||
Total stockholders’ equity attributable to Applied Digital Corporation | 118,488 | 59,517 | |||||||||
Noncontrolling interest | — | 10,162 | |||||||||
Total stockholders' equity including noncontrolling interest | 118,488 | 69,679 | |||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 643,168 | $ | 263,957 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
February 29, 2024 | February 28, 2023 | February 29, 2024 | February 28, 2023 | |||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||
Revenue | 40,284 | 10,054 | 110,993 | 23,139 | ||||||||||||||||||||||
Related party revenue | 3,064 | 4,036 | 10,883 | 10,215 | ||||||||||||||||||||||
Total revenue | 43,348 | 14,090 | 121,876 | 33,354 | ||||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||
Cost of revenues (1) | 47,061 | 10,533 | 102,051 | 28,450 | ||||||||||||||||||||||
Selling, general and administrative (2) | 30,386 | 10,546 | 67,142 | 42,779 | ||||||||||||||||||||||
Loss on classification as held for sale | 21,723 | — | 21,723 | — | ||||||||||||||||||||||
Loss from legal settlement | — | — | 2,380 | — | ||||||||||||||||||||||
Total costs and expenses | 99,170 | 21,079 | 193,296 | 71,229 | ||||||||||||||||||||||
Operating loss | (55,822) | (6,989) | (71,420) | (37,875) | ||||||||||||||||||||||
Interest expense, net (3) | 4,404 | 352 | 8,836 | 1,061 | ||||||||||||||||||||||
Loss on change in fair value of related party debt | 2,612 | — | 2,612 | — | ||||||||||||||||||||||
Loss on extinguishment of debt (4) | — | — | 2,353 | 94 | ||||||||||||||||||||||
Net loss before income tax expenses | (62,838) | (7,341) | (85,221) | (39,030) | ||||||||||||||||||||||
Income tax benefit | — | — | — | (280) | ||||||||||||||||||||||
Net loss | (62,838) | (7,341) | (85,221) | (38,750) | ||||||||||||||||||||||
Net loss attributable to noncontrolling interest | — | (316) | (397) | (577) | ||||||||||||||||||||||
Net loss attributable to Applied Digital Corporation | $ | (62,838) | $ | (7,025) | $ | (84,824) | $ | (38,173) | ||||||||||||||||||
Basic and diluted net loss per share attributable to Applied Digital Corporation | $ | (0.52) | $ | (0.07) | $ | (0.77) | $ | (0.41) | ||||||||||||||||||
Basic and diluted weighted average number of shares outstanding | 121,426,622 | 94,119,944 | 110,500,556 | 93,545,687 |
Nine Months Ended | |||||||||||
February 29, 2024 | February 28, 2023 | ||||||||||
CASH FLOW FROM OPERATING ACTIVITIES | |||||||||||
Net loss | $ | (85,221) | $ | (38,750) | |||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 12,899 | 2,580 | |||||||||
Stock-based compensation | 13,634 | 26,878 | |||||||||
Lease expense | 41,473 | 2,296 | |||||||||
Deferred income taxes | — | (280) | |||||||||
Loss on extinguishment of debt | 2,353 | 94 | |||||||||
Amortization of debt issuance costs | 498 | — | |||||||||
Loss on classification as held for sale | 21,723 | — | |||||||||
Loss on change in fair value of related party debt | 2,612 | — | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | (143) | 145 | |||||||||
Prepaid expenses and other current assets | (4,115) | (266) | |||||||||
Customer deposits | (150) | 24,584 | |||||||||
Related party customer deposits | — | 2,262 | |||||||||
Deferred revenue | 15,953 | 42,261 | |||||||||
Related party deferred revenue | (237) | 1,481 | |||||||||
Accounts payable | 55,464 | (10,019) | |||||||||
Accrued liabilities | 8,191 | 1,562 | |||||||||
Lease assets and liabilities | (35,675) | (580) | |||||||||
Other assets | (1,363) | (104) | |||||||||
CASH FLOW PROVIDED BY OPERATING ACTIVITIES | 47,896 | 54,144 | |||||||||
CASH FLOW FROM INVESTING ACTIVITIES | |||||||||||
Purchases of property and equipment and other assets | (86,996) | (96,214) | |||||||||
Finance lease prepayments | (35,132) | — | |||||||||
Purchases of investments | (390) | (100) | |||||||||
CASH FLOW USED IN INVESTING ACTIVITIES | (122,518) | (96,314) | |||||||||
CASH FLOW FROM FINANCING ACTIVITIES | |||||||||||
Repayment of finance leases | (27,527) | (1,635) | |||||||||
Borrowings of long-term debt | 8,422 | 25,567 | |||||||||
Borrowings of related party debt | 23,000 | — | |||||||||
Repayments of long-term debt | (6,763) | (8,839) | |||||||||
Repayment of related party debt | (45,500) | — | |||||||||
Payment of deferred financing costs | — | (333) | |||||||||
Tax payments for restricted stock upon vesting | (606) | (114) | |||||||||
Noncontrolling interest contributions | — | 4,146 | |||||||||
Proceeds from issuance of common stock, net of costs | 121,002 | — | |||||||||
CASH FLOW PROVIDED BY FINANCING ACTIVITIES | 72,028 | 18,792 | |||||||||
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | (2,594) | (23,378) | |||||||||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD | 43,574 | 46,299 | |||||||||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD | $ | 40,980 | $ | 22,921 | |||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||||||||||
Interest paid | $ | 9,121 | $ | 1,118 | |||||||
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES | |||||||||||
Operating right-of-use assets obtained by lease obligation | $ | 95,018 | $ | — | |||||||
Finance right-of-use assets obtained by lease obligation | $ | 219,268 | $ | 8,693 | |||||||
Property and equipment in accounts payable and accrued liabilities | $ | 41,100 | $ | 9,384 | |||||||
Conversion of non-controlling interest | $ | 9,765 | $ | — |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
$ in thousands | February 29, 2024 | February 28, 2023 | February 29, 2024 | February 28, 2023 | ||||||||||||||||||||||
Adjusted operating loss | ||||||||||||||||||||||||||
Operating loss (GAAP) | $ | (55,822) | $ | (6,989) | $ | (71,420) | $ | (37,875) | ||||||||||||||||||
Stock-based compensation | 3,194 | 4,480 | 13,634 | 26,878 | ||||||||||||||||||||||
Non-recurring professional service costs (a) | 2,355 | 365 | 3,442 | 1,437 | ||||||||||||||||||||||
Non-recurring research and development costs (b) | — | 778 | — | 893 | ||||||||||||||||||||||
Loss on classification as held for sale | 21,723 | — | 21,723 | — | ||||||||||||||||||||||
Accelerated depreciation and amortization (c) | 4,043 | — | 4,220 | — | ||||||||||||||||||||||
Loss on legal settlement | — | — | 2,380 | — | ||||||||||||||||||||||
Other non-recurring costs (d) | — | 349 | — | 1,054 | ||||||||||||||||||||||
Adjusted operating loss (Non-GAAP) | $ | (24,507) | $ | (1,017) | $ | (26,021) | $ | (7,613) | ||||||||||||||||||
Adjusted operating margin | (57) | % | (7) | % | (21) | % | (23) | % | ||||||||||||||||||
Adjusted net loss | ||||||||||||||||||||||||||
Net loss (GAAP) | $ | (62,838) | $ | (7,341) | $ | (85,221) | $ | (38,750) | ||||||||||||||||||
Stock-based compensation | 3,194 | 4,480 | 13,634 | 26,878 | ||||||||||||||||||||||
Non-recurring professional service costs (a) | 2,355 | 365 | 3,442 | 1,437 | ||||||||||||||||||||||
Non-recurring research and development costs (b) | — | 778 | — | 893 | ||||||||||||||||||||||
Loss on classification as held for sale | 21,723 | — | 21,723 | — | ||||||||||||||||||||||
Accelerated depreciation and amortization (c) | 4,043 | — | 4,220 | — | ||||||||||||||||||||||
Loss on change in fair value of related party debt | 2,612 | — | 2,612 | — | ||||||||||||||||||||||
Loss on extinguishment of debt | — | — | 2,353 | 94 | ||||||||||||||||||||||
Loss on legal settlement | — | — | 2,380 | — | ||||||||||||||||||||||
Other non-recurring costs (d) | — | 317 | — | 896 | ||||||||||||||||||||||
Adjusted net loss (Non-GAAP) | $ | (28,911) | $ | (1,401) | $ | (34,857) | $ | (8,552) | ||||||||||||||||||
Adjusted net loss per diluted share (Non-GAAP) | $ | (0.24) | $ | (0.01) | $ | (0.32) | $ | (0.09) | ||||||||||||||||||
EBITDA and Adjusted EBITDA | ||||||||||||||||||||||||||
Net loss (GAAP) | $ | (62,838) | $ | (7,341) | $ | (85,221) | $ | (38,750) | ||||||||||||||||||
Interest expense, net | 4,404 | 352 | 8,836 | 1,061 | ||||||||||||||||||||||
Income tax benefit | — | — | — | (280) | ||||||||||||||||||||||
Depreciation and amortization (c) | 26,204 | 1,927 | 47,664 | 4,631 | ||||||||||||||||||||||
EBITDA (Non-GAAP) | $ | (32,230) | $ | (5,062) | $ | (28,721) | $ | (33,338) | ||||||||||||||||||
Stock-based compensation | 3,194 | 4,480 | 13,634 | 26,878 | ||||||||||||||||||||||
Non-recurring professional service costs (a) | 2,355 | 365 | 3,442 | 1,437 | ||||||||||||||||||||||
Non-recurring research and development costs (b) | — | 778 | — | 893 | ||||||||||||||||||||||
Loss on classification as held for sale | 21,723 | — | 21,723 | — | ||||||||||||||||||||||
Loss on change in fair value of related party debt | 2,612 | — | 2,612 | — | ||||||||||||||||||||||
Loss on extinguishment of debt | — | — | 2,353 | 94 | ||||||||||||||||||||||
Loss on legal settlement | — | — | 2,380 | — | ||||||||||||||||||||||
Other non-recurring costs (d) | — | 348 | — | 960 | ||||||||||||||||||||||
Adjusted EBITDA (Non-GAAP) | $ | (2,346) | $ | 909 | $ | 17,423 | $ | (3,076) |
_X^UMOU3=;>.J==][QX\?5 ME?$$%^ZB1\TGX4YS_4;\4X2[?U/LPGWPD"'Z3N40[L.'#]=W*N<,"?=#AP[M M3L#-)1!SQH;[1Q]]9#@7^^577.'F(\Y"I\Z=]>5R&C5N?.+$"76-1X0[4,R8 M_VB>Z&15.M%YYO=OC!PY4EWC41#A+AKEG7??K9_X)!)RQ&.YNCB!(,)='.?? M)D\^OV%#?9O*N'_C(^'NUQ2[RBN<&LV;-4M=X1+@#QEBU;%G[SS>L3)]YS MSSU5JU;5MZ9/C9HU76[_E$_A?OSX\:U;MW[S[;<3)TT2QUFM6C5]:_I4JU[= M_3M?"7>_IMB%N^'#S>>4*\>'4PW-*FX:;LX)ZTNX-V[21%\;FXS,S$1G$O2+ MX4(@W,V^__Y[0VW7;]# _4.AN)P-YX!**S@5@ ?[YY_7;JIQ> MO7JI"XQR &,*]1'JZ2'"1K>:I7*5*9JE2XB[5\$?,N//& MFV^J1Y.8(=R#/DY/;WDDW/V:8A?N;6Z^6=]I;,03[./NWA(6M C#W?"&-%&$ M1XX<41=H? EW\^D@OUZP0%W@*\(]:7?WZ*'O5\Z++[ZH+C":-6N6OA$YXC%B M45+W/Q+A#A0;!PX 4N[^[C,H1[H",> M>SR]C] 0[H%.UV[=/"77&1ONCS[VV.>^VK=OGWH$+D05[N)* H"7Q'NR=FP88/A!:RJ5:NZ M_^-MS-&C1\5EI6]*3HK?H4NX \6&H1O2"DY6I2YPX 3[D52;BW:MW:S5MO"SMCPWW\:Z^I"Z)@N $&&N[B7]9PVM,4(\!' M487[SEV[#!_7Z=2YL[H@'E_"_8477M#7RC%_?4_J"/?DF,\E.N#QQ]4%+KP^ M<:*^*3GBYKQV[5IUC6N$.U \'#]^_-+++M-OJ'+N[-)EE' 4]OB[D<"^1GMZA8T>OU7XJ]' 7QWE[NW9)O.A+N$ P@Q95N,^>/5O?HYQ!@P>K"^+Q)=P_^^PS?:V 4*R?NUI,[3L(]6E&%>Z]>O?0]ROGTTT_5 M!1&)*MS[].FC[U'.S)DSU07Q^!+N.W;N-'QWIK@07'YC0W((]R2(1PU]CR%, ME:PLK^_ D0AWH'BXJ4T;_58:SB3]%]YPPETTDSC"5+(@G'#/+%6J9\^>/__\ ML[I[UPCW:$42[N*2,;PB6*9LV=V[=ZMK(A))N)N_2ZYD1H;+LZ?[$NZ"^=O6 M GU?$^'NU>'#A]V @&35JE'I [A#N0#&P>/%BKZ H:GQ#N7AFNL2%,G;IU MDSN1:P3A?M_]]Z *XFS=NG7ZO[+7V>GN995BJF?/GOI--,QQ_[U. MA?D>[A4J5FS2M*EX:!DW;MRJ5:N2>\.)SO=P%\ K?##?=>N78:@$2.NNNJ:Z!@R**!P%U<;PXFVQ(P>/5I=DX!?X2X>SLJ4 M+:MO0 \ SG3 AGJE6K)AXCU2,KBB'<2YGGGJV M*,\__[QH]"E3IGS^^>=KUJS9O7NWRX3PSA+H+LR3_]23TLC3A.T>A!'R?A M'JV0PST_/_^!!Q[0]R6G?(4*6[9L49=%)_QP[]>OG[XO.>)&X?[/7'Z%N_A7 M:]^A@[X%.272TU^?.%%=Y@?"W1-Q7QW)Q\8*SU7-FB7Q\A/ACN@1[F8B7; M9_B3Q&M[AG!W_\VI(3"$N_MO3@T!X1ZMD,-=[,X<%CU[]E371"KD<)\\>;+Y M\NG:K9NZ)C&_PEV8-W^^^9V-XMY//.JIRU)&N+LGGE_=WJZ=OJ_P9^[ K! M%85P1_0(=X-=NW95JU9-OWV&/^(>P>MK X2[OPCW:(49[E.F3#&_XR*S5*G% MBQ>KRR(59KA/GS[=<&[[M(++Q]/W4_H8[B*1;_G=[_2-%![1J4F?K2L1PMV] ME2M7FK_ )+2YK6U;KU^@1K@C>H2[P [>__[O_^H[BF3$+5U<6]3C,R+<$3W"/9$C1XX8 M3E8E;O!??/'%&O_DYN8VO_IJ?4=R6K1HX>EC582[OPCW:(40[NO6K;NM;5M] M^\I4R ST1EK_A+@Q\^FE].\J(FZVX M;KM,ZB(98I1P+VS3IDWE*U30=Q2;:M6K+U^^7'UT3$%.3H[YS^;WWW^_>HA& MA#NB1[@G,G7J5,-#E'@ 4Q>D;-JT:?J.Y(A'WR^_^DI=DQCA[B_"/5J!AKM( M]L?Z]Q?7-WWCRHC[A+??>4==;X% PUTL?^+))\7]AKYQ?29.FJ2N+XKOX7[H MT"'SZR"Q$?^:;6^_??7JU>IZ+\2SN/X#!AC>.T2X%S9XR!!]+W*>&CA079"R M(4.'ZCN2(V[UGNX]"'=$CW"/*S\_WW"_+QX(D_A02Y&.'CUZT<47Z[N3TZES M9_=_@";<_46X1\OW<#]QXL2O>>OOMV]JV-527,O???[_[VV"8? ]W7=^:/N*WZ].GS_+ERST= M>5Y>WG???=>O7[^*E2KIVRP\A+NT=^_> Z('N$>UY=??:7?+.5<<>657C\JZM+8L6/UW G!@[\/C '#QY4CR8!0[AG9&9^_/''ZJ8U M7R]8('[LC3??'#1X<)>N7<63Y"+?JZU,ZQMN.'#@@'ID=C"'^\R9,]6+0[-@ MX4)Q^8C+>?"0(5V[=;NX42/S)W3U^>UO?[M__W[UR%P((MQ/%9QS\)QRY?0- MQIW,4J6NN^ZZD2-'+EJT2-PB]'MX4>K[]NU;M6J5N*C[]NTKKC\N/V%)N$NO M39B@[T).<%]M:_@$0EK!!Q[ DZCWYBG8M&E3;(^$.U2$NZ[(DP&+ MQWYUC4_$W8?A*];%].O73UV3 .'N+T.X^SL//OB@NN]?"SG< YUO79][Q!#N MX4RSYLWMN=7H#.$>SEQ^Q17;MFU3#\N=@,)=R,[.+O*CQOJ(W+_PHHNNO?;: M5JU;Q^:J9LT:G'^^^87;1-.D:5.7?Z4YO<-=/!<2SP;U7<1&/ L23QW5-3Y9 MN7*E^5GZN''CU#4)&,+=WYGP^NNQ/1+N4!'NNE6K5AE.2B">5;M_=IZ$08,' MZSN54[Y"A>T[=JAKXB'<_46X!S'%)=Q;MFRYR^[OAXXVW%NT:.'R?BFNX,+] M5$&[&SX-&?14JU[]AQ]^4(\I@=,[W,4_A.%C8]===YW+IS?)Z7S''?I.Y5QT M\<4NOV/[# WW5_[ZUYMNOCF5Z?_XX^I&BZ<71HW2?SM/\W\C1ZH;]8APUXER MTF]% Y!C/WAGEZR9)\^?8X>/:H> MD&6B"G=Q^8B4.7+DB'I 7@0:[L*"A0MKUZFC;SGH$3E8Y#O?"CN-PUU$N7CV MJV]?3NK_RF8+O_G&_)5A[[__OKHFGC,TW!_LVU??K*>YOE4K=:/%TST]>^J_ MG:?IWJ.'NE&/"'?%YLV;#1\V*E.V[-:M6]4U?C,_ &N1 M3M=PS\_/[]JMF[YQ.:-&C5+7!FS)GZKN64S,CXZNNOU34:PCW)(=SE$.[^ MVK]_?ZW:M?6;4&PR,C,]?8]WTL3=7*?.G?4#D'/9Y9.W9,7?9KA+N_"/<@ MQL)P%_< SPP:M'GS9O4([!9:N)];J]; IY^6I[SP13CA'I.;FRLB,K-4*7U' MJ4_9L\_NW;OWQHT;U;VZ<[J&^YHU:PQG7/W_']P*Y7Y>/)5JTK2I?@!R[NS2 M15VC(=R3',)=#N'NK] WM6K5JHELRL[.#OI/]@$)--S%Y9.5E=7MKKL^^. #]V?P="_, M<#]5\,K(=]]]=U?W[E[/=VF8*EE9#SW\\-JU:]6=>7&ZAONCCSVF;UE.GSY] MU 6!F3AIDGX Y!#N<@AW'YT\>;)1X\;Z[4?.C!DSU#6! M$0=S_?77Z\<@YZ8V; +?Z8B_\27BI##7=J\>;/XU[_FFFO,'ULT3.4J5;IT M[3IMVK3D3F"O."W#??N.'>)9C;[EV)3,R%BQ8H6Z)C#B:;GAC^IBQ+,O=Y)#N$NAW#WT98M6YX:.##1#!LV+,4S)WBU\)MO],.0\\R@0:*WU#6%?/7U MU_JJV P9.C2(E\V2LV#A0OT(8S-XR)! S[SIB;BEZ$<8Q'SXX8?JOG]M[=JU M^BHY2;S'0URQ]>V$,^Z_\50\(=&7>YH1(T:,'3OVO??>FS=__KIUZT2)FI_Z M%B]+EBS1?V5/\_SSSSN7S[QYHJ3#O'QV[MJE'X^<9 M?OEE]:?](_[I]3W&YJ.//E)_VJ/%BQ?KFY43Z.\55W9VMGX8 [$.X "(BW"W"^$. " N AW1WY^?E[*S&^$ KV_6(< < $!$.P .(BW!V$NT2X P 6(AP=Q#N$N$. !@(<+=0;A+A#L ("% M"'<'X2X1[@ !8BW!V$NT2X P 6(AP=Q#N$N$. !@(<+=0;A+A#L ("% M"'<'X2X1[@ !8BW!V$NT2X P 6(AP=Q#N$N$. !@(<+=0;A+A#L ("% M"'<'X2X1[@ !8BW!V$NT2X P 6(AP=Q#N$N$. !@(<+=0;A+A#L ("% M"'<'X2X1[@ !8BW!V$NT2X P 6(AP=Q#N$N$. !@(<+=0;A+A#L ("% M"'<'X2X1[@ !8BW!V$NT2X P 6(AP=Q#N$N$. !@(<+=0;A+A#L ("% M"'<'X2X1[@ !8BW!V$NT2X P 6(AP=Q#N$N$. !@(<+=0;A+A#L ("% M"'<'X2X1[@ !8BW!V$NT2X P 6(AP=Q#N$N$. !@(<+=0;A+A#L ("% M"'<'X2X1[@ !8BW!V$NT2X P 6(AP=Q#N$N$. !@(<+=0;A+A#L ("% M"'<'X2X1[@ !8BW!V$NT2X P 6(AP=Q#N$N$. !@(<+=0;A+A#L ("% M"'<'X2X1[@ !8BW!V$NT2X P 6.BL'O? $. "Q'N#L(= -B/<'80[ ;$:X M.PAW V(QP=Q#N L!GA[B#< 0 8#/"W4&X P P&:$NX-P!P @,T( M=P?A#@ )L1[@["'0 #8CW!V$.P &Q&N#L(=P -B,<'<0[@ + 9 MX>X@W $ & SPMU!N , ,!FA+N#< < (#-"'<'X0X ";$>X.PAT V M(]P=A#L !L1K@["'< #8C'!W$.X "P&>'N(-P! !@,\+=0;@# # M9H2[@W ' " S0AW!^$. FQ'N#L(= -B/<'80[ ;$:X.PAW MV(QP=Q#N L!GA[B#< 0 8#/"W4&X P P&:$NX-P!P @,VL"'<1S0L6 M+DQE4B]F2\)]S9HU^F_G:<06U(T" "@^+,BW&U@2;@# <1'N#L(= M-B/<'80[ ;$:X.PAW V(QP=Q#N L!GA[B#< 0 8#/"W4&X P MP&:$NX-P!P @,T(=P?A#@ )L1[@["'0 #8CW!V$.P &Q&N#L(=P M -B,<'<0[@ + 9X>X@W $ & SPMU!N , ,!FA+N#< < (#-"'<'X0X M ";$>X.PAT V(]P=A#L !L1K@["'< #8C'!WK%^_OFKUZA4J5TYZ K*F=EY>3DJ-L% _$"X P ,7 _P,6'D0YBH2F!@ !)14Y$KD)@@@$! end
Cover |
Apr. 11, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Apr. 11, 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 |
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end
?5]HZXVM/5%FJK+]V79GL@+,[C,E$871--#7"Y*H-B7B 432+2=>0R3:DZH4W
M$1;$8K'"7#;R\VWW'.8X2H9_H]$(0\3O/$Z'W$M;E_W1F$3I$$YA]"*C@R^2
ML33_BQ./F&%H-B/L858B0I$"1Z_^1\A?/[\[F_U2A