Applied Digital Corp.APLD

Applied Digital Corp. Earnings Per Share Disclosure

10-KFiled Jul 30, 20252 min read
Loss Per Share
The following is a reconciliation of the denominator of the basic and diluted net loss per share computations for the periods presented:
Fiscal Year Ended
May 31, 2025May 31, 2024May 31, 2023
Net loss
$(231,065)$(149,671)$(45,606)
Net loss attributable to noncontrolling interest— (397)(960)
Preferred dividends
(2,615)— — 
Net loss attributable to common stockholders$(233,680)$(149,274)$(44,646)
Net loss attributable to common stockholders
Continuing operations$(160,950)$(73,979)$(43,528)
Discontinued operations(72,730)(75,295)(1,118)
Net loss
$(233,680)$(149,274)$(44,646)
Basic and diluted net loss per share attributable to common stockholders
Continuing operations$(0.80)$(0.65)$(0.46)
Discontinued operations(0.36)(0.66)(0.01)
Basic and diluted net loss per share
$(1.16)$(1.31)$(0.47)
Basic and diluted weighted average number of shares outstanding201,194,451 114,061,414 93,976,233 
As of May 31, 2025 and 2024, the Company had approximately 14.1 million and 12.1 million shares, respectively, of granted but unvested restricted stock, performance stock, and restricted stock units that would have a potentially dilutive effect on earnings per share.
As of May 31, 2025, the Company had approximately 21.7 million shares associated with the Company’s preferred stock which have been excluded from the calculation of earnings per share because the effect of those shares would be antidilutive while as of May 31, 2024, the Company had approximately 19.0 million shares associated with the Yorkville Convertible Debt which have been excluded from the calculation of earnings per share because the effect of those shares would be antidilutive. Additionally, the Company had approximately 17.1 million and 12.3 million warrants outstanding as of May 31, 2025 and May 31, 2024, respectively, which have been excluded from the calculations of earnings per share because the effect of those shares would be antidilutive.
Lastly, if the Company's Convertible Notes were converted into shares of the Company's common stock as of May 31, 2025, approximately 46.1 million shares were excluded from the calculations of earnings per share because the effect of those shares would be antidilutive.

Historical Timeline

Fiscal YearFiled
2025Jul 30, 2025Showing above
2024Aug 30, 2024
2023Aug 2, 2023
2022Aug 29, 2022

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

Other Available Disclosures

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