Applied Blockchain(NASDAQ:APLD) 
Applied Blockchain, Inc. is a publicly-traded builder and operator of next-generation data centers across North America which provide substantial compute power to blockchain infrastructure and support Bitcoin mining.
Website: https://appliedblockchain.com/
Founded: 2015
IPO Price: $5 (Apr 13, 2022)
Full Time Employees: 47
CEO / Founder: Adi Ben-Ari
Sector: Technology
Industry: General
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At a glance:
- Focus on Blockchain Infrastructure and Enterprise Use Cases: Applied Blockchain positions itself around building blockchain-based infrastructure and solutions aimed at enterprise and institutional customers rather than consumer-facing crypto applications.
- Execution Depends on Converting Pilots into Recurring Revenue: A key driver is the company’s ability to translate proof-of-concept engagements into long-term contracts with predictable, recurring revenue streams.
- Exposure to Crypto/Blockchain Market Cycles: Despite an enterprise framing, demand and investor sentiment can still be influenced by broader crypto market cycles, affecting new bookings and valuation.
- Competitive Market with Need for Differentiation: Applied Blockchain operates in a crowded ecosystem of blockchain service providers and platforms, making differentiation via specialized IP, partnerships, and delivery track record important.
Bull Thesis:
- Increasing Enterprise Adoption of Blockchain Technology: As enterprises increasingly recognize the benefits of blockchain for supply chain, data management, and secure transactions, Applied Blockchain is well-positioned to capitalize on this growing demand for its infrastructure and services.
- Strategic Partnerships and Client Wins: Applied Blockchain has demonstrated an ability to secure significant partnerships and client contracts, validating its technology and market relevance, and providing a strong foundation for future revenue growth.
- Scalable and Differentiated Infrastructure Solutions: The company's proprietary blockchain infrastructure offers superior scalability, security, and cost-efficiency compared to competitors, attracting a broader range of enterprise clients seeking robust and future-proof solutions.
Bear Thesis:
- Intense Competition and Market Fragmentation: The blockchain infrastructure and services market is highly competitive and fragmented, with numerous startups and established tech giants vying for market share, potentially pressuring Applied Blockchain's pricing and margins.
- Regulatory Uncertainty and Potential Headwinds: The evolving and often unpredictable regulatory landscape for blockchain and cryptocurrencies poses a significant risk. Adverse regulatory changes could hinder adoption, increase compliance costs, or restrict certain business operations.
- Slow Pace of Enterprise Blockchain Adoption: Despite the hype, the actual large-scale enterprise adoption of blockchain solutions has been slower than initially anticipated, potentially leading to slower revenue growth and longer sales cycles for Applied Blockchain.
Main Competitors:
- Riot Platforms ($RIOT) (Bitcoin Mining Operations), Riot Platforms is one of the largest Bitcoin mining companies in North America, operating massive data centers. It competes directly with Argo Blockchain for Bitcoin hash rate, operational efficiency, and market share in large-scale, industrial cryptocurrency mining, often emphasizing sustainable energy practices.
- Marathon Digital Holdings ($MARA) (Bitcoin Mining Operations), Marathon Digital is a major player in Bitcoin mining, known for its large and growing fleet of miners and strategic focus on renewable energy. It competes with Argo Blockchain in terms of mining capacity, cost efficiency, and the ability to scale operations, both vying for a dominant position in the global Bitcoin mining landscape.
- CleanSpark ($CLSK) (Bitcoin Mining Operations), CleanSpark is a rapidly expanding Bitcoin mining company that emphasizes sustainable energy and operational efficiency. It competes with Argo Blockchain by aggressively increasing its hash rate, optimizing energy consumption, and acquiring new facilities, directly challenging for market share and profitability in the Bitcoin mining sector.
- Hut 8 Corp ($HUT) (Bitcoin Mining, High-Performance Computing), Hut 8 is a Canadian-based digital asset miner with significant Bitcoin mining operations and a growing focus on high-performance computing (HPC infrastructure). It competes with Argo Blockchain in large-scale Bitcoin mining and also potentially in providing broader blockchain infrastructure services, leveraging its data center expertise.
Moat:
The cryptocurrency mining industry, in which Argo Blockchain (formerly Applied Blockchain) operates, is intensely competitive and capital-intensive. Key competitors like Riot Platforms, Marathon Digital, CleanSpark, and Hut 8 vie for market share based on hash rate capacity, operational efficiency, and access to low-cost, often renewable, energy. Argo's moat primarily stems from its scale, strategic energy procurement, and operational expertise in managing large-scale data centers. However, the industry faces significant challenges from volatile cryptocurrency prices, increasing network difficulty, high capital expenditure for hardware upgrades, and evolving regulatory landscapes, making sustained profitability and growth highly dependent on efficient operations and strategic capital deployment.
Income Statements:
Quarterly
Annual
| Unit: USD | 2026-02-28 | 2025-11-30 | 2025-08-31 | 2025-05-31 | 2025-02-28 | 2024-11-30 | 2024-08-31 | 2024-05-31 | 2024-02-29 | 2023-11-30 | 2023-08-31 | 2023-05-31 | 2023-02-28 | 2022-11-30 | 2022-08-31 | 2022-05-31 | 2022-02-28 | 2008-08-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue: | ||||||||||||||||||
revenue | 126,637,000 | 126,589,000 | 64,216,000 | -33,300,000 | 52,921,000 | 63,868,000 | 58,778,000 | 39,821,000 | 40,284,000 | |||||||||
yoy | 139.29% | 98.20% | 9.25% | -183.62% | 31.37% | |||||||||||||
qoq | 0.04% | 97.13% | -292.84% | -162.92% | -17.14% | 8.66% | 47.61% | -1.15% | ||||||||||
related party revenue | 1,926,000 | 3,878,000 | 3,064,000 | |||||||||||||||
total revenue | 126,637,000 | 126,589,000 | 64,216,000 | -33,300,000 | 52,921,000 | 63,868,000 | 60,704,000 | 43,699,000 | 43,348,000 | 42,203,000 | 36,323,000 | 256,500 | 1,026,000 | |||||
costs and expenses: | ||||||||||||||||||
cost of revenues | 72,832,000 | 100,553,000 | 55,606,000 | -61,111,000 | 49,141,000 | 52,361,000 | 61,060,000 | 46,289,000 | 47,061,000 | 29,222,000 | 24,398,000 | 15,950,000 | 10,533,000 | 11,812,000 | 6,093,000 | 7,433,000 | 2,073,000 | 25,039 |
selling, general and administrative | 79,723,000 | 56,993,000 | 29,152,000 | 16,213,000 | 22,723,000 | 29,789,000 | 14,341,000 | 31,319,000 | 30,386,000 | 21,075,000 | 17,052,000 | 12,332,000 | 10,514,000 | 26,502,000 | 4,131,000 | 4,321,000 | 1,356,000 | 338,399 |
loss on classification of held for sale | 59,650,000 | -6,154,000 | 192,000 | |||||||||||||||
loss on abandonment of assets | 99,000 | 1,751,000 | 369,000 | 141,000 | 628,000 | |||||||||||||
total costs and expenses | 212,304,000 | 157,546,000 | 86,509,000 | -44,529,000 | 71,864,000 | 82,483,000 | 51,221,000 | 71,302,000 | 99,170,000 | 50,377,000 | 41,450,000 | 12,332,000 | 10,514,000 | 27,205,000 | 5,008,000 | 4,356,000 | 1,370,000 | |
operating income | -85,667,000 | -30,957,000 | -22,293,000 | 11,229,000 | -18,943,000 | -18,615,000 | 9,483,000 | -27,603,000 | -55,822,000 | -8,174,000 | -5,127,000 | -6,244,000 | -6,957,000 | -26,677,000 | -4,177,000 | -4,266,000 | -2,417,000 | -336,853 |
yoy | 352.24% | 66.30% | -335.08% | -140.68% | -66.07% | 127.73% | -284.96% | 342.07% | 702.39% | -69.36% | 22.74% | 46.37% | 187.84% | 7819.48% | ||||
qoq | 176.73% | 38.86% | -298.53% | -159.28% | 1.76% | -296.30% | -134.35% | -50.55% | 582.92% | 59.43% | -17.89% | -10.25% | -73.92% | 538.66% | -2.09% | 76.50% | 617.52% | |
operating margin % | -67.65% | -24.45% | -34.72% | -33.72% | -35.79% | -29.15% | 16.13% | -69.32% | -138.57% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% |
interest expense | -2,387,000 | 11,484,000 | 3,946,000 | -8,948,000 | 8,897,000 | 7,482,000 | 7,308,000 | 17,996,000 | 4,404,000 | 2,355,000 | 2,074,000 | -855,000 | -384,000 | -385,000 | -356,000 | |||
gain on change in fair value of derivatives | -9,417,000 | |||||||||||||||||
gain on change in fair value of investment | -3,305,000 | -2,767,000 | ||||||||||||||||
loss on conversion of debt | 25,410,000 | |||||||||||||||||
loss on change in fair value of debt | 87,218,000 | 6,422,000 | ||||||||||||||||
loss on extinguishment of debt | 1,177,000 | 154,000 | 2,353,000 | -94,000 | ||||||||||||||
loss on change in fair value of warrants | 6,421,000 | |||||||||||||||||
net loss before income tax expense | -70,558,000 | |||||||||||||||||
income tax expense | -2,000 | 15,000 | 8,000 | -16,000 | 117,000 | 1,000 | ||||||||||||
net income | -70,556,000 | -14,450,000 | -16,926,000 | -52,537,000 | -35,555,000 | -138,726,000 | -4,247,000 | -64,450,000 | -62,838,000 | -10,529,000 | -11,854,000 | -333,721 | ||||||
yoy | 98.44% | -89.58% | 298.54% | -18.48% | -43.42% | 1217.56% | -64.17% | |||||||||||
qoq | 388.28% | -14.63% | -67.78% | 47.76% | -74.37% | 3166.45% | -93.41% | 2.57% | 496.81% | -11.18% | ||||||||
net income margin % | -55.72% | -11.41% | -26.36% | 157.77% | -67.19% | -217.21% | -7.23% | -161.85% | -155.99% | -Infinity% | -Infinity% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% | -Infinity% |
net loss attributable to redeemable noncontrolling interest | -28,747,000 | |||||||||||||||||
preferred dividends | -1,558,000 | -1,571,000 | -1,576,000 | -1,402,000 | -540,000 | -629,000 | -44,000 | |||||||||||
net loss attributable to common stockholders | -100,861,000 | -19,082,000 | -18,502,000 | -53,939,000 | -36,095,000 | -139,355,000 | -4,291,000 | |||||||||||
basic and diluted net loss per share attributable to common stockholders | -0.36 | -0.233 | -0.16 | -0.66 | ||||||||||||||
basic and diluted weighted-average number of shares outstanding | 281,982,553 | 277,423,733 | 255,892,902 | 201,194,451 | 222,454,578 | 209,560,339 | 149,009,336 | 114,061,414 | 121,426,622 | 109,663,030 | 100,521,673 | 93,976,233 | 94,119,944 | 93,422,427 | 93,105,835 | 57,121,096 | 53,396,920 | |
gain on change in fair value of derivative | -13,126,000 | |||||||||||||||||
net loss from continuing operations before income tax expense | -26,548,000 | |||||||||||||||||
net income from continuing operations | -26,563,000 | -26,247,000 | -6,856,000 | -7,341,000 | -26,750,000 | -4,659,000 | -4,643,000 | -2,397,000 | ||||||||||
net income from discontinued operations | 12,113,000 | 9,321,000 | -717,500 | -4,048,000 | ||||||||||||||
net loss attributable to noncontrolling interest | -3,061,000 | -397,000 | -383,000 | -316,000 | -128,000 | |||||||||||||
net income attributable to common stockholders | ||||||||||||||||||
continuing operations | -31,195,000 | -27,823,000 | -0.08 | -0.08 | -0.29 | -0.05 | -0.04 | -0.04 | ||||||||||
discontinued operations | 12,113,000 | 9,321,000 | 0.04 | -0.08 | ||||||||||||||
basic and diluted net loss per share | -0.07 | -0.07 | -0.12 | -0.08 | -0.08 | -0.05 | ||||||||||||
gain on classification of held for sale | -24,808,000 | |||||||||||||||||
net income from continuing operations before income tax expense | -26,239,000 | |||||||||||||||||
loss on legal settlement | ||||||||||||||||||
loss on change in fair value of related party debt | 11,200,000 | 2,612,000 | ||||||||||||||||
loss on extinguishment of related party debt | ||||||||||||||||||
net loss before income tax expenses | -44,602,500 | -35,438,000 | -138,725,000 | -4,247,000 | -64,354,000 | -62,838,000 | -10,529,000 | -11,854,000 | ||||||||||
loss from legal settlement | 80,000 | 2,300,000 | ||||||||||||||||
basic and diluted net loss per share attributable to applied digital corporation | -0.03 | -0.54 | -0.52 | -0.1 | ||||||||||||||
loss on classification as held for sale | -6,306,000 | 21,723,000 | ||||||||||||||||
income tax benefit | 243,000 | 312,000 | ||||||||||||||||
net loss attributable to applied digital corporation | -64,450,000 | -62,838,000 | -10,529,000 | -11,457,000 | -6,473,000 | -7,025,000 | ||||||||||||
datacenter hosting revenue | 34,119,000 | |||||||||||||||||
cloud services revenue | 4,450,000 | 2,152,000 | ||||||||||||||||
related party datacenter hosting revenue | 3,634,000 | |||||||||||||||||
hosting revenue | 29,987,000 | 22,038,000 | 14,090,000 | 12,340,000 | 6,924,000 | 7,523,000 | 1,026,000 | |||||||||||
related party hosting revenue | 4,184,000 | |||||||||||||||||
basic and diluted net gain per share: | ||||||||||||||||||
revenues: | ||||||||||||||||||
gross profit | 6,088,000 | 3,557,000 | 528,000 | 831,000 | -261,750 | -1,047,000 | 29,816 | |||||||||||
yoy | -2425.88% | -439.73% | 1670.86% | |||||||||||||||
qoq | 71.16% | 573.67% | -36.46% | -417.48% | -75.00% | -3611.54% | ||||||||||||
gross margin % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | NaN% | NaN% | Infinity% | Infinity% | Infinity% | Infinity% | -Infinity% | -Infinity% | Infinity% |
other income: | ||||||||||||||||||
gain on extinguishment of accounts payable | 1,000 | 80,000 | ||||||||||||||||
total other expense | -855,000 | -384,000 | -450,000 | |||||||||||||||
net loss from continuing operations before income tax expenses | -7,099,000 | -7,341,000 | -4,627,000 | |||||||||||||||
net gain from discontinued operations, net of income taxes | ||||||||||||||||||
net loss including noncontrolling interests | -6,856,000 | -7,341,000 | -4,659,000 | |||||||||||||||
depreciation and amortization | 703,000 | 298,000 | 7,188 | |||||||||||||||
total other income | -385,000 | -302,750 | 20,000 | |||||||||||||||
net income from continuing operations before income tax expenses | -27,062,000 | |||||||||||||||||
net income including noncontrolling interests | -26,750,000 | |||||||||||||||||
net income attributable to noncontrolling interest | -133,000 | |||||||||||||||||
net income attributable to applied digital corporation | -26,617,000 | |||||||||||||||||
basic and diluted net income per share | -0.29 | -0.103 | -0.12 | |||||||||||||||
stock-based compensation | 579,000 | |||||||||||||||||
income tax expenses | -32,000 | -266,000 | -60,000 | |||||||||||||||
net loss attributable to applied blockchain | -4,531,000 | |||||||||||||||||
stock-based compensation for service agreement | 3,084,250 | |||||||||||||||||
depreciation | 3,500 | 14,000 | ||||||||||||||||
total net income | -5,178,250 | -6,445,000 | ||||||||||||||||
basic and diluted net income per share: | ||||||||||||||||||
contract revenues | 54,855 | |||||||||||||||||
operating expenses: | ||||||||||||||||||
research and development | 21,082 | |||||||||||||||||
total operating expenses | 366,669 | |||||||||||||||||
interest income | 3,132 | |||||||||||||||||
income before provision for income taxes | -333,721 | |||||||||||||||||
provision for income taxes | ||||||||||||||||||
net income per share | ||||||||||||||||||
basic | -0.04 | |||||||||||||||||
diluted | -0.04 | |||||||||||||||||
weighted-average number of shares outstanding: | ||||||||||||||||||
basic | 8,407,794 | |||||||||||||||||
diluted | 8,407,794 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-02-28 | 2025-11-30 | 2025-08-31 | 2025-05-31 | 2025-02-28 | 2024-11-30 | 2024-08-31 | 2024-05-31 | 2024-02-29 | 2023-11-30 | 2023-08-31 | 2023-05-31 | 2023-02-28 | 2022-11-30 | 2022-08-31 | 2022-05-31 | 2022-02-28 | 2008-08-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | ||||||||||||||||||
current assets: | ||||||||||||||||||
cash and cash equivalents | 1,730,440,000 | 1,913,436,000 | 73,911,000 | 41,552,000 | 68,743,000 | 286,237,000 | 58,215,000 | 3,339,000 | 4,435,000 | 9,217,000 | 5,942,000 | 28,999,000 | 22,921,000 | 18,074,000 | 40,830,000 | 46,299,000 | 11,961,000 | 414,420 |
restricted cash | 198,423,000 | 205,121,000 | 21,342,000 | 21,342,000 | 21,349,000 | 29,545,000 | 25,416,000 | 25,271,000 | ||||||||||
accounts receivable | 20,753,000 | 13,345,000 | 29,134,000 | 3,043,000 | 14,619,000 | 12,313,000 | 2,298,000 | 3,847,000 | 225,000 | 307,000 | 27,000 | 82,000 | 82,000 | 276,000 | 50,000 | 227,000 | 1,038,000 | |
prepaid expenses and other current assets | 478,705,000 | 272,012,000 | 188,491,000 | 9,430,000 | 5,416,000 | 8,496,000 | 2,063,000 | 1,343,000 | 6,127,000 | 1,517,000 | 2,308,000 | 16,678,000 | 1,387,000 | 2,397,000 | 1,500,000 | 1,336,000 | 2,096,000 | |
total current assets | 2,428,321,000 | 2,717,317,000 | 641,735,000 | 430,593,000 | 274,259,000 | 328,388,000 | 84,110,000 | 30,262,000 | 105,701,000 | 36,457,000 | 33,548,000 | 45,759,000 | 24,390,000 | 20,747,000 | 42,380,000 | 49,312,000 | 18,668,000 | |
property and equipment | 3,011,751,000 | 2,001,450,000 | 1,461,775,000 | 1,275,841,000 | 1,002,206,000 | 772,664,000 | 478,249,000 | 340,381,000 | 211,172,000 | 258,508,000 | 222,666,000 | 195,593,000 | 167,276,000 | 132,893,000 | 95,095,000 | 64,260,000 | 43,619,000 | |
operating lease right of use assets | 77,457,000 | 656,000 | 810,000 | 960,000 | 153,434,000 | 140,583,000 | 147,148,000 | 153,611,000 | 95,429,000 | 73,373,000 | 11,183,000 | |||||||
finance lease right of use assets | 135,581,000 | 1,532,000 | 16,893,000 | 17,820,000 | 235,203,000 | 261,452,000 | 200,649,000 | 218,683,000 | 189,627,000 | 95,199,000 | 55,691,000 | |||||||
other assets | 593,708,000 | 508,389,000 | 277,782,000 | 144,876,000 | 42,245,000 | 40,082,000 | 27,576,000 | 19,930,000 | 41,239,000 | 17,117,000 | 26,065,000 | 7,012,000 | 3,030,000 | |||||
total assets | 6,246,818,000 | 5,229,344,000 | 2,398,995,000 | 1,870,090,000 | 1,707,347,000 | 1,543,169,000 | 937,732,000 | 762,867,000 | 643,168,000 | 480,654,000 | 349,153,000 | 263,957,000 | 207,607,000 | 167,443,000 | 145,920,000 | 119,980,000 | 63,494,000 | 1,083,972 |
liabilities, temporary equity and stockholders' equity | ||||||||||||||||||
current liabilities: | ||||||||||||||||||
accounts payable | 377,429,000 | 92,911,000 | 172,823,000 | 247,528,000 | 170,517,000 | 192,017,000 | 140,264,000 | 116,117,000 | 93,918,000 | 38,262,000 | 16,229,000 | 229,144 | ||||||
accrued liabilities | 376,985,000 | 207,454,000 | 182,948,000 | 29,549,000 | 19,268,000 | 31,625,000 | 26,723,000 | 26,282,000 | 27,545,000 | 10,538,000 | 12,743,000 | |||||||
current portion of operating lease liability | 18,101,000 | 632,000 | 688,000 | 692,000 | 27,496,000 | 23,096,000 | 22,393,000 | 21,705,000 | 13,023,000 | 8,887,000 | 1,807,000 | 320,000 | ||||||
current portion of finance lease liability | 51,151,000 | 1,366,000 | 11,951,000 | 13,633,000 | 140,135,000 | 136,511,000 | 112,079,000 | 107,683,000 | 86,438,000 | 42,805,000 | 23,471,000 | 5,722,000 | ||||||
current portion of debt | 98,174,000 | 12,555,000 | 382,056,000 | 10,331,000 | 10,138,000 | 6,543,000 | 6,892,000 | 10,082,000 | 19,329,000 | 9,279,000 | 9,163,000 | |||||||
customer deposits | 16,752,000 | 16,752,000 | 16,752,000 | 16,125,000 | 16,125,000 | 16,125,000 | 13,676,000 | 13,819,000 | 32,410,000 | 36,833,000 | 32,559,000 | 36,370,000 | 36,370,000 | 24,689,000 | 14,111,000 | 9,524,000 | 5,645,000 | |
deferred revenue | 12,550,000 | 29,444,000 | 626,000 | 4,879,000 | 6,187,000 | 16,867,000 | 37,674,000 | 63,121,000 | 50,051,000 | 50,863,000 | 3,877,000 | 3,909,000 | ||||||
due to customer | 2,658,000 | 2,658,000 | 3,054,000 | 4,807,000 | 4,807,000 | 7,355,000 | 17,211,000 | 13,002,000 | ||||||||||
other current liabilities | 65,518,000 | 38,311,000 | 26,380,000 | 19,432,000 | 216,000 | 96,000 | 96,000 | 96,000 | 16,000 | 16,000 | ||||||||
total current liabilities | 1,019,318,000 | 563,401,000 | 985,493,000 | 558,144,000 | 393,581,000 | 424,353,000 | 386,665,000 | 385,537,000 | 349,160,000 | 202,423,000 | 151,679,000 | 115,460,000 | 108,600,000 | 70,206,000 | 48,667,000 | 28,998,000 | 22,819,000 | |
long-term portion of operating lease liability | 45,051,000 | 105,000 | 220,000 | 381,000 | 104,679,000 | 97,821,000 | 103,871,000 | 109,740,000 | 69,260,000 | 52,324,000 | 9,573,000 | 1,005,000 | ||||||
long-term portion of finance lease liability | 20,502,000 | 8,000 | 11,000 | 15,000 | 32,232,000 | 62,397,000 | 43,841,000 | 63,288,000 | 63,803,000 | 36,748,000 | 25,071,000 | 8,334,000 | ||||||
long-term debt | 2,594,501,000 | 2,594,011,000 | 305,283,000 | 677,825,000 | 678,988,000 | 468,244,000 | 106,227,000 | 79,472,000 | 24,845,000 | 33,501,000 | 34,882,000 | |||||||
total liabilities | 3,679,372,000 | 3,157,525,000 | 1,291,007,000 | 1,236,365,000 | 1,209,480,000 | 1,052,815,000 | 640,604,000 | 638,037,000 | 524,680,000 | 324,996,000 | 221,205,000 | 194,278,000 | 136,212,000 | 95,473,000 | 69,019,000 | 40,745,000 | 24,152,000 | |
commitments and contingencies | ||||||||||||||||||
temporary equity | ||||||||||||||||||
series e preferred stock, 0.001 par value... | 6,432,000 | 6,432,000 | 6,932,000 | 6,932,000 | 6,932,000 | 6,932,000 | 6,932,000 | |||||||||||
series e-1 preferred stock, 0.001 par value... | 56,728,000 | 56,796,000 | 56,796,000 | 57,011,000 | ||||||||||||||
series g preferred stock, 0.001 par value... | 41,990,000 | 72,094,000 | ||||||||||||||||
redeemable noncontrolling interest | 923,065,000 | 516,972,000 | ||||||||||||||||
stockholders' equity: | ||||||||||||||||||
common stock, 0.001 par value... | 293,000 | 287,000 | 274,000 | 230,000 | 230,000 | 222,000 | 162,000 | 144,000 | 127,000 | 123,000 | 110,000 | 101,000 | 100,000 | 94,000 | 93,000 | |||
treasury stock | -52,737,000 | -52,737,000 | -31,400,000 | -31,400,000 | -31,400,000 | -31,400,000 | -62,000 | -62,000 | -62,000 | -62,000 | -62,000 | -62,000 | -62,000 | -62,000 | -62,000 | -62,000 | -62,000 | -62,371 |
additional paid in capital | 2,216,722,000 | 2,014,459,000 | 1,573,367,000 | 1,009,913,000 | 914,336,000 | 858,713,000 | 496,027,000 | 374,738,000 | 303,963,000 | 278,299,000 | 240,073,000 | 160,194,000 | 155,055,000 | 150,695,000 | 128,877,000 | 128,293,000 | 43,657,000 | |
accumulated deficit | -583,057,000 | -512,380,000 | -497,981,000 | -481,055,000 | -428,518,000 | -392,963,000 | -254,281,000 | -249,990,000 | -185,540,000 | -122,702,000 | -112,173,000 | -100,716,000 | -94,243,000 | -87,218,000 | -60,601,000 | -56,070,000 | -52,524,000 | -12,961,846 |
total stockholders’ equity attributable to applied digital corporation | 1,581,221,000 | 1,449,629,000 | 1,044,260,000 | 497,688,000 | 454,648,000 | 434,572,000 | 241,846,000 | 124,830,000 | 118,488,000 | 155,658,000 | 127,948,000 | 59,517,000 | 60,850,000 | 63,509,000 | ||||
total liabilities, temporary equity and stockholders' equity | 6,246,818,000 | 5,229,344,000 | 2,398,995,000 | 1,870,090,000 | 1,707,347,000 | 1,543,169,000 | ||||||||||||
current assets held for sale | 313,403,000 | 310,006,000 | 304,200,000 | 192,000 | 384,000 | 65,369,000 | ||||||||||||
current liabilities held-for-sale | 161,318,000 | 188,215,000 | ||||||||||||||||
restricted cash: | ||||||||||||||||||
funds for construction | 2,851,000 | 41,026,000 | 154,139,000 | |||||||||||||||
letters of credit | 37,342,000 | 31,342,000 | 31,342,000 | |||||||||||||||
current portion of debt, at fair value | 4,798,000 | 30,464,000 | 35,836,000 | |||||||||||||||
related party customer deposits | 1,549,000 | 3,810,000 | 3,811,000 | 3,811,000 | ||||||||||||||
related party deferred revenue | 1,692,000 | 1,287,000 | 1,953,000 | 971,000 | ||||||||||||||
current liabilities held for sale | 216,047,000 | 8,279,000 | ||||||||||||||||
series e-1 preferred stock, 0.001, 62,500 shares authorized, 39,763 shares issued and outstanding at february 28, 2025, and no shares authorized, issued or outstanding at may 31, 2024 | 36,287,000 | |||||||||||||||||
series f preferred stock, 0.001 par value... | 43,000,000 | 48,350,000 | ||||||||||||||||
series e-1 preferred stock, 0.001, 62,500 shares authorized, 6,359 shares issued and outstanding at november 30, 2024, and no shares authorized, issued or outstanding at may 31, 2024 | 5,850,000 | |||||||||||||||||
total liabilities, temporary equity and shareholders' equity | 937,732,000 | |||||||||||||||||
liabilities and stockholders' equity | ||||||||||||||||||
long-term related party loan | 17,612,000 | 35,257,000 | ||||||||||||||||
other long-term related party liabilities | 1,000,000 | |||||||||||||||||
noncontrolling interest | 10,162,000 | 10,545,000 | 8,461,000 | 8,594,000 | 6,976,000 | |||||||||||||
total stockholders' equity including noncontrolling interest | 124,830,000 | 118,488,000 | 155,658,000 | 127,948,000 | 69,679,000 | 71,395,000 | ||||||||||||
total liabilities and stockholders' equity | 762,867,000 | |||||||||||||||||
total liabilities and shareholders' equity | 643,168,000 | 480,654,000 | ||||||||||||||||
sales and use tax payable | 4,000 | 62,000 | 1,630,000 | 1,563,000 | 865,000 | |||||||||||||
total liabilities and shareholders' deficit | 349,153,000 | 207,607,000 | 167,443,000 | 145,920,000 | ||||||||||||||
operating lease right of use asset | 1,290,000 | |||||||||||||||||
finance lease right of use asset | 14,303,000 | |||||||||||||||||
liabilities and stockholders’ equity | ||||||||||||||||||
accounts payable and accrued liabilities | 14,776,000 | 14,000,000 | 7,472,000 | 13,456,000 | 13,244,000 | 13,038,000 | ||||||||||||
current portion of term loan | 7,950,000 | 4,855,000 | 4,122,000 | 2,587,000 | ||||||||||||||
current deferred revenue | 48,692,000 | 47,619,000 | 29,394,000 | 17,142,000 | ||||||||||||||
deferred tax liability | 260,000 | 260,000 | 572,000 | 540,000 | 274,000 | |||||||||||||
long-term portion of term loan | 33,222,000 | |||||||||||||||||
stockholders’ deficit: | ||||||||||||||||||
total liabilities and stockholders’ equity | 263,957,000 | |||||||||||||||||
right of use asset | 12,911,000 | 12,353,000 | 6,995,000 | 6,408,000 | 1,207,000 | |||||||||||||
liabilities, mezzanine equity and stockholders' equity | ||||||||||||||||||
current portion of lease liability | 4,193,000 | 3,664,000 | 1,371,000 | 1,004,000 | 211,000 | |||||||||||||
long-term portion of lease liability | 8,490,000 | 8,631,000 | 5,620,000 | 5,310,000 | 1,009,000 | |||||||||||||
long-term term loan | 18,862,000 | 16,376,000 | 12,109,000 | |||||||||||||||
utility deposits | 1,450,000 | 1,450,000 | 1,450,000 | |||||||||||||||
stockholders' equity | ||||||||||||||||||
total stockholders' equity (deficit) including noncontrolling interest | 71,970,000 | 76,901,000 | ||||||||||||||||
long-term deferred revenue | 2,051,000 | |||||||||||||||||
shareholders' equity | ||||||||||||||||||
total stockholders’ equity attributable to applied blockchain, inc. | 68,307,000 | |||||||||||||||||
deposit on equipment | ||||||||||||||||||
liabilities, mezzanine equity and stockholders’ equity | ||||||||||||||||||
accrued dividends | ||||||||||||||||||
current portion of notes payable | 1,333,000 | |||||||||||||||||
related party notes payable | ||||||||||||||||||
long-term notes payable | 5,897,000 | |||||||||||||||||
mezzanine equity: | ||||||||||||||||||
series c, convertible and redeemable preferred stock, .001 par value... | ||||||||||||||||||
series a, convertible preferred stock, .001 par value... | ||||||||||||||||||
series b convertible preferred stock, .001 par value... | ||||||||||||||||||
common stock, .001 par value... | 98,000 | 320,000 | 8,721 | |||||||||||||||
total stockholders’ equity (deficit) attributable to applied blockchain, inc. | 72,259,000 | |||||||||||||||||
total mezzanine equity and stockholders' deficit | 79,235,000 | |||||||||||||||||
total liabilities, mezzanine equity and stockholders’ equity | 119,980,000 | |||||||||||||||||
current assets of discontinued operations | 3,573,000 | |||||||||||||||||
other long term liabilities | 50,000 | |||||||||||||||||
series c, convertible redeemable preferred stock, .001 par value... | 15,537,000 | |||||||||||||||||
series d, convertible redeemable preferred stock, .001 par value... | 32,414,000 | |||||||||||||||||
total mezzanine' equity | 47,951,000 | |||||||||||||||||
total shareholders' deficit | -8,609,000 | |||||||||||||||||
total liabilities, mezzanine equity and shareholders' deficit | 63,494,000 | |||||||||||||||||
contract receivables | 71,663 | |||||||||||||||||
investment, at fair value | 125,000 | |||||||||||||||||
other current assets | 48,068 | |||||||||||||||||
machinery and equipment, net of accumulated depreciation of 484,179, and 478,149, respectively | 267,791 | |||||||||||||||||
other assets: | ||||||||||||||||||
intangible assets, net of accumulated amortization of 11,820, and 10,662, respectively | 157,030 | |||||||||||||||||
other receivables | ||||||||||||||||||
liabilities and shareholders’ equity | ||||||||||||||||||
accrued expenses | 188,936 | |||||||||||||||||
stockholders’ equity: | ||||||||||||||||||
preferred stock, .001 par value... | ||||||||||||||||||
additional paid-in-capital | 13,681,388 | |||||||||||||||||
total liabilities and shareholders’ equity | 1,083,972 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-02-28 | 2025-11-30 | 2025-08-31 | 2025-05-31 | 2025-02-28 | 2024-11-30 | 2024-08-31 | 2024-05-31 | 2024-02-29 | 2023-11-30 | 2023-08-31 | 2023-05-31 | 2023-02-28 | 2022-11-30 | 2022-08-31 | 2022-05-31 | 2008-08-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flow from operating activities | 6,855,000 | 5,897,000 | -52,264,000 | -75,890,000 | -34,102,000 | 38,840,000 | 4,539,000 | 4,517,000 | |||||||||
net loss | -70,556,000 | -14,450,000 | -16,926,000 | -52,537,000 | -35,555,000 | -138,726,000 | -4,247,000 | -64,450,000 | -62,838,000 | -10,529,000 | -11,854,000 | -333,721 | |||||
adjustments to reconcile net loss to net cash from operating activities: | |||||||||||||||||
depreciation and amortization | 20,813,000 | 8,587,000 | 4,152,000 | 18,405,000 | 18,779,000 | 26,445,000 | 34,316,000 | 66,461,000 | -8,385,000 | 13,424,000 | 7,860,000 | 2,636,000 | 1,927,000 | 1,568,000 | 1,136,000 | 995,000 | 7,188 |
stock-based compensation | 50,149,000 | 29,127,000 | 15,465,000 | 12,471,000 | 9,691,000 | 3,461,000 | -2,919,000 | 3,728,000 | 3,194,000 | 4,799,000 | 5,641,000 | 5,194,000 | 4,480,000 | 21,819,000 | 579,000 | ||
lease expense | 5,484,000 | 5,445,000 | 5,381,000 | 7,750,000 | 8,531,000 | 7,721,000 | 7,659,000 | -27,529,000 | 101,000 | 149,000 | |||||||
gain on change in fair value of derivatives | |||||||||||||||||
gain on change in fair value of investment | -3,305,000 | ||||||||||||||||
loss on extinguishment of related party debt | |||||||||||||||||
non-cash interest expense | |||||||||||||||||
loss on classification of held for sale | 0 | ||||||||||||||||
loss on conversion of debt | 0 | 0 | |||||||||||||||
loss on change in fair value of debt | 0 | 0 | 79,017,000 | 6,422,000 | |||||||||||||
loss on abandonment of assets | 100,000 | 492,000 | 1,751,000 | 369,000 | 0 | 141,000 | 628,000 | 16,000 | 173,000 | ||||||||
loss on change in fair value of warrants issued | 0 | ||||||||||||||||
changes in operating assets and liabilities: | |||||||||||||||||
accounts receivable | 1,622,000 | 13,980,000 | -29,525,000 | 7,788,000 | -2,256,000 | -10,015,000 | 1,549,000 | -3,622,000 | 82,000 | -280,000 | 55,000 | 0 | 194,000 | -226,000 | 177,000 | 811,000 | |
prepaid expenses and other current assets | -81,982,000 | 715,000 | -6,962,000 | -4,237,000 | 3,081,000 | -6,432,000 | -721,000 | 5,014,000 | -4,610,000 | 700,000 | -205,000 | -715,000 | 1,010,000 | -897,000 | -164,000 | 760,000 | |
customer deposits | 0 | 0 | 627,000 | 0 | 0 | 2,449,000 | -143,000 | -8,620,000 | -4,424,000 | 0 | 11,681,000 | 10,578,000 | 4,587,000 | ||||
related party customer deposits | 0 | 0 | 0 | -1,549,000 | |||||||||||||
deferred revenue | -17,046,000 | 28,318,000 | -2,316,000 | -1,285,000 | -1,308,000 | -10,680,000 | -20,807,000 | -25,447,000 | 13,070,000 | 1,073,000 | 18,225,000 | 10,201,000 | 15,316,000 | ||||
related party deferred revenue | 0 | 0 | 0 | -1,692,000 | 405,000 | -666,000 | |||||||||||
accounts payable | -12,580,000 | -81,219,000 | -77,784,000 | 10,122,000 | -5,529,000 | -5,312,000 | -77,537,000 | -13,624,000 | 49,022,000 | 6,237,000 | 205,000 | ||||||
accrued liabilities | 43,587,000 | -7,658,000 | 28,684,000 | 192,000 | -9,804,000 | -12,253,000 | 9,738,000 | 13,410,000 | 6,098,000 | -20,000 | 2,113,000 | ||||||
due to customer | 0 | -396,000 | -1,753,000 | 0 | -2,548,000 | -9,856,000 | 4,209,000 | ||||||||||
lease assets and liabilities | 9,566,000 | 14,805,000 | -9,598,000 | 6,033,000 | 5,825,000 | -10,625,000 | -8,757,000 | -11,804,000 | -18,771,000 | -16,943,000 | 39,000 | 678,000 | -479,000 | ||||
other assets | -4,366,000 | -4,547,000 | 1,930,000 | 3,736,000 | 301,000 | 1,690,000 | -323,000 | 4,932,000 | -5,972,000 | ||||||||
cash flow used in operating activities | 55,008,000 | -15,845,000 | -82,023,000 | ||||||||||||||
cash flow from investing activities | |||||||||||||||||
purchases of property and equipment and other assets | -775,207,000 | -552,070,000 | -249,420,000 | -198,263,000 | -257,493,000 | -171,049,000 | -54,798,000 | -54,813,000 | -41,166,000 | -13,239,000 | -32,591,000 | ||||||
proceeds from satisfaction of contingency on sale of assets | 0 | 0 | 25,000,000 | ||||||||||||||
finance lease prepayments | -1,338,000 | 430,000 | -2,462,000 | -2,808,000 | -14,957,000 | -15,744,000 | -11,828,000 | -7,560,000 | |||||||||
investment in companies | 0 | ||||||||||||||||
cash flow used in investing activities | -775,207,000 | -569,070,000 | -249,420,000 | -201,976,000 | -258,139,000 | -174,933,000 | -32,606,000 | -49,918,000 | |||||||||
cash flow from financing activities | 532,106,000 | 2,766,570,000 | 322,236,000 | 57,215,000 | 198,887,000 | 455,219,000 | 163,365,000 | 74,729,000 | 24,416,000 | 23,949,000 | 23,663,000 | 8,910,000 | |||||
repayment of finance leases | -24,405,000 | -40,118,000 | -29,932,000 | -31,081,000 | -31,822,000 | -36,121,000 | -26,049,000 | -32,440,000 | -14,456,000 | -8,222,000 | -4,849,000 | -1,718,000 | -857,000 | -569,000 | -209,000 | -219,000 | |
borrowings of long-term debt | 85,000,000 | 2,419,798,000 | 65,000 | 83,000 | 375,000,000 | 170,000,000 | 105,000,000 | 108,132,000 | 3,690,000 | 982,000 | 3,750,000 | ||||||
repayments of long-term debt | -2,250,000 | -427,870,000 | -2,416,000 | -157,221,000 | -127,428,000 | -5,886,000 | -2,292,000 | -1,008,000 | -3,463,000 | ||||||||
payment of deferred financing costs | -2,469,000 | -78,698,000 | -1,000 | 505,000 | -13,976,000 | -20,443,000 | -8,484,000 | ||||||||||
tax payments for restricted stock upon vesting | -9,371,000 | -10,970,000 | -4,497,000 | -1,146,000 | -255,000 | ||||||||||||
noncontrolling interest contributions | 337,500,000 | 0 | |||||||||||||||
noncontrolling interest issuance costs | -199,000 | ||||||||||||||||
proceeds from issuance of common stock | 0 | 0 | 196,366,000 | 0 | 0 | 64,482,000 | |||||||||||
common stock issuance costs | 0 | -4,000 | -5,945,000 | -52,000 | -20,000 | -10,189,000 | -44,000 | ||||||||||
proceeds from issuance of preferred stock | 149,999,000 | 414,999,000 | 175,000,000 | 97,716,000 | 33,404,000 | 6,359,000 | 60,726,000 | ||||||||||
preferred stock issuance costs | -72,000 | -7,192,000 | -4,604,000 | -4,898,000 | -2,967,000 | -503,000 | -5,444,000 | ||||||||||
redemption of preferred stock | -68,000 | -500,000 | -225,000 | ||||||||||||||
dividends issued on preferred stock | -1,559,000 | -1,570,000 | -1,576,000 | -1,402,000 | -541,000 | -628,000 | -44,000 | ||||||||||
warrant issuance costs | 0 | ||||||||||||||||
exercise of warrants | 0 | 6,264,000 | 1,000 | ||||||||||||||
proceeds from issuance of safe agreement included in long-term debt | 0 | 0 | 0 | 12,000,000 | |||||||||||||
repurchase of shares | 0 | 0 | |||||||||||||||
proceeds from convertible notes | 0 | 0 | |||||||||||||||
purchase of capped call options | 0 | 0 | |||||||||||||||
purchase of prepaid forward contract | 0 | 0 | |||||||||||||||
net increase in cash, cash equivalents, and restricted cash | -188,093,000 | 2,181,655,000 | -9,207,000 | -137,906,000 | -53,355,000 | 228,022,000 | 54,869,000 | ||||||||||
cash, cash equivalents, and restricted cash, beginning of period | 0 | 0 | 31,688,000 | 0 | 0 | 0 | 43,574,000 | ||||||||||
cash, cash equivalents, and restricted cash, end of period | -53,355,000 | 228,022,000 | 86,557,000 | -9,291,000 | 6,346,000 | 3,421,000 | 31,213,000 | ||||||||||
supplemental disclosure of cash flow information | |||||||||||||||||
interest paid | 72,812,000 | 4,751,000 | 2,531,000 | 1,839,000 | 411,000 | 351,000 | 356,000 | ||||||||||
supplemental disclosure of non-cash activities | |||||||||||||||||
operating right-of-use assets obtained by lease obligation | 25,689,000 | 59,057,000 | 10,272,000 | ||||||||||||||
finance right-of-use assets obtained by lease obligation | 922,000 | 122,322,000 | 49,994,000 | 46,952,000 | |||||||||||||
property and equipment in accounts payable and accrued liabilities | -740,388,000 | ||||||||||||||||
conversion of debt to common stock | |||||||||||||||||
consideration for guarantee of an affiliate's obligations | |||||||||||||||||
conversion of preferred stock to common stock | 191,917,000 | ||||||||||||||||
cashless exercise of warrants | 0 | ||||||||||||||||
issuance of warrants, at fair value | 0 | ||||||||||||||||
non-cash dividends paid in-kind | -35,092,000 | ||||||||||||||||
gain on change in fair value of derivative | |||||||||||||||||
amortization of debt issuance costs | 6,849,000 | 4,851,000 | -1,952,000 | 9,091,000 | -345,000 | 2,769,000 | 146,000 | 117,000 | 235,000 | ||||||||
gain on classification of held for sale | 192,000 | -24,808,000 | |||||||||||||||
cash, cash equivalents, and restricted cash, beginning of period, including cash from discontinued operations | 0 | 123,318,000 | |||||||||||||||
cash, cash equivalents, and restricted cash, end of period, including cash from discontinued operations | 2,181,655,000 | 114,111,000 | |||||||||||||||
less: cash, cash equivalents, and restricted cash from discontinued operations | -5,000 | 7,000 | |||||||||||||||
cash, cash equivalents, and restricted cash from continuing operations | 2,181,660,000 | 114,104,000 | |||||||||||||||
deferred income taxes | |||||||||||||||||
loss on extinguishment of debt | 0 | 154,000 | 0 | 0 | 2,353,000 | 0 | 0 | 0 | 94,000 | 0 | |||||||
loss on legal settlement | |||||||||||||||||
loss on change in fair value of related party debt | 11,200,000 | ||||||||||||||||
proceeds from sale of assets | |||||||||||||||||
purchases of investments | -2,375,000 | -1,076,000 | 0 | 0 | 0 | -390,000 | |||||||||||
borrowings of related party debt | 5,000,000 | 15,000,000 | 5,000,000 | 3,000,000 | |||||||||||||
repayment of long-term debt | |||||||||||||||||
repayment of related party debt | 0 | 0 | -6,243,000 | -39,257,000 | |||||||||||||
payment of related party deferred financing costs | |||||||||||||||||
income taxes paid | |||||||||||||||||
extinguishment of non-controlling interest | |||||||||||||||||
conversion of warrants | |||||||||||||||||
sales and use tax payable | -58,000 | -1,568,000 | 698,000 | ||||||||||||||
proceeds from issuance of common stock, net of costs | 31,590,000 | 9,847,000 | 23,080,000 | ||||||||||||||
non cash interest expense | |||||||||||||||||
loss on classification as held for sale | -6,306,000 | ||||||||||||||||
proceeds from sale of investment securities | |||||||||||||||||
net decrease in cash, cash equivalents, and restricted cash | -9,291,000 | 6,346,000 | 3,421,000 | -12,361,000 | |||||||||||||
cash from investing activities | -25,067,000 | -40,541,000 | |||||||||||||||
property and equipment in accounts payable | 16,843,000 | 6,729,000 | |||||||||||||||
conversion of non-controlling interest | 0 | 9,765,000 | |||||||||||||||
loss from legal settlement | 2,300,000 | ||||||||||||||||
current deferred revenue | 3,695,000 | ||||||||||||||||
current related party deferred revenue | -553,000 | ||||||||||||||||
net income attributable to applied digital corporation | |||||||||||||||||
net income from discontinued operations, net of income taxes | |||||||||||||||||
net income attributable to noncontrolling interest | |||||||||||||||||
net income from continuing operations | -26,750,000 | -4,659,000 | |||||||||||||||
adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||||
gain on extinguishment of accounts payable | -1,000 | ||||||||||||||||
changes in assets and liabilities: | |||||||||||||||||
deferred tax | -260,000 | 0 | -312,000 | 32,000 | 266,000 | ||||||||||||
accounts payable and accrued liabilities | 3,755,000 | -4,275,000 | -5,941,000 | 196,000 | -3,909,000 | ||||||||||||
payments of operating leases | -77,000 | ||||||||||||||||
net cash from operating activities of continuing operations | 4,591,000 | 26,165,000 | 10,685,000 | 17,294,000 | 6,128,000 | ||||||||||||
net cash from operating activities of discontinued operations | -11,113,000 | ||||||||||||||||
net cash from operating activities | 4,591,000 | 26,165,000 | 10,685,000 | 17,294,000 | -4,985,000 | -338,479 | |||||||||||
capital expenditures | 0 | -25,909,000 | -38,632,000 | -31,673,000 | -26,794,000 | 0 | |||||||||||
free cash flows | 4,591,000 | 256,000 | -27,947,000 | -14,379,000 | -31,779,000 | -338,479 | |||||||||||
deposits on equipment | |||||||||||||||||
investments in private companies | -710,000 | ||||||||||||||||
net cash from investing activities of continuing operations | -35,774,000 | -26,009,000 | -38,632,000 | -31,673,000 | -26,794,000 | ||||||||||||
net cash from investing activities of discontinued operations | 16,511,000 | ||||||||||||||||
net cash from investing activities | -35,774,000 | -26,009,000 | -38,632,000 | -31,673,000 | -10,283,000 | -125,000 | |||||||||||
initial public offering of common stock | |||||||||||||||||
issuance of preferred stock | 0 | ||||||||||||||||
term loan payoff | 0 | 0 | |||||||||||||||
proceeds from issuance of term loan | 20,083,000 | 3,856,000 | 6,711,000 | 15,000,000 | |||||||||||||
term loan issuance costs | -234,000 | 45,000 | -238,000 | -140,000 | |||||||||||||
proceeds from issuance of related party term loan | |||||||||||||||||
related party term loan issuance costs | |||||||||||||||||
loan payments | -1,193,000 | -682,000 | |||||||||||||||
payments of employee restricted stock tax withholdings | -54,000 | -71,000 | |||||||||||||||
net cash from financing activities of continuing operations | 51,836,000 | 4,691,000 | 5,191,000 | 8,910,000 | 49,606,000 | ||||||||||||
net cash from financing activities of discontinued operations | |||||||||||||||||
cash flow provided by financing activities | |||||||||||||||||
net (decrease ) increase in cash, cash equivalents, and restricted cash | |||||||||||||||||
less: cash, cash equivalents, and restricted cash of discontinued operations | |||||||||||||||||
cash, cash equivalents, and restricted cash of continuing operations | |||||||||||||||||
net loss attributable to applied digital corporation | |||||||||||||||||
net loss from discontinued operations, net of income taxes | |||||||||||||||||
net loss attributable to noncontrolling interest | -128,000 | ||||||||||||||||
net loss from continuing operations | |||||||||||||||||
interest on finance leases | |||||||||||||||||
purchases of property and equipment | -25,909,000 | -38,632,000 | -31,673,000 | -26,794,000 | |||||||||||||
preferred issuance costs | |||||||||||||||||
net (decrease ) increase in cash and cash equivalents | 4,847,000 | -22,756,000 | -5,469,000 | ||||||||||||||
cash and cash equivalents, beginning of period | 0 | 0 | 46,299,000 | ||||||||||||||
cash and cash equivalents, end of period | 4,847,000 | -22,756,000 | 40,830,000 | ||||||||||||||
less: cash and cash equivalents of discontinued operations | |||||||||||||||||
cash and cash equivalents of continuing operations | 4,847,000 | -22,756,000 | 40,830,000 | 34,338,000 | |||||||||||||
right-of-use asset obtained by lease obligation | 1,768,000 | 6,003,000 | 922,000 | 7,672,000 | |||||||||||||
fixed assets in accounts payable | 5,918,000 | -4,886,000 | 8,352,000 | -5,158,000 | |||||||||||||
deposit on equipment | 0 | ||||||||||||||||
equity contributions to subsidiaries | 0 | 1,747,000 | |||||||||||||||
net loss attributable to applied blockchain | -4,531,000 | ||||||||||||||||
net gain from discontinued operations, net of income taxes | |||||||||||||||||
utility deposits | |||||||||||||||||
term loan paydown | -7,056,000 | ||||||||||||||||
loan principal payments | -432,000 | ||||||||||||||||
cash flows from operating activities | |||||||||||||||||
net loss attributable to applied blockchain, inc. | |||||||||||||||||
net loss from discontinued operations | |||||||||||||||||
accrued paid in kind interest | |||||||||||||||||
stock-based compensation for service agreement | 0 | ||||||||||||||||
amortization of right of use asset | -25,000 | ||||||||||||||||
changes in operating assets and liabilities | |||||||||||||||||
cash flows from investing activities | |||||||||||||||||
cash flows from financing activities | |||||||||||||||||
issuance costs for preferred stock | |||||||||||||||||
issuance costs for common stock | |||||||||||||||||
issuance costs for term loan | |||||||||||||||||
contributions by noncontrolling interest | |||||||||||||||||
net cash from financing activities | |||||||||||||||||
net increase in cash and cash equivalents | -463,479 | ||||||||||||||||
cash and cash equivalents, beginning of year | 0 | ||||||||||||||||
cash and cash equivalents, end of year | 34,338,000 | ||||||||||||||||
taxes paid | |||||||||||||||||
net income attributable to applied blockchain, inc. | |||||||||||||||||
net income from discontinued operations | |||||||||||||||||
payments for patents and trademarks | |||||||||||||||||
issuance of common stock | |||||||||||||||||
issuance cost for preferred stock | |||||||||||||||||
net decrease in cash and cash equivalents | |||||||||||||||||
cash flows from operating activities: | |||||||||||||||||
share-based compensation | 11,650 | ||||||||||||||||
increase in accounts payable and accrued expenses | -59,233 | ||||||||||||||||
cash flows from investing activities: | |||||||||||||||||
purchase of furniture and equipment | -35,000 | ||||||||||||||||
proceeds from available for sale securities | |||||||||||||||||
payments for patents | -90,000 | ||||||||||||||||
cash flows from financing activities: | |||||||||||||||||
cash and cash equivalents at beginning of period | 877,899 | ||||||||||||||||
cash and cash equivalents at end of period | 414,420 | ||||||||||||||||
supplemental non-cash disclosures: | |||||||||||||||||
issuance of common stock for purchase of furniture and equipment | 200,000 |