Form 8-K/A
8-K/A — ChronoScale Corp
Accession: 0001493152-26-031317
Filed: 2026-06-30
Period: 2026-02-28
CIK: 0001549084
SIC: 3569 (GENERAL INDUSTRIAL MACHINERY & EQUIPMENT, NEC)
Item: Other Events
Item: Financial Statements and Exhibits
Documents
8-K/A — form8-ka.htm (Primary)
EX-99.1 (ex99-1.htm)
EX-99.2 (ex99-2.htm)
EX-99.3 (ex99-3.htm)
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8-K/A
8-K/A (Primary)
Filename: form8-ka.htm · Sequence: 1
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K/A
(Amendment
No. 2)
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d)
OF
THE SECURITIES EXCHANGE ACT OF 1934
Date
of Report (Date of earliest event reported): May 1, 2026
February
28, 2026
CHRONOSCALE
CORPORATION
(Exact
name of registrant as specified in its charter)
Nevada
001-37854
99-0367049
(State
or other jurisdiction
of
Incorporation)
(Commission
File
Number)
(IRS
Employer
Identification
Number)
3811
Turtle Creek Blvd. Suite 2100
Dallas,
Texas
75219
(Address
of registrant’s principal executive office)
(Zip
code)
214-427-1704
(Registrant’s
telephone number, including area code)
N/A
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
☐
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class
Trading
symbol(s)
Name
of each exchange on which registered
Common
Stock, par value $0.001 per share
CHRN
Nasdaq
Capital Market
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Explanatory
Note
On
May 5, 2026, ChronoScale Corporation (f/k/a Ekso Bionics Holdings, Inc.) (the “Company”), a Nevada corporation, consummated
the previously announced business combination transaction (the “Business Combination”) by and among the Company, APLD Intermediate
HoldCo LLC, a Delaware limited liability company (“APLD Intermediate”), APLD ChronoScale HoldCo LLC, a Delaware limited liability
company and a wholly owned subsidiary of APLD Intermediate (“Contributor”), each a wholly owned direct or indirect subsidiary
of Applied Digital Corporation, a Nevada corporation (“Applied Parent”), and Applied Digital Cloud Corporation, a Nevada
corporation (“Cloud”), a wholly owned indirect subsidiary of Applied Parent and a direct subsidiary of Contributor as of
immediately prior to Closing (as defined below). Upon the Closing, the Company changed its name to “ChronoScale Corporation”
and Cloud became a wholly owned subsidiary of the Company.
Upon
the closing of the Business Combination on May 5, 2026 (the “Closing”), the Company filed a Form 8-K/A (“Amendment
No. 1”) which amended and restated the Form 8-K originally filed by the Company on May 4, 2026 (the “Original Form 8-K”).
At the time of the filing of Amendment No. 1, the Company stated that it intended to file the required financial statements and pro forma
financial information associated with the Business Combination within 71 days from the date that Amendment No. 1 was required to be filed.
By this Amendment No. 2 to the Original Form 8-K (“Amendment No. 2”), the Company is amending and supplementing Item 9.01
thereof to include the required financial statements and pro forma financial information and the supplemental disclosure described in
Item 8.01 of this Amendment No. 2, which are filed as exhibits hereto and are incorporated herein by reference.
Item
8.01. Other Events.
In
connection with the Business Combination, the Company is providing the following supplemental disclosure solely for informational purposes:
● Exhibit
99.1 filed with this Amendment No. 2 includes the disclosure required by Part II, Item 7
(Management’s Discussion and Analysis of Financial Condition and Results of Operations)
of Form 10-K, provided with respect to Cloud as of and for the fiscal years ended May 31,
2025 and May 31, 2024 and as of and for the subsequent interim periods ended February 28,
2026 and February 28, 2025.
Item
9.01. Financial Statements and Exhibits.
(a)
Financial
statements of businesses acquired.
The
audited combined financial statements of Cloud as of and for the years ended May 31, 2025 and May 31, 2024 are included as Exhibit 99.2
and incorporated herein by reference.
The
unaudited condensed combined financial statements of Cloud as of and for the periods ended February 28, 2026 and February 28, 2025 are
included as Exhibit 99.2 and incorporated herein by reference.
(b)
Pro
forma financial information.
The
Company’s unaudited pro forma condensed combined balance sheet as of February 28, 2026 and unaudited pro forma condensed combined
statement of operations for nine months ended February 28, 2026 each with related notes thereto, are filed herewith as Exhibit 99.3 and
incorporated by reference into this Item 9.01(b).
(d) Exhibits.
Exhibit
Description
99.1
Supplemental Management’s Discussion and Analysis of Financial Condition and Results of Operations of Cloud.
99.2
Audited combined financial statements
of Cloud as of and for the years ended May 31, 2025 and May 31, 2024. Unaudited condensed combined financial statements of Cloud
as of and for the periods ended February 28, 2026 and February 28, 2025.
99.3
Unaudited pro forma condensed combined financial information of the Company as of and for the nine months ended February 28, 2026.
104
Cover
Page Interactive Data File (embedded within the Inline XBRL document).
Forward-Looking
Statements
Statements
in this Current Report about future expectations, plans, and prospects, as well as any other statements regarding matters that are not
historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform
Act of 1995. The words “anticipate,” “believe,” “continue,” “could,” “estimate,”
“expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,”
“should,” “target,” “will,” “would,” and similar expressions are intended to identify
forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially
from those indicated by such forward-looking statements as a result of various important factors, including, but are not limited to,
(i) statements regarding the Company and its future plans and objectives; (ii) statements of assumptions underlying other statements
and statements about the Company or its business; and (iii) statements regarding the estimated financial results. You are cautioned not
to rely on these forward-looking statements. These statements are based on current expectations of future events and thus are inherently
subject to uncertainty. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results
could vary materially from the Company’s expectations. These risks, uncertainties, and other factors include: difficulties and
delays in integrating the combined business resulting from the Business Combination; the possibility that the anticipated benefits of
the Business Combination are not realized when expected or at all, including as a result of the impact of, or problems arising from,
the integration of the two companies; limitations on the Company’s ability to attract and retain key personnel, including executive
officers and Board members of the Company; customer concentration, and an inability to renew existing customer agreements; the success
of the Company’s risk management activities, including any failure by the Company to implement and maintain effective internal
controls; litigation, including the potential litigation concerning the Business Combination; cash flow and access to capital; conditions
in the debt and equity capital markets; changes resulting from the Company’s finalization of its financial statements for and as
of the year ending May 31, 2026; uncertainties related to market conditions, the other factors discussed in the “Risk Factors”
in our Annual Report on Form 10-K filed with the SEC on February 23, 2026, our definitive Information Statement filed with the SEC on
April 3, 2026, or the risks described in other filings that the Company may make from time to time with the SEC. Any forward-looking
statements contained in this Current Report speak only as of the date hereof, and the Company specifically disclaims any obligation to
update any forward-looking statement, whether as a result of new information, future events, or otherwise, except to the extent required
by applicable law.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Dated:
June 30, 2026
CHRONOSCALE
CORPORATION
By:
/s/
Ying Cenly Chen
Name:
Ying
Cenly Chen
Title:
Chief
Executive Officer
EX-99.1
EX-99.1
Filename: ex99-1.htm · Sequence: 2
Exhibit
99.1
Management’s
Discussion and Analysis of Financial Condition and Results of Operations of Cloud
You
should read the following discussion and analysis of Cloud’s (as defined below) financial condition and results of operations together
with Cloud’s audited combined financial statements, unaudited condensed combined financial statements, and related notes appearing
as exhibits to this Form 8-K/A. Some of the information contained in this discussion and analysis or set forth elsewhere in this Form
8-K/A, including information with respect to Cloud’s plans and strategy for Cloud’s business, includes forward-looking statements
that involve risks and uncertainties. Cloud has historically existed and functioned as part of the consolidated business of Applied Digital
Corporation (“Applied Parent”). The accompanying combined financial statements are prepared on a standalone basis and are
derived from Applied Parent’s historical accounting records. Cloud has not previously operated as a separate standalone legal entity
and has been comprised of three wholly owned subsidiaries of Applied Parent: Applied Digital Cloud Corporation, SAI Computing LLC, and
SAI Computing Holdings LLC. The combined financial statements are presented as carve-out financial statements and reflect the combined
historical operations, financial position and cash flows of Cloud for the periods presented in conformity with GAAP. Therefore, the combined
financial statements may not be indicative of Cloud’s future performance and do not necessarily reflect what the financial position,
results of operations and cash flows would have been had it operated as a standalone business during the period presented. As a result
of many factors, including those factors set forth in the “Risk Factors” section of the definitive information statement
on Schedule 14C filed by the Company with the Securities and Exchange Commission (the “SEC”) on April 3, 2026 (the “Information
Statement”), Cloud’s actual results could differ materially from the results described in or implied by the forward-looking
statements contained in the following discussion and analysis. All references to “we,” “us,” or “our”
mean Applied Digital Cloud Corporation, SAI Computing LLC, and SAI Computing Holdings LLC, collectively.
Business
Overview
Applied
Digital Cloud Corporation (“Cloud”), SAI Computing LLC, and SAI Computing Holdings LLC, each a wholly owned subsidiary of
the Company (as defined below) constitute the cloud business of the Company’s operations (the “Cloud Business”), which
provides cloud services to customers, such as AI and machine learning developers by renting space at third party co-location centers
and providing customers with access to its cloud computing equipment.
On
May 5, 2026 (the “Closing Date”), Ekso Bionics Holdings, Inc., a Nevada corporation (“Ekso” or the “Company”),
consummated the previously announced business combination transaction (the “Business Combination”) contemplated by that certain
Contribution and Exchange Agreement (the “Contribution and Exchange Agreement”), dated February 15, 2026, by and among Ekso,
APLD Intermediate HoldCo LLC, a Delaware limited liability company (“APLD Intermediate”), APLD ChronoScale HoldCo LLC, a
Delaware limited liability company and a wholly owned subsidiary of APLD Intermediate (“Contributor”), each a wholly owned
direct or indirect subsidiary of Applied Parent, and Cloud, a wholly owned indirect subsidiary of Applied Parent and a direct subsidiary
of Contributor as of immediately prior to Closing (as defined below). Upon the Closing, the Company changed its name to “ChronoScale
Corporation” and Cloud became a wholly owned subsidiary of the Company. Unless the context otherwise requires, references to the
“Company” refer to Ekso Bionics Holdings, Inc. prior to the Closing and ChronoScale Corporation following the Closing.
Trends
and Other Factors Affecting Our Business
Regulatory
Environment
The
regulatory landscape surrounding cloud computing is still evolving, and we anticipate increased scrutiny and potential regulation in
the near and long term. Any such developments may significantly impact our business and operations in ways that are difficult to predict.
We
closely monitor legislative and regulatory developments and engage in dialogue with relevant stakeholders to ensure our business practices
align with the evolving legal and regulatory framework. Despite the uncertainties posed by the changing regulatory landscape, we remain
committed to delivering innovative and responsible solutions in cloud services while prioritizing compliance and risk management. However,
if we fail to comply with applicable laws and regulations, we may be subject to significant liabilities, including fines and penalties,
and our business, financial condition, or results of operations could be adversely affected.
1
Business
Update
During
the nine months ended February 28, 2026, we recognized $53.2 million in revenue, a decrease of $18.1 million over $71.3 million in revenue
recognized during the nine months ended February 28, 2025. As of each of February 28, 2026 and February 28, 2025, we had one customer.
During
fiscal year ended May 31, 2025, we recognized $84.4 million in revenue, an increase of 191% over $29.0 million in revenue recognized
during the fiscal year ended May 31, 2024. We currently operate in three states: Colorado, Minnesota, and Utah, by renting space at third
party colocation centers and providing our customers with Company-owned equipment to generate revenue. As of May 31, 2025, we had one
customer, and as of May 31, 2024, we had two customers.
During
the fiscal year ended May 31, 2025, we renegotiated the majority of our computing equipment finance leases to extend the amortization
period on these computing equipment finance leases to five years, which is better aligned with their expected useful life. As such, during
the fiscal year ended May 31, 2025, amortization expense decreased comparatively.
Debt
Financing
During
the fiscal year ended May 31, 2025, we entered into two Simple Agreement for Future Equity (“SAFE”) agreements totaling $12.0
million with an investor.
Recent
Developments
In
connection with, and as a condition to the Closing of the Business Combination, on May 1, 2026, the Company entered into the Securities
Purchase Agreement with Applied Parent, pursuant to which the Company agreed to sell and issue to Applied Parent 1,311,407 shares of
Common Stock (the “Private Placement Shares”). The Private Placement Shares were sold at an offering price of $12.01 per
share, the closing price of the Common Stock on April 30, 2026, the date immediately preceding the date of execution of the Securities
Purchase Agreement, for gross proceeds of approximately $15.8 million. The closing of the transaction pursuant to the Securities Purchase
Agreement took place on May 5, 2026 immediately prior to the Closing.
On
June 2, 2026, Applied Parent paid off all amounts outstanding under the SAFE agreements in an amount of $13.3 million following agreement
with the investor.
2
Results
of Operations
Results of Operations for the Three and Nine Months Ended February 28, 2026 and February 28, 2025
The
following table sets forth key components of the results of operations (in thousands) during the three and nine months ended February
28, 2026 and February 28, 2025.
Three
Months Ended
Nine
Months Ended
February
28, 2026
February
28, 2025
February
28, 2026
February
28, 2025
Revenue
$ 18,087
$ 17,754
$ 53,207
$ 71,313
Costs and expenses:
Cost of revenues
17,716
23,342
65,618
91,359
Selling, general and administrative
10,853
14,727
11,911
21,889
Loss
on abandonment of assets
107
—
598
—
Total
costs and expenses
28,676
38,069
78,127
113,248
Operating loss
(10,589 )
(20,315 )
(24,920 )
(41,935 )
Interest
expense, net
2,058
4,541
7,897
13,444
Net loss before income
tax expense
(12,647 )
(24,856 )
(32,817 )
(55,379 )
Income
tax expense
—
—
—
—
Net loss
$ (12,647 )
$ (24,856 )
$ (32,817 )
$ (55,379 )
Commentary
on Results of Operations for the Three Months Ended February 28, 2026 compared to the Three Months Ended February 28, 2025
Revenue
Revenue
increased $0.3 million, or 2%, from $17.8 million for the three months ended February 28, 2025 to $18.1 million for the three months
ended February 28, 2026 due to overall performance improvements in the business.
Cost
of revenues
Cost
of revenues decreased by $5.6 million, or 24%, from $23.3 million for the three months ended February 28, 2025 to $17.7 million for the
three months ended February 28, 2026. The decrease was due to the following changes:
● approximately
$6.6 million decrease in lease and lease related expenses due to the renegotiations of certain
of our leases during the three months ended February 28, 2026; and
● approximately
$0.8 million decrease in personnel expenses for employee costs directly attributable to generating
revenue resulting from decreased headcount.
These
decreases were partially offset by an approximately $0.9 million increase in depreciation and amortization and an approximately $0.9
million increase in energy costs and other expenses directly attributable to generating revenue.
Selling,
general and administrative expense
Selling,
general and administrative expense decreased by $3.9 million, or 26%, from $14.7 million for the three months ended February 28, 2025
to $10.9 million for the three months ended February 28, 2026. The decrease was primarily due to approximately $7.3 million decrease
in lease and lease related expenses due to the renegotiations of certain of our leases during the three months ended February 28, 2026.
This decrease was partially offset by an increase of approximately $3.4 million in professional service expenses related to legal services
primarily provided on discrete transactions and projects.
3
Loss
on abandonment of assets
Loss
on abandonment of assets was $0.1 million for the three months ended February 28, 2026, driven by the write down of assets to their fair
value upon disposal. There was no such loss recorded in the prior year comparative period.
Interest
expense, net
Interest
expense, net decreased by $2.5 million, or 55%, from $4.5 million for the three months ended February 28, 2025 to $2.1 million for the
three months ended February 28, 2026. This decrease was primarily driven by a decrease in finance lease interest associated with the
renegotiation of the majority of our finance leases during the three months ended February 28, 2026.
Commentary
on Results of Operations for the Nine Months Ended February 28, 2026 compared to the Nine Months Ended February 28, 2025
Revenue
Revenue
decreased by $18.1 million, or 25%, from $71.3 million for the nine months ended February 28, 2025 to $53.2 million for the nine months
ended February 28, 2026. This decrease was primarily due to the loss of a customer compared to the nine months ended February 28, 2025.
Cost
of revenues
Cost
of revenues decreased by $25.7 million, or 28%, from $91.4 million for the nine months ended February 28, 2025 to $65.6 million for the
nine months ended February 28, 2026. The decrease was categorized as follows:
● approximately
$21.0 million decrease in depreciation and amortization primarily due to a decrease in amortization
of finance lease right-of-use assets due to the renegotiations of certain of our leases during
fiscal year 2026;
● approximately
$3.8 million decrease in lease and lease related expenses due to the renegotiations of certain
of our leases; and
● approximately
$2.0 million decrease in personnel expenses for employee costs directly attributable to generating
revenue.
These
decreases were partially offset by an approximately $1.1 million increase in energy costs and other expenses directly attributable to
generating revenue.
Selling,
general and administrative expense
Selling,
general and administrative expense decreased by $10.0 million, or 46%, from $21.9 million for the nine months ended February 28, 2025
to $11.9 million for the nine months ended February 28, 2026. The change in selling, general, and administrative expense was categorized
as follows:
● approximately
$14.8 million decrease in lease and lease related expenses due to the renegotiations of certain
of our leases; and
● approximately
$0.7 million decrease in depreciation and amortization due to a decrease in amortization
of finance lease right-of-use assets due to the renegotiation of certain of our leases during
fiscal year 2026.
These
decreases were partially offset by an approximately $2.9 million increase in professional services expenses related to legal services
primarily provided on discrete transactions and projects, and an approximately $1.9 million increase in stock based compensation due
to the reversal of expense associated with award forfeitures and cancellations that occurred during the prior year period. Also offsetting
the decreases was an approximately $0.7 million increase in personnel expenses and other costs that were not directly attributable to
generating revenue.
Loss
on abandonment of assets
Loss
on abandonment of assets was $0.6 million for the nine months ended February 28, 2026, driven by the write down of assets to their fair
value upon disposal. There was no such loss recorded in the prior comparative period.
Interest
expense, net
Interest
expense, net decreased by $5.5 million, or 41%, from $13.4 million for the nine months ended February 28, 2025 to $7.9 million for the
nine months ended February 28, 2026. This decrease was primarily driven by a decrease in finance lease interest associated with the renegotiation
of the majority of our finance leases during the period.
4
Results
of Operations for the fiscal year ended May 31, 2025 compared to the fiscal year ended May 31, 2024
The
following table sets forth key components of the results of operations (in thousands) during the fiscal years ended May 31, 2025 and
May 31, 2024.
Fiscal
Year Ended
May
31, 2025
May
31, 2024
Revenue
$ 84,376
$ 28,957
Costs and expenses:
Cost of revenues
115,308
41,687
Selling, general and administrative
24,813
52,756
Gain
on abandonment of assets
(414 )
—
Total
costs and expenses
139,707
94,443
Operating loss
(55,331 )
(65,486 )
Interest
expense, net
17,399
9,809
Net loss before income
tax expense
(72,730 )
(75,295 )
Income
tax expense
—
—
Net loss
$ (72,730 )
$ (75,295 )
Commentary
on Results of Operations for the fiscal year ended May 31, 2025 compared to the fiscal year ended May 31, 2024
Revenue
Revenue
increased $55.4 million, or 191%, from $29.0 million for the fiscal year ended May 31, 2024 to $84.4 million for the fiscal year ended
May 31, 2025 due to the deployment of four additional GPU clusters during the fiscal year ended May 31, 2025.
Cost
of revenues
Cost
of revenues increased by $73.6 million, or 177%, from $41.7 million for the fiscal year ended May 31, 2024 to $115.3 million for the
fiscal year ended May 31, 2025. The increase was due to the following changes:
● approximately
$48.7 million increase in depreciation and amortization expense due to an increase in owned
and leased assets in-service directly supporting revenue;
● approximately
$18.1 million increase in lease and lease related expenses for the use of data center space;
● approximately
$1.8 million increase in personnel expenses for employee costs directly attributable to generating
revenue resulting from increased headcount;
● approximately
$1.7 million increase in energy costs related to the data centers; and
● approximately
$3.3 million increase in other expenses directly attributable to generating revenue.
Selling,
general and administrative expense
Selling,
general and administrative expense decreased by $27.9 million, or 53%, from $52.8 million for the fiscal year ended May 31, 2024 to $24.8
million for the fiscal year ended May 31, 2025. The decrease was due to the following changes:
● approximately
$25.9 million decrease in depreciation and amortization primarily due to GPU cluster deployments,
which are now revenue generating and as such, the depreciation and amortization is now captured
as a part of cost of revenues;
5
● approximately
$11.5 million decrease in stock-based compensation due to the cancellation of certain performance-
based awards and terminations during the period, accompanied by forfeitures of previously
issued awards, resulting in a reversal of the expense previously recognized for the associated
awards; and
● approximately
$2.1 million decrease in personnel expenses.
These
decreases were partially offset by approximately $9.5 million increase in bad debt expense, $1.8 million increase in lease and related
expenses due to operating leases expense for data center space not yet being used to generate revenue, and $0.3 million increase in other
costs that were not directly attributable to generating revenue.
Gain
on abandonment of assets
Gain
on abandonment of assets was $0.4 million for the fiscal year ended May 31, 2025, due to the Company receiving a partial refund of previously-paid
costs upon terminating unutilized operating leases. There was no such gain recorded in the prior year comparative period.
Interest
expense, net
Interest
expense, net increased $7.6 million, or 77%, from $9.8 million for the fiscal year ended May 31, 2024 to $17.4 million for the fiscal
year ended May 31, 2025. The increase was primarily driven by a $7.8 million increase in finance lease interest due to an increase in
finance leases between periods. This increase was partially offset by a $0.2 million decrease in loan issuance costs.
Funding
Requirements
We
have experienced net losses through the period ended February 28, 2026. Our transition to profitability is dependent on the successful
operation of our business.
We
expect to have sufficient liquidity, including cash on hand, payments from customers, access to debt financing, and access to public
capital markets, to support ongoing operations and meet our working capital needs for at least the next 12 months and all of our known
requirements and plans for cash. However, we may be unable to raise additional funds or enter into such arrangements when needed on favorable
terms, or at all, which would have a negative impact on our financial condition and could force us to delay, limit, reduce or terminate
our ongoing operations and development plans. We have based our estimates as to how long we expect we will be able to fund our operations
on assumptions that may prove to be wrong, and we could use our available capital resources sooner than we currently expect, in which
case, we would be required to obtain additional financing sooner than currently projected, which may not be available to us on acceptable
terms, or at all. Our failure to raise capital as and when needed would have a negative impact on our financial condition and our ability
to pursue our business strategy.
We
expect that our general and administrative expenses and our operating expenditures will continue to increase as we continue to expand
our operations.
Sources
of Liquidity
As
of May 31, 2025, we had cash of $2.4 million and a working capital deficit of $151.2 million and as of February 28, 2026, we had cash
of $0.1 million and a working capital deficit of $64.8 million, which raised substantial doubt about our ability to continue as a going
concern. Historically, we have incurred losses and have relied on Applied Parent to provide financing for our operations.
Subsequent
to the year ended May 31, 2025, we renegotiated the majority of our finance leases to extend the duration of the lease agreements, thus
extending finance lease payments through fiscal year 2028.
6
Additionally,
after May 31, 2025 and through May 31, 2026, we made finance lease payments of approximately $89.5 million and operating lease payments
of $21.0 million. We expect positive cash flows from operations to support our obligations and, in connection with the Business Combination
(which closed on May 5, 2026), we raised $15.8 million in equity funding (gross, before deducting Business Combination and other related
expenses). Finally, we have the ability to modify the timing of our capital spending and extend our payment terms with vendors, if necessary.
Based
on this analysis, we believe that substantial doubt to continue as a going concern has been alleviated. Management believes these events
are sufficient to allow us to meet our obligations for at least one year after the date these carve-out financial statements are issued.
Recent
Financing Activities
During
the fiscal year ended May 31, 2025, we entered into two Simple Agreement for Future Equity (“SAFE”) agreements totaling $12.0
million with an investor. See “Note 5 - Debt” for further discussion.
Material
Contractual Obligations
In
the ordinary course of business, we enter into contractual arrangements that require future cash payments.
The
following table sets forth information regarding our anticipated future cash payments under our contractual obligations as of February
28, 2026 (in thousands):
Payments
Due by Period
Total
Remainder of
FY 2026
FY
2027
FY
2028
FY
2029
FY
2030
Thereafter
Debt obligations(1)
$ 12,000
—
—
—
—
—
$ 12,000
Operating lease obligations(2)
$ 70,402
5,293
21,798
22,623
17,152
3,536
$ —
Financing lease obligations(3)
$ 76,605
14,583
51,055
10,967
—
—
$ —
(1) Debt
obligations presented in the table reflect SAFE agreements which were accounted for in accordance
with ASC 480 as described in Note 5 to the unaudited condensed combined financial statements
for further discussion.
(2) Operating
lease obligations include future minimum payments for our operating leases.
(3) Financing
lease obligations include future minimum payments for our finance leases.
The
following table sets forth information regarding our anticipated future cash payments under our contractual obligations as of May 31,
2025 (in thousands):
Payments
Due by Period
Total
FY
2026
FY
2027
FY
2028
FY
2029
FY
2030
Thereafter
Debt obligations(1)
$ 12,000
—
—
—
—
—
12,000
Operating lease obligations(2)
$ 86,142
21,033
21,798
22,623
17,152
3,536
—
Financing lease obligations(3)
$ 140,296
140,296
—
—
—
—
—
(1) Debt
obligations presented in the table reflect SAFE agreements which were accounted for in accordance
with ASC 480 as described in Note 5 to the combined financial statements for further discussion.
(2) Operating
lease obligations include future minimum payments for our operating leases.
(3) Financing
lease obligations include future minimum payments for our finance leases.
7
Summary
of Cash Flows
Summary
of Cash Flows for the Nine Months Ended February 28, 2026
The
following table provides information about our net cash flow for the nine months ended February 28, 2026 and February 28, 2025, respectively.
Nine Months
Ended
$ in thousands
February
28, 2026
February
28, 2025
Net cash provided by (used in)
operating activities
$ 113,106
$ (7,420 )
Net cash used in investing activities
(24,271 )
(2,849 )
Net cash (used in) provided
by financing activities
(91,126 )
10,282
Net (decrease) increase in cash
(2,291 )
13
Cash at beginning of period
2,398
—
Cash at end of period
$ 107
$ 13
Commentary
on the change in cash flows between the Nine Months Ended February 28, 2026 and Nine Months Ended February 28, 2025
Operating
Activities
The
net cash provided by (used in) operating activities changed by $120.5 million, or 1624%, from $7.4 million used
in operating activities for the nine months ended February 28, 2025 to $113.1 million provided by operating activities for the nine months
ended February 28, 2026. Activities that positively impacted operating cash flows during the nine months ended February 28, 2025 included
changes in operating assets and liabilities as well as a decrease in net loss between comparative periods. These positive impacts were
partially offset by a decrease in depreciation and amortization and lease expense due to renegotiations of certain agreements during
the nine months ended February 28, 2026.
Investing
Activities
The
net cash used in investing activities changed by $21.4 million, or 752%, from $2.8 million for the nine months ended February 28, 2025 to $24.3 million for the nine months
ended February 28, 2026. This change was primarily due to an increase in investments in property and equipment during the nine
months ended February 28, 2026.
Financing
Activities
The
net cash (used in) provided by financing activities changed by $101.4 million, or 986%, from $10.3 million provided by financing activities
for the nine months ended February 28, 2025 to $91.1 million used in financing activities for the nine months ended February 28, 2026.
This change was primarily driven by an approximately $100.6 million decrease in net transactions with Applied Parent as well as the absence
of $12.0 million of proceeds from the issuance of SAFE agreements that occurred during the nine months ended February 28, 2025. These
decreases were partially offset by a decrease of $11.1 million in finance lease repayments during the nine months ended February 28,
2026 compared to the nine months ended February 28, 2025.
8
Summary
of Cash Flows for the Fiscal Years ended May 31, 2025 and May 31, 2024
The
following table provides information about our net cash flow for the fiscal years ended May 31, 2025 and May 31, 2024, respectively.
Fiscal Year
Ended
$ in thousands
May
31, 2025
May
31, 2024
Net cash (used in) provided by
operating activities
$ (7,222 )
$ 49,808
Net cash used in investing activities
(1,376 )
(57,612 )
Net cash provided by financing
activities
10,996
7,804
Net increase in cash
2,398
—
Cash at beginning of period
—
—
Cash at end of period
$ 2,398
$ —
Commentary
on the change in cash flows between fiscal years ended May 31, 2025 and May 31, 2024
Operating
Activities
The
net cash (used in) provided by operating activities changed by $57.0 million, or 114%, from $49.8 million provided by operating activities
for the fiscal year ended May 31, 2024 to $7.2 million used in operating activities for the fiscal year ended May 31, 2025. This change
was primarily driven by a decrease in deferred revenue due to an increase in revenue recognized as services were provided and an increase
in accounts payable due to the timing of payments between the periods. The change was also impacted by a decrease in stock-based compensation
in the comparative periods. This period activity was offset by an increase in fixed asset depreciation as more assets were placed in
service during the period. Also offsetting this change was an increase in lease expense as we entered into additional leases during the
fiscal year ended May 31, 2025.
Investing
Activities
The
net cash used in investing activities decreased by $56.2 million, or 98%, from $57.6 million for the fiscal year ended May 31, 2024 to
$1.4 million for the fiscal year ended May 31, 2025. This decrease was primarily driven by the absence of finance lease prepayments and
fewer purchases of property and equipment made during the fiscal year ended May 31, 2025 compared to May 31, 2024.
Financing
Activities
The
net cash provided by financing activities increased by $3.2 million, or 41%, from $7.8 million for the fiscal year ended May 31, 2024
to $11.0 million for the fiscal year ended May 31, 2025. The primary reason for this change was an increase of $61.1 million in net transactions
with Applied Parent as well as an increase of $12.0 million in SAFE agreements. The increases were partially offset by an increase of
$69.9 million in finance lease repayments during the fiscal year ended May 31, 2025 compared to the fiscal year ended May 31, 2024.
Recent
Accounting Pronouncements
For
a discussion of recently issued financial accounting standards, refer to “Note 2 - Significant Accounting Policies.”
Critical
Accounting Estimates and Significant Judgments
Our
combined financial statements are prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”).
In connection with the preparation of our combined financial statements, we are required to make assumptions and estimates about future
events and apply judgments that affect the reported amounts of assets, liabilities, revenue, expenses and the related disclosures. We
base our assumptions, estimates and judgments on historical experience, current trends and other factors that management believes to
be relevant at the time our combined financial statements are prepared. On a regular basis, management reviews the accounting policies,
assumptions, estimates and judgments to ensure that our financial statements are presented fairly and in accordance with GAAP. However,
because future events and their effects cannot be determined with certainty, actual results could differ from our assumptions and estimates,
and such differences could be material.
While
our significant accounting policies are described in more detail in Note 2 to our combined financial statements, we believe that the
following accounting policies are those most critical to the judgments and estimates used in the preparation of our combined financial
statements.
Allocations
From Applied Parent
The
combined financial statements include expense allocations prior to the Business Combination for certain expenses provided by Applied
Parent on a centralized basis, including, but not limited to, payroll, stock-based compensation and income taxes, and other expenses
that are either specifically identifiable or clearly applicable to the Cloud Business. These expenses have been allocated to us on the
basis of direct usage when identifiable, with the remainder allocated on a pro rata basis using an applicable measure of headcount or
other allocation methodologies that are considered to be a reasonable reflection of the utilization of services provided or the benefit
received by the Cloud Business during the periods presented. Management considers that such allocations have been made on a reasonable
basis; however, these allocations may not be indicative of the actual expense that would have been incurred had we operated as an independent,
stand-alone public entity.
9
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Exhibit 99.2
Index
to Audited Financial Statements of Applied Digital Cloud Corporation and Affiliates
Page
Report of Independent Registered Public Accounting Firm (PCAOB ID #199)
2
Combined Balance Sheets as of May 31, 2025 and May 31, 2024
3
Combined Statements of Operations for the fiscal years ended May 31, 2025 and May 31, 2024
4
Combined
Statements of Changes in Parent Company Net Investment for the fiscal years ended May 31, 2025 and May 31,2024
5
Combined Statements of Cash Flows for the fiscal years ended May 31, 2025 and May 31, 2024
6
Notes to Combined Financial Statements
7
1
Report of Independent Registered Public Accounting Firm
To
the Shareholders and Board of Directors of
Applied
Digital Cloud Corporation and Affiliates
Opinion
on the Financial Statements
We
have audited the accompanying combined balance sheets of Applied Digital Cloud Corporation and Affiliates (the “Company”)
as of May 31, 2025 and 2024, the related combined statements of operations, changes in Parent Company Net Investment and cash flows for
each of the two years in the period ended May 31, 2025, and the related notes (collectively referred to as the “financial statements”).
In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of May 31,
2025 and 2024, and the results of its operations and its cash flows for each of the two years in the period ended May 31, 2025, in conformity
with accounting principles generally accepted in the United States of America.
Emphasis
of Matter
As
discussed in Note 1, the financial statements have been prepared on a “carve-out” basis from the financial statements of
Applied Digital Corporation to reflect the assets, liabilities, revenues and expenses of the Company as well as allocations deemed reasonable
by management to present the results of operations, financial position and cash flows of the Company on a standalone basis and may not
reflect the Company’s results of operations, financial position and cash flows had the Company operated as a standalone company
during the periods presented. Our opinion is not modified with respect to this matter.
Basis
for Opinion
These
financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial
statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United
States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and
the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were
we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an
understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the
Company’s internal control over financial reporting. Accordingly, we express no such opinion.
Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits
provide a reasonable basis for our opinion.
Critical
Audit Matters
Critical
audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be
communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and
(2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters.
/s/
CBIZ CPAs P.C.
We
have served as the Company’s auditor since 2026.
New
York, NY
June 30, 2026
2
APPLIED
DIGITAL CLOUD CORPORATION AND AFFILIATES
Combined
Balance Sheets
(In
thousands)
May
31, 2025
May
31, 2024
ASSETS
Current assets:
Cash
$ 2,398
$ —
Accounts receivable
3,788
—
Prepaid
expenses and other current assets
223
333
Total current assets
6,409
333
Property and equipment, net
10,922
11,278
Operating lease right of use assets, net
91,374
152,090
Finance lease right of use assets, net
195,495
209,933
Other assets
—
581
TOTAL
ASSETS
$ 304,200
$ 374,215
LIABILITIES AND PARENT COMPANY
NET INVESTMENT
Current liabilities:
Accounts payable
$ 3,962
$ 11,589
Accrued liabilities
572
1,580
Current portion of operating
lease liability
16,093
21,101
Current portion of finance
lease liability
133,407
102,400
Deferred
revenue
3,594
31,178
Total current liabilities
157,628
167,848
Long-term portion of operating
lease liability
58,420
108,668
Long-term portion of finance
lease liability
—
59,907
Long-term
debt
12,000
—
Total liabilities
228,048
336,423
Parent company net investment
Parent
company net investment
76,152
37,792
Total parent company net
investment
76,152
37,792
TOTAL
LIABILITIES AND PARENT COMPANY NET INVESTMENT
$ 304,200
$ 374,215
See
accompanying notes to the combined financial statements
3
APPLIED
DIGITAL CLOUD CORPORATION AND AFFILIATES
Combined
Statements of Operations
(In
thousands)
Fiscal
Year Ended
May
31, 2025
May
31, 2024
Revenue
$ 84,376
$ 28,957
Costs and expenses:
Cost of revenues
115,308
41,687
Selling, general and administrative
24,813
52,756
Loss on abandonment of assets
Gain
on abandonment of assets
(414 )
—
Total
costs and expenses
139,707
94,443
Operating loss
(55,331 )
(65,486 )
Interest
expense, net
17,399
9,809
Net loss before income
tax expense
(72,730 )
(75,295 )
Income
tax expense
—
—
Net loss
$ (72,730 )
(75,295 )
See
accompanying notes to the combined financial statements
4
APPLIED
DIGITAL CLOUD CORPORATION AND AFFILIATES
Combined
Statements of Changes in Parent Company Net Investment
For the Fiscal Years Ended May 31,
2025 and May 31, 2024
(In
thousands)
Parent
company
net investment
Total Parent company
net investment
Balance,
May 31, 2023
$ 223
$ 223
Net transactions from parent company
112,864
112,864
Net loss
(75,295 )
(75,295 )
Balance, May 31, 2024
$ 37,792
$ 37,792
Balance
$ 37,792
$ 37,792
Net transactions from parent company
111,090
111,090
Net loss
(72,730 )
(72,730 )
Balance, May 31, 2025
$ 76,152
$ 76,152
Balance
$ 76,152
$ 76,152
See
accompanying notes to the combined financial statements
5
APPLIED
DIGITAL CLOUD CORPORATION AND AFFILIATES
Combined
Statements of Cash Flows (in thousands)
Fiscal
Year Ended
May
31, 2025
May
31, 2024
CASH FLOW FROM OPERATING
ACTIVITIES
Net loss
$ (72,730 )
$ (75,295 )
Adjustments to reconcile
net loss to net cash (used in) provided by operating activities:
Depreciation and amortization
80,656
57,884
Stock-based compensation
(1,463 )
10,135
Lease expense
30,922
13,441
Loss on abandonment of assets
Gain on abandonment of
assets
(414 )
—
Changes in operating assets
and liabilities:
Accounts receivable
(3,788 )
—
Prepaid expenses and other
current assets
111
(333 )
Other assets
581
(581 )
Deferred revenue
(27,584 )
31,178
Accounts payable
(9,014 )
10,441
Accrued liabilities
(1,008 )
1,570
Lease
assets and liabilities
(3,491 )
1,368
CASH FLOW (USED IN) PROVIDED
BY OPERATING ACTIVITIES
(7,222 )
49,808
CASH FLOW FROM INVESTING
ACTIVITIES
Purchases of property and
equipment
(1,376 )
(11,234 )
Finance
lease prepayments
—
(46,378 )
CASH FLOW USED IN INVESTING
ACTIVITIES
(1,376 )
(57,612 )
CASH FLOW FROM FINANCING
ACTIVITIES
Repayment of finance leases
(114,743 )
(44,861 )
Proceeds from issuance
of SAFE agreement included in long-term debt
12,000
—
Net
transactions with parent company
113,739
52,665
CASH FLOW PROVIDED BY FINANCING
ACTIVITIES
10,996
7,804
NET INCREASE IN CASH
2,398
—
CASH, BEGINNING OF PERIOD
—
—
CASH, END OF PERIOD
$ 2,398
—
SUPPLEMENTAL DISCLOSURE
OF CASH FLOW INFORMATION
Interest paid
$ 17,270
$ 9,514
SUPPLEMENTAL DISCLOSURE
OF NON-CASH ACTIVITIES
Operating right-of-use
assets obtained by lease obligation
$ 20,280
$ 158,508
Finance right-of-use assets
obtained by lease obligation
$ 64,358
$ 263,593
Property and equipment
in accounts payable and accrued liabilities
$ 1,387
$ 1,172
Net assets (distributed
to) contributed by parent company
$ (1,186 )
$ 50,064
See
accompanying notes to the combined financial statements
6
APPLIED
DIGITAL CLOUD CORPORATION AND AFFILIATES
Notes
to the Combined Financial Statements
For
the Fiscal Years Ended May 31, 2025 and May 31, 2024
1. Business
and Basis of Presentation
Applied
Digital Cloud Corporation, SAI Computing LLC, and SAI Computing Holdings LLC (together, “Applied Digital Cloud Corporation and
Affiliates” or the “Company”), provide cloud services to customers, such as AI and machine learning developers by renting
space at third party co-location centers and providing the customers with access to its cloud computing equipment. They are wholly owned
subsidiaries of Applied Digital Corporation (“Applied Digital” or the “Parent”). All references to “we,”
“us,” “our” or the “Company” mean Applied Digital Cloud Corporation, SAI Computing LLC, and SAI Holdings
LLC.
On
May 5, 2026 (the “Closing Date”), Ekso Bionics Holdings, Inc., a Nevada corporation (“Ekso”), consummated the
previously announced business combination transaction (the “Business Combination”) contemplated by that certain Contribution
and Exchange Agreement (the “Contribution and Exchange Agreement”), dated February 15, 2026, by and among Ekso, APLD Intermediate
HoldCo LLC, a Delaware limited liability company (“APLD Intermediate”), APLD ChronoScale HoldCo LLC, a Delaware limited liability
company and a wholly owned subsidiary of APLD Intermediate (“Contributor”), each a wholly owned direct or indirect subsidiary
of Applied Digital, and Applied Digital Cloud Corporation, a wholly owned indirect subsidiary of Applied Parent and a direct subsidiary
of Contributor as of immediately prior to Closing (as defined below). Upon the Closing, Ekso changed its name to “ChronoScale Corporation”
and each of the Company entities became wholly owned direct or indirect subsidiaries of the ChronoScale Corporation.
The
Company has historically existed and functioned as part of the consolidated business of the Parent. The accompanying combined financial
statements are prepared on a standalone basis and are derived from the Parent’s historical accounting records. The Company has
not operated as a separate standalone legal entity and is comprised of three wholly-owned subsidiaries of the Parent: Applied Digital
Cloud Corporation, SAI Computing LLC, and SAI Computing Holdings LLC. The combined financial statements reflect the combined historical
operations, financial position and cash flows of the Company for the period presented in conformity with generally accepted accounting
principles in the United States (“GAAP”). The combined financial statements may not be indicative of the Company’s
future performance and do not necessarily reflect what the financial position, results of operations and cash flows would have been had
it operated as a standalone business during the period presented. The assets, liabilities, revenue and expenses of the Company have been
reflected in these combined financial statements on a historical cost basis, as included in the consolidated financial statements of
the Parent, using the historical accounting policies applied by the Parent.
All
intercompany transactions within the Company have been eliminated and all intercompany transactions between the Company and other legal
entities, or components of legal entities, controlled by the Parent which are not being sold as part of the transaction have been included
in the combined financial statements. The aggregate net effect of intercompany transactions that will not be settled in cash have been
reflected in the combined balance sheets as Parent company net investment and in the combined statements of cash flows as a financing
activity.
The
combined statements of operations includes all revenues, costs, and expenses directly attributable to the Company, including allocation
of expense associated with payroll, stock-based compensation and income taxes. Allocations are based on direct usage when identifiable,
with the remainder allocated on a pro rata basis using an applicable measure of headcount or other allocation methodologies that are
considered to be a reasonable reflection of the utilization of services provided or the benefit received by the Company during the periods
presented. The allocated amounts are not necessarily indicative of the amounts that would be incurred or realized if the Company operated
as a separate standalone entity during the period presented. Actual costs that the Company may have incurred if it were a standalone
entity would depend on a number of factors, including whether functions were outsourced or performed by employees and strategic decisions
made in areas of selling, general and administrative expense and infrastructure.
Income
tax amounts in the combined financial statements have been calculated on a separate return method and presented as if operations were
separate taxpayers in the respective jurisdictions.
7
APPLIED
DIGITAL CLOUD CORPORATION AND AFFILIATES
Notes
to the Combined Financial Statements
For
the Fiscal Years Ended May 31, 2025 and May 31, 2024
The
combined balance sheets include assets and liabilities that have been determined to be specifically identifiable or otherwise attributable
to the Company. Cash includes cash held at legal entities within the Company. The Company does not utilize a centralized treasury management
function for financing its operations; however, there are cash pooling activities consisting of transfers of cash to and from the Company
and the Parent which are reflected as a component of Parent company net investment in the combined balance sheets.
The
equity balance in the combined financial statements represents the excess of total assets over liabilities including the due to/from
balances between the Company and the Parent (Parent company net investment). Parent company net investment is primarily impacted by intercompany
payables and receivables and allocation of stock-based compensation.
2. Significant
Accounting Policies
Use
of Estimates
The
preparation of combined financial statements in conformity with GAAP requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet and
the reported amounts of revenue and expenses during the reporting periods. On an on-going basis, the Company evaluates the estimates,
including those related to allocations from parent such as payroll expense and stock-based compensation expense. Although these estimates
are based on historical facts and various other assumptions that the Company believes are reasonable, actual results could differ from
those estimates.
Allocations
From Parent
The
combined financial statements include expense allocations prior to the carve-out for certain expenses provided by the Parent on a centralized
basis, including, but not limited to, financing, payroll, stock-based compensation, and other expenses that are either specifically identifiable
or clearly applicable to the Company. These expenses have been allocated to the Company on the basis of direct usage when identifiable,
with the remainder allocated on a pro rata basis using an applicable measure of headcount or other allocation methodologies that are
considered to be a reasonable reflection of the utilization of services provided or the benefit received by the Company during the periods
presented. Management considers that such allocations have been made on a reasonable basis; however, these allocations may not be indicative
of the actual expense that would have been incurred had the Company operated as an independent, stand-alone public entity.
Revenue
Recognition
The
Company recognizes revenue in accordance with Accounting Standards Codification 606, Revenue from Contracts with Customers.
The
Company provides managed cloud infrastructure services to customers, such as artificial intelligence and machine learning developers,
to help develop their advanced products. Customers pay a fixed rate to the Company in exchange for managed cloud services supported by
Company-provided equipment. Revenues are recognized based on the fixed rate, net of any credits for non-performance, over the term of
the agreements.
Accounts
Receivable
Accounts
receivable are primarily comprised of billed and unbilled receivables for which the Company has an unconditional right to consideration
and the performance obligations have been satisfied. The Company recognizes an allowance for the remaining lifetime expected credit losses
based on management’s expectation of collectability. The Company bases its estimate on multiple factors, including historical experience
with bad debts, our relationship with our customers and their credit quality, the aging of respective asset balances, current macroeconomic
conditions and management’s expectations of conditions in the future. The Company writes off accounts receivable in the period
when the likelihood of collection of a balance is considered remote.
8
APPLIED
DIGITAL CLOUD CORPORATION AND AFFILIATES
Notes
to the Combined Financial Statements
For
the Fiscal Years Ended May 31, 2025 and May 31, 2024
Segments
For
the years ended May 31, 2025 and May 31, 2024, the Company has identified one operating segment, which has also been determined to be
the Company’s primary reportable business segment. Operating segments are defined as components of an enterprise for which separate
financial information is available and is evaluated regularly by the Chief Operating Decision Maker (CODM), which is the Company’s
Chief Executive Officer. The Company’s CODM evaluates performance and makes operating decisions primarily based on revenue and
profit (loss).
Property
and Equipment
Property
and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated
useful lives of the assets (see “Note 3 - Property and Equipment”). Once an asset is identified for retirement or disposition,
the related cost and accumulated depreciation or amortization are removed, and a gain or loss is included in earnings. Depreciation expense
includes the amortization of assets recorded in association with our leases. Leasehold improvements and assets recorded in association
with our leases are amortized over the shorter of the expected lease term or the estimated useful life of the asset. Construction in
progress represents assets received but not placed into service as of May 31, 2025 and May 31, 2024.
Impairment
or Disposal of Long-Lived Assets
Our
long-lived assets are reviewed for impairment on an annual basis or whenever events or changes in circumstances indicate that the carrying
value of the asset may not be recoverable. We also evaluate the period of depreciation and amortization of long-lived assets to determine
whether events or circumstances warrant revised estimates of useful lives. When indicators of impairment are present, we determine the
recoverability of our long-lived assets by comparing the carrying value of our long-lived assets to future undiscounted net cash flows
expected to result from the use of the assets and their eventual disposition. If the estimated future undiscounted cash flows demonstrate
the long-lived assets are not recoverable, an impairment loss would be calculated based on the excess of the carrying amounts of the
long-lived assets over their fair value. The Company’s estimates of fair values are based on the best information available and
require the use of estimates, judgments, and projections.
Lease
Accounting
The
Company determines whether an arrangement contains a lease at the inception of the arrangement. The Company leases office space under
operating leases and equipment under finance leases. If a lease is determined to exist, the term of such lease is assessed based on the
commencement date, which is the date on which the underlying asset is made available for the Company’s use by the lessor. For leases
with renewal periods or early terminations at the Company’s option, the Company determines the expected lease term based on whether
the exercise of any renewal option or early termination is reasonably certain at the inception of the lease.
At
the commencement date of a lease, we recognize a right-of-use asset representing our right to use the underlying asset during the lease
term and a lease liability for the present value of the future lease payments. As most leases do not provide an implicit rate, the Company
uses its incremental borrowing rate based on the information available on the commencement date in determining the present value of lease
payments.
For
operating leases, we recognize fixed lease expense on a straight-line basis over the lease term. For finance leases, we recognize amortization
expense on the right-of-use asset and interest expense on the lease liability over the lease term. Variable lease costs are recognized
as incurred. Assets and liabilities related to finance leases are presented separately from those relating to operating leases on our
combined balance sheets. We do not record lease contracts with a term of 12 months or less on our combined balance sheets. We have also
elected for all leases to not separate lease and non-lease components.
9
APPLIED
DIGITAL CLOUD CORPORATION AND AFFILIATES
Notes
to the Combined Financial Statements
For
the Fiscal Years Ended May 31, 2025 and May 31, 2024
Income
Taxes
Income
tax amounts in the combined financial statements have been calculated on a separate return method and presented as if operations were
separate taxpayers in the respective jurisdictions. Income taxes are accounted for under the asset and liability method. Under this method,
deferred tax assets and liabilities are recognized based on the future tax consequences attributable to differences that exist between
the financial statement carrying amounts of assets and liabilities and their respective tax bases, as well as tax attributes such as
net operating loss, capital loss and tax credits carryforwards on a taxing jurisdiction basis. Deferred tax assets and liabilities are
measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to
be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period
that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts that
are expected, more likely than not, to be realized in the future. A tax benefit from an uncertain income tax position may be recognized
in the financial statements only if it is more likely than not that the position is sustainable, based solely on its technical merits
and consideration of the relevant taxing authority’s widely understood administrative practices and precedents. Recognized income
tax positions are measured at the largest amount that has a greater than 50% likelihood of being realized. Any subsequent changes in
recognition or measurement are reflected in the period in which the change in judgment occurs.
ASC
Topic 740, Income Taxes, (“ASC 740”), clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s
financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement
of a tax position taken or expected to be taken in a tax return. The benefit of a tax position is recognized in the financial statements
in the period during which, based on all available evidence, management believes it is more likely than not that the position will be
sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or
aggregated with other positions.
ASC
740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim period, disclosure, and transition.
The
Company’s policy for recording interest and penalties associated with unrecognized tax benefits is to record such interest and
penalties as components of income tax expense.
Based
on the Company’s evaluation, it has been concluded that there are no significant uncertain tax positions requiring recognition
in the Company’s combined financial statements.
For
further information on income taxes, see “Note 6 - Income Taxes” below.
Liquidity
As
of May 31, 2025, the Company had cash of $2.4 million and a working capital deficit of $151.2 million which raises substantial doubt
about the Company’s ability to continue as a going concern. Historically, the Company has incurred losses and has relied on the
Parent to provide financing for its operations.
Subsequent
to the year ended May 31, 2025, the Company renegotiated the majority of its finance leases to extend the duration of the lease agreements,
thus extending finance lease payments through fiscal year 2028. Additionally, after year end and through May 31, 2026, the Company made
finance lease payments of approximately $89.5 million and operating lease payments of $21.0 million. The Company expects positive cash
flows from operations to support its obligations and, in connection with the planned transaction, expects to raise equity funding. Finally,
the Company has the ability to modify the timing of its capital spending and extend its payment terms with vendors, if necessary.
Based
on this analysis, the Company believes that substantial doubt to continue as a going concern has been alleviated. Management believes
these events are sufficient to allow the Company to meet its obligations for at least one year after the date these carve-out financial
statements are issued.
10
APPLIED
DIGITAL CLOUD CORPORATION AND AFFILIATES
Notes
to the Combined Financial Statements
For
the Fiscal Years Ended May 31, 2025 and May 31, 2024
Recent
Accounting Pronouncements
In
December 2023, the FASB issued ASU 2023-09, Income Taxes (“Topic 740”): Improvements to Income Tax Disclosures. This ASU
is intended to enhance the transparency and decision usefulness of income tax disclosures, primarily related to standardization and disaggregation
of rate reconciliation categories and income taxes paid by jurisdiction. The guidance is effective for fiscal years beginning after December
15, 2024, with early adoption permitted, and can be applied either prospectively or retrospectively. The Company does not expect the
impact of adopting this ASU to be material on its disclosures and plans to adopt this pronouncement beginning with its fiscal year beginning
June 1, 2025.
In
November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures
(Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU is intended to enhance transparency of income statement disclosures
primarily through additional disaggregation of relevant expense captions. The standard is effective for annual reporting periods beginning
after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, with prospective or retrospective
application permitted. The Company is currently evaluating the impact of this ASU on its financial statement presentation and disclosures
and plans to adopt this pronouncement beginning with its fiscal year beginning June 1, 2027.
In
December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270) Narrow-Scope Improvements. which is intended to improve the
navigability of the guidance in ASC 270, Interim Reporting, and clarify when it applies. Under the amendments, an entity is subject to
ASC 270 if it provides interim financial statements and notes in accordance with GAAP. ASU 2025-11 also addresses the form and content
of such financial statements, interim disclosures requirements, and establishes a principle under which an entity must disclose events
since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for interim reporting
periods within annual reporting periods beginning after December 15, 2027, and early adoption is permitted. The Company is currently
evaluating the impact of this ASU on its financial statements and plans to adopt this pronouncement beginning with its fiscal year beginning
June 1, 2028.
In
December 2025, the FASB issued ASU 2025-12, Codification Improvements. The amendments in this update are to make other incremental improvements
to GAAP and facilitate codification updates for a broad range of Topics arising from technical corrections, unintended application of
the codification, clarifications, and other minor improvements. The resulting amendments are collectively referred to as Codification
improvements. ASU 2025-12 is effective for all entities for annual reporting periods beginning after December 15, 2026, and interim reporting
periods within those annual reporting periods. The Company is currently evaluating the impact the adoption of ASU 2025-12 may have on
the Company’s combined financial statements.
In
April 2026, the FASB issued ASU 2026-01, Equity (Topic 505): Initial Measurement of Paid-in-Kind Dividends on Equity-Classified Preferred
Stock, which is intended to provide authoritative guidance on how an issuer should initially measure paid-in-kind dividends on equity-classified
preferred stock. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2026, and interim
reporting periods within those annual reporting periods. Early adoption is permitted in an interim or annual reporting periods in which
financial statements have not yet been issued or made available for issuance. The Company is currently evaluating the impact the adoption
of ASU 2026-01 may have on the Company’s combined financial statements.
11
APPLIED
DIGITAL CLOUD CORPORATION AND AFFILIATES
Notes
to the Combined Financial Statements
For
the Fiscal Years Ended May 31, 2025 and May 31, 2024
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.
4. Revenue
from Contracts with Customers
Below
is a summary of the Company’s revenue concentration by major customer for the fiscal years ended May 31, 2025 and May 31, 2024:
Schedule
of Revenue Concentration
May
31, 2025
May
31, 2024
Customer A
77 %
29 %
Customer B
23 %
71 %
Customer
23 %
71 %
Deferred
Revenue
Changes
in the Company’s deferred revenue balances for the fiscal years ended May 31, 2025 and May 31, 2024, respectively, are shown in
the following table (in thousands):
Schedule of Deferred Revenue
May
31, 2025
May
31, 2024
Balance, beginning of period
$ 31,178
$ —
Advance billings
66,435
60,135
Revenue recognized
(84,376 )
(28,957 )
Other adjustments(1)
(9,643 )
—
Balance, end of period
$ 3,594
$ 31,178
(1) This
adjustment represents deferred revenue associated with a contract that was cancelled during
the 2024 fiscal year and repaid during the 2025 fiscal year.
5. Debt
In
the first fiscal quarter of 2025, the Company entered into two SAFE agreements totaling $12.0 million with an investor (the “Investor”).
Under the terms of the SAFE agreements, the Investor has the right to certain shares of the Company’s preferred stock.
If
an equity financing transaction is completed by the Company before the termination of the SAFE agreements, the SAFE agreements will automatically
convert into the number of shares of preferred stock equal to the purchase amount divided by the discount price, which will be the lowest
price per share of the preferred stock sold in the equity financing transaction multiplied by the discount rate (90%). If there is a
liquidity event before the termination of the SAFE agreements, the Investor will automatically be entitled to receive a portion of proceeds,
due and payable to the Investor immediately prior to, or concurrent with, the occurrence of such liquidity event, equal to the greater
of (i) the purchase amount or (ii) the amount payable on the number of shares of common stock equal to the purchase amount divided by
the liquidity price (the price per share equal to the fair market value of the common stock at the time of the liquidity event, as determined
by reference to the purchase price payable in connection with such liquidity event, multiplied by the discount rate). If there is a dissolution
event before the termination of the SAFE agreements, the Investor will automatically be entitled to receive a portion of proceeds equal
to the purchase amount, due and payable to the Investor immediately prior to the occurrence of the dissolution event.
12
APPLIED
DIGITAL CLOUD CORPORATION AND AFFILIATES
Notes
to the Combined Financial Statements
For
the Fiscal Years Ended May 31, 2025 and May 31, 2024
In
a liquidity or dissolution event, the SAFE agreements are intended to operate like standard non-participating preferred stock. The Investor’s
right to receive the purchase amount is junior to payments for outstanding indebtedness and creditor claims, on par with payments for
other SAFE agreements and preferred stock, and senior to payments for common stock. The SAFE agreements will automatically terminate
immediately following the earliest to occur of: (i) the issuance of capital stock to the Investor pursuant to the automatic conversion
of the SAFE agreements; or (ii) the payment, or setting aside for payment, of amounts due the Investor. The Investor shall have the right,
but not the obligation, to purchase up to its Pro Rata Share (the ratio of (i) the purchase amount of the SAFE agreements to (ii) the
aggregate purchase amounts of all SAFE agreements issued by the Company prior to the equity financing transaction) of the securities
issued in the equity financing transaction, on the same terms, conditions and pricing afforded to the other investors participating in
the equity financing transaction.
The
SAFE agreements were accounted for in accordance with ASC 480: Distinguishing Liabilities from Equity. Per the SAFE agreements, as the
underlying share class has not been issued yet and as such, equity classification cannot be determined based on redemption rights, these
agreements were classified as liabilities and included in long-term debt at their face value on the Company’s combined balance
sheets.
6. Income
Taxes
Income
tax expense for the fiscal years ended May 31, 2025 and 2024 consisted of the following (in thousands):
Schedule
of Income Taxes Expenses
May
31, 2025
May
31, 2024
Current expense (benefit)
Federal
$ —
$ —
Foreign
—
—
State
—
—
Total current expense
$ —
—
Deferred expense (benefit)
Federal
$ —
—
Foreign
—
—
State
—
—
Total
deferred (benefit) expense
—
—
Total
income tax (benefit) expense
$ —
$ —
The
following table reconciles the statutory rate to our effective tax rate for the fiscal years ended May 31, 2025 and 2024:
Schedule
of Effective Income Tax
Rate
May
31, 2025
May
31, 2024
Expected income tax rate at the
U.S. statutory rate
21.0 %
21.0 %
Stock-based compensation
0.1 %
4.4 %
State income taxes, net
of federal tax benefit
4.4 %
4.4 %
Change
in valuation allowance
(25.5 )%
(29.8 )%
Effective income tax
rate
— %
— %
13
APPLIED
DIGITAL CLOUD CORPORATION AND AFFILIATES
Notes
to the Combined Financial Statements
For
the Fiscal Years Ended May 31, 2025 and May 31, 2024
Deferred
income taxes reflect the temporary differences between the amounts at which assets and liabilities are recorded for financial reporting
purposes and the amounts utilized for tax purposes. The primary components of the temporary differences that gave rise to the Company’s
deferred tax assets and liabilities for the fiscal years ended May 31, 2025 and 2024 are as follows (in thousands):
Schedule
of Deferred Tax Assets and Liabilities
May
31, 2025
May
31, 2024
Deferred tax assets
Net operating
loss
$ 43,712
$ 25,252
Lease liability
18,903
32,920
Interest disallowance carryforward
6,800
2,420
Other
(305 )
190
Deferred tax assets, gross
69,110
60,782
Less:
valuation allowance
(41,228 )
(22,726 )
Total deferred tax assets, net
$ 27,882
$ 38,056
Deferred tax liabilities
Property and equipment
$ (4,702 )
$ 527
Right
of use assets
(23,180 )
(38,583 )
Total
deferred tax liability, net
(27,882 )
(38,056 )
Net deferred tax asset
$ —
$ —
The
Company had $172.0
million and $100.0
million of gross federal and state tax net operating loss as of May 31, 2025 and 2024, respectively. At May 31, 2025 and May 31,
2024, $172.0
million and $100.0
million, respectively, are available to offset future income. The federal net operating loss carryforwards are available indefinitely to offset future taxable income. The state
net operating loss carryforwards begin to expire in 2038.
A
valuation allowance is provided when it is more likely than not that some portion or the entire net deferred tax asset will not be realized.
The Company has recorded an increase in the valuation allowance of $18.8 million and $22.4 million as of May 31, 2025 and 2024, respectively.
The Company has provided a valuation allowance for the portion of the deferred tax assets that it has determined are not more likely
than not to be recognized.
The
valuation allowance is primarily attributable to deferred tax assets for net operating losses that management believes are more likely
than not to remain unutilized. The ultimate realization of the deferred tax assets is dependent upon the generation of future taxable
income of the appropriate character (i.e., capital or ordinary) during the period in which the temporary differences become deductible.
Management considers, among other things, the scheduled reversals of deferred tax liabilities and the history of positive taxable income
in evaluating the realizability of the deferred tax assets. Management believes that it is not likely that the results of future operations
will generate sufficient taxable income to realize its deferred tax assets.
The
Company did not have any unrecognized tax benefits for the years ended May 31, 2025 and May 31, 2024. The Company recognizes interest
expense related to unrecognized tax benefits in income tax expense. The Company did not have any interest expense or expense for penalties
related to unrecognized tax benefits for the reported period.
14
APPLIED
DIGITAL CLOUD CORPORATION AND AFFILIATES
Notes
to the Combined Financial Statements
For
the Fiscal Years Ended May 31, 2025 and May 31, 2024
7. Leases
The
Company enters into leases for equipment and office space. The Company’s lease agreements do not contain any material residual
value guarantees or material restrictive covenants. The Company presents operating and finance right of use assets and liabilities separately
on the balance sheets as their own captions, with the liabilities split between current and long-term, respectively.
Components
of lease expense were as follows (in thousands):
Schedule
of Components of Lease Expense
May
31, 2025
May
31, 2024
Operating lease cost:
Operating lease
expense
$ 36,068
$ 16,132
Short-term
lease expense
122
—
Total operating lease cost
36,190
16,132
Finance lease expense:
Amortization of right-of-use
assets(1)
78,724
57,230
Interest
on lease liabilities
16,826
9,457
Total
finance lease cost
95,550
66,687
Total net lease cost
$ 131,740
$ 82,819
(1) Amortization
of right-of-use assets is included within cost of revenues and selling, general and administrative
expense in the combined statements of operations.
The
following table represents the Company’s future minimum lease payments as of May 31, 2025 (in thousands):
Schedule
of Future Minimum Lease Payments
Operating Leases
Finance Leases
Total
Operating
Leases
Finance
Leases
Total
FY26
$ 21,033
$ 140,296
$ 161,329
FY27
21,798
—
21,798
FY28
22,623
—
22,623
FY29
17,152
—
17,152
FY30
3,536
—
3,536
Thereafter
—
—
—
Total lease payments
86,142
140,296
226,438
Less: imputed interest
(11,629 )
(6,889 )
(18,518 )
Total lease liabilities
74,513
133,407
207,920
Less: Current portion
of lease liability
(16,093 )
(133,407 )
(149,500 )
Long-term portion of
lease liability
$ 58,420
$ —
$ 58,420
Supplemental
cash flow and other information related to leases is as follows:
Schedule
of Supplemental Cash Flow and Other Information Related to Leases
Fiscal
Year Ended
May
31, 2025
May
31, 2024
Weighted-average years remaining (in years):
Finance leases
3.0
years
3.9
years
Operating leases
3.3
years
3.3
years
Weighted-average discount rate:
Finance leases
10.2 %
10.4 %
Operating leases
7.6 %
8.1 %
15
APPLIED
DIGITAL CLOUD CORPORATION AND AFFILIATES
Notes
to the Combined Financial Statements
For
the Fiscal Years Ended May 31, 2025 and May 31, 2024
8. Related
Party Transactions
The
Company has not historically operated as a standalone business and the combined financial statements are derived from the consolidated
financial statements and accounting records of the Parent. The following disclosure summarizes activity between the Company and the Parent,
including the affiliates of the Parent that are not part of the Proposed Transaction.
Cost
allocations from Parent
The
Parent provides shared services, utilizes cash pooling in situations where the Parent pays for an expense associated with the Company.
Shared services consist, but are not limited to, financing, payroll, stock-based compensation, and other expenses that are either specifically
identifiable or clearly applicable to the Company. These expenses have been allocated to the Company on the basis of direct usage when
identifiable, with the remainder allocated on a pro rata basis using an applicable measure of headcount or other allocation methodologies
considered to be a reasonable reflection of the utilization of services provided or the benefit received by the Company during the periods
presented. Management considers that such allocations have been made on a reasonable basis; however, these allocations may not be indicative
of the actual expense that would have been incurred had the Company operated as an independent, stand-alone public entity.
Schedule
of Cost Allocations From Parent
May
31, 2025
May
31, 2024
Fiscal
Year Ended
May
31, 2025
May
31, 2024
Cost of revenues
$ 2,772
$ 1,891
Selling, general and administrative
(1,894 )
9,734
Total costs and expenses
$ 878
$ 11,625
Net
transactions from Parent
Net
transfers to Parent are included within Net transactions from parent company on the combined statements of changes in parent company
net investment and represent the net effect of transactions between the Company and the Parent. The components of Parent company net
investment activity are as follows:
Schedule
of Components of Parent Company Net Investment Activity
May
31, 2025
May
31, 2024
Fiscal
Year Ended
May
31, 2025
May
31, 2024
Cash pooling and general financing
activities
$ 27,422
$ (16,974 )
Corporate overhead and
other allocations
86,317
69,639
Net
transfers from the Parent as reflected in the Combined Statements of Cash Flows
113,739
52,665
Stock-based compensation expense
(1,463 )
10,135
Net assets (distributed
to) contributed by Parent
(1,186 )
50,064
Net
transfers from the Parent as reflected in the Combined Statements of Changes in Parent Company Net Investment
$ 111,090
$ 112,864
These
transactions will not be settled in cash and therefore have been reflected in the combined balance sheets as Parent company net investment.
16
APPLIED
DIGITAL CLOUD CORPORATION AND AFFILIATES
Notes
to the Combined Financial Statements
For
the Fiscal Years Ended May 31, 2025 and May 31, 2024
9. Business
Segments
The
Company is currently organized and operates as one operating and reportable segment on a consolidated basis. The Company’s chief
executive officer, who is its chief operating decision maker (“CODM”), evaluates the performance of the Company’s operating
segment based on revenue and profit (loss), and is not provided with information regarding total assets by segment.
The
following table presents a reconciliation to net loss before income tax expense (in thousands):
Schedule
of Reconciliation to Net Loss Before Income Tax Expense
May
31, 2025
May
31, 2024
Fiscal
Year Ended
May
31, 2025
May
31, 2024
Revenue
$ 84,376
$ 28,957
Less:
Depreciation and amortization
costs
80,656
57,884
Lease and related costs
38,567
18,727
Adjusted
cost of revenues (1)
11,901
5,021
Adjusted
selling, general and administrative (1)
8,997
12,811
Gain
on abandonment of assets
(414 )
—
Total
operating expenses
139,707
94,443
Operating loss
(55,331 )
(65,486 )
Interest expense, net
17,399
9,809
Net
loss before income tax expense
$ (72,730 )
$ (75,295 )
(1) Excludes
depreciation and amortization costs and lease and related costs.
10. Subsequent
Events
The
Company has evaluated events that occurred after the balance sheet date and through the date the financial statements were
issued. The Company concluded that no subsequent events occurred during this period
that would require recognition in the combined financial statements or disclosure in the notes thereto, except as described below.
On
May 5, 2026 (the “Closing Date”), Ekso Bionics Holdings, Inc., a Nevada corporation (“Ekso”), consummated the
previously announced business combination transaction (the “Business Combination”) contemplated by that certain Contribution
and Exchange Agreement (the “Contribution and Exchange Agreement”), dated February 15, 2026, by and among the Ekso, APLD
Intermediate HoldCo LLC, a Delaware limited liability company (“APLD Intermediate”), APLD ChronoScale HoldCo LLC, a Delaware
limited liability company and a wholly owned subsidiary of APLD Intermediate (“Contributor”), each a wholly owned direct
or indirect subsidiary of Applied Digital Parent, and Cloud, a wholly owned indirect subsidiary of Applied Parent and a direct subsidiary
of Contributor as of immediately prior to Closing (as defined below). Upon the Closing, the Company changed its name to “ChronoScale
Corporation” and Cloud became a wholly owned subsidiary of the Company. Unless the context otherwise requires, references to the
“Company” refer to Ekso Bionics Holdings, Inc. prior to the Closing and ChronoScale Corporation following the Closing.
In
connection with, and as a condition to Closing of the Business Combination, on May 1, 2026, the Company entered into the Securities Purchase
Agreement with Applied Parent, pursuant to which the Company agreed to sell and issue to Applied Parent 1,311,407 shares of Common Stock
(the “Private Placement Shares”). The Private Placement Shares were sold at an offering price of $12.01 per share, the closing
price of the Common Stock on April 30, 2026, the date immediately preceding the date of execution of the Securities Purchase Agreement,
for gross proceeds of approximately $15.8 million. The closing of the transaction pursuant to the Securities Purchase Agreement took
place on May 5, 2026 immediately prior to the Closing.
Also,
subsequent to the year ended May 31, 2025, the Company renegotiated the majority of its finance leases to extend the duration of the
lease agreements, thus extending finance lease payments through fiscal year 2028. Additionally, after year end and through May 31, 2026,
the Company made finance lease payments of approximately $89.5 million and operating lease payments of $21.0 million.
On June 2, 2026, Applied Parent paid
off all amounts outstanding under the SAFE agreements in an amount of $13.3 million following agreement with the investor.
17
Index to Unaudited Financial Statements of Applied Digital Cloud Corporation and Affiliates
Page
Condensed
Combined Financial Statements
1
Condensed Combined Balance Sheets as of February 28, 2026 and May 31, 2025 (unaudited)
2
Condensed Combined Statements of Operations for the three and nine months ended February 28, 2026 and February 28, 2025 (unaudited)
3
Condensed Combined Statements of Changes in Parent Company Net Investment for the three and nine months ended February 28, 2026 and February 28, 2025 (unaudited)
4
Condensed Combined Statements of Cash Flows for the nine months ended February 28, 2026 and February 28, 2025 (unaudited)
5
Notes to the Condensed Combined Financial Statements (unaudited)
6
1
APPLIED
DIGITAL CLOUD CORPORATION AND AFFILIATES
Condensed
Combined Balance Sheets (Unaudited)
(In
thousands)
February 28, 2026
May 31, 2025
ASSETS
Current assets:
Cash
$ 107
$ 2,398
Accounts receivable
10,714
3,788
Prepaid expenses and other current assets
559
223
Total current assets
11,380
6,409
Property and equipment, net
32,505
10,922
Operating lease right of use assets, net
76,959
91,374
Finance lease right of use assets, net
135,142
195,495
TOTAL ASSETS
$ 255,986
$ 304,200
LIABILITIES AND PARENT COMPANY NET INVESTMENT
Current liabilities:
Accounts payable
$ 3,796
$ 3,962
Accrued liabilities
3,814
572
Current portion of operating lease liability
17,606
16,093
Current portion of finance lease liability
50,777
133,407
Deferred revenue
152
3,594
Total current liabilities
76,145
157,628
Long-term portion of operating lease liability
44,985
58,420
Long-term portion of finance lease liability
20,498
—
Long-term debt
12,000
12,000
Total liabilities
153,628
228,048
Parent company net investment
Parent company net investment
102,358
76,152
Total parent company net investment
102,358
76,152
TOTAL LIABILITIES AND PARENT COMPANY NET INVESTMENT
$ 255,986
$ 304,200
See
accompanying notes to the unaudited condensed combined financial statements
2
APPLIED
DIGITAL CLOUD CORPORATION AND AFFILIATES
Condensed
Combined Statements of Operations (Unaudited)
(In
thousands)
February 28, 2026
February 28, 2025
February 28, 2026
February 28, 2025
Three Months Ended
Nine Months Ended
February 28, 2026
February 28, 2025
February 28, 2026
February 28, 2025
Revenue
$ 18,087
$ 17,754
$ 53,207
$ 71,313
Costs and expenses:
Cost of revenues
17,716
23,342
65,618
91,359
Selling, general and administrative
10,853
14,727
11,911
21,889
Loss on abandonment of assets
107
—
598
—
Total costs and expenses
28,676
38,069
78,127
113,248
Operating loss
(10,589 )
(20,315 )
(24,920 )
(41,935 )
Interest expense, net
2,058
4,541
7,897
13,444
Net loss before income tax expense
(12,647 )
(24,856 )
(32,817 )
(55,379 )
Income tax expense
—
—
—
—
Net loss
$ (12,647 )
$ (24,856 )
$ (32,817 )
$ (55,379 )
See
accompanying notes to the unaudited condensed combined financial statements
3
APPLIED
DIGITAL CLOUD CORPORATION AND AFFILIATES
Condensed
Combined Statements of Changes in Parent Company Net Investment (Unaudited)
For
the Three and Nine Months Ended February 28, 2026 and 2025
(In
thousands)
Parent company
net investment
Total Parent company
net investment
Balance, December 1, 2025
$ 98,481
$ 98,481
Net transaction from parent company
16,524
16,524
Net loss
(12,647 )
(12,647 )
Balance, February 28, 2026
$ 102,358
$ 102,358
Parent company
net investment
Total Parent company
net investment
Balance, December 1, 2024
$ 63,509
$ 63,509
Net transaction from parent company
34,947
34,947
Net loss
(24,856 )
(24,856 )
Balance, February 28, 2025
$ 73,600
$ 73,600
Parent company
net investment
Total Parent company
net investment
Balance, June 1, 2025
$ 76,152
$ 76,152
Net transaction from parent company
59,023
59,023
Net loss
(32,817 )
(32,817 )
Balance, February 28, 2026
$ 102,358
$ 102,358
Parent company
net investment
Total Parent company
net investment
Balance, June 1, 2024
$ 37,792
$ 37,792
Balance
$ 37,792
$ 37,792
Net transaction from parent company
91,187
91,187
Net loss
(55,379 )
(55,379 )
Balance, February 28, 2025
$ 73,600
$ 73,600
Balance
$ 73,600
$ 73,600
See
accompanying notes to the unaudited condensed combined financial statements
4
APPLIED
DIGITAL CLOUD CORPORATION AND AFFILIATES
Condensed
Combined Statements of Cash Flows (Unaudited)
(In thousands)
February 28, 2026
February 28, 2025
Nine Months Ended
February 28, 2026
February 28, 2025
CASH FLOW FROM OPERATING ACTIVITIES
Net loss
$ (32,817 )
$ (55,379 )
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization
44,641
66,355
Stock-based compensation
243
(1,529 )
Lease expense
15,741
23,359
Loss on abandonment of assets
598
—
Changes in operating assets and liabilities:
Accounts receivable
(6,926 )
(12,918 )
Prepaid expenses and other current assets
(336 )
(336 )
Deferred revenue
(3,442 )
(26,926 )
Accounts payable
(166 )
(1,139 )
Accrued liabilities
3,242
(1,163 )
Lease assets and liabilities
92,285
1,854
Other assets
43
402
CASH FLOW PROVIDED BY (USED IN) OPERATING ACTIVITIES
113,106
(7,420 )
CASH FLOW FROM INVESTING ACTIVITIES
Purchases of property and equipment
(24,271 )
(858 )
Finance lease prepayments
—
(1,991 )
CASH FLOW USED IN INVESTING ACTIVITIES
(24,271 )
(2,849 )
CASH FLOW FROM FINANCING ACTIVITIES
Repayment of finance leases
(74,915 )
(86,058 )
Proceeds from issuance of SAFE agreement included in long-term debt
—
12,000
Net transactions with parent company
(16,211 )
84,340
CASH FLOW (USED IN) PROVIDED BY FINANCING ACTIVITIES
(91,126 )
10,282
NET (DECREASE) INCREASE IN CASH
(2,291 )
13
CASH, BEGINNING OF PERIOD
2,398
—
CASH, END OF PERIOD
$ 107
13
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid
$ 7,897
$ 13,348
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES
Finance right-of-use assets obtained by lease obligation
$ 5,895
$ 64,788
Net assets contributed by parent company
$ 74,991
$ 8,376
Property and equipment in accounts payable and accrued liabilities
$ —
$ (25 )
See
accompanying notes to the unaudited condensed combined financial statements
5
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
1. Business
and Basis of Presentation
Applied
Digital Cloud Corporation, SAI Computing LLC, and SAI Computing Holdings LLC (together, the “Company”), provide cloud services
to customers, such as AI and machine learning developers by renting space at third party co-location centers and providing the customers
with access to its cloud computing equipment. They are wholly owned subsidiaries of Applied Digital Corporation (“Applied Digital”
or the “Parent”). All references to “we,” “us,” “our” or the “Company” mean
Applied Digital Cloud Corporation, SAI Computing LLC, and SAI Holdings LLC.
On
May 5, 2026 (the “Closing Date”), Ekso Bionics Holdings, Inc., a Nevada corporation (“Ekso”), consummated the
previously announced business combination transaction (the “Business Combination”) contemplated by that certain Contribution
and Exchange Agreement (the “Contribution and Exchange Agreement”), dated February 15, 2026, by and among Ekso, APLD Intermediate
HoldCo LLC, a Delaware limited liability company (“APLD Intermediate”), APLD ChronoScale HoldCo LLC, a Delaware limited liability
company and a wholly owned subsidiary of APLD Intermediate (“Contributor”), each a wholly owned direct or indirect subsidiary
of Applied Digital, and Applied Digital Cloud Corporation, a wholly owned indirect subsidiary of Applied Parent and a direct subsidiary
of Contributor as of immediately prior to Closing (as defined below). Upon the Closing, Ekso changed its name to “ChronoScale Corporation”
and each of the Company entities became wholly owned direct or indirect subsidiaries of the ChronoScale Corporation.
The
Company has historically existed and functioned as part of the consolidated business of the Parent. The accompanying unaudited condensed
combined financial statements are prepared on a standalone basis and are derived from the Parent’s historical accounting records.
The Company has not operated as a separate standalone legal entity and is comprised of three wholly-owned subsidiaries of the Parent:
Applied Digital Cloud Corporation, SAI Computing LLC, and SAI Computing Holdings LLC. The unaudited condensed combined financial statements
reflect the combined historical operations, financial position and cash flows of the Company for the period presented in conformity with
generally accepted accounting principles in the United States (“GAAP”). The unaudited condensed combined financial statements
may not be indicative of the Company’s future performance and do not necessarily reflect what the financial position, results of
operations and cash flows would have been had it operated as a standalone business during the period presented. The assets, liabilities,
revenue and expenses of the Company have been reflected in these unaudited condensed combined financial statements on a historical cost
basis, as included in the condensed consolidated financial statements of the Parent, using the historical accounting policies applied
by the Parent.
All
intercompany transactions within the Company have been eliminated and all intercompany transactions between the Company and other legal
entities, or components of legal entities, controlled by the Parent which are not being sold as part of the transaction have been included
in the unaudited condensed combined financial statements. The aggregate net effect of intercompany transactions that will not be settled
in cash have been reflected in the unaudited condensed combined balance sheets as Parent company net investment and in the unaudited condensed
combined statements of cash flows as a financing activity.
The
unaudited condensed combined statements of operations include all revenues, costs, and expenses directly attributable to the Company,
including allocation of expense associated with payroll, stock-based compensation and income taxes. Allocations are based on direct usage
when identifiable, with the remainder allocated on a pro rata basis using an applicable measure of headcount or other allocation methodologies
that are considered to be a reasonable reflection of the utilization of services provided or the benefit received by the Company during
the periods presented. The allocated amounts are not necessarily indicative of the amounts that would be incurred or realized if the
Company operated as a separate standalone entity during the periods presented. Actual costs that the Company may have incurred if it
were a standalone entity would depend on a number of factors, including whether functions were outsourced or performed by employees and
strategic decisions made in areas of selling, general and administrative expense and infrastructure.
Income
tax amounts in the unaudited condensed combined financial statements have been calculated on a separate return method and presented as
if operations were separate taxpayers in the respective jurisdictions.
The
unaudited condensed combined balance sheets include assets and liabilities that have been determined to be specifically identifiable
or otherwise attributable to the Company. Cash includes cash held at legal entities within the Company. The Company does not utilize
a centralized treasury management function for financing its operations; however, there are cash pooling activities consisting of transfers
of cash to and from the Company and the Parent which are reflected as a component of Parent company net investment in the unaudited condensed
combined balance sheets.
The
equity balance in the unaudited condensed combined financial statements represents the excess of total assets over liabilities including
the due to/from balances between the Company and the Parent (Parent company net investment). Parent company net investment is primarily
impacted by intercompany payables and receivables and allocation of stock-based compensation. For further information, please refer to
and read these interim unaudited condensed combined financial statements in conjunction with the Company’s audited combined financial
statements for the fiscal year ended May 31, 2025 included herein.
6
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
2. Significant
Accounting Policies
Use
of Estimates
The
preparation of unaudited condensed combined financial statements in conformity with GAAP requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance
sheets and the reported amounts of revenue and expenses during the reporting periods. On an on-going basis, the Company evaluates the
estimates, including those related to allocations from parent such as payroll expense and stock-based compensation expense. Although
these estimates are based on historical facts and various other assumptions that the Company believes are reasonable, actual results
could differ from those estimates.
Allocations
From Parent
The
unaudited condensed combined financial statements include expense allocations prior to the carve-out for certain expenses provided by
the Parent on a centralized basis, including, but not limited to, financing, payroll, stock-based compensation, and other expenses that
are either specifically identifiable or clearly applicable to the Company. These expenses have been allocated to the Company on the basis
of direct usage when identifiable, with the remainder allocated on a pro rata basis using an applicable measure of headcount or other
allocation methodologies that are considered to be a reasonable reflection of the utilization of services provided or the benefit received
by the Company during the periods presented. Management considers that such allocations have been made on a reasonable basis; however,
these allocations may not be indicative of the actual expense that would have been incurred had the Company operated as an independent,
stand-alone public entity.
Revenue
Recognition
The
Company recognizes revenue in accordance with Accounting Standards Codification 606, Revenue from Contracts with Customers.
The
Company provides managed cloud infrastructure services to customers, such as artificial intelligence and machine learning developers,
to help develop their advanced products. Customers pay a fixed rate to the Company in exchange for managed cloud services supported by
Company-provided equipment. Revenues are recognized based on the fixed rate, net of any credits for non-performance, over the term of
the agreements.
Accounts
Receivable
Accounts
receivable are primarily comprised of billed and unbilled receivables for which the Company has an unconditional right to consideration
and the performance obligations have been satisfied. The Company recognizes an allowance for the remaining lifetime expected credit losses
based on management’s expectation of collectability. The Company bases its estimate on multiple factors, including historical experience
with bad debts, our relationship with our customers and their credit quality, the aging of respective asset balances, current macroeconomic
conditions and management’s expectations of conditions in the future. The Company writes off accounts receivable in the period
when the likelihood of collection of a balance is considered remote.
Segments
For
the nine months ended February 28, 2026 and February 28, 2025, the Company has identified one operating segment, which has also been
determined to be the Company’s primary reportable business segment. Operating segments are defined as components of an enterprise
for which separate financial information is available and is evaluated regularly by the Chief Operating Decision Maker (CODM), which
is the Company’s Chief Executive Officer. The Company’s CODM evaluates performance and makes operating decisions primarily
based on revenue and profit (loss).
Liquidity
As
of February 28, 2026, the Company had cash of $0.1 million and a working capital deficit of $64.8 million which raised substantial doubt
about the Company’s ability to continue as a going concern. Historically, the Company has incurred losses and has relied on the
Parent to provide financing for its operations.
The
Company expects positive cash flows from operations to support its obligations and, in connection with the Business Combination raised
approximately $15.8 million equity funding. Finally, the Company has the ability to modify the timing of its capital spending and extend
its payment terms with vendors, if necessary.
Based
on this analysis, the Company believes that substantial doubt to continue as a going concern has been alleviated. Management believes
these events are sufficient to allow the Company to meet its obligations for at least one year after the date these carve-out financial
statements are issued.
7
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
Recent
Accounting Pronouncements
In
December 2023, the FASB issued ASU 2023-09, Income Taxes (“Topic 740”): Improvements to Income Tax Disclosures. This ASU
is intended to enhance the transparency and decision usefulness of income tax disclosures, primarily related to standardization and disaggregation
of rate reconciliation categories and income taxes paid by jurisdiction. The guidance is effective for fiscal years beginning after December
15, 2024, with early adoption permitted, and can be applied either prospectively or retrospectively. The Company has adopted this ASU
for the fiscal year beginning June 1, 2025 and will present updated disclosures in its fiscal year ended May 31, 2026 financial statements.
In
November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures
(Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU is intended to enhance transparency of income statement disclosures
primarily through additional disaggregation of relevant expense captions. In January 2025, the FASB issued ASU No. 2025-01, which revises
the effective date of ASU No. 2024-03, to clarify that all public business entities are required to adopt the guidance in annual reporting
periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, with
early adoption permitted. The ASU allows prospective or retrospective application. The Company is currently evaluating the impact of
this ASU on its financial statement presentation and disclosures and plans to adopt this pronouncement beginning with its fiscal year
beginning June 1, 2027.
In
December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270) Narrow-Scope Improvements. which is intended to improve the
navigability of the guidance in ASC 270, Interim Reporting, and clarify when it applies. Under the amendments, an entity is subject to
ASC 270 if it provides interim financial statements and notes in accordance with GAAP. ASU 2025-11 also addresses the form and content
of such financial statements, interim disclosures requirements, and establishes a principle under which an entity must disclose events
since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for interim reporting
periods within annual reporting periods beginning after December 15, 2027, and early adoption is permitted. The Company is currently
evaluating the impact of this ASU on its financial statements and plans to adopt this pronouncement beginning with its fiscal year beginning
June 1, 2028.
In
December 2025, the FASB issued ASU 2025-12, Codification Improvements. The amendments in this update are to make other incremental improvements
to GAAP and facilitate codification updates for a broad range of Topics arising from technical corrections, unintended application of
the codification, clarifications, and other minor improvements. The resulting amendments are collectively referred to as Codification
improvements. ASU 2025-12 is effective for all entities for annual reporting periods beginning after December 15, 2026, and interim reporting
periods within those annual reporting periods. The Company is currently evaluating the impact the adoption of ASU 2025-12 may have on
the Company’s condensed combined financial statements.
3. Property
and Equipment
Property
and equipment consisted of the following as of February 28, 2026 and May 31, 2025 (in thousands):
Schedule of Property and Equipment
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.
8
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
4. Revenue
from Contracts with Customers
Below
is a summary of the Company’s revenue concentration by major customer for the three and nine months ended February 28, 2026 and
February 28, 2025, respectively.
Schedule of Revenue Concentration
February 28, 2026
February 28, 2025
February 28, 2026
February 28, 2025
Three Months Ended
Nine Months Ended
February 28, 2026
February 28, 2025
February 28, 2026
February 28, 2025
Customer A
100 %
100 %
100 %
73 %
Customer B
— %
— %
— %
27 %
Customer
— %
— %
— %
27 %
Deferred
Revenue
Changes
in the Company’s deferred revenue balances for the nine months ended February 28, 2026 and February 28, 2025, respectively, are
shown in the following table (in thousands):
Schedule
of Deferred Revenue
February 28, 2026
February 28, 2025
Nine Months Ended
February 28, 2026
February 28, 2025
Balance, beginning of period
$ 3,594
$ 31,178
Advance billings
49,765
54,030
Revenue recognized
(53,207 )
(71,313 )
Other adjustments
—
(9,643 )
Balance, end of period
$ 152
$ 4,252
5. Debt
In
the prior fiscal year, the Company entered into two SAFE agreements totaling $12.0 million with an investor (the “Investor”).
Under the terms of the SAFE agreements, the Investor has the right to certain shares of the Company’s preferred stock.
The
SAFE agreements were accounted for in accordance with ASC 480: Distinguishing Liabilities from Equity. Per the SAFE agreements, as the
underlying share class has not been issued yet and as such, equity classification cannot be determined based on redemption rights, these
agreements were classified as liabilities and included in long-term debt at their face value on the Company’s unaudited condensed
combined balance sheets.
6. Leases
From
time to time, the Company enters into leases for equipment and office space. The Company’s lease agreements do not contain any
material residual value guarantees or material restrictive covenants. The Company presents operating and finance lease right of use assets
and liabilities separately on the unaudited condensed combined balance sheets as their own captions, with the liabilities split between
current and long-term.
During
the nine months ended February 28, 2026, the Company renegotiated the majority of its finance leases to extend the duration of the lease
agreements, thus extending finance lease payments through fiscal year 2028. In accordance with ASC 842, as the modifications were not
separate contracts, the Company reassessed the classification of the leases, noting no change in classification. As such, the Company
reallocated the remaining consideration in the contract and remeasured the lease liability using a discount rate for each of the leases
determined at the effective date of the modification. The Company recognized the amount of the remeasurement of the lease liability for
each of the modified leases as an adjustment to the corresponding right-of-use asset.
Subsequent to February 28, 2026 and through
May 31, 2026, the Company made finance lease payments of approximately $14.6 million and operating lease payments of $5.3 million.
9
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
Components
of lease expense were as follows (in thousands):
Schedule
of Components of Lease Expense
February 28, 2026
February 28, 2025
February 28, 2026
February 28, 2025
Three Months Ended
Nine Months Ended
February 28, 2026
February 28, 2025
February 28, 2026
February 28, 2025
Operating lease cost:
Operating lease expense
$ 6,078
$ 9,715
$ 18,234
$ 27,250
Short-term lease expense
—
10,129
183
10,129
Total operating lease cost
6,078
19,844
18,417
37,379
Finance lease expense:
Amortization of right-of-use
assets(1)
13,548
13,909
41,945
64,991
Interest on lease liabilities
2,049
4,514
7,889
12,959
Total finance lease cost
15,597
18,423
49,834
77,950
Variable lease cost
520
731
1,953
1,647
Total net lease cost
$ 22,195
$ 38,998
$ 70,204
$ 116,976
(1) Amortization
of right-of-use assets is included within cost of revenues and selling, general and administrative
expense in the unaudited condensed combined statements of operations.
The
following table represents the Company’s future minimum lease payments as of February 28, 2026:
Schedule
of Future Minimum Lease Payments
Operating Leases
Finance Leases
Total
Operating Leases
Finance Leases
Total
FY26
$ 5,293
$ 14,583
$ 19,876
FY27
21,798
51,055
72,853
FY28
22,623
10,967
33,590
FY29
17,152
—
17,152
FY30
3,536
—
3,536
Thereafter
—
—
—
Total lease payments
70,402
76,605
147,007
Less: imputed interest
(7,811 )
(5,330 )
(13,141 )
Total lease liabilities
62,591
71,275
133,866
Less: Current portion of lease liability
(17,606 )
(50,777 )
(68,383 )
Long-term portion of lease liability
$ 44,985
$ 20,498
$ 65,483
Supplemental
cash flow and other information related to leases is as follows:
Schedule
of Supplemental Cash Flow and Other Information Related to Leases
Nine Months Ended
February 28, 2026
February 28, 2025
Weighted-average years remaining (in years):
Operating leases
2.6 years
3.2 years
Finance leases
2.3 years
3.0 years
Weighted-average discount rate:
Operating leases
7.6 %
7.6 %
Finance leases
9.8 %
10.0 %
10
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
7. Related
Party Transactions
The
Company has not historically operated as a standalone business and the unaudited condensed combined financial statements are derived
from the consolidated financial statements and accounting records of the Parent. The following disclosure summarizes activity between
the Company and the Parent, including the affiliates of the Parent that are not part of the Proposed Transaction.
Cost
allocations from Parent
The
Parent provides shared services, utilizes cash pooling in situations where the Parent pays for an expense associated with the Company.
Shared services consist, but are not limited to, financing, payroll, stock-based compensation, and other expenses that are either specifically
identifiable or clearly applicable to the Company. These expenses have been allocated to the Company on the basis of direct usage when
identifiable, with the remainder allocated on a pro rata basis using an applicable measure of headcount or other allocation methodologies
considered to be a reasonable reflection of the utilization of services provided or the benefit received by the Company during the periods
presented. Management considers that such allocations have been made on a reasonable basis; however, these allocations may not be indicative
of the actual expense that would have been incurred had the Company operated as an independent, stand-alone public entity.
Schedule of Cost Allocations From Parent
February 28, 2026
February 28, 2025
February 28, 2026
February 28, 2025
Three Months Ended
Nine Months Ended
February 28, 2026
February 28, 2025
February 28, 2026
February 28, 2025
Cost of revenues
$ 246
$ 706
$ 854
$ 2,181
Selling, general and administrative
—
—
—
(1,894 )
Total costs and expenses
$ 246
$ 706
$ 854
$ 287
Net
Parent Investment
Net
transfers to Parent are included within Parent company net investment on the unaudited condensed combined statements of changes in parent
company net investment and represent the net effect of transactions between the Company and the Parent. The components of Parent company
net investment activity are as follows:
Schedule of Components of Parent Company Net Investment Activity
February 28, 2026
February 28, 2025
Nine Months Ended
February 28, 2026
February 28, 2025
Cash pooling and general financing activities
$ (22,279 )
$ (9,660 )
Corporate overhead and other allocations
6,068
94,000
Net transfers from the Parent as reflected in the Condensed Combined Statements of Cash Flows (unaudited)
(16,211 )
84,340
Stock-based compensation expense
243
(1,529 )
Net assets contributed by (distributed to) Parent
74,991
8,376
Net transfers from the Parent as reflected in the Condensed Combined Statements of Changes in Parent Company Net Investment (unaudited)
$ 59,023
$ 91,187
These
transactions will not be settled in cash and therefore have been reflected in the unaudited condensed combined balance sheets as Parent
company net investment.
11
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
8. Business
Segments
The
Company is currently organized and operates as one operating and reportable segment on a consolidated basis. The Company’s chief
executive officer, who is its chief operating decision maker (“CODM”), evaluates the performance of the Company’s operating
segment based on revenue and profit (loss) and is not provided with information regarding total assets by segment.
The
following tables presents reco nciliation to net loss before income tax expense (in thousands):
Schedule
of Reconciliation to Net Loss Before Income Tax Expense
February 28, 2026
February 28, 2025
February 28, 2026
February 28, 2025
Three Months Ended
Nine Months Ended
February 28, 2026
February 28, 2025
February 28, 2026
February 28, 2025
Revenue
$ 18,087
$ 17,754
$ 53,207
$ 71,313
Less:
Depreciation and amortization costs
15,191
14,404
44,641
66,355
Lease and related costs
6,598
20,574
20,370
39,025
Adjusted cost of revenues (1)
2,920
2,810
7,989
8,856
Adjusted selling, general and administrative (1)
3,860
281
4,529
(988 )
Loss on abandonment of assets
107
—
598
—
Gain on abandonment of assets
Total operating expenses
28,676
38,069
78,127
113,248
Operating loss
(10,589 )
(20,315 )
(24,920 )
(41,935 )
Interest expense, net
2,058
4,541
7,897
13,444
Net loss before income tax expense
$ (12,647 )
$ (24,856 )
$ (32,817 )
$ (55,379 )
(1) Excludes depreciation
and amortization costs and lease and related costs.
9. Subsequent
Events
The Company has evaluated events that occurred after
the balance sheet date and through the date of the financial statements were issued. The Company concluded that no subsequent events
occurred during this period that would require recognition in the unaudited condensed combined financial statements or disclosure in the
notes thereto, except as described below.
On
May 5, 2026 (the “Closing Date”), Ekso Bionics Holdings, Inc., a Nevada corporation (“Ekso”), consummated the
previously announced business combination transaction (the “Business Combination”) contemplated by that certain Contribution
and Exchange Agreement (the “Contribution and Exchange Agreement”), dated February 15, 2026, by and among the Ekso, APLD
Intermediate HoldCo LLC, a Delaware limited liability company (“APLD Intermediate”), APLD ChronoScale HoldCo LLC, a Delaware
limited liability company and a wholly owned subsidiary of APLD Intermediate (“Contributor”), each a wholly owned direct
or indirect subsidiary of Applied Digital Parent, and Cloud, a wholly owned indirect subsidiary of Applied Parent and a direct subsidiary
of Contributor as of immediately prior to Closing (as defined below). Upon the Closing, the Company changed its name to “ChronoScale
Corporation” and Cloud became a wholly owned subsidiary of the Company. Unless the context otherwise requires, references to the
“Company” refer to Ekso Bionics Holdings, Inc. prior to the Closing and ChronoScale Corporation following the Closing.
In
connection with, and as a condition to Closing of the Business Combination, on May 1, 2026, the Company entered into the Securities Purchase
Agreement with Applied Parent, pursuant to which the Company agreed to sell and issue to Applied Parent 1,311,407 shares of Common Stock
(the “Private Placement Shares”). The Private Placement Shares were sold at an offering price of $12.01 per share, the closing
price of the Common Stock on April 30, 2026, the date immediately preceding the date of execution of the Securities Purchase Agreement,
for gross proceeds of approximately $15.8 million. The closing of the transaction pursuant to the Securities Purchase Agreement took
place on May 5, 2026 immediately prior to the Closing.
On June 2, 2026, Applied
Parent paid off all amounts outstanding under the SAFE agreements in an amount of $13.3 million following agreement with the investor.
12
EX-99.3
EX-99.3
Filename: ex99-3.htm · Sequence: 4
Exhibit
99.3
EKSO
BIONICS HOLDINGS, INC.
UNAUDITED
PRO FORMA COMBINED FINANCIAL INFORMATION
Introduction
On
February 15, 2026, Ekso Bionics Holdings, Inc., a Nevada corporation (“Ekso” or the “Company”) entered into the
Contribution and Exchange Agreement (the “Contribution and Exchange Agreement”), with APLD Intermediate HoldCo LLC, a Delaware
limited liability company (“APLD Intermediate”), APLD ChronoScale HoldCo LLC, a Delaware limited liability company and a
wholly owned subsidiary of APLD Intermediate (“Contributor”), each a wholly owned direct or indirect subsidiary of the Applied
Digital Corporation (“Applied Parent”), and Applied Digital Cloud Corporation, a Nevada corporation, a wholly owned indirect
subsidiary of Applied Parent and a direct subsidiary of Contributor (“Cloud”). Pursuant to the Contribution and Exchange
Agreement, Contributor contributed all of its right, title and interest in and to 1,200 shares of the common stock of its wholly owned
subsidiary, Cloud, constituting 100% of the issued and outstanding equity of Cloud, to Ekso in exchange for 138,216,820 newly issued
shares (the “Exchanged Shares”) of common stock of Ekso, par value $0.001 per share (the “Common Stock”) (the
“Business Combination”). On May 5, 2026, the Business Combination was consummated and Ekso changed its name to ChronoScale
Corporation (“ChronoScale”).
In
addition, on May 1, 2026, Applied Parent subscribed for and purchased, pursuant to a securities purchase agreement, $15.75 million of
Common Stock in an offering (the “Applied Parent Equity Financing”) exempt from the registration requirements of the Securities
Act of 1933, as amended (the “Securities Act”), at a price per share of Common Stock equal to the market price per share
of the Common Stock, as described in the information statement the Company filed with the Securities and Exchange Commission (the “SEC”)
on April 3, 2026 (the “Information Statement”).. The closing of the Applied Parent Equity Financing was conditioned upon
all conditions to the closing of the Business Combination (the “Closing”) being satisfied or waived and the Business Combination
occurring substantially concurrently with the Applied Parent Equity Financing, as well as certain other conditions. The Business Combination
and the Applied Parent Equity Financing are referred to collectively in this Information Statement as “the Transactions.”
Immediately following the consummation of the Transactions, based on the shares outstanding as of May 5, 2026, Ekso’s legacy securityholders
collectively hold approximately 3% of ChronoScale’s outstanding shares of Common Stock, Contributor holds approximately 96% of
ChronoScale’s outstanding shares of Common Stock and Applied Parent holds approximately 1% of ChronoScale’s outstanding shares
of Common Stock, in each case, assuming full conversion of the outstanding (as of the Closing) shares of the Company’s Series B
Preferred Stock and full vesting of outstanding director restricted stock units that vested upon the Closing in accordance with their
terms. The Exchanged Shares and the shares of Common Stock issued in the Applied Parent Equity Financing were issued in a private placement
transaction exempt from the registration requirements under the Securities Act.
The
following unaudited pro forma condensed combined financial information (“unaudited pro forma financial information”) has
been prepared based on the historical consolidated financial statements of Ekso and the historical combined financial statements of Cloud
and Affiliates, as indicated below, after giving effect to the Transactions. The unaudited pro forma condensed combined balance sheet
as of February 28, 2026 combines the historical unaudited consolidated balance sheet of Ekso as of March 31, 2026 and the historical
unaudited combined balance sheet of Cloud and Affiliates as of February 28, 2026, as if the Transactions had occurred on February 28,
2026. The unaudited pro forma condensed combined statement of operations and comprehensive loss for the nine months ended February 28,
2026 combines the historical unaudited consolidated statement of operations and comprehensive loss of Ekso for the nine months ended
March 31, 2026 (see note 2), with the historical unaudited combined statement of operations of Cloud and Affiliates for the nine months
ended February 28, 2026, as if the Transactions had occurred on June 1, 2024. The unaudited pro forma condensed combined statement of
operations and comprehensive loss for the twelve months ended May 31, 2025 combines the historical unaudited consolidated statement of
operations and comprehensive loss of Ekso for the twelve months ended June 30, 2025 (see note 2), with the historical audited combined
statement of operations of Cloud and Affiliates for the twelve months ended May 31, 2025, as if the Transactions had occurred on June
1, 2024.
1
The
unaudited pro forma financial information was prepared using and should be read in conjunction with:
● the
accompanying notes to the unaudited pro forma financial information;
● the
historical audited consolidated financial statements of Ekso as of and for the year ended
December 31, 2025, included in Ekso’s Annual Report on Form 10-K filed with the SEC
on February 23, 2026;
● the
historical unaudited consolidated balance sheet of Ekso as of March 31, 2026;
● the
historical audited combined financial statements of Cloud and Affiliates for the year ended
May 31, 2025; and
● the
historical unaudited combined financial statements of Cloud and Affiliates for the nine months
ended February 28, 2026.
The
unaudited pro forma financial information is presented for informational purposes only and is not necessarily indicative of the financial
position or results of operations that would have been realized had the Transactions occurred on the dates indicated, nor is it indicative
of future operating results or financial position of the combined company.
The
unaudited pro forma condensed combined financial information has been prepared using the acquisition method of accounting, as further
described in Note 2, with Cloud as the accounting acquirer of Ekso. Accordingly, consideration paid or exchanged by Cloud to complete
the Business Combination has been allocated to assets, liabilities and noncontrolling interests of Ekso based on their estimated fair
values with any excess allocated to goodwill. The acquisition method of accounting is dependent upon certain valuation assumptions, including
those related to the preliminary purchase price allocation of the assets acquired, liabilities assumed and noncontrolling interests of
Ekso. The actual purchase price allocation may vary based on final analysis of the fair value of the acquired assets, assumed liabilities,
and noncontrolling interests, which is expected to be completed no later than 12 months after the date of completion of the Business
Combination. These changes may result in material adjustments to the unaudited pro forma financial information.
The
historical financial statements have been adjusted in the accompanying unaudited pro forma financial information to give effect to pro
forma events that are applicable to business combination accounting as required under generally accepted accounting principles in the
United States (“U.S. GAAP”). The unaudited pro forma adjustments are based upon currently available information, estimates
and assumptions. The unaudited pro forma financial information is for informational purposes only, is not intended to represent or to
be indicative of actual results of operations or financial position of ChronoScale had the Transactions been completed on the dates assumed,
and should not be taken as indicative of future consolidated results of operations or financial position. The actual results may differ
significantly from those reflected in the unaudited pro forma condensed combined statement of operations for a number of reasons, including,
but not limited to, differences between the assumptions used to prepare the unaudited pro forma statements of operations and actual amounts.
The unaudited pro forma financial information contained herein does not include integration costs or benefits from synergies that may
result from the Transactions.
The
unaudited pro forma financial information is presented for informational purposes only. The information has been prepared in accordance
with Article 11 of Regulation S-X of the SEC as amended by the final rule, Release No. 33-10786 “Amendments to Financial Disclosures
about Acquired and Disposed Businesses,” using the assumptions set forth in the notes to the unaudited pro forma financial
information.
2
UNAUDITED
PRO FORMA CONDENSED COMBINED
BALANCE SHEET AS OF FEBRUARY 28, 2026
(in
thousands)
Cloud
Ekso
Financing Adjustments
(Note 7)
Note
Ref
Business Combination Adjustments
(Note 5)
Note Ref
Pro Forma
Combined
Assets
Current assets:
Cash
$ 107
$ 3,993
$ 15,000
7(a)
$ -
$ 19,100
Accounts receivable
10,714
4,537
-
-
15,251
Inventories
-
4,649
-
-
4,649
Prepaid expenses and other current assets
559
874
-
-
1,433
Total current assets
11,380
14,053
15,000
-
40,433
Property and equipment, net
32,505
1,115
-
-
33,620
Operating lease right-of-use asset, net
76,959
343
-
-
77,302
Finance lease right-of-use asset, net
135,142
-
-
-
135,142
Intangible assets, net
-
3,418
-
6,382
5(b)
9,800
Goodwill
-
431
-
45,466
5(a)
45,897
Other assets
-
308
-
-
308
Total assets
$ 255,986
$ 19,668
$ 15,000
$ 51,848
$ 342,502
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable
$ 3,796
$ 2,109
$ -
$ -
$ 5,905
Accrued liabilities
3,814
1,723
-
2,049
5(d)
7,586
Current portion of operating lease liability
17,606
351
-
-
17,957
Current portion of finance lease liability
50,777
-
-
-
50,777
Current portion of debt
-
3,325
-
21
3,346
Deferred revenue
152
1,583
-
-
1,735
Total current liabilities
76,145
9,091
-
2,070
87,306
Long-term portion of operating lease liability
44,985
121
-
-
45,106
Long-term portion of finance lease liability
20,498
-
-
-
20,498
Long-term debt
12,000
520
-
(56 )
12,464
Long-term deferred revenue
-
1,261
-
-
1,261
Other non-current liabilities
-
2,935
-
-
2,935
Total liabilities
153,628
13,928
-
2,014
169,570
Commitments and contingencies
-
-
-
-
-
Stockholders’ equity
Parent company net investment
102,358
-
-
(102,358 )
5(c)
-
Convertible preferred stock
-
3,650
-
-
5(c)
3,650
Common stock
-
37
1
7(a)
106
5(c)
144
Additional paid in capital
-
271,816
14,999
7(a)
51,332
5(c)
338,147
Retained earnings (Accumulated
deficit)
-
(269,281 )
-
100,272
5(c), 5(d)
(169,009 )
Accumulated other comprehensive (loss) income
-
(482 )
-
482
5(c)
-
Total Stockholders’ Equity
102,358
5,740
15,000
49,834
172,932
Total liabilities and stockholders’ equity
$ 255,986
$ 19,668
$ 15,000
$ 51,848
$ 342,502
3
UNAUDITED
PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS
FOR
THE TWELVE MONTHS ENDED MAY 31, 2025
(in
thousands)
Cloud
Ekso
Financing Adjustments
(Note 7)
Note Ref
Business Combination Adjustments
(Note 6)
Note
Ref
Pro Forma Combined
Revenue
$ 84,376
$ 14,651
$ -
$ -
$ 99,027
Costs and expenses:
Cost of revenues
115,308
7,103
-
179
6(a)
122,590
Selling, general and administrative
24,813
19,832
-
2,949
5(d), 6(b)
47,594
Gain on sale of assets
(414 )
-
-
-
(414 )
Total costs and expenses
139,707
26,935
-
3,128
169,770
Operating loss
(55,331 )
(12,284 )
-
(3,128 )
(70,743 )
Interest expense, net
17,399
274
-
-
17,673
Unrealized gain on foreign exchange
-
(1,440 )
-
-
(1,440 )
Other expense, net
-
16
-
-
16
Change in fair value of warrants
-
(49 )
-
-
(49 )
Net loss before income tax expense
(72,730 )
(11,085 )
-
(3,128 )
(86,943 )
Income tax expense
-
-
-
-
-
Net loss
(72,730 )
(11,085 )
-
(3,128 )
(86,943 )
Other comprehensive loss
-
(1,222 )
-
-
(1,222 )
Comprehensive loss
$ (72,730 )
$ (12,307 )
$ -
$ (3,128 )
$ (88,165 )
4
UNAUDITED
PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS
FOR
THE NINE MONTHS ENDED FEBRUARY 28, 2026
(in
thousands)
Cloud
Ekso
Financing Adjustments
(Note 7)
Note Ref
Business Combination Adjustments
(Note 6)
Note Ref
Pro Forma Combined
Revenue
$ 53,207
$ 9,508
$ -
$ -
$ 62,715
Costs and expenses:
Cost of revenues
65,618
4,214
-
128
6(a)
69,960
Selling, general and administrative
11,911
16,823
-
675
6(b)
29,409
Loss on sale of assets
598
-
-
-
598
Total costs and expenses
78,127
21,037
-
803
99,967
Operating loss
(24,920 )
(11,529 )
-
(803 )
(37,252 )
Interest expense, net
7,897
316
-
-
8,213
Unrealized loss on foreign exchange
-
239
-
-
239
Other expense, net
-
896
-
-
896
Net loss before income tax expense
(32,817 )
(12,980 )
-
(803 )
(46,600 )
Income tax expense
-
-
-
-
-
Net loss
(32,817 )
(12,980 )
-
(803 )
(46,600 )
Other comprehensive gain
-
201
-
-
201
Comprehensive loss
$ (32,817 )
$ (12,779 )
$ -
$ (803 )
$ (46,399 )
5
Note
1 – Description of the Transaction
On
February 15, 2026, Ekso entered into the Business Combination with APLD Intermediate, Contributor and Cloud, each a direct or indirect
wholly-owned subsidiary of Applied Parent. As part of the transaction, Contributor has transferred 100% of the issued and outstanding
equity of Cloud in exchange for 138,216,820 newly issued shares of Common Stock. Immediately following the consummation of the Business
Combination, based on the shares outstanding as of May 5, 2026, Ekso legacy securityholders collectively hold approximately 3% of ChronoScale’s
outstanding shares of Common Stock and Contributor holds approximately 96% of ChronoScale’s outstanding shares of Common Stock,
in each case, without giving effect to the Applied Parent Equity Financing (or approximately 97% taking into account the Applied Parent
Equity Financing) and assuming full conversion of the Company’s Series B Preferred Stock (outstanding as of the Closing) and full
vesting of outstanding restricted stock units that have vested upon the Closing in accordance with their terms. Upon Closing, Cloud has
become a wholly owned subsidiary of Ekso, and Ekso, as the continuing parent company, has been renamed “ChronoScale Corporation.”
Legacy Ekso stockholders have retained their existing shares, which represent their ownership in ChronoScale, but did not receive any
cash consideration as part of the transaction.
In
connection with and as a condition to Closing, Ekso has completed the Applied Parent Equity Financing with Applied Parent, via a private
placement of its Common Stock for gross proceeds of $15.75 million. A separate closing condition required Ekso to have at least $15 million
in cash and cash equivalents on its balance sheet, inclusive of the net proceeds received from the PIPE Investment (as defined in the
Contribution and Exchange Agreement).
Note
2 – Basis of Presentation
The
accompanying unaudited pro forma financial information presents the unaudited pro forma statement of operations and unaudited pro forma
balance sheet of ChronoScale prepared in accordance with Article 11 of SEC Regulation S-X, as amended by the final rule, Release No.
33-10786 “Amendments to Financial Disclosures about Acquired and Disposed Businesses.” Cloud has historically operated
on a fiscal year ending May 31, whereas Ekso has historically operated on a fiscal year ending December 31. In accordance with applicable
SEC rules, if the fiscal year end of an acquired entity differs from the acquirer’s fiscal year end by more than 93 days, the acquired
entity’s income statement must be brought up within one fiscal quarter of the acquirer’s fiscal year-end. Financial information
for Ekso for the twelve months ended June 30, 2025 and for the nine months ended March 31, 2026, has been derived as described below
for purposes of the preparation of the unaudited pro forma financial information. The unaudited pro forma statements of operations were
prepared using:
● the
historical audited consolidated statement of operations of Cloud for the year ended May 31,
2025; and
● The
historical unaudited condensed combined statement of operations of Ekso for the twelve months
ended June 30, 2025 has been derived by starting with the historical audited consolidated
statement of operations of Ekso for the year ended December 31, 2024, deducting the historical
unaudited condensed consolidated statement of operations for the six months ended June 30,
2024 (to arrive at the historical unaudited condensed consolidated statement of operations
for the six months ended December 31, 2024), adding the historical unaudited combined statement
of operations for the six months ended June 30, 2025, and then combining both six-month periods
to arrive at the twelve months ended June 30, 2025.
[A]
[B]
[A]+[B]
Unaudited
Unaudited
Unaudited
(in thousands)
Six Months Ended
December 31, 2024
Six Months Ended
June 30, 2025
Twelve Months Ended
June 30, 2025
Revenue
Device and related
$ 9,219
$ 5,432
$ 14,651
Total revenue
9,219
5,432
14,651
Cost of revenue:
Device and related
4,296
2,807
7,103
Total cost of revenue
4,296
2,807
7,103
Gross profit
4,923
2,625
7,548
Operating expenses:
Sales and marketing
3,644
3,397
7,041
Research and development
1,622
1,839
3,461
General and administrative
4,526
4,804
9,330
Total operating expenses
9,792
10,040
19,832
Loss from operations
(4,869 )
(7,415 )
(12,284 )
Other (expense) income, net:
Interest expense, net
(138 )
(136 )
(274 )
Gain (loss) on revaluation of warrant liabilities
48
1
49
Unrealized (loss) gain on foreign exchange
(525 )
1,965
1,440
Other expense, net
(1 )
(15 )
(16 )
Total other (expense) income, net
(616 )
1,815
1,199
Net loss
(5,485 )
(5,600 )
(11,085 )
Other comprehensive (loss) income
418
(1,640 )
(1,222 )
Comprehensive loss
$ (5,067 )
$ (7,240 )
$ (12,307 )
6
● The
historical unaudited condensed combined statement of operations of Ekso for the nine months
ended March 31, 2026 has been derived by starting with the historical unaudited condensed
combined statement of operations for the three months ended September 30, 2025, adding the
historical unaudited combined statement of operations for the six months ended March 31,
2026, and then combining both periods to arrive at the nine months ended March 31, 2026.
[A]
[B]
[A]+[B]
Unaudited
Unaudited
Unaudited
(in thousands)
Three Months Ended
September 30, 2025
Six Months Ended
March 31, 2026
Nine Months Ended
March 31, 2026
Revenue
Device and related
$ 4,227
$ 5,281
$ 9,508
Total revenue
4,227
5,281
9,508
Cost of revenue:
Device and related
1,678
2,536
4,214
Total cost of revenue
1,678
2,536
4,214
Gross profit
2,549
2,745
5,294
Operating expenses:
Sales and marketing
1,313
4,495
5,808
Research and development
550
1,225
1,775
General and administrative
2,088
7,152
9,240
Total operating expenses
3,951
12,872
16,823
Loss from operations
(1,402 )
(10,127 )
(11,529 )
Other (expense) income, net:
Interest expense, net
18
298
316
Gain (loss) on revaluation of warrant liabilities
-
727
727
Loss on modification of warrant
-
145
145
Unrealized (loss) gain on foreign exchange
(4 )
243
239
Other expense, net
5
19
24
Total other (expense) income, net
19
1,432
1,451
Net loss
(1,421 )
(11,559 )
(12,980 )
Other comprehensive (loss) income
(17 )
218
201
Comprehensive loss
$ (1,438 )
$ (11,341 )
$ (12,779 )
The
Business Combination will be accounted for using the acquisition method of accounting as described in Accounting Standards Codification
Topic 805, Business Combinations (“ASC 805”), under which the estimated purchase price will be allocated to Ekso’s
assets acquired and liabilities assumed based upon their estimated fair values, utilizing fair value concepts defined in ASC Topic 820,
Fair Value Measurement, with any excess recognized as goodwill. Significant judgment is required in determining the preliminary
fair values of identified intangible assets, property and equipment, certain other assets and other assumed liabilities. These preliminary
valuations of assets acquired, and liabilities assumed are determined using market, income and cost approaches from the perspective of
a market participant, which requires estimates and assumptions including, but not limited to, estimating future cash flows in addition
to developing the appropriate market discount rates and obtaining available market pricing for comparable assets. Additionally, the final
determination of the merger consideration and purchase price allocation, is based on Ekso’s share price and net assets as of May
5, 2026.
Although
Ekso is the legal acquirer, the Business Combination is treated as a reverse acquisition under ASC 805, with Cloud identified as the
accounting acquirer. This determination is based on evidence that the former owners of Cloud control ChronoScale. The primary indicators
of control are that, based on the shares outstanding as of May 5, 2026, the Contributor holds approximately 96% of ChronoScale’s
outstanding shares of Common Stock, without giving effect to the Applied Parent Equity Financing (or approximately 97% taking into account
the Applied Parent Equity Financing) and assuming full conversion of the Company’s Series B Preferred Stock outstanding as of the
Closing and full vesting of outstanding restricted stock units that have vested upon the Closing in accordance with their terms, and
has the right to designate a majority of the board of directors (four of seven members), a further indicator that the fair value of Cloud
significantly exceeds the fair value of Ekso prior to the Business Combination.
7
The
historical audited consolidated financial statements of Ekso and the historical audited and unaudited condensed combined financial statements
of Cloud and Affiliates are prepared in accordance with U.S. GAAP and are reported in U.S. dollars.
The
unaudited pro forma condensed combined balance sheet gives effect to the Transactions as if they had occurred on February 28, 2026 and
the unaudited pro forma condensed combined statements of operations and comprehensive loss gives effect to the Transactions as if they
had occurred on June 1, 2024.
Note
3 – Purchase price
Pursuant
to the Contribution and Exchange Agreement, immediately following the consummation of the Business Combination, based on the shares outstanding
as of May 5, 2026, legacy Ekso securityholders collectively hold approximately 3% of ChronoScale’s outstanding shares of Common
Stock and Contributor holds approximately 96% of ChronoScale’s outstanding shares of Common Stock, in each case, without giving
effect to the Applied Parent Equity Financing and assuming full conversion of the Company’s Series B Preferred Stock outstanding
as of the Closing and full vesting of outstanding restricted stock units that have vested upon the Closing in accordance with their terms.
The estimated preliminary purchase price, which represents the consideration transferred to Ekso’s security holders in this reverse
acquisition, is calculated based on the number of equity interests Cloud would have had to issue to give Ekso the same percentage equity
interest in ChronoScale that results from the reverse acquisition. The accompanying unaudited pro forma condensed combined financial
information reflects an estimated purchase price of approximately $57.6 million, consisting of equity consideration to the Company’s
legacy securityholders. This amount reflects the value of approximately 4,358,799 shares of common stock Cloud would have had to issue
to Ekso securityholders at Closing pursuant to the Contribution and Exchange Agreement based on Ekso’s closing share price of $13.22
on Nasdaq on May 5, 2026.
The
following table presents the preliminary estimate of the fair value of the consideration transferred for the Transactions:
(in thousands, except per share information)
Estimated total purchase price
Common Stock Issued
3,565
Convertible Preferred Stock Issued
712
Assumed Restricted Stock Units
82
Total shares and related equity awards outstanding as of the Merger Date
4,359
Assumed Ekso’s closing share price
$ 13.22
Total Consideration Transferred
$ 57,623
The
preliminary value of the consideration does not purport to represent the actual value of the total purchase price that was received by
the Ekso securityholders when the Business Combination was completed.
Note
4 – Preliminary Fair Values of Assets Acquired and Liabilities Assumed
The
following table presents our preliminary estimates of the fair values of the assets acquired, liabilities assumed and
noncontrolling interests. Our preliminary estimates are based on the information that was available as of the date of
this information statement.
(in thousands)
Estimated Fair Value as of February 28, 2026
Assets acquired
Cash and cash equivalents
$ 3,993
Accounts receivable, net of allowance for doubtful accounts
4,537
Inventory
4,649
Prepaid expenses
874
Property and equipment, net
1,115
Operating lease right-of-use assets, net
343
Intangible assets, net
9,800
Other assets
308
Total assets acquired
25,619
Liabilities assumed
Accounts payable
2,109
Accrued expenses
1,723
Deferred revenues
1,583
Operating lease liabilities
351
Other current liabilities
-
Debt (exc. Finance Lease Liabilities), current
3,346
Deferred revenues non-current
1,261
Debt (exc. Finance Lease Liabilities), non-current
464
Operating lease liabilities, non-current
121
Other non-current liabilities
2,935
Total liabilities assumed
13,893
Net assets acquired
11,726
Total consideration transferred
57,623
Goodwill
$ 45,897
8
The
preliminary purchase price allocation is based on a preliminary assessment of the fair values of the assets acquired and liabilities
assumed as of February 28, 2026.
Note
5 – Adjustments to the Unaudited Pro Forma Condensed Combined Balance Sheet
a. Represents
the elimination of $431 thousand of existing Ekso goodwill and the recognition of $45.8 million
of goodwill arising from the Business Combination. Goodwill is calculated as the difference
between the preliminary estimated purchase price and the fair values assigned to the identifiable
tangible and intangible assets acquired and liabilities assumed of Ekso. Goodwill recorded
in connection with the acquisition is not deductible for income tax purposes.
b. Represents
the recognition of $6.3 million in identifiable intangible assets attributable to the Business
Combination. The preliminary valuation affirms the continuing value of the existing $3.5
million intangible assets, resulting in a total of $9.8 million as follows:
(in thousands, except useful lives)
Estimated useful life
Estimated Fair Value
Trade names
7 years
$ 3,500
Developed technology
7 years
6,300
Total intangible assets acquired
$ 9,800
The
recognition of additional identifiable intangible results in additional deferred tax liability of approximately $1.5 million, calculated
using a combined estimated U.S. federal and state statutory tax rate of 25%. This rate is subject to change when Ekso performs a complete
tax analysis after the Transactions are completed. Ekso maintains a full valuation allowance against its deferred tax assets and, after
giving effect to these pro forma adjustments, continues to have a net deferred tax asset position fully offset by a valuation allowance.
Therefore, the pro forma adjustments result in no net impact to income tax expense for the periods presented.
c. Represents
adjustments to equity including the following:
● Elimination
of Ekso’s historical securityholders’ equity of $8.6 million;
● Reclassification
of Cloud’s parent company net investment of $(102.4) million, of which $(169.0) million
is reclassified to Retained earnings, being Cloud’s historical accumulated deficit,
with the balance of $269.3 million reclassified to Additional paid-in capital; and
● Recording
estimated purchase consideration of $57.6 million, of which $143 thousand is included in
Common stock as par value of 142,575,619 shares outstanding (4,358,799 issued to Ekso’s
former securityholders and 138,216,820 issued to Cloud in the business combination) of ChronoScale
at a par value of $0.001 per share, with the balance of $51 million included in Additional
paid-in capital and $3.6 million included in Convertible preferred stock.
d. Represents
the accrual of Cloud non-recurring transaction costs of $2.0 million related to the Business
Combination including fees to be paid for financial advisors, legal services, and professional
accounting services.
Note
6 – Adjustments to the Unaudited Pro Forma Condensed Combined Statement of Operations and Comprehensive Loss
a. Reflects
the reversal of $321 thousand and $247 thousand in historical intangible assets amortization
for the year ended May 31, 2025 and the nine months ended February 28, 2026, respectively,
and the recognition of $500 thousand and $375 thousand in new amortization expense related
to trade names identified as part of the estimated purchase price allocation for the same
periods. A 10% change in the valuation of trade names would cause a corresponding increase
or decrease in the annual amortization expense of approximately $50 thousand.
b. Reflects
the recognition of $900 thousand and $675 thousand in new amortization expense related to
developed technology identified as part of the estimated purchase price allocation for the
year ended May 31, 2025 and the nine months ended February 28, 2026, respectively. A 10%
change in the valuation of developed technology would cause a corresponding increase or decrease
in the annual amortization expense of approximately $90 thousand.
9
c. Reflects
an increase in the weighted average shares outstanding for the period, after accounting for
the issuance of;
● 138,216,820
shares of Common Stock to Cloud,
● 1,311,407
shares related to the Applied Parent Equity Financing, and
● 81,723
shares for conversion of Restricted Stock Units to Common Stock.
The
pro forma basic and diluted loss per share is calculated as follows:
(in thousands, except per share information)
Twelve months ended
May 31, 2025
Nine Months ended
February 28, 2026
Numerator:
Pro forma net loss applicable to common stockholders
$ (88,165 )
$ (46,399 )
Adjustment for deemed dividend(1)
-
-
Pro forma adjusted net loss used for basic and diluted calculation
$ (88,165 )
$ (46,399 )
Denominator:
Weighted-average number of common shares, basic and diluted(2)
143,887
143,887
Net loss per share applicable to common shareholders, basic and diluted
$ (0.61 )
$ (0.32 )
(1) Deemed
dividend represents Ekso’s incremental fair value of the Inducement Warrant over the
gross proceeds received, which reduces income available to common stockholders used for the
basic and diluted net loss per common share calculation.
(2) Warrants
for potential shares of common stock were excluded from the calculation of diluted pro forma
net loss per common share because to do so would be anti-dilutive as of the end of the period
presented.
Note
7 – Applied Parent Equity Financing Adjustments
Represents
receipt of $15.75 million in gross proceeds, net of $750 thousand in offering costs, from the Applied Parent Equity Financing. In this
private placement, which closed concurrently with the Business Combination on May 5, 2026, Ekso issued additional shares of its Common
Stock to Applied Parent at a price of $12.01 per share, the closing share price on April 30, 2026, which is the market price of the Ekso
shares at Closing, which resulted in the issuance by Ekso of 1,311,407 shares of Common Stock in the Applied Parent Equity Financing.
10
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9 Months Ended
Feb. 28, 2026
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Amendment Description
On
May 5, 2026, ChronoScale Corporation (f/k/a Ekso Bionics Holdings, Inc.) (the “Company”), a Nevada corporation, consummated
the previously announced business combination transaction (the “Business Combination”) by and among the Company, APLD Intermediate
HoldCo LLC, a Delaware limited liability company (“APLD Intermediate”), APLD ChronoScale HoldCo LLC, a Delaware limited liability
company and a wholly owned subsidiary of APLD Intermediate (“Contributor”), each a wholly owned direct or indirect subsidiary
of Applied Digital Corporation, a Nevada corporation (“Applied Parent”), and Applied Digital Cloud Corporation, a Nevada
corporation (“Cloud”), a wholly owned indirect subsidiary of Applied Parent and a direct subsidiary of Contributor as of
immediately prior to Closing (as defined below). Upon the Closing, the Company changed its name to “ChronoScale Corporation”
and Cloud became a wholly owned subsidiary of the Company. Upon
the closing of the Business Combination on May 5, 2026 (the “Closing”), the Company filed a Form 8-K/A (“Amendment
No. 1”) which amended and restated the Form 8-K originally filed by the Company on May 4, 2026 (the “Original Form 8-K”).
At the time of the filing of Amendment No. 1, the Company stated that it intended to file the required financial statements and pro forma
financial information associated with the Business Combination within 71 days from the date that Amendment No. 1 was required to be filed.
By this Amendment No. 2 to the Original Form 8-K (“Amendment No. 2”), the Company is amending and supplementing Item 9.01
thereof to include the required financial statements and pro forma financial information and the supplemental disclosure described in
Item 8.01 of this Amendment No. 2, which are filed as exhibits hereto and are incorporated herein by reference.
Document Period End Date
Feb. 28, 2026
Entity File Number
001-37854
Entity Registrant Name
CHRONOSCALE
CORPORATION
Entity Central Index Key
0001549084
Entity Tax Identification Number
99-0367049
Entity Incorporation, State or Country Code
NV
Entity Address, Address Line One
3811
Turtle Creek Blvd. Suite 2100
Entity Address, City or Town
Dallas
Entity Address, State or Province
TX
Entity Address, Postal Zip Code
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City Area Code
214
Local Phone Number
427-1704
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Trading Symbol
CHRN
Security Exchange Name
NASDAQ
Entity Emerging Growth Company
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v3.26.1
Condensed Combined Balance Sheets - Applied Digital Cloud Corporation [Member] - USD ($)
$ in Thousands
Feb. 28, 2026
May 31, 2025
May 31, 2024
Current assets:
Cash
$ 107
$ 2,398
Accounts receivable
10,714
3,788
Prepaid expenses and other current assets
559
223
333
Total current assets
11,380
6,409
333
Property and equipment, net
32,505
10,922
11,278
Operating lease right of use assets, net
76,959
91,374
152,090
Finance lease right of use assets, net
135,142
195,495
209,933
Other assets
581
TOTAL ASSETS
255,986
304,200
374,215
Current liabilities:
Accounts payable
3,796
3,962
11,589
Accrued liabilities
3,814
572
1,580
Current portion of operating lease liability
17,606
16,093
21,101
Current portion of finance lease liability
50,777
133,407
102,400
Deferred revenue
152
3,594
31,178
Total current liabilities
76,145
157,628
167,848
Long-term portion of operating lease liability
44,985
58,420
108,668
Long-term portion of finance lease liability
20,498
59,907
Long-term debt
12,000
12,000
Total liabilities
153,628
228,048
336,423
Parent company net investment
Parent company net investment
102,358
76,152
37,792
Total parent company net investment
102,358
76,152
37,792
TOTAL LIABILITIES AND PARENT COMPANY NET INVESTMENT
$ 255,986
$ 304,200
$ 374,215
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v3.26.1
Condensed Combined Statements of Operations - Applied Digital Cloud Corporation [Member] - USD ($)
$ in Thousands
3 Months Ended
9 Months Ended
12 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 28, 2026
Feb. 28, 2025
May 31, 2025
May 31, 2024
Restructuring Cost and Reserve [Line Items]
Revenue
$ 18,087
$ 17,754
$ 53,207
$ 71,313
$ 84,376
$ 28,957
Costs and expenses:
Cost of revenues
17,716
23,342
65,618
91,359
115,308
41,687
Selling, general and administrative
10,853
14,727
11,911
21,889
24,813
52,756
Loss on abandonment of assets
107
598
Gain on abandonment of assets
(414)
Total costs and expenses
28,676
38,069
78,127
113,248
139,707
94,443
Operating loss
(10,589)
(20,315)
(24,920)
(41,935)
(55,331)
(65,486)
Interest expense, net
2,058
4,541
7,897
13,444
17,399
9,809
Net loss before income tax expense
(12,647)
(24,856)
(32,817)
(55,379)
(72,730)
(75,295)
Income tax expense
Net loss
$ (12,647)
$ (24,856)
$ (32,817)
$ (55,379)
$ (72,730)
$ (75,295)
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v3.26.1
Condensed Combined Statements of Changes in Parent Company Net Investment - Applied Digital Cloud Corporation [Member] - USD ($)
$ in Thousands
3 Months Ended
9 Months Ended
12 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 28, 2026
Feb. 28, 2025
May 31, 2025
May 31, 2024
Balance
$ 98,481
$ 63,509
$ 76,152
$ 37,792
$ 37,792
$ 223
Net transaction from parent company
16,524
34,947
59,023
91,187
111,090
112,864
Net loss
(12,647)
(24,856)
(32,817)
(55,379)
(72,730)
(75,295)
Balance
102,358
73,600
102,358
73,600
76,152
37,792
Parent [Member]
Balance
98,481
63,509
76,152
37,792
37,792
223
Net transaction from parent company
16,524
34,947
59,023
91,187
111,090
112,864
Net loss
(12,647)
(24,856)
(32,817)
(55,379)
(72,730)
(75,295)
Balance
$ 102,358
$ 73,600
$ 102,358
$ 73,600
$ 76,152
$ 37,792
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Filename: R5.htm · Sequence: 15
v3.26.1
Condensed Combined Statements of Cash Flows - Applied Digital Cloud Corporation [Member] - USD ($)
$ in Thousands
3 Months Ended
9 Months Ended
10 Months Ended
12 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 28, 2026
Feb. 28, 2025
Mar. 31, 2026
May 31, 2026
May 31, 2025
May 31, 2024
CASH FLOW FROM OPERATING ACTIVITIES
Net loss
$ (12,647)
$ (24,856)
$ (32,817)
$ (55,379)
$ (72,730)
$ (75,295)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization
15,191
14,404
44,641
66,355
80,656
57,884
Stock-based compensation
243
(1,529)
(1,463)
10,135
Lease expense
15,741
23,359
30,922
13,441
Loss on abandonment of assets
107
598
Gain on abandonment of assets
(414)
Changes in operating assets and liabilities:
Accounts receivable
(6,926)
(12,918)
(3,788)
Prepaid expenses and other current assets
(336)
(336)
111
(333)
Other assets
43
402
581
(581)
Deferred revenue
(3,442)
(26,926)
(27,584)
31,178
Accounts payable
(166)
(1,139)
(9,014)
10,441
Accrued liabilities
3,242
(1,163)
(1,008)
1,570
Lease assets and liabilities
92,285
1,854
(3,491)
1,368
CASH FLOW PROVIDED BY (USED IN) OPERATING ACTIVITIES
113,106
(7,420)
(7,222)
49,808
CASH FLOW FROM INVESTING ACTIVITIES
Purchases of property and equipment
(24,271)
(858)
(1,376)
(11,234)
Finance lease prepayments
(1,991)
(46,378)
CASH FLOW USED IN INVESTING ACTIVITIES
(24,271)
(2,849)
(1,376)
(57,612)
CASH FLOW FROM FINANCING ACTIVITIES
Repayment of finance leases
(74,915)
(86,058)
$ (89,500)
$ (89,500)
(114,743)
(44,861)
Proceeds from issuance of SAFE agreement included in long-term debt
12,000
12,000
Net transactions with parent company
(16,211)
84,340
113,739
52,665
CASH FLOW (USED IN) PROVIDED BY FINANCING ACTIVITIES
(91,126)
10,282
10,996
7,804
NET (DECREASE) INCREASE IN CASH
(2,291)
13
2,398
CASH, BEGINNING OF PERIOD
2,398
$ 2,398
$ 2,398
CASH, END OF PERIOD
$ 107
$ 13
107
13
2,398
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid
7,897
13,348
17,270
9,514
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES
Operating right-of-use assets obtained by lease obligation
20,280
158,508
Finance right-of-use assets obtained by lease obligation
5,895
64,788
64,358
263,593
Property and equipment in accounts payable and accrued liabilities
(25)
1,387
1,172
Net assets contributed by parent company
$ 74,991
$ 8,376
$ (1,186)
$ 50,064
X
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v3.26.1
Business and Basis of Presentation
9 Months Ended
12 Months Ended
Feb. 28, 2026
May 31, 2025
Applied Digital Cloud Corporation [Member]
Restructuring Cost and Reserve [Line Items]
Business and Basis of Presentation
1. Business
and Basis of Presentation
Applied
Digital Cloud Corporation, SAI Computing LLC, and SAI Computing Holdings LLC (together, the “Company”), provide cloud services
to customers, such as AI and machine learning developers by renting space at third party co-location centers and providing the customers
with access to its cloud computing equipment. They are wholly owned subsidiaries of Applied Digital Corporation (“Applied Digital”
or the “Parent”). All references to “we,” “us,” “our” or the “Company” mean
Applied Digital Cloud Corporation, SAI Computing LLC, and SAI Holdings LLC.
On
May 5, 2026 (the “Closing Date”), Ekso Bionics Holdings, Inc., a Nevada corporation (“Ekso”), consummated the
previously announced business combination transaction (the “Business Combination”) contemplated by that certain Contribution
and Exchange Agreement (the “Contribution and Exchange Agreement”), dated February 15, 2026, by and among Ekso, APLD Intermediate
HoldCo LLC, a Delaware limited liability company (“APLD Intermediate”), APLD ChronoScale HoldCo LLC, a Delaware limited liability
company and a wholly owned subsidiary of APLD Intermediate (“Contributor”), each a wholly owned direct or indirect subsidiary
of Applied Digital, and Applied Digital Cloud Corporation, a wholly owned indirect subsidiary of Applied Parent and a direct subsidiary
of Contributor as of immediately prior to Closing (as defined below). Upon the Closing, Ekso changed its name to “ChronoScale Corporation”
and each of the Company entities became wholly owned direct or indirect subsidiaries of the ChronoScale Corporation.
The
Company has historically existed and functioned as part of the consolidated business of the Parent. The accompanying unaudited condensed
combined financial statements are prepared on a standalone basis and are derived from the Parent’s historical accounting records.
The Company has not operated as a separate standalone legal entity and is comprised of three wholly-owned subsidiaries of the Parent:
Applied Digital Cloud Corporation, SAI Computing LLC, and SAI Computing Holdings LLC. The unaudited condensed combined financial statements
reflect the combined historical operations, financial position and cash flows of the Company for the period presented in conformity with
generally accepted accounting principles in the United States (“GAAP”). The unaudited condensed combined financial statements
may not be indicative of the Company’s future performance and do not necessarily reflect what the financial position, results of
operations and cash flows would have been had it operated as a standalone business during the period presented. The assets, liabilities,
revenue and expenses of the Company have been reflected in these unaudited condensed combined financial statements on a historical cost
basis, as included in the condensed consolidated financial statements of the Parent, using the historical accounting policies applied
by the Parent.
All
intercompany transactions within the Company have been eliminated and all intercompany transactions between the Company and other legal
entities, or components of legal entities, controlled by the Parent which are not being sold as part of the transaction have been included
in the unaudited condensed combined financial statements. The aggregate net effect of intercompany transactions that will not be settled
in cash have been reflected in the unaudited condensed combined balance sheets as Parent company net investment and in the unaudited condensed
combined statements of cash flows as a financing activity.
The
unaudited condensed combined statements of operations include all revenues, costs, and expenses directly attributable to the Company,
including allocation of expense associated with payroll, stock-based compensation and income taxes. Allocations are based on direct usage
when identifiable, with the remainder allocated on a pro rata basis using an applicable measure of headcount or other allocation methodologies
that are considered to be a reasonable reflection of the utilization of services provided or the benefit received by the Company during
the periods presented. The allocated amounts are not necessarily indicative of the amounts that would be incurred or realized if the
Company operated as a separate standalone entity during the periods presented. Actual costs that the Company may have incurred if it
were a standalone entity would depend on a number of factors, including whether functions were outsourced or performed by employees and
strategic decisions made in areas of selling, general and administrative expense and infrastructure.
Income
tax amounts in the unaudited condensed combined financial statements have been calculated on a separate return method and presented as
if operations were separate taxpayers in the respective jurisdictions.
The
unaudited condensed combined balance sheets include assets and liabilities that have been determined to be specifically identifiable
or otherwise attributable to the Company. Cash includes cash held at legal entities within the Company. The Company does not utilize
a centralized treasury management function for financing its operations; however, there are cash pooling activities consisting of transfers
of cash to and from the Company and the Parent which are reflected as a component of Parent company net investment in the unaudited condensed
combined balance sheets.
The
equity balance in the unaudited condensed combined financial statements represents the excess of total assets over liabilities including
the due to/from balances between the Company and the Parent (Parent company net investment). Parent company net investment is primarily
impacted by intercompany payables and receivables and allocation of stock-based compensation. For further information, please refer to
and read these interim unaudited condensed combined financial statements in conjunction with the Company’s audited combined financial
statements for the fiscal year ended May 31, 2025 included herein.
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
1. Business
and Basis of Presentation
Applied
Digital Cloud Corporation, SAI Computing LLC, and SAI Computing Holdings LLC (together, “Applied Digital Cloud Corporation and
Affiliates” or the “Company”), provide cloud services to customers, such as AI and machine learning developers by renting
space at third party co-location centers and providing the customers with access to its cloud computing equipment. They are wholly owned
subsidiaries of Applied Digital Corporation (“Applied Digital” or the “Parent”). All references to “we,”
“us,” “our” or the “Company” mean Applied Digital Cloud Corporation, SAI Computing LLC, and SAI Holdings
LLC.
On
May 5, 2026 (the “Closing Date”), Ekso Bionics Holdings, Inc., a Nevada corporation (“Ekso”), consummated the
previously announced business combination transaction (the “Business Combination”) contemplated by that certain Contribution
and Exchange Agreement (the “Contribution and Exchange Agreement”), dated February 15, 2026, by and among Ekso, APLD Intermediate
HoldCo LLC, a Delaware limited liability company (“APLD Intermediate”), APLD ChronoScale HoldCo LLC, a Delaware limited liability
company and a wholly owned subsidiary of APLD Intermediate (“Contributor”), each a wholly owned direct or indirect subsidiary
of Applied Digital, and Applied Digital Cloud Corporation, a wholly owned indirect subsidiary of Applied Parent and a direct subsidiary
of Contributor as of immediately prior to Closing (as defined below). Upon the Closing, Ekso changed its name to “ChronoScale Corporation”
and each of the Company entities became wholly owned direct or indirect subsidiaries of the ChronoScale Corporation.
The
Company has historically existed and functioned as part of the consolidated business of the Parent. The accompanying combined financial
statements are prepared on a standalone basis and are derived from the Parent’s historical accounting records. The Company has
not operated as a separate standalone legal entity and is comprised of three wholly-owned subsidiaries of the Parent: Applied Digital
Cloud Corporation, SAI Computing LLC, and SAI Computing Holdings LLC. The combined financial statements reflect the combined historical
operations, financial position and cash flows of the Company for the period presented in conformity with generally accepted accounting
principles in the United States (“GAAP”). The combined financial statements may not be indicative of the Company’s
future performance and do not necessarily reflect what the financial position, results of operations and cash flows would have been had
it operated as a standalone business during the period presented. The assets, liabilities, revenue and expenses of the Company have been
reflected in these combined financial statements on a historical cost basis, as included in the consolidated financial statements of
the Parent, using the historical accounting policies applied by the Parent.
All
intercompany transactions within the Company have been eliminated and all intercompany transactions between the Company and other legal
entities, or components of legal entities, controlled by the Parent which are not being sold as part of the transaction have been included
in the combined financial statements. The aggregate net effect of intercompany transactions that will not be settled in cash have been
reflected in the combined balance sheets as Parent company net investment and in the combined statements of cash flows as a financing
activity.
The
combined statements of operations includes all revenues, costs, and expenses directly attributable to the Company, including allocation
of expense associated with payroll, stock-based compensation and income taxes. Allocations are based on direct usage when identifiable,
with the remainder allocated on a pro rata basis using an applicable measure of headcount or other allocation methodologies that are
considered to be a reasonable reflection of the utilization of services provided or the benefit received by the Company during the periods
presented. The allocated amounts are not necessarily indicative of the amounts that would be incurred or realized if the Company operated
as a separate standalone entity during the period presented. Actual costs that the Company may have incurred if it were a standalone
entity would depend on a number of factors, including whether functions were outsourced or performed by employees and strategic decisions
made in areas of selling, general and administrative expense and infrastructure.
Income
tax amounts in the combined financial statements have been calculated on a separate return method and presented as if operations were
separate taxpayers in the respective jurisdictions.
APPLIED
DIGITAL CLOUD CORPORATION AND AFFILIATES
Notes
to the Combined Financial Statements
For
the Fiscal Years Ended May 31, 2025 and May 31, 2024
The
combined balance sheets include assets and liabilities that have been determined to be specifically identifiable or otherwise attributable
to the Company. Cash includes cash held at legal entities within the Company. The Company does not utilize a centralized treasury management
function for financing its operations; however, there are cash pooling activities consisting of transfers of cash to and from the Company
and the Parent which are reflected as a component of Parent company net investment in the combined balance sheets.
The
equity balance in the combined financial statements represents the excess of total assets over liabilities including the due to/from
balances between the Company and the Parent (Parent company net investment). Parent company net investment is primarily impacted by intercompany
payables and receivables and allocation of stock-based compensation.
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v3.26.1
Significant Accounting Policies
9 Months Ended
12 Months Ended
Feb. 28, 2026
May 31, 2025
Applied Digital Cloud Corporation [Member]
Restructuring Cost and Reserve [Line Items]
Significant Accounting Policies
2. Significant
Accounting Policies
Use
of Estimates
The
preparation of unaudited condensed combined financial statements in conformity with GAAP requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance
sheets and the reported amounts of revenue and expenses during the reporting periods. On an on-going basis, the Company evaluates the
estimates, including those related to allocations from parent such as payroll expense and stock-based compensation expense. Although
these estimates are based on historical facts and various other assumptions that the Company believes are reasonable, actual results
could differ from those estimates.
Allocations
From Parent
The
unaudited condensed combined financial statements include expense allocations prior to the carve-out for certain expenses provided by
the Parent on a centralized basis, including, but not limited to, financing, payroll, stock-based compensation, and other expenses that
are either specifically identifiable or clearly applicable to the Company. These expenses have been allocated to the Company on the basis
of direct usage when identifiable, with the remainder allocated on a pro rata basis using an applicable measure of headcount or other
allocation methodologies that are considered to be a reasonable reflection of the utilization of services provided or the benefit received
by the Company during the periods presented. Management considers that such allocations have been made on a reasonable basis; however,
these allocations may not be indicative of the actual expense that would have been incurred had the Company operated as an independent,
stand-alone public entity.
Revenue
Recognition
The
Company recognizes revenue in accordance with Accounting Standards Codification 606, Revenue from Contracts with Customers.
The
Company provides managed cloud infrastructure services to customers, such as artificial intelligence and machine learning developers,
to help develop their advanced products. Customers pay a fixed rate to the Company in exchange for managed cloud services supported by
Company-provided equipment. Revenues are recognized based on the fixed rate, net of any credits for non-performance, over the term of
the agreements.
Accounts
Receivable
Accounts
receivable are primarily comprised of billed and unbilled receivables for which the Company has an unconditional right to consideration
and the performance obligations have been satisfied. The Company recognizes an allowance for the remaining lifetime expected credit losses
based on management’s expectation of collectability. The Company bases its estimate on multiple factors, including historical experience
with bad debts, our relationship with our customers and their credit quality, the aging of respective asset balances, current macroeconomic
conditions and management’s expectations of conditions in the future. The Company writes off accounts receivable in the period
when the likelihood of collection of a balance is considered remote.
Segments
For
the nine months ended February 28, 2026 and February 28, 2025, the Company has identified one operating segment, which has also been
determined to be the Company’s primary reportable business segment. Operating segments are defined as components of an enterprise
for which separate financial information is available and is evaluated regularly by the Chief Operating Decision Maker (CODM), which
is the Company’s Chief Executive Officer. The Company’s CODM evaluates performance and makes operating decisions primarily
based on revenue and profit (loss).
Liquidity
As
of February 28, 2026, the Company had cash of $0.1 million and a working capital deficit of $64.8 million which raised substantial doubt
about the Company’s ability to continue as a going concern. Historically, the Company has incurred losses and has relied on the
Parent to provide financing for its operations.
The
Company expects positive cash flows from operations to support its obligations and, in connection with the Business Combination raised
approximately $15.8 million equity funding. Finally, the Company has the ability to modify the timing of its capital spending and extend
its payment terms with vendors, if necessary.
Based
on this analysis, the Company believes that substantial doubt to continue as a going concern has been alleviated. Management believes
these events are sufficient to allow the Company to meet its obligations for at least one year after the date these carve-out financial
statements are issued.
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
Recent
Accounting Pronouncements
In
December 2023, the FASB issued ASU 2023-09, Income Taxes (“Topic 740”): Improvements to Income Tax Disclosures. This ASU
is intended to enhance the transparency and decision usefulness of income tax disclosures, primarily related to standardization and disaggregation
of rate reconciliation categories and income taxes paid by jurisdiction. The guidance is effective for fiscal years beginning after December
15, 2024, with early adoption permitted, and can be applied either prospectively or retrospectively. The Company has adopted this ASU
for the fiscal year beginning June 1, 2025 and will present updated disclosures in its fiscal year ended May 31, 2026 financial statements.
In
November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures
(Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU is intended to enhance transparency of income statement disclosures
primarily through additional disaggregation of relevant expense captions. In January 2025, the FASB issued ASU No. 2025-01, which revises
the effective date of ASU No. 2024-03, to clarify that all public business entities are required to adopt the guidance in annual reporting
periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, with
early adoption permitted. The ASU allows prospective or retrospective application. The Company is currently evaluating the impact of
this ASU on its financial statement presentation and disclosures and plans to adopt this pronouncement beginning with its fiscal year
beginning June 1, 2027.
In
December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270) Narrow-Scope Improvements. which is intended to improve the
navigability of the guidance in ASC 270, Interim Reporting, and clarify when it applies. Under the amendments, an entity is subject to
ASC 270 if it provides interim financial statements and notes in accordance with GAAP. ASU 2025-11 also addresses the form and content
of such financial statements, interim disclosures requirements, and establishes a principle under which an entity must disclose events
since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for interim reporting
periods within annual reporting periods beginning after December 15, 2027, and early adoption is permitted. The Company is currently
evaluating the impact of this ASU on its financial statements and plans to adopt this pronouncement beginning with its fiscal year beginning
June 1, 2028.
In
December 2025, the FASB issued ASU 2025-12, Codification Improvements. The amendments in this update are to make other incremental improvements
to GAAP and facilitate codification updates for a broad range of Topics arising from technical corrections, unintended application of
the codification, clarifications, and other minor improvements. The resulting amendments are collectively referred to as Codification
improvements. ASU 2025-12 is effective for all entities for annual reporting periods beginning after December 15, 2026, and interim reporting
periods within those annual reporting periods. The Company is currently evaluating the impact the adoption of ASU 2025-12 may have on
the Company’s condensed combined financial statements.
2. Significant
Accounting Policies
Use
of Estimates
The
preparation of combined financial statements in conformity with GAAP requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet and
the reported amounts of revenue and expenses during the reporting periods. On an on-going basis, the Company evaluates the estimates,
including those related to allocations from parent such as payroll expense and stock-based compensation expense. Although these estimates
are based on historical facts and various other assumptions that the Company believes are reasonable, actual results could differ from
those estimates.
Allocations
From Parent
The
combined financial statements include expense allocations prior to the carve-out for certain expenses provided by the Parent on a centralized
basis, including, but not limited to, financing, payroll, stock-based compensation, and other expenses that are either specifically identifiable
or clearly applicable to the Company. These expenses have been allocated to the Company on the basis of direct usage when identifiable,
with the remainder allocated on a pro rata basis using an applicable measure of headcount or other allocation methodologies that are
considered to be a reasonable reflection of the utilization of services provided or the benefit received by the Company during the periods
presented. Management considers that such allocations have been made on a reasonable basis; however, these allocations may not be indicative
of the actual expense that would have been incurred had the Company operated as an independent, stand-alone public entity.
Revenue
Recognition
The
Company recognizes revenue in accordance with Accounting Standards Codification 606, Revenue from Contracts with Customers.
The
Company provides managed cloud infrastructure services to customers, such as artificial intelligence and machine learning developers,
to help develop their advanced products. Customers pay a fixed rate to the Company in exchange for managed cloud services supported by
Company-provided equipment. Revenues are recognized based on the fixed rate, net of any credits for non-performance, over the term of
the agreements.
Accounts
Receivable
Accounts
receivable are primarily comprised of billed and unbilled receivables for which the Company has an unconditional right to consideration
and the performance obligations have been satisfied. The Company recognizes an allowance for the remaining lifetime expected credit losses
based on management’s expectation of collectability. The Company bases its estimate on multiple factors, including historical experience
with bad debts, our relationship with our customers and their credit quality, the aging of respective asset balances, current macroeconomic
conditions and management’s expectations of conditions in the future. The Company writes off accounts receivable in the period
when the likelihood of collection of a balance is considered remote.
APPLIED
DIGITAL CLOUD CORPORATION AND AFFILIATES
Notes
to the Combined Financial Statements
For
the Fiscal Years Ended May 31, 2025 and May 31, 2024
Segments
For
the years ended May 31, 2025 and May 31, 2024, the Company has identified one operating segment, which has also been determined to be
the Company’s primary reportable business segment. Operating segments are defined as components of an enterprise for which separate
financial information is available and is evaluated regularly by the Chief Operating Decision Maker (CODM), which is the Company’s
Chief Executive Officer. The Company’s CODM evaluates performance and makes operating decisions primarily based on revenue and
profit (loss).
Property
and Equipment
Property
and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated
useful lives of the assets (see “Note 3 - Property and Equipment”). Once an asset is identified for retirement or disposition,
the related cost and accumulated depreciation or amortization are removed, and a gain or loss is included in earnings. Depreciation expense
includes the amortization of assets recorded in association with our leases. Leasehold improvements and assets recorded in association
with our leases are amortized over the shorter of the expected lease term or the estimated useful life of the asset. Construction in
progress represents assets received but not placed into service as of May 31, 2025 and May 31, 2024.
Impairment
or Disposal of Long-Lived Assets
Our
long-lived assets are reviewed for impairment on an annual basis or whenever events or changes in circumstances indicate that the carrying
value of the asset may not be recoverable. We also evaluate the period of depreciation and amortization of long-lived assets to determine
whether events or circumstances warrant revised estimates of useful lives. When indicators of impairment are present, we determine the
recoverability of our long-lived assets by comparing the carrying value of our long-lived assets to future undiscounted net cash flows
expected to result from the use of the assets and their eventual disposition. If the estimated future undiscounted cash flows demonstrate
the long-lived assets are not recoverable, an impairment loss would be calculated based on the excess of the carrying amounts of the
long-lived assets over their fair value. The Company’s estimates of fair values are based on the best information available and
require the use of estimates, judgments, and projections.
Lease
Accounting
The
Company determines whether an arrangement contains a lease at the inception of the arrangement. The Company leases office space under
operating leases and equipment under finance leases. If a lease is determined to exist, the term of such lease is assessed based on the
commencement date, which is the date on which the underlying asset is made available for the Company’s use by the lessor. For leases
with renewal periods or early terminations at the Company’s option, the Company determines the expected lease term based on whether
the exercise of any renewal option or early termination is reasonably certain at the inception of the lease.
At
the commencement date of a lease, we recognize a right-of-use asset representing our right to use the underlying asset during the lease
term and a lease liability for the present value of the future lease payments. As most leases do not provide an implicit rate, the Company
uses its incremental borrowing rate based on the information available on the commencement date in determining the present value of lease
payments.
For
operating leases, we recognize fixed lease expense on a straight-line basis over the lease term. For finance leases, we recognize amortization
expense on the right-of-use asset and interest expense on the lease liability over the lease term. Variable lease costs are recognized
as incurred. Assets and liabilities related to finance leases are presented separately from those relating to operating leases on our
combined balance sheets. We do not record lease contracts with a term of 12 months or less on our combined balance sheets. We have also
elected for all leases to not separate lease and non-lease components.
APPLIED
DIGITAL CLOUD CORPORATION AND AFFILIATES
Notes
to the Combined Financial Statements
For
the Fiscal Years Ended May 31, 2025 and May 31, 2024
Income
Taxes
Income
tax amounts in the combined financial statements have been calculated on a separate return method and presented as if operations were
separate taxpayers in the respective jurisdictions. Income taxes are accounted for under the asset and liability method. Under this method,
deferred tax assets and liabilities are recognized based on the future tax consequences attributable to differences that exist between
the financial statement carrying amounts of assets and liabilities and their respective tax bases, as well as tax attributes such as
net operating loss, capital loss and tax credits carryforwards on a taxing jurisdiction basis. Deferred tax assets and liabilities are
measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to
be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period
that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts that
are expected, more likely than not, to be realized in the future. A tax benefit from an uncertain income tax position may be recognized
in the financial statements only if it is more likely than not that the position is sustainable, based solely on its technical merits
and consideration of the relevant taxing authority’s widely understood administrative practices and precedents. Recognized income
tax positions are measured at the largest amount that has a greater than 50% likelihood of being realized. Any subsequent changes in
recognition or measurement are reflected in the period in which the change in judgment occurs.
ASC
Topic 740, Income Taxes, (“ASC 740”), clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s
financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement
of a tax position taken or expected to be taken in a tax return. The benefit of a tax position is recognized in the financial statements
in the period during which, based on all available evidence, management believes it is more likely than not that the position will be
sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or
aggregated with other positions.
ASC
740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim period, disclosure, and transition.
The
Company’s policy for recording interest and penalties associated with unrecognized tax benefits is to record such interest and
penalties as components of income tax expense.
Based
on the Company’s evaluation, it has been concluded that there are no significant uncertain tax positions requiring recognition
in the Company’s combined financial statements.
For
further information on income taxes, see “Note 6 - Income Taxes” below.
Liquidity
As
of May 31, 2025, the Company had cash of $2.4 million and a working capital deficit of $151.2 million which raises substantial doubt
about the Company’s ability to continue as a going concern. Historically, the Company has incurred losses and has relied on the
Parent to provide financing for its operations.
Subsequent
to the year ended May 31, 2025, the Company renegotiated the majority of its finance leases to extend the duration of the lease agreements,
thus extending finance lease payments through fiscal year 2028. Additionally, after year end and through May 31, 2026, the Company made
finance lease payments of approximately $89.5 million and operating lease payments of $21.0 million. The Company expects positive cash
flows from operations to support its obligations and, in connection with the planned transaction, expects to raise equity funding. Finally,
the Company has the ability to modify the timing of its capital spending and extend its payment terms with vendors, if necessary.
Based
on this analysis, the Company believes that substantial doubt to continue as a going concern has been alleviated. Management believes
these events are sufficient to allow the Company to meet its obligations for at least one year after the date these carve-out financial
statements are issued.
APPLIED
DIGITAL CLOUD CORPORATION AND AFFILIATES
Notes
to the Combined Financial Statements
For
the Fiscal Years Ended May 31, 2025 and May 31, 2024
Recent
Accounting Pronouncements
In
December 2023, the FASB issued ASU 2023-09, Income Taxes (“Topic 740”): Improvements to Income Tax Disclosures. This ASU
is intended to enhance the transparency and decision usefulness of income tax disclosures, primarily related to standardization and disaggregation
of rate reconciliation categories and income taxes paid by jurisdiction. The guidance is effective for fiscal years beginning after December
15, 2024, with early adoption permitted, and can be applied either prospectively or retrospectively. The Company does not expect the
impact of adopting this ASU to be material on its disclosures and plans to adopt this pronouncement beginning with its fiscal year beginning
June 1, 2025.
In
November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures
(Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU is intended to enhance transparency of income statement disclosures
primarily through additional disaggregation of relevant expense captions. The standard is effective for annual reporting periods beginning
after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, with prospective or retrospective
application permitted. The Company is currently evaluating the impact of this ASU on its financial statement presentation and disclosures
and plans to adopt this pronouncement beginning with its fiscal year beginning June 1, 2027.
In
December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270) Narrow-Scope Improvements. which is intended to improve the
navigability of the guidance in ASC 270, Interim Reporting, and clarify when it applies. Under the amendments, an entity is subject to
ASC 270 if it provides interim financial statements and notes in accordance with GAAP. ASU 2025-11 also addresses the form and content
of such financial statements, interim disclosures requirements, and establishes a principle under which an entity must disclose events
since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for interim reporting
periods within annual reporting periods beginning after December 15, 2027, and early adoption is permitted. The Company is currently
evaluating the impact of this ASU on its financial statements and plans to adopt this pronouncement beginning with its fiscal year beginning
June 1, 2028.
In
December 2025, the FASB issued ASU 2025-12, Codification Improvements. The amendments in this update are to make other incremental improvements
to GAAP and facilitate codification updates for a broad range of Topics arising from technical corrections, unintended application of
the codification, clarifications, and other minor improvements. The resulting amendments are collectively referred to as Codification
improvements. ASU 2025-12 is effective for all entities for annual reporting periods beginning after December 15, 2026, and interim reporting
periods within those annual reporting periods. The Company is currently evaluating the impact the adoption of ASU 2025-12 may have on
the Company’s combined financial statements.
In
April 2026, the FASB issued ASU 2026-01, Equity (Topic 505): Initial Measurement of Paid-in-Kind Dividends on Equity-Classified Preferred
Stock, which is intended to provide authoritative guidance on how an issuer should initially measure paid-in-kind dividends on equity-classified
preferred stock. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2026, and interim
reporting periods within those annual reporting periods. Early adoption is permitted in an interim or annual reporting periods in which
financial statements have not yet been issued or made available for issuance. The Company is currently evaluating the impact the adoption
of ASU 2026-01 may have on the Company’s combined financial statements.
APPLIED
DIGITAL CLOUD CORPORATION AND AFFILIATES
Notes
to the Combined Financial Statements
For
the Fiscal Years Ended May 31, 2025 and May 31, 2024
X
- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
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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):
Schedule of Property and Equipment
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.
X
- Definition
The entire disclosure for property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.
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Filename: R9.htm · Sequence: 19
v3.26.1
Revenue from Contracts with Customers
9 Months Ended
12 Months Ended
Feb. 28, 2026
May 31, 2025
Applied Digital Cloud Corporation [Member]
Restructuring Cost and Reserve [Line Items]
Revenue from Contracts with Customers
4. Revenue
from Contracts with Customers
Below
is a summary of the Company’s revenue concentration by major customer for the three and nine months ended February 28, 2026 and
February 28, 2025, respectively.
Schedule of Revenue Concentration
February 28, 2026
February 28, 2025
February 28, 2026
February 28, 2025
Three Months Ended
Nine Months Ended
February 28, 2026
February 28, 2025
February 28, 2026
February 28, 2025
Customer A
100 %
100 %
100 %
73 %
Customer B
— %
— %
— %
27 %
Customer
— %
— %
— %
27 %
Deferred
Revenue
Changes
in the Company’s deferred revenue balances for the nine months ended February 28, 2026 and February 28, 2025, respectively, are
shown in the following table (in thousands):
Schedule
of Deferred Revenue
February 28, 2026
February 28, 2025
Nine Months Ended
February 28, 2026
February 28, 2025
Balance, beginning of period
$ 3,594
$ 31,178
Advance billings
49,765
54,030
Revenue recognized
(53,207 )
(71,313 )
Other adjustments
—
(9,643 )
Balance, end of period
$ 152
$ 4,252
4. Revenue
from Contracts with Customers
Below
is a summary of the Company’s revenue concentration by major customer for the fiscal years ended May 31, 2025 and May 31, 2024:
Schedule
of Revenue Concentration
May
31, 2025
May
31, 2024
Customer A
77 %
29 %
Customer B
23 %
71 %
Customer
23 %
71 %
Deferred
Revenue
Changes
in the Company’s deferred revenue balances for the fiscal years ended May 31, 2025 and May 31, 2024, respectively, are shown in
the following table (in thousands):
Schedule of Deferred Revenue
May
31, 2025
May
31, 2024
Balance, beginning of period
$ 31,178
$ —
Advance billings
66,435
60,135
Revenue recognized
(84,376 )
(28,957 )
Other adjustments(1)
(9,643 )
—
Balance, end of period
$ 3,594
$ 31,178
(1) This
adjustment represents deferred revenue associated with a contract that was cancelled during
the 2024 fiscal year and repaid during the 2025 fiscal year.
X
- Definition
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v3.26.1
Debt
9 Months Ended
12 Months Ended
Feb. 28, 2026
May 31, 2025
Applied Digital Cloud Corporation [Member]
Restructuring Cost and Reserve [Line Items]
Debt
5. Debt
In
the prior fiscal year, the Company entered into two SAFE agreements totaling $12.0 million with an investor (the “Investor”).
Under the terms of the SAFE agreements, the Investor has the right to certain shares of the Company’s preferred stock.
The
SAFE agreements were accounted for in accordance with ASC 480: Distinguishing Liabilities from Equity. Per the SAFE agreements, as the
underlying share class has not been issued yet and as such, equity classification cannot be determined based on redemption rights, these
agreements were classified as liabilities and included in long-term debt at their face value on the Company’s unaudited condensed
combined balance sheets.
5. Debt
In
the first fiscal quarter of 2025, the Company entered into two SAFE agreements totaling $12.0 million with an investor (the “Investor”).
Under the terms of the SAFE agreements, the Investor has the right to certain shares of the Company’s preferred stock.
If
an equity financing transaction is completed by the Company before the termination of the SAFE agreements, the SAFE agreements will automatically
convert into the number of shares of preferred stock equal to the purchase amount divided by the discount price, which will be the lowest
price per share of the preferred stock sold in the equity financing transaction multiplied by the discount rate (90%). If there is a
liquidity event before the termination of the SAFE agreements, the Investor will automatically be entitled to receive a portion of proceeds,
due and payable to the Investor immediately prior to, or concurrent with, the occurrence of such liquidity event, equal to the greater
of (i) the purchase amount or (ii) the amount payable on the number of shares of common stock equal to the purchase amount divided by
the liquidity price (the price per share equal to the fair market value of the common stock at the time of the liquidity event, as determined
by reference to the purchase price payable in connection with such liquidity event, multiplied by the discount rate). If there is a dissolution
event before the termination of the SAFE agreements, the Investor will automatically be entitled to receive a portion of proceeds equal
to the purchase amount, due and payable to the Investor immediately prior to the occurrence of the dissolution event.
APPLIED
DIGITAL CLOUD CORPORATION AND AFFILIATES
Notes
to the Combined Financial Statements
For
the Fiscal Years Ended May 31, 2025 and May 31, 2024
In
a liquidity or dissolution event, the SAFE agreements are intended to operate like standard non-participating preferred stock. The Investor’s
right to receive the purchase amount is junior to payments for outstanding indebtedness and creditor claims, on par with payments for
other SAFE agreements and preferred stock, and senior to payments for common stock. The SAFE agreements will automatically terminate
immediately following the earliest to occur of: (i) the issuance of capital stock to the Investor pursuant to the automatic conversion
of the SAFE agreements; or (ii) the payment, or setting aside for payment, of amounts due the Investor. The Investor shall have the right,
but not the obligation, to purchase up to its Pro Rata Share (the ratio of (i) the purchase amount of the SAFE agreements to (ii) the
aggregate purchase amounts of all SAFE agreements issued by the Company prior to the equity financing transaction) of the securities
issued in the equity financing transaction, on the same terms, conditions and pricing afforded to the other investors participating in
the equity financing transaction.
The
SAFE agreements were accounted for in accordance with ASC 480: Distinguishing Liabilities from Equity. Per the SAFE agreements, as the
underlying share class has not been issued yet and as such, equity classification cannot be determined based on redemption rights, these
agreements were classified as liabilities and included in long-term debt at their face value on the Company’s combined balance
sheets.
X
- Definition
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Filename: R11.htm · Sequence: 21
v3.26.1
Income Taxes
12 Months Ended
May 31, 2025
Applied Digital Cloud Corporation [Member]
Restructuring Cost and Reserve [Line Items]
Income Taxes
6. Income
Taxes
Income
tax expense for the fiscal years ended May 31, 2025 and 2024 consisted of the following (in thousands):
Schedule
of Income Taxes Expenses
May
31, 2025
May
31, 2024
Current expense (benefit)
Federal
$ —
$ —
Foreign
—
—
State
—
—
Total current expense
$ —
—
Deferred expense (benefit)
Federal
$ —
—
Foreign
—
—
State
—
—
Total
deferred (benefit) expense
—
—
Total
income tax (benefit) expense
$ —
$ —
The
following table reconciles the statutory rate to our effective tax rate for the fiscal years ended May 31, 2025 and 2024:
Schedule
of Effective Income Tax
Rate
May
31, 2025
May
31, 2024
Expected income tax rate at the
U.S. statutory rate
21.0 %
21.0 %
Stock-based compensation
0.1 %
4.4 %
State income taxes, net
of federal tax benefit
4.4 %
4.4 %
Change
in valuation allowance
(25.5 )%
(29.8 )%
Effective income tax
rate
— %
— %
APPLIED
DIGITAL CLOUD CORPORATION AND AFFILIATES
Notes
to the Combined Financial Statements
For
the Fiscal Years Ended May 31, 2025 and May 31, 2024
Deferred
income taxes reflect the temporary differences between the amounts at which assets and liabilities are recorded for financial reporting
purposes and the amounts utilized for tax purposes. The primary components of the temporary differences that gave rise to the Company’s
deferred tax assets and liabilities for the fiscal years ended May 31, 2025 and 2024 are as follows (in thousands):
Schedule
of Deferred Tax Assets and Liabilities
May
31, 2025
May
31, 2024
Deferred tax assets
Net operating
loss
$ 43,712
$ 25,252
Lease liability
18,903
32,920
Interest disallowance carryforward
6,800
2,420
Other
(305 )
190
Deferred tax assets, gross
69,110
60,782
Less:
valuation allowance
(41,228 )
(22,726 )
Total deferred tax assets, net
$ 27,882
$ 38,056
Deferred tax liabilities
Property and equipment
$ (4,702 )
$ 527
Right
of use assets
(23,180 )
(38,583 )
Total
deferred tax liability, net
(27,882 )
(38,056 )
Net deferred tax asset
$ —
$ —
The
Company had $172.0
million and $100.0
million of gross federal and state tax net operating loss as of May 31, 2025 and 2024, respectively. At May 31, 2025 and May 31,
2024, $172.0
million and $100.0
million, respectively, are available to offset future income. The federal net operating loss carryforwards are available indefinitely to offset future taxable income. The state
net operating loss carryforwards begin to expire in 2038.
A
valuation allowance is provided when it is more likely than not that some portion or the entire net deferred tax asset will not be realized.
The Company has recorded an increase in the valuation allowance of $18.8 million and $22.4 million as of May 31, 2025 and 2024, respectively.
The Company has provided a valuation allowance for the portion of the deferred tax assets that it has determined are not more likely
than not to be recognized.
The
valuation allowance is primarily attributable to deferred tax assets for net operating losses that management believes are more likely
than not to remain unutilized. The ultimate realization of the deferred tax assets is dependent upon the generation of future taxable
income of the appropriate character (i.e., capital or ordinary) during the period in which the temporary differences become deductible.
Management considers, among other things, the scheduled reversals of deferred tax liabilities and the history of positive taxable income
in evaluating the realizability of the deferred tax assets. Management believes that it is not likely that the results of future operations
will generate sufficient taxable income to realize its deferred tax assets.
The
Company did not have any unrecognized tax benefits for the years ended May 31, 2025 and May 31, 2024. The Company recognizes interest
expense related to unrecognized tax benefits in income tax expense. The Company did not have any interest expense or expense for penalties
related to unrecognized tax benefits for the reported period.
APPLIED
DIGITAL CLOUD CORPORATION AND AFFILIATES
Notes
to the Combined Financial Statements
For
the Fiscal Years Ended May 31, 2025 and May 31, 2024
X
- Definition
The entire disclosure for income tax.
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Filename: R12.htm · Sequence: 22
v3.26.1
Leases
9 Months Ended
12 Months Ended
Feb. 28, 2026
May 31, 2025
Applied Digital Cloud Corporation [Member]
Restructuring Cost and Reserve [Line Items]
Leases
6. Leases
From
time to time, the Company enters into leases for equipment and office space. The Company’s lease agreements do not contain any
material residual value guarantees or material restrictive covenants. The Company presents operating and finance lease right of use assets
and liabilities separately on the unaudited condensed combined balance sheets as their own captions, with the liabilities split between
current and long-term.
During
the nine months ended February 28, 2026, the Company renegotiated the majority of its finance leases to extend the duration of the lease
agreements, thus extending finance lease payments through fiscal year 2028. In accordance with ASC 842, as the modifications were not
separate contracts, the Company reassessed the classification of the leases, noting no change in classification. As such, the Company
reallocated the remaining consideration in the contract and remeasured the lease liability using a discount rate for each of the leases
determined at the effective date of the modification. The Company recognized the amount of the remeasurement of the lease liability for
each of the modified leases as an adjustment to the corresponding right-of-use asset.
Subsequent to February 28, 2026 and through
May 31, 2026, the Company made finance lease payments of approximately $14.6 million and operating lease payments of $5.3 million.
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
Components
of lease expense were as follows (in thousands):
Schedule
of Components of Lease Expense
February 28, 2026
February 28, 2025
February 28, 2026
February 28, 2025
Three Months Ended
Nine Months Ended
February 28, 2026
February 28, 2025
February 28, 2026
February 28, 2025
Operating lease cost:
Operating lease expense
$ 6,078
$ 9,715
$ 18,234
$ 27,250
Short-term lease expense
—
10,129
183
10,129
Total operating lease cost
6,078
19,844
18,417
37,379
Finance lease expense:
Amortization of right-of-use
assets(1)
13,548
13,909
41,945
64,991
Interest on lease liabilities
2,049
4,514
7,889
12,959
Total finance lease cost
15,597
18,423
49,834
77,950
Variable lease cost
520
731
1,953
1,647
Total net lease cost
$ 22,195
$ 38,998
$ 70,204
$ 116,976
(1) Amortization
of right-of-use assets is included within cost of revenues and selling, general and administrative
expense in the unaudited condensed combined statements of operations.
The
following table represents the Company’s future minimum lease payments as of February 28, 2026:
Schedule
of Future Minimum Lease Payments
Operating Leases
Finance Leases
Total
Operating Leases
Finance Leases
Total
FY26
$ 5,293
$ 14,583
$ 19,876
FY27
21,798
51,055
72,853
FY28
22,623
10,967
33,590
FY29
17,152
—
17,152
FY30
3,536
—
3,536
Thereafter
—
—
—
Total lease payments
70,402
76,605
147,007
Less: imputed interest
(7,811 )
(5,330 )
(13,141 )
Total lease liabilities
62,591
71,275
133,866
Less: Current portion of lease liability
(17,606 )
(50,777 )
(68,383 )
Long-term portion of lease liability
$ 44,985
$ 20,498
$ 65,483
Supplemental
cash flow and other information related to leases is as follows:
Schedule
of Supplemental Cash Flow and Other Information Related to Leases
Nine Months Ended
February 28, 2026
February 28, 2025
Weighted-average years remaining (in years):
Operating leases
2.6 years
3.2 years
Finance leases
2.3 years
3.0 years
Weighted-average discount rate:
Operating leases
7.6 %
7.6 %
Finance leases
9.8 %
10.0 %
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
7. Leases
The
Company enters into leases for equipment and office space. The Company’s lease agreements do not contain any material residual
value guarantees or material restrictive covenants. The Company presents operating and finance right of use assets and liabilities separately
on the balance sheets as their own captions, with the liabilities split between current and long-term, respectively.
Components
of lease expense were as follows (in thousands):
Schedule
of Components of Lease Expense
May
31, 2025
May
31, 2024
Operating lease cost:
Operating lease
expense
$ 36,068
$ 16,132
Short-term
lease expense
122
—
Total operating lease cost
36,190
16,132
Finance lease expense:
Amortization of right-of-use
assets(1)
78,724
57,230
Interest
on lease liabilities
16,826
9,457
Total
finance lease cost
95,550
66,687
Total net lease cost
$ 131,740
$ 82,819
(1) Amortization
of right-of-use assets is included within cost of revenues and selling, general and administrative
expense in the combined statements of operations.
The
following table represents the Company’s future minimum lease payments as of May 31, 2025 (in thousands):
Schedule
of Future Minimum Lease Payments
Operating Leases
Finance Leases
Total
Operating
Leases
Finance
Leases
Total
FY26
$ 21,033
$ 140,296
$ 161,329
FY27
21,798
—
21,798
FY28
22,623
—
22,623
FY29
17,152
—
17,152
FY30
3,536
—
3,536
Thereafter
—
—
—
Total lease payments
86,142
140,296
226,438
Less: imputed interest
(11,629 )
(6,889 )
(18,518 )
Total lease liabilities
74,513
133,407
207,920
Less: Current portion
of lease liability
(16,093 )
(133,407 )
(149,500 )
Long-term portion of
lease liability
$ 58,420
$ —
$ 58,420
Supplemental
cash flow and other information related to leases is as follows:
Schedule
of Supplemental Cash Flow and Other Information Related to Leases
Fiscal
Year Ended
May
31, 2025
May
31, 2024
Weighted-average years remaining (in years):
Finance leases
3.0
years
3.9
years
Operating leases
3.3
years
3.3
years
Weighted-average discount rate:
Finance leases
10.2 %
10.4 %
Operating leases
7.6 %
8.1 %
APPLIED
DIGITAL CLOUD CORPORATION AND AFFILIATES
Notes
to the Combined Financial Statements
For
the Fiscal Years Ended May 31, 2025 and May 31, 2024
X
- Definition
The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.
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v3.26.1
Related Party Transactions
9 Months Ended
12 Months Ended
Feb. 28, 2026
May 31, 2025
Applied Digital Cloud Corporation [Member]
Restructuring Cost and Reserve [Line Items]
Related Party Transactions
7. Related
Party Transactions
The
Company has not historically operated as a standalone business and the unaudited condensed combined financial statements are derived
from the consolidated financial statements and accounting records of the Parent. The following disclosure summarizes activity between
the Company and the Parent, including the affiliates of the Parent that are not part of the Proposed Transaction.
Cost
allocations from Parent
The
Parent provides shared services, utilizes cash pooling in situations where the Parent pays for an expense associated with the Company.
Shared services consist, but are not limited to, financing, payroll, stock-based compensation, and other expenses that are either specifically
identifiable or clearly applicable to the Company. These expenses have been allocated to the Company on the basis of direct usage when
identifiable, with the remainder allocated on a pro rata basis using an applicable measure of headcount or other allocation methodologies
considered to be a reasonable reflection of the utilization of services provided or the benefit received by the Company during the periods
presented. Management considers that such allocations have been made on a reasonable basis; however, these allocations may not be indicative
of the actual expense that would have been incurred had the Company operated as an independent, stand-alone public entity.
Schedule of Cost Allocations From Parent
February 28, 2026
February 28, 2025
February 28, 2026
February 28, 2025
Three Months Ended
Nine Months Ended
February 28, 2026
February 28, 2025
February 28, 2026
February 28, 2025
Cost of revenues
$ 246
$ 706
$ 854
$ 2,181
Selling, general and administrative
—
—
—
(1,894 )
Total costs and expenses
$ 246
$ 706
$ 854
$ 287
Net
Parent Investment
Net
transfers to Parent are included within Parent company net investment on the unaudited condensed combined statements of changes in parent
company net investment and represent the net effect of transactions between the Company and the Parent. The components of Parent company
net investment activity are as follows:
Schedule of Components of Parent Company Net Investment Activity
February 28, 2026
February 28, 2025
Nine Months Ended
February 28, 2026
February 28, 2025
Cash pooling and general financing activities
$ (22,279 )
$ (9,660 )
Corporate overhead and other allocations
6,068
94,000
Net transfers from the Parent as reflected in the Condensed Combined Statements of Cash Flows (unaudited)
(16,211 )
84,340
Stock-based compensation expense
243
(1,529 )
Net assets contributed by (distributed to) Parent
74,991
8,376
Net transfers from the Parent as reflected in the Condensed Combined Statements of Changes in Parent Company Net Investment (unaudited)
$ 59,023
$ 91,187
These
transactions will not be settled in cash and therefore have been reflected in the unaudited condensed combined balance sheets as Parent
company net investment.
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
8. Related
Party Transactions
The
Company has not historically operated as a standalone business and the combined financial statements are derived from the consolidated
financial statements and accounting records of the Parent. The following disclosure summarizes activity between the Company and the Parent,
including the affiliates of the Parent that are not part of the Proposed Transaction.
Cost
allocations from Parent
The
Parent provides shared services, utilizes cash pooling in situations where the Parent pays for an expense associated with the Company.
Shared services consist, but are not limited to, financing, payroll, stock-based compensation, and other expenses that are either specifically
identifiable or clearly applicable to the Company. These expenses have been allocated to the Company on the basis of direct usage when
identifiable, with the remainder allocated on a pro rata basis using an applicable measure of headcount or other allocation methodologies
considered to be a reasonable reflection of the utilization of services provided or the benefit received by the Company during the periods
presented. Management considers that such allocations have been made on a reasonable basis; however, these allocations may not be indicative
of the actual expense that would have been incurred had the Company operated as an independent, stand-alone public entity.
Schedule
of Cost Allocations From Parent
May
31, 2025
May
31, 2024
Fiscal
Year Ended
May
31, 2025
May
31, 2024
Cost of revenues
$ 2,772
$ 1,891
Selling, general and administrative
(1,894 )
9,734
Total costs and expenses
$ 878
$ 11,625
Net
transactions from Parent
Net
transfers to Parent are included within Net transactions from parent company on the combined statements of changes in parent company
net investment and represent the net effect of transactions between the Company and the Parent. The components of Parent company net
investment activity are as follows:
Schedule
of Components of Parent Company Net Investment Activity
May
31, 2025
May
31, 2024
Fiscal
Year Ended
May
31, 2025
May
31, 2024
Cash pooling and general financing
activities
$ 27,422
$ (16,974 )
Corporate overhead and
other allocations
86,317
69,639
Net
transfers from the Parent as reflected in the Combined Statements of Cash Flows
113,739
52,665
Stock-based compensation expense
(1,463 )
10,135
Net assets (distributed
to) contributed by Parent
(1,186 )
50,064
Net
transfers from the Parent as reflected in the Combined Statements of Changes in Parent Company Net Investment
$ 111,090
$ 112,864
These
transactions will not be settled in cash and therefore have been reflected in the combined balance sheets as Parent company net investment.
APPLIED
DIGITAL CLOUD CORPORATION AND AFFILIATES
Notes
to the Combined Financial Statements
For
the Fiscal Years Ended May 31, 2025 and May 31, 2024
X
- Definition
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v3.26.1
Business Segments
9 Months Ended
12 Months Ended
Feb. 28, 2026
May 31, 2025
Applied Digital Cloud Corporation [Member]
Restructuring Cost and Reserve [Line Items]
Business Segments
8. Business
Segments
The
Company is currently organized and operates as one operating and reportable segment on a consolidated basis. The Company’s chief
executive officer, who is its chief operating decision maker (“CODM”), evaluates the performance of the Company’s operating
segment based on revenue and profit (loss) and is not provided with information regarding total assets by segment.
The
following tables presents reco nciliation to net loss before income tax expense (in thousands):
Schedule
of Reconciliation to Net Loss Before Income Tax Expense
February 28, 2026
February 28, 2025
February 28, 2026
February 28, 2025
Three Months Ended
Nine Months Ended
February 28, 2026
February 28, 2025
February 28, 2026
February 28, 2025
Revenue
$ 18,087
$ 17,754
$ 53,207
$ 71,313
Less:
Depreciation and amortization costs
15,191
14,404
44,641
66,355
Lease and related costs
6,598
20,574
20,370
39,025
Adjusted cost of revenues (1)
2,920
2,810
7,989
8,856
Adjusted selling, general and administrative (1)
3,860
281
4,529
(988 )
Loss on abandonment of assets
107
—
598
—
Gain on abandonment of assets
Total operating expenses
28,676
38,069
78,127
113,248
Operating loss
(10,589 )
(20,315 )
(24,920 )
(41,935 )
Interest expense, net
2,058
4,541
7,897
13,444
Net loss before income tax expense
$ (12,647 )
$ (24,856 )
$ (32,817 )
$ (55,379 )
(1) Excludes depreciation
and amortization costs and lease and related costs.
9. Business
Segments
The
Company is currently organized and operates as one operating and reportable segment on a consolidated basis. The Company’s chief
executive officer, who is its chief operating decision maker (“CODM”), evaluates the performance of the Company’s operating
segment based on revenue and profit (loss), and is not provided with information regarding total assets by segment.
The
following table presents a reconciliation to net loss before income tax expense (in thousands):
Schedule
of Reconciliation to Net Loss Before Income Tax Expense
May
31, 2025
May
31, 2024
Fiscal
Year Ended
May
31, 2025
May
31, 2024
Revenue
$ 84,376
$ 28,957
Less:
Depreciation and amortization
costs
80,656
57,884
Lease and related costs
38,567
18,727
Adjusted
cost of revenues (1)
11,901
5,021
Adjusted
selling, general and administrative (1)
8,997
12,811
Gain
on abandonment of assets
(414 )
—
Total
operating expenses
139,707
94,443
Operating loss
(55,331 )
(65,486 )
Interest expense, net
17,399
9,809
Net
loss before income tax expense
$ (72,730 )
$ (75,295 )
(1) Excludes
depreciation and amortization costs and lease and related costs.
X
- Definition
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v3.26.1
Subsequent Events
9 Months Ended
12 Months Ended
Feb. 28, 2026
May 31, 2025
Applied Digital Cloud Corporation [Member]
Restructuring Cost and Reserve [Line Items]
Subsequent Events
9. Subsequent
Events
The Company has evaluated events that occurred after
the balance sheet date and through the date of the financial statements were issued. The Company concluded that no subsequent events
occurred during this period that would require recognition in the unaudited condensed combined financial statements or disclosure in the
notes thereto, except as described below.
On
May 5, 2026 (the “Closing Date”), Ekso Bionics Holdings, Inc., a Nevada corporation (“Ekso”), consummated the
previously announced business combination transaction (the “Business Combination”) contemplated by that certain Contribution
and Exchange Agreement (the “Contribution and Exchange Agreement”), dated February 15, 2026, by and among the Ekso, APLD
Intermediate HoldCo LLC, a Delaware limited liability company (“APLD Intermediate”), APLD ChronoScale HoldCo LLC, a Delaware
limited liability company and a wholly owned subsidiary of APLD Intermediate (“Contributor”), each a wholly owned direct
or indirect subsidiary of Applied Digital Parent, and Cloud, a wholly owned indirect subsidiary of Applied Parent and a direct subsidiary
of Contributor as of immediately prior to Closing (as defined below). Upon the Closing, the Company changed its name to “ChronoScale
Corporation” and Cloud became a wholly owned subsidiary of the Company. Unless the context otherwise requires, references to the
“Company” refer to Ekso Bionics Holdings, Inc. prior to the Closing and ChronoScale Corporation following the Closing.
In
connection with, and as a condition to Closing of the Business Combination, on May 1, 2026, the Company entered into the Securities Purchase
Agreement with Applied Parent, pursuant to which the Company agreed to sell and issue to Applied Parent 1,311,407 shares of Common Stock
(the “Private Placement Shares”). The Private Placement Shares were sold at an offering price of $12.01 per share, the closing
price of the Common Stock on April 30, 2026, the date immediately preceding the date of execution of the Securities Purchase Agreement,
for gross proceeds of approximately $15.8 million. The closing of the transaction pursuant to the Securities Purchase Agreement took
place on May 5, 2026 immediately prior to the Closing.
On June 2, 2026, Applied
Parent paid off all amounts outstanding under the SAFE agreements in an amount of $13.3 million following agreement with the investor.
10. Subsequent
Events
The
Company has evaluated events that occurred after the balance sheet date and through the date the financial statements were
issued. The Company concluded that no subsequent events occurred during this period
that would require recognition in the combined financial statements or disclosure in the notes thereto, except as described below.
On
May 5, 2026 (the “Closing Date”), Ekso Bionics Holdings, Inc., a Nevada corporation (“Ekso”), consummated the
previously announced business combination transaction (the “Business Combination”) contemplated by that certain Contribution
and Exchange Agreement (the “Contribution and Exchange Agreement”), dated February 15, 2026, by and among the Ekso, APLD
Intermediate HoldCo LLC, a Delaware limited liability company (“APLD Intermediate”), APLD ChronoScale HoldCo LLC, a Delaware
limited liability company and a wholly owned subsidiary of APLD Intermediate (“Contributor”), each a wholly owned direct
or indirect subsidiary of Applied Digital Parent, and Cloud, a wholly owned indirect subsidiary of Applied Parent and a direct subsidiary
of Contributor as of immediately prior to Closing (as defined below). Upon the Closing, the Company changed its name to “ChronoScale
Corporation” and Cloud became a wholly owned subsidiary of the Company. Unless the context otherwise requires, references to the
“Company” refer to Ekso Bionics Holdings, Inc. prior to the Closing and ChronoScale Corporation following the Closing.
In
connection with, and as a condition to Closing of the Business Combination, on May 1, 2026, the Company entered into the Securities Purchase
Agreement with Applied Parent, pursuant to which the Company agreed to sell and issue to Applied Parent 1,311,407 shares of Common Stock
(the “Private Placement Shares”). The Private Placement Shares were sold at an offering price of $12.01 per share, the closing
price of the Common Stock on April 30, 2026, the date immediately preceding the date of execution of the Securities Purchase Agreement,
for gross proceeds of approximately $15.8 million. The closing of the transaction pursuant to the Securities Purchase Agreement took
place on May 5, 2026 immediately prior to the Closing.
Also,
subsequent to the year ended May 31, 2025, the Company renegotiated the majority of its finance leases to extend the duration of the
lease agreements, thus extending finance lease payments through fiscal year 2028. Additionally, after year end and through May 31, 2026,
the Company made finance lease payments of approximately $89.5 million and operating lease payments of $21.0 million.
X
- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
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v3.26.1
Significant Accounting Policies (Policies) - Applied Digital Cloud Corporation [Member]
9 Months Ended
12 Months Ended
Feb. 28, 2026
May 31, 2025
Restructuring Cost and Reserve [Line Items]
Use of Estimates
Use
of Estimates
The
preparation of unaudited condensed combined financial statements in conformity with GAAP requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance
sheets and the reported amounts of revenue and expenses during the reporting periods. On an on-going basis, the Company evaluates the
estimates, including those related to allocations from parent such as payroll expense and stock-based compensation expense. Although
these estimates are based on historical facts and various other assumptions that the Company believes are reasonable, actual results
could differ from those estimates.
Use
of Estimates
The
preparation of combined financial statements in conformity with GAAP requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet and
the reported amounts of revenue and expenses during the reporting periods. On an on-going basis, the Company evaluates the estimates,
including those related to allocations from parent such as payroll expense and stock-based compensation expense. Although these estimates
are based on historical facts and various other assumptions that the Company believes are reasonable, actual results could differ from
those estimates.
Allocations From Parent
Allocations
From Parent
The
unaudited condensed combined financial statements include expense allocations prior to the carve-out for certain expenses provided by
the Parent on a centralized basis, including, but not limited to, financing, payroll, stock-based compensation, and other expenses that
are either specifically identifiable or clearly applicable to the Company. These expenses have been allocated to the Company on the basis
of direct usage when identifiable, with the remainder allocated on a pro rata basis using an applicable measure of headcount or other
allocation methodologies that are considered to be a reasonable reflection of the utilization of services provided or the benefit received
by the Company during the periods presented. Management considers that such allocations have been made on a reasonable basis; however,
these allocations may not be indicative of the actual expense that would have been incurred had the Company operated as an independent,
stand-alone public entity.
Allocations
From Parent
The
combined financial statements include expense allocations prior to the carve-out for certain expenses provided by the Parent on a centralized
basis, including, but not limited to, financing, payroll, stock-based compensation, and other expenses that are either specifically identifiable
or clearly applicable to the Company. These expenses have been allocated to the Company on the basis of direct usage when identifiable,
with the remainder allocated on a pro rata basis using an applicable measure of headcount or other allocation methodologies that are
considered to be a reasonable reflection of the utilization of services provided or the benefit received by the Company during the periods
presented. Management considers that such allocations have been made on a reasonable basis; however, these allocations may not be indicative
of the actual expense that would have been incurred had the Company operated as an independent, stand-alone public entity.
Revenue Recognition
Revenue
Recognition
The
Company recognizes revenue in accordance with Accounting Standards Codification 606, Revenue from Contracts with Customers.
The
Company provides managed cloud infrastructure services to customers, such as artificial intelligence and machine learning developers,
to help develop their advanced products. Customers pay a fixed rate to the Company in exchange for managed cloud services supported by
Company-provided equipment. Revenues are recognized based on the fixed rate, net of any credits for non-performance, over the term of
the agreements.
Revenue
Recognition
The
Company recognizes revenue in accordance with Accounting Standards Codification 606, Revenue from Contracts with Customers.
The
Company provides managed cloud infrastructure services to customers, such as artificial intelligence and machine learning developers,
to help develop their advanced products. Customers pay a fixed rate to the Company in exchange for managed cloud services supported by
Company-provided equipment. Revenues are recognized based on the fixed rate, net of any credits for non-performance, over the term of
the agreements.
Accounts Receivable
Accounts
Receivable
Accounts
receivable are primarily comprised of billed and unbilled receivables for which the Company has an unconditional right to consideration
and the performance obligations have been satisfied. The Company recognizes an allowance for the remaining lifetime expected credit losses
based on management’s expectation of collectability. The Company bases its estimate on multiple factors, including historical experience
with bad debts, our relationship with our customers and their credit quality, the aging of respective asset balances, current macroeconomic
conditions and management’s expectations of conditions in the future. The Company writes off accounts receivable in the period
when the likelihood of collection of a balance is considered remote.
Accounts
Receivable
Accounts
receivable are primarily comprised of billed and unbilled receivables for which the Company has an unconditional right to consideration
and the performance obligations have been satisfied. The Company recognizes an allowance for the remaining lifetime expected credit losses
based on management’s expectation of collectability. The Company bases its estimate on multiple factors, including historical experience
with bad debts, our relationship with our customers and their credit quality, the aging of respective asset balances, current macroeconomic
conditions and management’s expectations of conditions in the future. The Company writes off accounts receivable in the period
when the likelihood of collection of a balance is considered remote.
APPLIED
DIGITAL CLOUD CORPORATION AND AFFILIATES
Notes
to the Combined Financial Statements
For
the Fiscal Years Ended May 31, 2025 and May 31, 2024
Segments
Segments
For
the nine months ended February 28, 2026 and February 28, 2025, the Company has identified one operating segment, which has also been
determined to be the Company’s primary reportable business segment. Operating segments are defined as components of an enterprise
for which separate financial information is available and is evaluated regularly by the Chief Operating Decision Maker (CODM), which
is the Company’s Chief Executive Officer. The Company’s CODM evaluates performance and makes operating decisions primarily
based on revenue and profit (loss).
Segments
For
the years ended May 31, 2025 and May 31, 2024, the Company has identified one operating segment, which has also been determined to be
the Company’s primary reportable business segment. Operating segments are defined as components of an enterprise for which separate
financial information is available and is evaluated regularly by the Chief Operating Decision Maker (CODM), which is the Company’s
Chief Executive Officer. The Company’s CODM evaluates performance and makes operating decisions primarily based on revenue and
profit (loss).
Property and Equipment
Property
and Equipment
Property
and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated
useful lives of the assets (see “Note 3 - Property and Equipment”). Once an asset is identified for retirement or disposition,
the related cost and accumulated depreciation or amortization are removed, and a gain or loss is included in earnings. Depreciation expense
includes the amortization of assets recorded in association with our leases. Leasehold improvements and assets recorded in association
with our leases are amortized over the shorter of the expected lease term or the estimated useful life of the asset. Construction in
progress represents assets received but not placed into service as of May 31, 2025 and May 31, 2024.
Impairment or Disposal of Long-Lived Assets
Impairment
or Disposal of Long-Lived Assets
Our
long-lived assets are reviewed for impairment on an annual basis or whenever events or changes in circumstances indicate that the carrying
value of the asset may not be recoverable. We also evaluate the period of depreciation and amortization of long-lived assets to determine
whether events or circumstances warrant revised estimates of useful lives. When indicators of impairment are present, we determine the
recoverability of our long-lived assets by comparing the carrying value of our long-lived assets to future undiscounted net cash flows
expected to result from the use of the assets and their eventual disposition. If the estimated future undiscounted cash flows demonstrate
the long-lived assets are not recoverable, an impairment loss would be calculated based on the excess of the carrying amounts of the
long-lived assets over their fair value. The Company’s estimates of fair values are based on the best information available and
require the use of estimates, judgments, and projections.
Lease Accounting
Lease
Accounting
The
Company determines whether an arrangement contains a lease at the inception of the arrangement. The Company leases office space under
operating leases and equipment under finance leases. If a lease is determined to exist, the term of such lease is assessed based on the
commencement date, which is the date on which the underlying asset is made available for the Company’s use by the lessor. For leases
with renewal periods or early terminations at the Company’s option, the Company determines the expected lease term based on whether
the exercise of any renewal option or early termination is reasonably certain at the inception of the lease.
At
the commencement date of a lease, we recognize a right-of-use asset representing our right to use the underlying asset during the lease
term and a lease liability for the present value of the future lease payments. As most leases do not provide an implicit rate, the Company
uses its incremental borrowing rate based on the information available on the commencement date in determining the present value of lease
payments.
For
operating leases, we recognize fixed lease expense on a straight-line basis over the lease term. For finance leases, we recognize amortization
expense on the right-of-use asset and interest expense on the lease liability over the lease term. Variable lease costs are recognized
as incurred. Assets and liabilities related to finance leases are presented separately from those relating to operating leases on our
combined balance sheets. We do not record lease contracts with a term of 12 months or less on our combined balance sheets. We have also
elected for all leases to not separate lease and non-lease components.
APPLIED
DIGITAL CLOUD CORPORATION AND AFFILIATES
Notes
to the Combined Financial Statements
For
the Fiscal Years Ended May 31, 2025 and May 31, 2024
Income Taxes
Income
Taxes
Income
tax amounts in the combined financial statements have been calculated on a separate return method and presented as if operations were
separate taxpayers in the respective jurisdictions. Income taxes are accounted for under the asset and liability method. Under this method,
deferred tax assets and liabilities are recognized based on the future tax consequences attributable to differences that exist between
the financial statement carrying amounts of assets and liabilities and their respective tax bases, as well as tax attributes such as
net operating loss, capital loss and tax credits carryforwards on a taxing jurisdiction basis. Deferred tax assets and liabilities are
measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to
be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period
that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts that
are expected, more likely than not, to be realized in the future. A tax benefit from an uncertain income tax position may be recognized
in the financial statements only if it is more likely than not that the position is sustainable, based solely on its technical merits
and consideration of the relevant taxing authority’s widely understood administrative practices and precedents. Recognized income
tax positions are measured at the largest amount that has a greater than 50% likelihood of being realized. Any subsequent changes in
recognition or measurement are reflected in the period in which the change in judgment occurs.
ASC
Topic 740, Income Taxes, (“ASC 740”), clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s
financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement
of a tax position taken or expected to be taken in a tax return. The benefit of a tax position is recognized in the financial statements
in the period during which, based on all available evidence, management believes it is more likely than not that the position will be
sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or
aggregated with other positions.
ASC
740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim period, disclosure, and transition.
The
Company’s policy for recording interest and penalties associated with unrecognized tax benefits is to record such interest and
penalties as components of income tax expense.
Based
on the Company’s evaluation, it has been concluded that there are no significant uncertain tax positions requiring recognition
in the Company’s combined financial statements.
For
further information on income taxes, see “Note 6 - Income Taxes” below.
Liquidity
Liquidity
As
of February 28, 2026, the Company had cash of $0.1 million and a working capital deficit of $64.8 million which raised substantial doubt
about the Company’s ability to continue as a going concern. Historically, the Company has incurred losses and has relied on the
Parent to provide financing for its operations.
The
Company expects positive cash flows from operations to support its obligations and, in connection with the Business Combination raised
approximately $15.8 million equity funding. Finally, the Company has the ability to modify the timing of its capital spending and extend
its payment terms with vendors, if necessary.
Based
on this analysis, the Company believes that substantial doubt to continue as a going concern has been alleviated. Management believes
these events are sufficient to allow the Company to meet its obligations for at least one year after the date these carve-out financial
statements are issued.
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
Liquidity
As
of May 31, 2025, the Company had cash of $2.4 million and a working capital deficit of $151.2 million which raises substantial doubt
about the Company’s ability to continue as a going concern. Historically, the Company has incurred losses and has relied on the
Parent to provide financing for its operations.
Subsequent
to the year ended May 31, 2025, the Company renegotiated the majority of its finance leases to extend the duration of the lease agreements,
thus extending finance lease payments through fiscal year 2028. Additionally, after year end and through May 31, 2026, the Company made
finance lease payments of approximately $89.5 million and operating lease payments of $21.0 million. The Company expects positive cash
flows from operations to support its obligations and, in connection with the planned transaction, expects to raise equity funding. Finally,
the Company has the ability to modify the timing of its capital spending and extend its payment terms with vendors, if necessary.
Based
on this analysis, the Company believes that substantial doubt to continue as a going concern has been alleviated. Management believes
these events are sufficient to allow the Company to meet its obligations for at least one year after the date these carve-out financial
statements are issued.
APPLIED
DIGITAL CLOUD CORPORATION AND AFFILIATES
Notes
to the Combined Financial Statements
For
the Fiscal Years Ended May 31, 2025 and May 31, 2024
Recent Accounting Pronouncements
Recent
Accounting Pronouncements
In
December 2023, the FASB issued ASU 2023-09, Income Taxes (“Topic 740”): Improvements to Income Tax Disclosures. This ASU
is intended to enhance the transparency and decision usefulness of income tax disclosures, primarily related to standardization and disaggregation
of rate reconciliation categories and income taxes paid by jurisdiction. The guidance is effective for fiscal years beginning after December
15, 2024, with early adoption permitted, and can be applied either prospectively or retrospectively. The Company has adopted this ASU
for the fiscal year beginning June 1, 2025 and will present updated disclosures in its fiscal year ended May 31, 2026 financial statements.
In
November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures
(Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU is intended to enhance transparency of income statement disclosures
primarily through additional disaggregation of relevant expense captions. In January 2025, the FASB issued ASU No. 2025-01, which revises
the effective date of ASU No. 2024-03, to clarify that all public business entities are required to adopt the guidance in annual reporting
periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, with
early adoption permitted. The ASU allows prospective or retrospective application. The Company is currently evaluating the impact of
this ASU on its financial statement presentation and disclosures and plans to adopt this pronouncement beginning with its fiscal year
beginning June 1, 2027.
In
December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270) Narrow-Scope Improvements. which is intended to improve the
navigability of the guidance in ASC 270, Interim Reporting, and clarify when it applies. Under the amendments, an entity is subject to
ASC 270 if it provides interim financial statements and notes in accordance with GAAP. ASU 2025-11 also addresses the form and content
of such financial statements, interim disclosures requirements, and establishes a principle under which an entity must disclose events
since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for interim reporting
periods within annual reporting periods beginning after December 15, 2027, and early adoption is permitted. The Company is currently
evaluating the impact of this ASU on its financial statements and plans to adopt this pronouncement beginning with its fiscal year beginning
June 1, 2028.
In
December 2025, the FASB issued ASU 2025-12, Codification Improvements. The amendments in this update are to make other incremental improvements
to GAAP and facilitate codification updates for a broad range of Topics arising from technical corrections, unintended application of
the codification, clarifications, and other minor improvements. The resulting amendments are collectively referred to as Codification
improvements. ASU 2025-12 is effective for all entities for annual reporting periods beginning after December 15, 2026, and interim reporting
periods within those annual reporting periods. The Company is currently evaluating the impact the adoption of ASU 2025-12 may have on
the Company’s condensed combined financial statements.
Recent
Accounting Pronouncements
In
December 2023, the FASB issued ASU 2023-09, Income Taxes (“Topic 740”): Improvements to Income Tax Disclosures. This ASU
is intended to enhance the transparency and decision usefulness of income tax disclosures, primarily related to standardization and disaggregation
of rate reconciliation categories and income taxes paid by jurisdiction. The guidance is effective for fiscal years beginning after December
15, 2024, with early adoption permitted, and can be applied either prospectively or retrospectively. The Company does not expect the
impact of adopting this ASU to be material on its disclosures and plans to adopt this pronouncement beginning with its fiscal year beginning
June 1, 2025.
In
November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures
(Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU is intended to enhance transparency of income statement disclosures
primarily through additional disaggregation of relevant expense captions. The standard is effective for annual reporting periods beginning
after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, with prospective or retrospective
application permitted. The Company is currently evaluating the impact of this ASU on its financial statement presentation and disclosures
and plans to adopt this pronouncement beginning with its fiscal year beginning June 1, 2027.
In
December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270) Narrow-Scope Improvements. which is intended to improve the
navigability of the guidance in ASC 270, Interim Reporting, and clarify when it applies. Under the amendments, an entity is subject to
ASC 270 if it provides interim financial statements and notes in accordance with GAAP. ASU 2025-11 also addresses the form and content
of such financial statements, interim disclosures requirements, and establishes a principle under which an entity must disclose events
since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for interim reporting
periods within annual reporting periods beginning after December 15, 2027, and early adoption is permitted. The Company is currently
evaluating the impact of this ASU on its financial statements and plans to adopt this pronouncement beginning with its fiscal year beginning
June 1, 2028.
In
December 2025, the FASB issued ASU 2025-12, Codification Improvements. The amendments in this update are to make other incremental improvements
to GAAP and facilitate codification updates for a broad range of Topics arising from technical corrections, unintended application of
the codification, clarifications, and other minor improvements. The resulting amendments are collectively referred to as Codification
improvements. ASU 2025-12 is effective for all entities for annual reporting periods beginning after December 15, 2026, and interim reporting
periods within those annual reporting periods. The Company is currently evaluating the impact the adoption of ASU 2025-12 may have on
the Company’s combined financial statements.
In
April 2026, the FASB issued ASU 2026-01, Equity (Topic 505): Initial Measurement of Paid-in-Kind Dividends on Equity-Classified Preferred
Stock, which is intended to provide authoritative guidance on how an issuer should initially measure paid-in-kind dividends on equity-classified
preferred stock. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2026, and interim
reporting periods within those annual reporting periods. Early adoption is permitted in an interim or annual reporting periods in which
financial statements have not yet been issued or made available for issuance. The Company is currently evaluating the impact the adoption
of ASU 2026-01 may have on the Company’s combined financial statements.
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Filename: R17.htm · Sequence: 27
v3.26.1
Property and Equipment (Tables)
9 Months Ended
12 Months Ended
Feb. 28, 2026
May 31, 2025
Applied Digital Cloud Corporation [Member]
Restructuring Cost and Reserve [Line Items]
Schedule of Property and Equipment
Property
and equipment consisted of the following as of February 28, 2026 and May 31, 2025 (in thousands):
Schedule of Property and Equipment
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
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
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v3.26.1
Revenue from Contracts with Customers (Tables) - Applied Digital Cloud Corporation [Member]
9 Months Ended
12 Months Ended
Feb. 28, 2026
May 31, 2025
Restructuring Cost and Reserve [Line Items]
Schedule of Revenue Concentration
Below
is a summary of the Company’s revenue concentration by major customer for the three and nine months ended February 28, 2026 and
February 28, 2025, respectively.
Schedule of Revenue Concentration
February 28, 2026
February 28, 2025
February 28, 2026
February 28, 2025
Three Months Ended
Nine Months Ended
February 28, 2026
February 28, 2025
February 28, 2026
February 28, 2025
Customer A
100 %
100 %
100 %
73 %
Customer B
— %
— %
— %
27 %
Customer
— %
— %
— %
27 %
Below
is a summary of the Company’s revenue concentration by major customer for the fiscal years ended May 31, 2025 and May 31, 2024:
Schedule
of Revenue Concentration
May
31, 2025
May
31, 2024
Customer A
77 %
29 %
Customer B
23 %
71 %
Customer
23 %
71 %
Schedule of Deferred Revenue
Changes
in the Company’s deferred revenue balances for the nine months ended February 28, 2026 and February 28, 2025, respectively, are
shown in the following table (in thousands):
Schedule
of Deferred Revenue
February 28, 2026
February 28, 2025
Nine Months Ended
February 28, 2026
February 28, 2025
Balance, beginning of period
$ 3,594
$ 31,178
Advance billings
49,765
54,030
Revenue recognized
(53,207 )
(71,313 )
Other adjustments
—
(9,643 )
Balance, end of period
$ 152
$ 4,252
Changes
in the Company’s deferred revenue balances for the fiscal years ended May 31, 2025 and May 31, 2024, respectively, are shown in
the following table (in thousands):
Schedule of Deferred Revenue
May
31, 2025
May
31, 2024
Balance, beginning of period
$ 31,178
$ —
Advance billings
66,435
60,135
Revenue recognized
(84,376 )
(28,957 )
Other adjustments(1)
(9,643 )
—
Balance, end of period
$ 3,594
$ 31,178
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v3.26.1
Income Taxes (Tables) - Applied Digital Cloud Corporation [Member]
12 Months Ended
May 31, 2025
Restructuring Cost and Reserve [Line Items]
Schedule of Income Taxes Expenses
Income
tax expense for the fiscal years ended May 31, 2025 and 2024 consisted of the following (in thousands):
Schedule
of Income Taxes Expenses
May
31, 2025
May
31, 2024
Current expense (benefit)
Federal
$ —
$ —
Foreign
—
—
State
—
—
Total current expense
$ —
—
Deferred expense (benefit)
Federal
$ —
—
Foreign
—
—
State
—
—
Total
deferred (benefit) expense
—
—
Total
income tax (benefit) expense
$ —
$ —
Schedule of Effective Income Tax Rate
The
following table reconciles the statutory rate to our effective tax rate for the fiscal years ended May 31, 2025 and 2024:
Schedule
of Effective Income Tax
Rate
May
31, 2025
May
31, 2024
Expected income tax rate at the
U.S. statutory rate
21.0 %
21.0 %
Stock-based compensation
0.1 %
4.4 %
State income taxes, net
of federal tax benefit
4.4 %
4.4 %
Change
in valuation allowance
(25.5 )%
(29.8 )%
Effective income tax
rate
— %
— %
Schedule of Deferred Tax Assets and Liabilities
Schedule
of Deferred Tax Assets and Liabilities
May
31, 2025
May
31, 2024
Deferred tax assets
Net operating
loss
$ 43,712
$ 25,252
Lease liability
18,903
32,920
Interest disallowance carryforward
6,800
2,420
Other
(305 )
190
Deferred tax assets, gross
69,110
60,782
Less:
valuation allowance
(41,228 )
(22,726 )
Total deferred tax assets, net
$ 27,882
$ 38,056
Deferred tax liabilities
Property and equipment
$ (4,702 )
$ 527
Right
of use assets
(23,180 )
(38,583 )
Total
deferred tax liability, net
(27,882 )
(38,056 )
Net deferred tax asset
$ —
$ —
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v3.26.1
Leases (Tables) - Applied Digital Cloud Corporation [Member]
9 Months Ended
12 Months Ended
Feb. 28, 2026
May 31, 2025
Restructuring Cost and Reserve [Line Items]
Schedule of Components of Lease Expense
Components
of lease expense were as follows (in thousands):
Schedule
of Components of Lease Expense
February 28, 2026
February 28, 2025
February 28, 2026
February 28, 2025
Three Months Ended
Nine Months Ended
February 28, 2026
February 28, 2025
February 28, 2026
February 28, 2025
Operating lease cost:
Operating lease expense
$ 6,078
$ 9,715
$ 18,234
$ 27,250
Short-term lease expense
—
10,129
183
10,129
Total operating lease cost
6,078
19,844
18,417
37,379
Finance lease expense:
Amortization of right-of-use
assets(1)
13,548
13,909
41,945
64,991
Interest on lease liabilities
2,049
4,514
7,889
12,959
Total finance lease cost
15,597
18,423
49,834
77,950
Variable lease cost
520
731
1,953
1,647
Total net lease cost
$ 22,195
$ 38,998
$ 70,204
$ 116,976
(1) Amortization
of right-of-use assets is included within cost of revenues and selling, general and administrative
expense in the unaudited condensed combined statements of operations.
Components
of lease expense were as follows (in thousands):
Schedule
of Components of Lease Expense
May
31, 2025
May
31, 2024
Operating lease cost:
Operating lease
expense
$ 36,068
$ 16,132
Short-term
lease expense
122
—
Total operating lease cost
36,190
16,132
Finance lease expense:
Amortization of right-of-use
assets(1)
78,724
57,230
Interest
on lease liabilities
16,826
9,457
Total
finance lease cost
95,550
66,687
Total net lease cost
$ 131,740
$ 82,819
(1) Amortization
of right-of-use assets is included within cost of revenues and selling, general and administrative
expense in the combined statements of operations.
Schedule of Future Minimum Lease Payments
The
following table represents the Company’s future minimum lease payments as of February 28, 2026:
Schedule
of Future Minimum Lease Payments
Operating Leases
Finance Leases
Total
Operating Leases
Finance Leases
Total
FY26
$ 5,293
$ 14,583
$ 19,876
FY27
21,798
51,055
72,853
FY28
22,623
10,967
33,590
FY29
17,152
—
17,152
FY30
3,536
—
3,536
Thereafter
—
—
—
Total lease payments
70,402
76,605
147,007
Less: imputed interest
(7,811 )
(5,330 )
(13,141 )
Total lease liabilities
62,591
71,275
133,866
Less: Current portion of lease liability
(17,606 )
(50,777 )
(68,383 )
Long-term portion of lease liability
$ 44,985
$ 20,498
$ 65,483
The
following table represents the Company’s future minimum lease payments as of May 31, 2025 (in thousands):
Schedule
of Future Minimum Lease Payments
Operating Leases
Finance Leases
Total
Operating
Leases
Finance
Leases
Total
FY26
$ 21,033
$ 140,296
$ 161,329
FY27
21,798
—
21,798
FY28
22,623
—
22,623
FY29
17,152
—
17,152
FY30
3,536
—
3,536
Thereafter
—
—
—
Total lease payments
86,142
140,296
226,438
Less: imputed interest
(11,629 )
(6,889 )
(18,518 )
Total lease liabilities
74,513
133,407
207,920
Less: Current portion
of lease liability
(16,093 )
(133,407 )
(149,500 )
Long-term portion of
lease liability
$ 58,420
$ —
$ 58,420
Schedule of Supplemental Cash Flow and Other Information Related to Leases
Supplemental
cash flow and other information related to leases is as follows:
Schedule
of Supplemental Cash Flow and Other Information Related to Leases
Nine Months Ended
February 28, 2026
February 28, 2025
Weighted-average years remaining (in years):
Operating leases
2.6 years
3.2 years
Finance leases
2.3 years
3.0 years
Weighted-average discount rate:
Operating leases
7.6 %
7.6 %
Finance leases
9.8 %
10.0 %
Supplemental
cash flow and other information related to leases is as follows:
Schedule
of Supplemental Cash Flow and Other Information Related to Leases
Fiscal
Year Ended
May
31, 2025
May
31, 2024
Weighted-average years remaining (in years):
Finance leases
3.0
years
3.9
years
Operating leases
3.3
years
3.3
years
Weighted-average discount rate:
Finance leases
10.2 %
10.4 %
Operating leases
7.6 %
8.1 %
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v3.26.1
Related Party Transactions (Tables) - Applied Digital Cloud Corporation [Member]
9 Months Ended
12 Months Ended
Feb. 28, 2026
May 31, 2025
Restructuring Cost and Reserve [Line Items]
Schedule of Cost Allocations From Parent
Schedule of Cost Allocations From Parent
February 28, 2026
February 28, 2025
February 28, 2026
February 28, 2025
Three Months Ended
Nine Months Ended
February 28, 2026
February 28, 2025
February 28, 2026
February 28, 2025
Cost of revenues
$ 246
$ 706
$ 854
$ 2,181
Selling, general and administrative
—
—
—
(1,894 )
Total costs and expenses
$ 246
$ 706
$ 854
$ 287
Schedule
of Cost Allocations From Parent
May
31, 2025
May
31, 2024
Fiscal
Year Ended
May
31, 2025
May
31, 2024
Cost of revenues
$ 2,772
$ 1,891
Selling, general and administrative
(1,894 )
9,734
Total costs and expenses
$ 878
$ 11,625
Schedule of Components of Parent Company Net Investment Activity
Schedule of Components of Parent Company Net Investment Activity
February 28, 2026
February 28, 2025
Nine Months Ended
February 28, 2026
February 28, 2025
Cash pooling and general financing activities
$ (22,279 )
$ (9,660 )
Corporate overhead and other allocations
6,068
94,000
Net transfers from the Parent as reflected in the Condensed Combined Statements of Cash Flows (unaudited)
(16,211 )
84,340
Stock-based compensation expense
243
(1,529 )
Net assets contributed by (distributed to) Parent
74,991
8,376
Net transfers from the Parent as reflected in the Condensed Combined Statements of Changes in Parent Company Net Investment (unaudited)
$ 59,023
$ 91,187
Schedule
of Components of Parent Company Net Investment Activity
May
31, 2025
May
31, 2024
Fiscal
Year Ended
May
31, 2025
May
31, 2024
Cash pooling and general financing
activities
$ 27,422
$ (16,974 )
Corporate overhead and
other allocations
86,317
69,639
Net
transfers from the Parent as reflected in the Combined Statements of Cash Flows
113,739
52,665
Stock-based compensation expense
(1,463 )
10,135
Net assets (distributed
to) contributed by Parent
(1,186 )
50,064
Net
transfers from the Parent as reflected in the Combined Statements of Changes in Parent Company Net Investment
$ 111,090
$ 112,864
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v3.26.1
Business Segments (Tables) - Applied Digital Cloud Corporation [Member]
9 Months Ended
12 Months Ended
Feb. 28, 2026
May 31, 2025
Restructuring Cost and Reserve [Line Items]
Schedule of Reconciliation to Net Loss Before Income Tax Expense
The
following table presents a reconciliation to net loss before income tax expense (in thousands):
Schedule
of Reconciliation to Net Loss Before Income Tax Expense
May
31, 2025
May
31, 2024
Fiscal
Year Ended
May
31, 2025
May
31, 2024
Revenue
$ 84,376
$ 28,957
Less:
Depreciation and amortization
costs
80,656
57,884
Lease and related costs
38,567
18,727
Adjusted
cost of revenues (1)
11,901
5,021
Adjusted
selling, general and administrative (1)
8,997
12,811
Gain
on abandonment of assets
(414 )
—
Total
operating expenses
139,707
94,443
Operating loss
(55,331 )
(65,486 )
Interest expense, net
17,399
9,809
Net
loss before income tax expense
$ (72,730 )
$ (75,295 )
(1) Excludes
depreciation and amortization costs and lease and related costs.
Schedule of Reconciliation to Net Loss Before Income Tax Expense
The
following tables presents reco nciliation to net loss before income tax expense (in thousands):
Schedule
of Reconciliation to Net Loss Before Income Tax Expense
February 28, 2026
February 28, 2025
February 28, 2026
February 28, 2025
Three Months Ended
Nine Months Ended
February 28, 2026
February 28, 2025
February 28, 2026
February 28, 2025
Revenue
$ 18,087
$ 17,754
$ 53,207
$ 71,313
Less:
Depreciation and amortization costs
15,191
14,404
44,641
66,355
Lease and related costs
6,598
20,574
20,370
39,025
Adjusted cost of revenues (1)
2,920
2,810
7,989
8,856
Adjusted selling, general and administrative (1)
3,860
281
4,529
(988 )
Loss on abandonment of assets
107
—
598
—
Gain on abandonment of assets
Total operating expenses
28,676
38,069
78,127
113,248
Operating loss
(10,589 )
(20,315 )
(24,920 )
(41,935 )
Interest expense, net
2,058
4,541
7,897
13,444
Net loss before income tax expense
$ (12,647 )
$ (24,856 )
$ (32,817 )
$ (55,379 )
(1) Excludes depreciation
and amortization costs and lease and related costs.
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v3.26.1
Significant Accounting Policies (Details Narrative) - Applied Digital Cloud Corporation [Member]
$ in Thousands
9 Months Ended
10 Months Ended
12 Months Ended
Feb. 28, 2026
USD ($)
Feb. 28, 2026
USD ($)
Feb. 28, 2026
USD ($)
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Segment
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May 31, 2026
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May 31, 2025
USD ($)
May 31, 2025
USD ($)
May 31, 2025
USD ($)
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May 31, 2024
USD ($)
Segment
Restructuring Cost and Reserve [Line Items]
Number of operating segments
1
1
1
1
1
1
Cash
$ 107
$ 107
$ 107
$ 2,398
$ 2,398
$ 2,398
Working capital deficit
64,800
$ 64,800
$ 64,800
151,200
$ 151,200
$ 151,200
Finance lease payments
74,915
$ 86,058
$ 89,500
$ 89,500
$ 114,743
$ 44,861
Operating lease payments
$ 21,000
Business combination equity funding
$ 15,800
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v3.26.1
Schedule of Property and Equipment (Details) - Applied Digital Cloud Corporation [Member] - USD ($)
$ in Thousands
Feb. 28, 2026
May 31, 2025
May 31, 2024
Property, Plant, and Equipment [Line Items]
Total cost of property and equipment
$ 37,879
$ 13,600
$ 12,024
Accumulated depreciation
(5,374)
(2,678)
(746)
Property and equipment, net
32,505
10,922
11,278
Networking Equipment Electrical Equipment And Software [Member]
Property, Plant, and Equipment [Line Items]
Total cost of property and equipment
$ 672
$ 672
333
Networking Equipment Electrical Equipment And Software [Member] | Minimum [Member]
Property, Plant, and Equipment [Line Items]
Estimated useful life
3 years
3 years
Networking Equipment Electrical Equipment And Software [Member] | Maximum [Member]
Property, Plant, and Equipment [Line Items]
Estimated useful life
5 years
5 years
Leasehold Improvements [Member]
Property, Plant, and Equipment [Line Items]
Total cost of property and equipment
$ 697
$ 697
607
Leasehold Improvements [Member] | Minimum [Member]
Property, Plant, and Equipment [Line Items]
Estimated useful life
3 years
3 years
Leasehold Improvements [Member] | Maximum [Member]
Property, Plant, and Equipment [Line Items]
Estimated useful life
7 years
7 years
Construction in Progress [Member]
Property, Plant, and Equipment [Line Items]
Total cost of property and equipment
$ 3,361
$ 3,331
3,293
Other Equipment And Fixtures [Member]
Property, Plant, and Equipment [Line Items]
Total cost of property and equipment
$ 33,149
$ 8,900
$ 7,791
Other Equipment And Fixtures [Member] | Minimum [Member]
Property, Plant, and Equipment [Line Items]
Estimated useful life
5 years
5 years
Other Equipment And Fixtures [Member] | Maximum [Member]
Property, Plant, and Equipment [Line Items]
Estimated useful life
7 years
7 years
X
- Definition
Amount of accumulated depreciation, depletion, and amortization of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.
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v3.26.1
Property and Equipment (Details Narrative) - USD ($)
$ in Millions
3 Months Ended
9 Months Ended
12 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 28, 2026
Feb. 28, 2025
May 31, 2025
May 31, 2024
Applied Digital Cloud Corporation [Member]
Restructuring Cost and Reserve [Line Items]
Depreciation expense
$ 1.6
$ 0.5
$ 2.7
$ 1.4
$ 1.9
$ 0.7
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$ in Thousands
9 Months Ended
12 Months Ended
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Feb. 28, 2025
May 31, 2025
May 31, 2024
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$ 31,178
$ 31,178
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3 Months Ended
9 Months Ended
12 Months Ended
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Feb. 28, 2025
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Schedule of Effective Income Tax Rate (Details) - Applied Digital Cloud Corporation [Member]
12 Months Ended
May 31, 2025
May 31, 2024
Restructuring Cost and Reserve [Line Items]
Expected income tax rate at the U.S. statutory rate
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Stock-based compensation
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v3.26.1
Schedule of Deferred Tax Assets and Liabilities (Details) - Applied Digital Cloud Corporation [Member] - USD ($)
$ in Thousands
May 31, 2025
May 31, 2024
Deferred tax assets
Net operating loss
$ 43,712
$ 25,252
Lease liability
18,903
32,920
Interest disallowance carryforward
6,800
2,420
Other
(305)
190
Deferred tax assets, gross
69,110
60,782
Less: valuation allowance
(41,228)
(22,726)
Total deferred tax assets, net
27,882
38,056
Deferred tax liabilities
Property and equipment
(4,702)
527
Right of use assets
(23,180)
(38,583)
Total deferred tax liability, net
(27,882)
(38,056)
Net deferred tax asset
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Income Taxes (Details Narrative) - Applied Digital Cloud Corporation [Member] - USD ($)
$ in Millions
12 Months Ended
May 31, 2025
May 31, 2024
Restructuring Cost and Reserve [Line Items]
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$ 172.0
$ 100.0
Offset future income
172.0
100.0
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$ 22.4
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v3.26.1
Schedule of Components of Lease Expense (Details) - Applied Digital Cloud Corporation [Member] - USD ($)
$ in Thousands
3 Months Ended
9 Months Ended
12 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 28, 2026
Feb. 28, 2025
May 31, 2025
May 31, 2024
Operating lease cost:
Operating lease expense
$ 6,078
$ 9,715
$ 18,234
$ 27,250
$ 36,068
$ 16,132
Short-term lease expense
10,129
183
10,129
122
Total operating lease cost
6,078
19,844
18,417
37,379
36,190
16,132
Finance lease expense:
Amortization of right-of-use assets
13,548
[1]
13,909
[1]
41,945
[1]
64,991
[1]
78,724
[2]
57,230
[2]
Interest on lease liabilities
2,049
4,514
7,889
12,959
16,826
9,457
Total finance lease cost
15,597
18,423
49,834
77,950
95,550
66,687
Total net lease cost
22,195
38,998
70,204
116,976
$ 131,740
$ 82,819
Variable lease cost
$ 520
$ 731
$ 1,953
$ 1,647
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Filename: R34.htm · Sequence: 44
v3.26.1
Schedule of Future Minimum Lease Payments (Details) - Applied Digital Cloud Corporation [Member] - USD ($)
$ in Thousands
Feb. 28, 2026
May 31, 2025
May 31, 2024
Operating Leases
FY26
$ 5,293
$ 21,033
FY27
21,798
21,798
FY28
22,623
22,623
FY29
17,152
17,152
FY30
3,536
3,536
Thereafter
Total lease payments
70,402
86,142
Imputed interest
(7,811)
(11,629)
Total lease liabilities
62,591
74,513
Current portion of lease liability
(17,606)
(16,093)
$ (21,101)
Long-term portion of lease liability
44,985
58,420
108,668
Finance Leases
FY26
14,583
140,296
FY27
51,055
FY28
10,967
FY29
FY30
Thereafter
Total lease payments
76,605
140,296
Imputed interest
(5,330)
(6,889)
Total lease liabilities
71,275
133,407
Current portion of lease liability
(50,777)
(133,407)
(102,400)
Long-term portion of lease liability
20,498
$ 59,907
FY26
19,876
161,329
FY27
72,853
21,798
FY28
33,590
22,623
FY29
17,152
17,152
FY30
3,536
3,536
Thereafter
Total lease payments
147,007
226,438
Imputed interest
(13,141)
(18,518)
Total lease liabilities
133,866
207,920
Current portion of lease liability
(68,383)
(149,500)
Long-term portion of lease liability
$ 65,483
$ 58,420
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Schedule of Supplemental Cash Flow and Other Information Related to Leases (Details) - Applied Digital Cloud Corporation [Member]
Feb. 28, 2026
May 31, 2025
Feb. 28, 2025
May 31, 2024
Restructuring Cost and Reserve [Line Items]
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3 years
3 years
3 years 10 months 24 days
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v3.26.1
Schedule of Cost Allocations From Parent (Details) - Applied Digital Cloud Corporation [Member] - USD ($)
$ in Thousands
3 Months Ended
9 Months Ended
12 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 28, 2026
Feb. 28, 2025
May 31, 2025
May 31, 2024
Related Party Transaction [Line Items]
Cost of revenues
$ 17,716
$ 23,342
$ 65,618
$ 91,359
$ 115,308
$ 41,687
Total costs and expenses
(28,676)
(38,069)
(78,127)
(113,248)
(139,707)
(94,443)
Parent [Member]
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246
706
854
2,181
2,772
1,891
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(1,894)
9,734
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$ 706
$ 854
$ 287
$ 878
$ 11,625
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Schedule of Components of Parent Company Net Investment Activity (Details) - Applied Digital Cloud Corporation [Member] - USD ($)
$ in Thousands
3 Months Ended
9 Months Ended
12 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 28, 2026
Feb. 28, 2025
May 31, 2025
May 31, 2024
Related Party Transaction [Line Items]
Stock-based compensation expense
$ 243
$ (1,529)
$ (1,463)
$ 10,135
Net transfers from the Parent as reflected in the Condensed Combined Statements of Changes in Parent Company Net Investment (unaudited)
$ 16,524
$ 34,947
59,023
91,187
111,090
112,864
Parent [Member]
Related Party Transaction [Line Items]
Cash pooling and general financing activities
(22,279)
(9,660)
27,422
(16,974)
Corporate overhead and other allocations
6,068
94,000
86,317
69,639
Net transfers from the Parent as reflected in the Condensed Combined Statements of Cash Flows (unaudited)
(16,211)
84,340
113,739
52,665
Stock-based compensation expense
243
(1,529)
(1,463)
10,135
Net assets contributed by (distributed to) Parent
74,991
8,376
(1,186)
50,064
Net transfers from the Parent as reflected in the Condensed Combined Statements of Changes in Parent Company Net Investment (unaudited)
$ 59,023
$ 91,187
$ 111,090
$ 112,864
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v3.26.1
Schedule of Reconciliation to Net Loss Before Income Tax Expense (Details) - Applied Digital Cloud Corporation [Member] - USD ($)
$ in Thousands
3 Months Ended
9 Months Ended
12 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Feb. 28, 2026
Feb. 28, 2025
May 31, 2025
May 31, 2024
Restructuring Cost and Reserve [Line Items]
Revenue
$ 18,087
$ 17,754
$ 53,207
$ 71,313
$ 84,376
$ 28,957
Depreciation and amortization costs
15,191
14,404
44,641
66,355
80,656
57,884
Lease and related costs
6,598
20,574
20,370
39,025
38,567
18,727
Adjusted cost of revenues
2,920
[1]
2,810
[1]
7,989
[1]
8,856
[1]
11,901
[2]
5,021
[2]
Adjusted selling, general and administrative
3,860
[1]
281
[1]
4,529
[1]
(988)
[1]
8,997
[2]
12,811
[2]
Gain on abandonment of assets
(414)
Total costs and expenses
28,676
38,069
78,127
113,248
139,707
94,443
Operating loss
(10,589)
(20,315)
(24,920)
(41,935)
(55,331)
(65,486)
Interest expense, net
2,058
4,541
7,897
13,444
17,399
9,809
Net loss before income tax expense
(12,647)
(24,856)
(32,817)
(55,379)
(72,730)
(75,295)
Loss on abandonment of assets
$ 107
$ 598
Gain on abandonment of assets
$ 414
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v3.26.1
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9 Months Ended
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Feb. 28, 2026
Segment
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Segment
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v3.26.1
Subsequent Events (Details Narrative) - Applied Digital Cloud Corporation [Member] - USD ($)
9 Months Ended
10 Months Ended
12 Months Ended
May 05, 2026
May 01, 2026
Feb. 28, 2026
Feb. 28, 2025
Mar. 31, 2026
May 31, 2026
May 31, 2025
May 31, 2024
Jun. 02, 2026
Apr. 30, 2026
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Finance lease payments
$ 74,915,000
$ 86,058,000
$ 89,500,000
$ 89,500,000
$ 114,743,000
$ 44,861,000
Operating lease payments
$ 21,000,000.0
Subsequent Event [Member]
Subsequent Event [Line Items]
Offering price per shares
$ 12.01
Gross proceeds
$ 15.8
Subsequent Event [Member] | Securities Purchase Agreement [Member]
Subsequent Event [Line Items]
Gross proceeds
$ 15,800,000
Subsequent Event [Member] | SAFE Agreement [Member]
Subsequent Event [Line Items]
Paid of all amount outstanding value
$ 13,300,000
Subsequent Event [Member] | Private Placement [Member]
Subsequent Event [Line Items]
Number of shares issued
1,311,407
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$ 12.01
Common Stock [Member] | Subsequent Event [Member]
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Number of shares issued
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us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember
Namespace Prefix:
Data Type:
na
Balance Type:
Period Type: