Current report

Property and Equipment

v3.26.1
Property and Equipment
 9 Months Ended 12 Months Ended
Feb. 28, 2026
May 31, 2025
Applied Digital Cloud Corporation [Member]    
Restructuring Cost and Reserve [Line Items]    
Property and Equipment

 

3. Property and Equipment

 

Property and equipment consisted of the following as of February 28, 2026 and May 31, 2025 (in thousands):

 

    Estimated Useful Life   February 28, 2026     May 31, 2025  
Networking equipment, electrical equipment, and software   3 years - 5 years   $ 672     $ 672  
Leasehold improvements   3 years - 7 years     697       697  
Construction in progress         3,361       3,331  
Other equipment and fixtures   5 years - 7 years     33,149       8,900  
Total cost of property and equipment         37,879       13,600  
Accumulated depreciation         (5,374 )     (2,678 )
Property and equipment, net       $ 32,505     $ 10,922  

 

Depreciation expense totaled $1.6 million and $2.7 million for the three and nine months ended February 28, 2026, respectively, and $0.5 million and $1.4 million for the three and nine months ended February 28, 2025, respectively.

 

 

APPLIED DIGITAL CLOUD CORPORATION AND AFFILIATES

Notes to the Condensed Combined Financial Statements (Unaudited)

For the Three and Nine Months Ended February 28, 2026 and February 28, 2025

 

3. Property and Equipment

 

Property and equipment, net consisted of the following as of May 31, 2025 and 2024 (in thousands):

Schedule of Property and Equipment

 

   

Estimated Useful Life

   May 31, 2025     May 31, 2024  
Networking equipment, electrical equipment, and software   3 years - 5 years   $ 672     $ 333  
Leasehold improvements   3 years - 7 years     697       607  
Construction in progress         3,331       3,293  
Other equipment and fixtures   5 years - 7 years     8,900       7,791  
Total cost of property and equipment         13,600       12,024  
Accumulated depreciation         (2,678 )     (746 )
Property and equipment, net       $ 10,922     $ 11,278  

 

Depreciation expense totaled $1.9 million and $0.7 million for the fiscal years ended May 31, 2025 and 2024, respectively.