(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 |
Three Months Ended | |||||||||||
Reconciliation of Net loss to EBITDA | August 31, 2023 | August 31, 2022 | |||||||||
Net loss attributable to Applied Digital (GAAP) | $ | (11,457) | $ | (4,531) | |||||||
Interest expense | 2,074 | 356 | |||||||||
Income tax benefit (expense) | — | 32 | |||||||||
Depreciation and amortization | 7,860 | 1,136 | |||||||||
EBITDA (Non-GAAP) | $ | (1,523) | $ | (3,007) |
Item 9.01 | Financial Statements and Exhibits EXHIBIT INDEX | ||||
Exhibit No. | Description | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
By: | /s/ David Rench | ||||||||||
Name: | David Rench | ||||||||||
Title: | Chief Financial Officer | ||||||||||
August 31, 2023 | May 31, 2023 | |||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 5,942 | $ | 28,999 | ||||||||||
Restricted cash | 25,271 | 14,575 | ||||||||||||
Accounts receivable | 27 | 82 | ||||||||||||
Prepaid expenses and other current assets | 2,308 | 2,103 | ||||||||||||
Total current assets | 33,548 | 45,759 | ||||||||||||
Property and equipment, net | 222,666 | 195,593 | ||||||||||||
Operating lease right of use assets, net | 11,183 | 1,290 | ||||||||||||
Finance lease right of use assets, net | 55,691 | 14,303 | ||||||||||||
Other assets | 26,065 | 7,012 | ||||||||||||
TOTAL ASSETS | $ | 349,153 | $ | 263,957 | ||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | 16,229 | $ | 6,446 | ||||||||||
Accrued liabilities | 12,743 | 8,330 | ||||||||||||
Current portion of operating lease liability | 1,807 | 320 | ||||||||||||
Current portion of finance lease liability | 23,471 | 5,722 | ||||||||||||
Current portion of debt | 9,163 | 7,950 | ||||||||||||
Customer deposits | 32,559 | 32,559 | ||||||||||||
Related party customer deposits | 3,811 | 3,811 | ||||||||||||
Deferred revenue | 50,863 | 47,168 | ||||||||||||
Related party deferred revenue | 971 | 1,524 | ||||||||||||
Sales and use tax payable | 62 | 1,630 | ||||||||||||
Total current liabilities | 151,679 | 115,460 | ||||||||||||
Long-term portion of operating lease liability | 9,573 | 1,005 | ||||||||||||
Long-term portion of finance lease liability | 25,071 | 8,334 | ||||||||||||
Long-term debt | 34,882 | 33,222 | ||||||||||||
Long-term related party loan | — | 35,257 | ||||||||||||
Other long-term related party liabilities | — | 1,000 | ||||||||||||
Total liabilities | 221,205 | 194,278 | ||||||||||||
Commitments and contingencies | ||||||||||||||
Stockholders' equity: | ||||||||||||||
Common stock, $0.001 par value, 166,666,667 shares authorized, 110,850,885 shares issued and 105,849,157 shares outstanding at August 31, 2023, and 100,927,358 shares issued and 95,925,630 shares outstanding at May 31, 2023 | 110 | 101 | ||||||||||||
Treasury stock, 5,001,728 shares at August 31, 2023 and 5,001,728 shares at May 31, 2023, at cost | (62) | (62) | ||||||||||||
Additional paid in capital | 240,073 | 160,194 | ||||||||||||
Accumulated deficit | (112,173) | (100,716) | ||||||||||||
Total stockholders’ equity attributable to Applied Digital Corporation | 127,948 | 59,517 | ||||||||||||
Noncontrolling interest | — | 10,162 | ||||||||||||
Total stockholders' equity including noncontrolling interest | 127,948 | 69,679 | ||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT | $ | 349,153 | $ | 263,957 |
Three Months Ended | |||||||||||
August 31, 2023 | August 31, 2022 | ||||||||||
Revenue: | |||||||||||
Hosting revenue | $ | 29,987 | $ | 4,338 | |||||||
Cloud services revenue | 2,152 | — | |||||||||
Related party hosting revenue | 4,184 | 2,586 | |||||||||
Total revenue | 36,323 | 6,924 | |||||||||
Costs and expenses: | |||||||||||
Cost of revenues | 24,398 | 6,093 | |||||||||
Selling, general and administrative | 17,052 | 5,008 | |||||||||
Total costs and expenses | 41,450 | 11,101 | |||||||||
Operating loss | (5,127) | (4,177) | |||||||||
Interest Expense | 2,074 | 356 | |||||||||
Loss on extinguishment of debt | 2,353 | 94 | |||||||||
Loss from legal settlement | 2,300 | — | |||||||||
Net loss before income tax expenses | (11,854) | (4,627) | |||||||||
Income tax expense | — | 32 | |||||||||
Net loss | (11,854) | (4,659) | |||||||||
Net loss attributable to noncontrolling interest | (397) | (128) | |||||||||
Net loss attributable to Applied Digital Corporation | $ | (11,457) | $ | (4,531) | |||||||
Basic and diluted net (loss) gain per share: | |||||||||||
Basic and diluted net loss per share | $ | (0.12) | $ | (0.05) | |||||||
Basic and diluted weighted average number of shares outstanding | 100,521,673 | 93,105,835 |
Three Months Ended | |||||||||||
August 31, 2023 | August 31, 2022 | ||||||||||
CASH FLOW FROM OPERATING ACTIVITIES | |||||||||||
Net loss | $ | (11,854) | $ | (4,659) | |||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 7,860 | 1,136 | |||||||||
Stock-based compensation | 5,641 | 579 | |||||||||
Deferred income taxes | — | 32 | |||||||||
Loss on extinguishment of debt | 2,353 | 94 | |||||||||
Loss from legal settlement | 2,300 | — | |||||||||
Amortization of debt issuance costs | 235 | — | |||||||||
Loss on abandonment of assets | 173 | — | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | 55 | 177 | |||||||||
Prepaid expenses and other current assets | (205) | (164) | |||||||||
Customer deposits | — | 4,042 | |||||||||
Related party customer deposits | — | 545 | |||||||||
Current deferred revenue | 3,695 | 15,316 | |||||||||
Current related party deferred revenue | (553) | — | |||||||||
Accounts payable | 205 | 196 | |||||||||
Accrued liabilities | 2,113 | — | |||||||||
Lease assets and liabilities | 39 | — | |||||||||
Sales and use tax payable | (1,568) | — | |||||||||
Other assets | (5,972) | — | |||||||||
CASH FLOW PROVIDED BY OPERATING ACTIVITIES | 4,517 | 17,294 | |||||||||
CASH FLOW FROM INVESTING ACTIVITIES | |||||||||||
Purchases of property and equipment and other assets | (32,591) | (31,673) | |||||||||
Finance lease prepayments | (7,560) | — | |||||||||
Purchases of investments | (390) | — | |||||||||
CASH USED IN INVESTING ACTIVITIES | (40,541) | (31,673) | |||||||||
CASH FLOW FROM FINANCING ACTIVITIES | |||||||||||
Repayment of finance leases | (4,849) | (209) | |||||||||
Borrowings of long-term debt | 3,750 | 15,000 | |||||||||
Borrowings of related party debt | 3,000 | — | |||||||||
Repayments of long-term debt | (3,463) | (7,488) | |||||||||
Repayment of related party debt | (39,257) | — | |||||||||
Payment of deferred financing costs | — | (140) | |||||||||
Noncontrolling interest contributions | — | 1,747 | |||||||||
Proceeds from issuance of common stock | 64,482 | — | |||||||||
CASH FLOW PROVIDED BY FINANCING ACTIVITIES | 23,663 | 8,910 | |||||||||
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | (12,361) | (5,469) | |||||||||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD | 43,574 | 46,299 | |||||||||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD | $ | 31,213 | $ | 40,830 | |||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||||||||||
Interest paid | $ | 1,839 | $ | 356 | |||||||
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 | $ | 46,952 | $ | 922 | |||||||
Property and equipment in accounts payable | $ | 6,729 | $ | 8,352 | |||||||
Conversion of non-controlling interest | $ | 9,765 | $ | — | |||||||
Loss from legal settlement | $ | 2,300 | $ | — |
Three Months Ended | |||||||||||
August 31, 2023 | August 31, 2022 | ||||||||||
Adjusted operating income (loss) | |||||||||||
Operating loss (GAAP) | $ | (5,127) | $ | (4,177) | |||||||
Stock-based compensation | 5,641 | 579 | |||||||||
Non-recurring professional service costs | 592 | 408 | |||||||||
Other non-recurring expenses | 653 | 200 | |||||||||
Adjusted operating income (loss) (Non-GAAP) | $ | 1,759 | $ | (2,990) | |||||||
Adjusted operating margin | 4.8 | % | (43.2) | % | |||||||
Adjusted net income (loss) | |||||||||||
Net loss attributable to Applied Digital (GAAP) | $ | (11,457) | $ | (4,531) | |||||||
Stock-based compensation | 5,641 | 579 | |||||||||
Loss on extinguishment of debt | 2,353 | 94 | |||||||||
Loss from legal settlement | 2,300 | — | |||||||||
Non-recurring professional service costs | 592 | 408 | |||||||||
Other non-recurring expenses | 653 | 200 | |||||||||
Adjusted net income (loss) attributable to Applied Digital (Non-GAAP) | $ | 82 | $ | (3,250) | |||||||
Adjusted earnings per share (Non-GAAP) | $ | — | $ | (0.03) | |||||||
EBITDA and Adjusted EBITDA | |||||||||||
Net loss attributable to Applied Digital (GAAP) | $ | (11,457) | $ | (4,531) | |||||||
Interest expense | 2,074 | 356 | |||||||||
Income tax benefit (expense) | — | 32 | |||||||||
Depreciation and amortization | 7,860 | 1,136 | |||||||||
EBITDA (Non-GAAP) | $ | (1,523) | $ | (3,007) | |||||||
Stock-based compensation | 5,641 | 579 | |||||||||
Loss on extinguishment of debt | 2,353 | 94 | |||||||||
Loss from legal settlement | 2,300 | — | |||||||||
Non-recurring professional service costs | 592 | 408 | |||||||||
Other non-recurring expenses | 653 | 200 | |||||||||
Adjusted EBITDA (Non-GAAP) | $ | 10,016 | $ | (1,726) | |||||||
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Cover |
Oct. 09, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Oct. 09, 2023 |
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 Blvd., |
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 |
Entity Registrant Name | APPLIED DIGITAL CORPORATION |
7!E
6Y_"P$ X>CT_*NOB3U:
MUUI((=7EA7;G$GHW8[>*,:(B7W*GZ0&X/9@+1"VZ&XR/^/?_V&/