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APLD

Applied Digital Corporation

APLD

Applied Digital Corporation • NASDAQ
$27.15 ▲ 8.86% (+2.21)
Market Cap $7.59 B
52w High $40.20
52w Low $3.31
Dividend Yield 0%
P/E -26.88
Volume 19.72M
Outstanding Shares 279.69M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q1-2026 $64.216M ▲ $27.162M ▼ $-16.926M ▲ -26.358% ▲ $-0.072 ▲ $-18.141M ▼
Q4-2025 $38.013M ▼ $28.096M ▲ $-52.537M ▼ -138.208% ▼ $-0.24 ▼ $-16.64M ▼
Q3-2025 $52.921M ▼ $22.723M ▼ $-35.555M ▲ -67.185% ▲ $-0.16 ▲ $-7.763M ▲
Q2-2025 $63.868M ▲ $29.789M ▲ $-138.726M ▼ -217.207% ▼ $-0.66 ▼ $-104.798M ▼
Q1-2025 $60.704M $14.341M $-4.247M -6.996% $-0.029 $37.377M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q1-2026 $73.911M ▲ $2.399B ▲ $1.291B ▲ $1.044B ▲
Q4-2025 $41.552M ▼ $1.87B ▲ $1.236B ▲ $633.725M ▲
Q3-2025 $68.743M ▼ $1.707B ▲ $1.209B ▲ $497.867M ▲
Q2-2025 $286.237M ▲ $1.543B ▲ $1.109B ▲ $434.572M ▲
Q1-2025 $58.215M $937.732M $640.604M $241.846M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q1-2026 $-26.247M ▲ $-82.023M ▼ $-249.42M ▼ $322.236M ▲ $184K ▲ $-331.443M ▼
Q4-2025 $-52.537M ▼ $6.855M ▲ $-201.976M ▲ $57.215M ▼ $-140.304M ▼ $-191.408M ▲
Q3-2025 $-35.555M ▲ $5.897M ▲ $-258.139M ▼ $198.887M ▼ $-53.355M ▼ $-251.596M ▼
Q2-2025 $-138.726M ▼ $-52.264M ▲ $-174.933M ▼ $455.219M ▲ $228.022M ▲ $-223.313M ▼
Q1-2025 $-4.247M $-75.89M $-32.606M $163.365M $54.869M $-130.688M

Revenue by Products

Product Q3-2022Q4-2022
Mining Segment
Mining Segment
 $0 ▲$0 ▲
Hosting Revenue
Hosting Revenue
 $0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been climbing quickly from a very small base as the company pivots toward high‑performance and AI-focused data centers. Margins at the gross profit level have turned positive, which is a constructive sign, but operating and net results are still clearly in loss‑making territory. Losses have widened recently as spending on growth, development, and scaling has outpaced revenue. Overall, this looks like an early‑stage growth income statement: strong top‑line momentum, but profitability is still some distance away and depends heavily on ramping new facilities and contracts efficiently.

Balance Sheet

Balance Sheet The balance sheet has expanded significantly as the company builds out large data center assets. Total assets and shareholders’ equity have both grown, reflecting substantial investment and some fresh capital. At the same time, debt levels have risen meaningfully, which introduces financial leverage and interest‑cost risk. Cash on hand is modest relative to the investment program, so the company appears dependent on continued access to financing and smooth execution of its major customer contracts to keep the balance sheet comfortable.

Cash Flow

Cash Flow Operating cash flow has hovered around breakeven, occasionally dipping negative, which is not unusual for a business still scaling up. The bigger story is heavy investment in new facilities: capital spending has been substantial, leading to deeply negative free cash flow. In practical terms, the company is spending heavily now to create future capacity, and that spending is not yet covered by internal cash generation. This makes the business reliant on external funding and underscores the importance of hitting utilization and pricing targets at its new sites.

Competitive Edge

Competitive Edge Applied Digital is carving out a focused niche in high‑density, AI and high‑performance computing data centers rather than trying to compete broadly across all types of data centers. Its edge rests on purpose‑built infrastructure, advanced cooling, energy‑efficient site selection, and long‑term contracts with large AI and cloud customers. The backing and partnership with major industry players like Nvidia and long‑term agreements with hyperscale clients support its credibility. However, it still operates in a competitive landscape alongside much larger, well‑capitalized incumbents, and it appears meaningfully dependent on a small number of big customers, which is both a strength and a concentration risk.

Innovation and R&D

Innovation and R&D The company’s innovation efforts center on how data centers are designed and run rather than on traditional software R&D. It emphasizes advanced liquid cooling, power‑efficient architectures, and an “AI factory” campus model built specifically for dense AI and HPC workloads. Partnerships with technology and power‑infrastructure leaders, such as Nvidia and ABB, suggest a strong emphasis on staying at the cutting edge of hardware, power, and cooling design. The opportunity is to remain a go‑to specialist for next‑generation AI infrastructure; the risk is that rapid technology shifts or delays in execution could blunt the benefit of these innovations before they fully pay off.

Summary

Applied Digital looks like a high‑growth, capital‑intensive infrastructure story tied closely to the AI build‑out. Revenue is growing quickly but from a small base, and the company is still firmly in investment mode, with ongoing losses and significant negative free cash flow. The balance sheet reflects this: large and growing physical assets funded by a mix of equity and rising debt. Competitively, it is well positioned in a promising niche—specialized AI/HPC data centers with strong partners and long‑term contracts—but faces scale disadvantages versus larger rivals and meaningful customer and financing dependence. The long‑term outcome will likely hinge on execution: how efficiently it completes and fills its campuses, how well it manages leverage, and whether demand for AI infrastructure remains strong enough to support its aggressive growth plans.

NEWS

November 24, 2025 · 8:00 AM UTC

Applied Digital Completes Phase II Ready for Service at Polaris Forge 1, Fully Energizing First 100 MW Building

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November 13, 2025 · 7:05 PM UTC

Applied Digital Announces Pricing of $2.35 Billion of Senior Secured Notes

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November 12, 2025 · 1:05 PM UTC

Applied Digital Advances AI Factory Buildout with Second $787.5 Million Draw from Macquarie Asset Management

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November 10, 2025 · 7:35 AM UTC

Applied Digital Announces Proposed Offering of $2.35 Billion of Senior Secured Notes

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October 27, 2025 · 8:00 AM UTC

Applied Digital Achieves Ready for Service for Phase 1 at Polaris Forge 1 Building 1 for CoreWeave

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