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APLD:ChangeInFairValueasOfVestingDateOfStockAwardsAndOptionAwardsGrantedInPriorFiscalYearsForWhichApplicableVestingConditionsWereSatisfiedDuringFiscalYearMember ecd:NonPeoNeoMember 2024-06-01 2025-05-31 0001144879 APLD:FairValueOfPriorFiscalYearEndOfStockAwardsAndOptionAwardsGrantedInPriorFiscalYearsThatFailedToMeetApplicableVestingConditionsDuringFiscalYearMember ecd:NonPeoNeoMember 2022-06-01 2023-05-31 0001144879 APLD:FairValueOfPriorFiscalYearEndOfStockAwardsAndOptionAwardsGrantedInPriorFiscalYearsThatFailedToMeetApplicableVestingConditionsDuringFiscalYearMember ecd:NonPeoNeoMember 2023-06-01 2024-05-31 0001144879 APLD:FairValueOfPriorFiscalYearEndOfStockAwardsAndOptionAwardsGrantedInPriorFiscalYearsThatFailedToMeetApplicableVestingConditionsDuringFiscalYearMember ecd:NonPeoNeoMember 2024-06-01 2025-05-31 iso4217:USD shares iso4217:USD shares pure false 0001144879 DEF 14A APPLIED DIGITAL CORPORATION true The Board and Compensation Committee grant awards without regard to the share price or the timing of the release of material nonpublic information and does not time grants for the purpose of affecting the value of executive compensation. Accordingly, it is our policy that our management team makes a good faith effort to advise the Board and Compensation Committee whenever it is aware that material nonpublic information is planned to be released to the public in close proximity to the grant of equity awards. false <table cellpadding="0" cellspacing="0" id="xdx_881_eecd--PvpTableTextBlock_zV8Or32wks5a" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Pay vs Performance Disclosure"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_48A_eecd--PeoTotalCompAmt_zEtaLa0UYSpb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Summary Compensation Table Total for PEO (1)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_486_eecd--PeoActuallyPaidCompAmt_zmVFU8bLeu1d" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Compensation Actually Paid to PEO (2)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_48D_eecd--NonPeoNeoAvgTotalCompAmt_zvrUqwgP5Iu" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Average Summary Compensation Table Total for Non-PEO NEOs (1)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_483_eecd--NonPeoNeoAvgCompActuallyPaidAmt_zNhfV7EwqyZe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Average Compensation Actually Paid to Non-PEO NEOs (3)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_488_eecd--TotalShareholderRtnAmt_zkst5chkk1Ck" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Value of Initial Fixed $100 Investment Based on Total Stockholder Return (4)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_483_eus-gaap--NetIncomeLoss_pn3n3_zR3AwR2gFj46" style="border-bottom: Black 1pt solid; text-align: center">Net Income (Loss) (thousands) (5)</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_416_20240601__20250531_zwxu8baMF4Af" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 13%; font-weight: bold; text-align: center">2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">27,708,092</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">29,648,593</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">9,866,986</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">9,028,329</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">417</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(233,680</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_417_20230601__20240531_zk80YY7N2ffj" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: center">2024</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,237,002</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(2,864,834</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,385,106</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">98,090</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">220</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(149,274</td><td style="text-align: left">)</td></tr> <tr id="xdx_41A_20220601__20230531_zW8X3SDX8Uzj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: center">2023</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,954,578</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">19,471,246</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,928,843</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,883,078</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">173</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(44,646</td><td style="text-align: left">)</td></tr> </table> 27708092 29648593 9866986 9028329 417

-233680000

1237002 -2864834 1385106 98090 220

-149274000

5954578 19471246 1928843 5883078 173

-44646000

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Amounts reported in this column represent (i) the total compensation reported in the Summary Compensation Table for the applicable year in the case of Wes Cummins and (ii) the average of the total compensation reported in the Summary Compensation Table for the applicable year for the Company’s NEOs for the applicable year other than the PEO for such years.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Amounts reported in this column represent the CAP to Wes Cummins as the Company’s PEO in the indicated fiscal years, as calculated per the SEC disclosure rules based on his total compensation reported in the Summary Compensation Table for the indicated fiscal years and adjusted as shown in the table below:</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">PEO</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20220601__20230531_zA141udkF3ah" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20230601__20240531_zKXHcfR6z7A7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20240601__20250531_zfjNhs4kEsbk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40E_eecd--PeoTotalCompAmt_hecd--IndividualAxis__ecd--PeoMember_zcbSAx46dpLk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; text-align: left">Summary Compensation Table - Total Compensation (a)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">5,954,578</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,237,002</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">27,708,092</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_eecd--PeoTotalCompAmt_hecd--IndividualAxis__ecd--PeoMember_zChY974kvamh" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">PEO Total Compensation Amount</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,954,578</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,237,002</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">27,708,092</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; font-style: italic">Minus</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eecd--AdjToCompAmt_hecd--IndividualAxis__ecd--PeoMember__ecd--AdjToCompAxis__custom--GrantDateFairValueOfStockAwardsAndOptionAwardsGrantedInFiscalYearMember_zftabAKFXGj6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Grant Date Fair Value of Stock Awards and Option Awards Granted in Fiscal Year (b)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,455,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">25,462,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; font-style: italic">Plus</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eecd--AdjToCompAmt_hecd--IndividualAxis__ecd--PeoMember__ecd--AdjToCompAxis__custom--FairValueAtFiscalYearEndOfOutstandingAndUnvestedStockAwardsAndOptionAwardsGrantedInFiscalYearMember_zJdmWZeOVNCk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Fair Value at Fiscal Year End of Outstanding and Unvested Stock Awards and Option Awards Granted in Fiscal Year (c)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">20,227,503</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">25,954,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; font-style: italic">Plus</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eecd--AdjToCompAmt_hecd--IndividualAxis__ecd--PeoMember__ecd--AdjToCompAxis__custom--ChangeInFairValueOfOutstandingAndUnvestedStockAwardsAndOptionAwardsGrantedInPriorFiscalYearsMember_zLVymDnBaWL2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Change in Fair Value of Outstanding and Unvested Stock Awards and Option Awards Granted in Prior Fiscal Years (d)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(2,691,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">736,668</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; font-style: italic">Plus</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eecd--AdjToCompAmt_hecd--IndividualAxis__ecd--PeoMember__ecd--AdjToCompAxis__custom--FairValueAtVestingOfStockAwardsAndOptionAwardsGrantedInFiscalYearThatVestedDuringFiscalYearMember_z0ZPkbQTgq7f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Fair Value at Vesting of Stock Awards and Option Awards Granted in Fiscal Year That Vested During Fiscal Year (e)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">274,166</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; font-style: italic">Plus</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eecd--AdjToCompAmt_hecd--IndividualAxis__ecd--PeoMember__ecd--AdjToCompAxis__custom--ChangeInFairValueasOfVestingDateOfStockAwardsAndOptionAwardsGrantedInPriorFiscalYearsForWhichApplicableVestingConditionsWereSatisfiedDuringFiscalYearMember_zRE2nyeuVbIb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Change in Fair Value as of Vesting Date of Stock Awards and Option Awards Granted in Prior Fiscal Years For Which Applicable Vesting Conditions Were Satisfied During Fiscal Year (f)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(1,530,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(1,410,836</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">711,832</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; font-style: italic">Minus</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eecd--AdjToCompAmt_hecd--IndividualAxis__ecd--PeoMember__ecd--AdjToCompAxis__custom--FairValueOfPriorFiscalYearEndOfStockAwardsAndOptionAwardsGrantedInPriorFiscalYearsThatFailedToMeetApplicableVestingConditionsDuringFiscalYearMember_zrJPrgeKF2J" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Fair Value as of Prior Fiscal Year End of Stock Awards and Option Awards Granted in Prior Fiscal Years That Failed to Meet Applicable Vesting Conditions During Fiscal Year (g)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eecd--PeoActuallyPaidCompAmt_hecd--IndividualAxis__ecd--PeoMember_zHJEF31OsFzb" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Compensation Actually Paid</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">19,471,247</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(2,864,834</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">29,648,593</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eecd--PeoActuallyPaidCompAmt_hecd--IndividualAxis__ecd--PeoMember_zUi36QoTG4f9" style="display: none; vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">PEO Actually Paid Compensation Amount</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">19,471,247</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(2,864,834</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">29,648,593</td><td style="text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(a)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Represents Total Compensation as reported in the Summary Compensation Table for the indicated fiscal year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">(b)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Represents the aggregate grant date fair value of the stock awards and option awards granted to Wes Cummins during the indicated fiscal year, computed in accordance with FASB ASC 718. Amounts shown are the amounts reported in the Summary Compensation Table.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">(c)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Represents the aggregate fair value as of the indicated fiscal year-end of Wes Cummins outstanding and unvested stock awards and option awards granted during such fiscal year, computed in accordance with FASB ASC 718.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">(d)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Represents the aggregate change in fair value during the indicated fiscal year of the outstanding and unvested stock awards and option awards held by Wes Cummins as of the last day of the indicated fiscal year, computed in accordance with FASB ASC 718.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_F0F_zlLQNaaMvao1" style="font: 10pt Times New Roman, Times, Serif">(e)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Represents the aggregate fair value at vesting of the stock and option awards that were granted to Wes Cummins and vested during the indicated fiscal year, computed in accordance with FASB ASC 718.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">(f)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Represents the aggregate change in fair value, measured from the prior fiscal year-end to the vesting date, of each stock award and option award held by Wes Cummins that was granted in a prior fiscal year and which vested during the indicated fiscal year, computed in accordance with FASB ASC 718.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">(g)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Represents the aggregate fair value as of the last day of the prior fiscal year of Wes Cummins’s stock awards and option awards that were granted in a prior fiscal year and which failed to meet the applicable vesting conditions in the indicated fiscal year, computed in accordance with FASB ASC 718.</td></tr> </table> 5954578 1237002 27708092 5954578 1237002 27708092 5455000 25462000 20227503 25954000 -2691000 736668 274166 -1530000 -1410836 711832 19471247 -2864834 29648593 19471247 -2864834 29648593 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">NEO Average</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20220601__20230531_zHof0HyEEER5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20230601__20240531_zgmOPaHD2h9c" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20240601__20250531_zN4Le3JjXF91" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_407_eecd--NonPeoNeoAvgTotalCompAmt_hecd--IndividualAxis__ecd--NonPeoNeoMember_z26QUrAVqS8i" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; text-align: left">Summary Compensation Table - Total Compensation (a)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,928,843</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,385,106</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">9,866,982</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eecd--NonPeoNeoAvgTotalCompAmt_hecd--IndividualAxis__ecd--NonPeoNeoMember_z0nV3Dh7tDoj" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Non-PEO NEO Average Total Compensation Amount</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,928,843</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,385,106</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9,866,982</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; font-style: italic">Minus</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eecd--AdjToCompAmt_hecd--IndividualAxis__ecd--NonPeoNeoMember__ecd--AdjToCompAxis__custom--GrantDateFairValueOfStockAwardsAndOptionAwardsGrantedInFiscalYearMember_zzq9evFgP5z4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Grant Date Fair Value of Stock Awards and Option Awards Granted in Fiscal Year (b)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,299,790</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">514,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9,233,350</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; font-style: italic">Plus</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eecd--AdjToCompAmt_hecd--IndividualAxis__ecd--NonPeoNeoMember__ecd--AdjToCompAxis__custom--FairValueAtFiscalYearEndOfOutstandingAndUnvestedStockAwardsAndOptionAwardsGrantedInFiscalYearMember_zlCAM3JZ1Ul8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Fair Value at Fiscal Year End of Outstanding and Unvested Stock Awards and Option Awards Granted in Fiscal Year (c)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,440,483</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">423,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">8,002,486</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; font-style: italic">Plus</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eecd--AdjToCompAmt_hecd--IndividualAxis__ecd--NonPeoNeoMember__ecd--AdjToCompAxis__custom--ChangeInFairValueOfOutstandingAndUnvestedStockAwardsAndOptionAwardsGrantedInPriorFiscalYearsMember_zri2Ooi8YLcg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Change in Fair Value of Outstanding and Unvested Stock Awards and Option Awards Granted in Prior Fiscal Years (d)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(798,674</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">86,668</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; font-style: italic">Plus</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eecd--AdjToCompAmt_hecd--IndividualAxis__ecd--NonPeoNeoMember__ecd--AdjToCompAxis__custom--FairValueAtVestingOfStockAwardsAndOptionAwardsGrantedInFiscalYearThatVestedDuringFiscalYearMember_z7yuqewRkqtd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Fair Value at Vesting of Stock Awards and Option Awards Granted in Fiscal Year That Vested During Fiscal Year (e)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">68,541</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">200,898</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; font-style: italic">Plus</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eecd--AdjToCompAmt_hecd--IndividualAxis__ecd--NonPeoNeoMember__ecd--AdjToCompAxis__custom--ChangeInFairValueasOfVestingDateOfStockAwardsAndOptionAwardsGrantedInPriorFiscalYearsForWhichApplicableVestingConditionsWereSatisfiedDuringFiscalYearMember_zjJSizEzAmEd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Change in Fair Value as of Vesting Date of Stock Awards and Option Awards Granted in Prior Fiscal Years For Which Applicable Vesting Conditions Were Satisfied During Fiscal Year (f)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(254,999</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(397,341</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">104,645</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; font-style: italic">Minus</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eecd--AdjToCompAmt_hecd--IndividualAxis__ecd--NonPeoNeoMember__ecd--AdjToCompAxis__custom--FairValueOfPriorFiscalYearEndOfStockAwardsAndOptionAwardsGrantedInPriorFiscalYearsThatFailedToMeetApplicableVestingConditionsDuringFiscalYearMember_zt3RZDNzFsW2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Fair Value as of Prior Fiscal Year End of Stock Awards and Option Awards Granted in Prior Fiscal Years That Failed to Meet Applicable Vesting Conditions During Fiscal Year (g)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eecd--AdjToCompAmt_hecd--IndividualAxis__ecd--NonPeoNeoMember__ecd--AdjToCompAxis__custom--FairValueOfPriorFiscalYearEndOfStockAwardsAndOptionAwardsGrantedInPriorFiscalYearsThatFailedToMeetApplicableVestingConditionsDuringFiscalYearMember_zJrHSNXCZJv6" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Adjustment to compensation amount</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eecd--NonPeoNeoAvgCompActuallyPaidAmt_hecd--IndividualAxis__ecd--NonPeoNeoMember_zeC7Gf9u6Kt2" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Compensation Actually Paid</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,883,078</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">98,090</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9,028,329</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eecd--NonPeoNeoAvgCompActuallyPaidAmt_hecd--IndividualAxis__ecd--NonPeoNeoMember_zROchE4fm9m3" style="display: none; vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Non-PEO NEO Average Compensation Actually Paid Amount</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,883,078</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">98,090</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9,028,329</td><td style="text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(a)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Represents the average Total Compensation as reported in the Summary Compensation Table for the reported NEOs other than the PEO in the indicated fiscal year.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(b)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Represents the average aggregate grant date fair value of the stock awards and option awards granted to the reported NEOs excluding the PEO during the indicated fiscal year computed in accordance with FASB ASC 718. Amounts shown are the amounts reported in the Summary Compensation Table.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">(c)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Represents the average aggregate fair value as of the indicated fiscal year-end of the reported NEOs’ (excluding the PEO) outstanding and unvested stock awards and option awards granted during such fiscal year, computed in accordance with FASB ASC 718.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">(d)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Represents the average aggregate change in fair value during the indicated fiscal year of the outstanding and unvested stock awards and option awards held by the reported NEOs excluding the PEO as of the last day of the indicated fiscal year, computed in accordance with FASB ASC 718.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">(e)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Represents the average aggregate fair value at vesting of the stock awards and option awards that were granted to the reported NEOs (excluding the PEO) and vested during the indicated fiscal year, computed in accordance with FASB ASC 718.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">(f)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Represents the average aggregate change in fair value, measured from the prior fiscal year-end to the vesting date, of each stock award and option award held by the reported NEOs (excluding the PEO) that was granted in a prior fiscal year and which vested during the indicated fiscal year, computed in accordance with FASB ASC 718.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">(g)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Represents the average aggregate fair value as of the last day of the prior fiscal year of the reported NEOs’ (excluding the PEO) stock awards and option awards that were granted in a prior fiscal year and which failed to meet the applicable vesting conditions in the indicated fiscal year computed in accordance with FASB ASC 718.</td></tr> </table> 1928843 1385106 9866982 1928843 1385106 9866982 1299790 514000 9233350 5440483 423000 8002486 -798674 86668 68541 200898 -254999 -397341 104645 5883078 98090 9028329 5883078 98090 9028329 In accordance with Item 402(v) of Regulation S-K, the graphs below compare the compensation actually paid to our PEO and the average of the compensation actually paid to our Non-PEO NEOs, with (i) our TSR, and (ii) our net income, in each case, for the fiscal years ended May 31, 2025, May 31, 2024 and May 31, 2023. TSR amounts reported in the graph assume an initial fixed investment of $100. <img alt="" src="chart_001.jpg"/> A portion of our NEO’s compensation consists of equity awards. As a result, the change between the values disclosed in our Summary Compensation Table and CAP tends to be directionally aligned with changes in our TSR. <img alt="" src="chart_002.jpg"/> Amounts reported in this column represent (i) the total compensation reported in the Summary Compensation Table for the applicable year in the case of Wes Cummins and (ii) the average of the total compensation reported in the Summary Compensation Table for the applicable year for the Company’s NEOs for the applicable year other than the PEO for such years. Amounts reported in this column represent the CAP to Wes Cummins as the Company’s PEO in the indicated fiscal years, as calculated per the SEC disclosure rules based on his total compensation reported in the Summary Compensation Table for the indicated fiscal years and adjusted as shown in the table below: Amounts reported in this column represent the average CAP to the Company’s Non-PEO NEOs in the indicated fiscal years, as calculated per the SEC disclosure rules based on his total compensation reported in the Summary Compensation Table for the indicated fiscal years and adjusted as shown in the table below: Cumulative TSR is calculated by dividing the sum of the cumulative amount of dividends for the measurement period, assuming dividend reinvestment, and the difference between the Company’s share price at the end and the beginning of the measurement period by the Company’s share price at the beginning of the measurement period. No dividends were paid on stock or option awards in fiscal 2025, 2024 or 2023. The dollar amounts reported represent the amount of net loss reflected in our consolidated audited financial statements for the applicable year. Represents Total Compensation as reported in the Summary Compensation Table for the indicated fiscal year. Represents the aggregate grant date fair value of the stock awards and option awards granted to Wes Cummins during the indicated fiscal year, computed in accordance with FASB ASC 718. Amounts shown are the amounts reported in the Summary Compensation Table. Represents the aggregate fair value as of the indicated fiscal year-end of Wes Cummins outstanding and unvested stock awards and option awards granted during such fiscal year, computed in accordance with FASB ASC 718. Represents the aggregate change in fair value during the indicated fiscal year of the outstanding and unvested stock awards and option awards held by Wes Cummins as of the last day of the indicated fiscal year, computed in accordance with FASB ASC 718. Represents the aggregate fair value at vesting of the stock and option awards that were granted to Wes Cummins and vested during the indicated fiscal year, computed in accordance with FASB ASC 718. Represents the aggregate change in fair value, measured from the prior fiscal year-end to the vesting date, of each stock award and option award held by Wes Cummins that was granted in a prior fiscal year and which vested during the indicated fiscal year, computed in accordance with FASB ASC 718. Represents the aggregate fair value as of the last day of the prior fiscal year of Wes Cummins’s stock awards and option awards that were granted in a prior fiscal year and which failed to meet the applicable vesting conditions in the indicated fiscal year, computed in accordance with FASB ASC 718. Represents the average Total Compensation as reported in the Summary Compensation Table for the reported NEOs other than the PEO in the indicated fiscal year. Represents the average aggregate grant date fair value of the stock awards and option awards granted to the reported NEOs excluding the PEO during the indicated fiscal year computed in accordance with FASB ASC 718. Amounts shown are the amounts reported in the Summary Compensation Table. Represents the average aggregate fair value as of the indicated fiscal year-end of the reported NEOs’ (excluding the PEO) outstanding and unvested stock awards and option awards granted during such fiscal year, computed in accordance with FASB ASC 718. Represents the average aggregate change in fair value during the indicated fiscal year of the outstanding and unvested stock awards and option awards held by the reported NEOs excluding the PEO as of the last day of the indicated fiscal year, computed in accordance with FASB ASC 718. Represents the average aggregate fair value at vesting of the stock awards and option awards that were granted to the reported NEOs (excluding the PEO) and vested during the indicated fiscal year, computed in accordance with FASB ASC 718. Represents the average aggregate change in fair value, measured from the prior fiscal year-end to the vesting date, of each stock award and option award held by the reported NEOs (excluding the PEO) that was granted in a prior fiscal year and which vested during the indicated fiscal year, computed in accordance with FASB ASC 718. Represents the average aggregate fair value as of the last day of the prior fiscal year of the reported NEOs’ (excluding the PEO) stock awards and option awards that were granted in a prior fiscal year and which failed to meet the applicable vesting conditions in the indicated fiscal year computed in accordance with FASB ASC 718.