NASDAQ : APLD
Applied Digital Corporation — Financial statements
Technology · Information Technology Services · United States
Last price 17.815 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 5.39B
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Financial statements
Applied Digital Corporation (APLD) reported revenue of 872.25M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year June - May; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Revenue | 872.25M | 611.31M | 228.57M | 165.57M | 55.39M | 8.55M |
| Cost of Revenue | 683.45M | 453.11M | 216.76M | 148.34M | 44.39M | 9.51M |
| Gross Profit | 188.80M | 158.20M | 11.81M | 17.23M | 11.00M | -957.00K |
| Selling, General & Admin | 418.08M | 332.62M | 107.88M | 97.78M | 53.91M | 18.63M |
| Operating Expenses | 418.08M | 332.62M | 107.88M | 97.78M | 53.91M | 18.63M |
| Operating Income | -229.27M | -174.41M | -96.07M | -80.54M | -42.91M | -19.59M |
| Interest Expense | -154.60M | -85.26M | -35.26M | -28.45M | -2.01M | -112.00K |
| Interest & Investment Income | 90.71M | 55.74M | 3.12M | 931.00K | ||
| Other Non Operating Income (Expenses) | 22.78M | 73.61M | -6.42M | -5.70M | ||
| EBT Excluding Unusual Items | -270.38M | -130.32M | -134.63M | -113.75M | -44.92M | -19.70M |
| Gain (Loss) on Sale of Investments | -512.00K | 10.84M | ||||
| Gain (Loss) on Sale of Assets | -59.65M | -59.65M | 24.62M | -15.42M | ||
| Asset Writedown | -155.00K | -2.40M | -724.00K | |||
| Legal Settlements | -2.38M | |||||
| Other Unusual Items | -120.23M | -18.02M | -94.00K | -2.25M | ||
| Pretax Income | -330.70M | -181.53M | -230.96M | -149.57M | -45.01M | -21.95M |
| Income Tax Expense | 3.67M | 1.79M | 102.00K | 96.00K | -523.00K | 540.00K |
| Earnings From Continuing Operations | -334.36M | -183.32M | -231.06M | -149.67M | -44.49M | -22.49M |
| Earnings From Discontinued Operations | -17.07M | -1.02M | -1.12M | -1.04M | ||
| Net Income to Company | -351.44M | -184.34M | -231.06M | -149.67M | -45.61M | -23.53M |
| Minority Interest in Earnings | -111.15M | -59.66M | 397.00K | 960.00K | 10.00K | |
| Net Income | -462.58M | -244.00M | -231.06M | -149.27M | -44.65M | -23.52M |
| Preferred Dividends & Other Adjustments | 6.26M | 6.26M | 2.62M | |||
| Net Income to Common | -468.84M | -250.26M | -233.68M | -149.27M | -44.65M | -23.52M |
| Shares Outstanding (Basic) | 284.11M | 275.19M | 201.19M | 114.06M | 93.98M | 57.12M |
| Shares Outstanding (Diluted) | 284.11M | 275.19M | 201.19M | 114.06M | 93.98M | 57.12M |
| EPS (Basic) | -1.65 | -0.91 | -1.16 | -1.31 | -0.48 | -0.41 |
| EPS (Diluted) | -1.65 | -0.91 | -1.16 | -1.31 | -0.48 | -0.41 |
| Free Cash Flow | -4.46B | -2.78B | -797.00M | -128.01M | -72.54M | -55.85M |
| Free Cash Flow Per Share | -15.68 | -10.09 | -3.96 | -1.12 | -0.77 | -0.98 |
| Gross Margin | 21.64% | 25.88% | 5.17% | 10.41% | 19.87% | -11.19% |
| Operating Margin | -26.28% | -28.53% | -42.03% | -48.64% | -77.47% | -229.13% |
| Profit Margin | -53.75% | -40.94% | -102.24% | -90.16% | -80.60% | -275.12% |
| Free Cash Flow Margin | -510.79% | -454.12% | -348.69% | -77.31% | -130.96% | -653.25% |
| EBITDA | -124.13M | -107.03M | 1.88M | -1.18M | -35.30M | -18.47M |
| EBITDA Margin | -14.23% | -17.51% | 0.82% | -0.71% | -63.72% | -216.03% |
| D&A For EBITDA | 105.15M | 67.39M | 97.94M | 79.36M | 7.61M | 1.12M |
| EBIT | -229.27M | -174.41M | -96.07M | -80.54M | -42.91M | -19.59M |
| EBIT Margin | -26.28% | -28.53% | -42.03% | -48.64% | -77.47% | -229.13% |
| Revenue as Reported | 872.25M | 611.31M | 228.57M | 165.57M | 55.39M |
Balance sheet
Fiscal year June - May; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 2.95B | 1.59B | 43.95M | 3.34M | 29.00M | 38.80M |
| Cash & Short-Term Investments | 2.95B | 1.59B | 43.95M | 3.34M | 29.00M | 38.80M |
| Accounts Receivable | 114.11M | 56.31M | 6.83M | 3.85M | 82.00K | 227.00K |
| Other Receivables | 8.54M | 6.23M | 1.29M | |||
| Receivables | 181.99M | 121.17M | 8.12M | 3.85M | 82.00K | 227.00K |
| Prepaid Expenses | 29.64M | 24.47M | 1.42M | 1.01M | 2.01M | 1.34M |
| Restricted Cash | 313.38M | 2.38B | 72.37M | 21.35M | 14.57M | |
| Other Current Assets | 607.49M | 544.20M | 6.94M | 374.60M | ||
| Total Current Assets | 4.08B | 4.66B | 132.80M | 404.14M | 45.67M | 40.36M |
| Property, Plant & Equipment | 6.51B | 4.44B | 1.56B | 339.37M | 213.74M | 70.67M |
| Long-Term Investments | 66.09M | 125.33M | 6.07M | |||
| Goodwill | 54.39M | 54.51M | ||||
| Long-Term Deferred Charges | 10.81M | 7.39M | ||||
| Other Long-Term Assets | 991.74M | 640.05M | 165.89M | 19.35M | 4.54M | 8.95M |
| Total Assets | 11.71B | 9.93B | 1.87B | 762.87M | 263.96M | 119.98M |
| Accounts Payable | 336.87M | 395.47M | 251.49M | 104.53M | 6.45M | 13.26M |
| Accrued Expenses | 286.46M | 240.68M | 30.12M | 24.70M | 9.96M | |
| Current Portion of Long-Term Debt | 112.64M | 16.42M | 10.33M | 45.92M | 7.95M | 1.33M |
| Current Portion of Leases | 62.69M | 66.07M | 163.82M | 5.89M | 6.04M | 1.00M |
| Current Unearned Revenue | 39.22M | 4.67M | 3.59M | 8.19M | 48.69M | 3.88M |
| Other Current Liabilities | 755.36M | 439.54M | 40.36M | 364.89M | 36.37M | 9.52M |
| Total Current Liabilities | 1.59B | 1.16B | 499.73M | 554.11M | 115.46M | 29.00M |
| Long-Term Debt | 6.26B | 4.96B | 677.83M | 79.47M | 68.48M | 5.90M |
| Long-Term Leases | 44.13M | 57.91M | 58.81M | 4.45M | 9.34M | 5.31M |
| Long-Term Deferred Tax Liabilities | 540.00K | |||||
| Other Long-Term Liabilities | 5.43M | 5.45M | 1.00M | |||
| Total Liabilities | 7.91B | 6.19B | 1.24B | 638.04M | 194.28M | 40.74M |
| Common Stock | 305.00K | 296.00K | 230.00K | 144.00K | 101.00K | 98.00K |
| Additional Paid-In Capital | 2.49B | 2.43B | 1.01B | 374.74M | 160.19M | 128.29M |
| Retained Earnings | -837.82M | -662.33M | -481.06M | -249.99M | -100.72M | -56.07M |
| Treasury Stock | -52.74M | -52.74M | -31.40M | -62.00K | -62.00K | -62.00K |
| Total Common Equity | 1.60B | 1.72B | 497.69M | 124.83M | 59.52M | 72.26M |
| Minority Interest | 2.02B | 1.96B | 10.16M | 6.98M | ||
| Shareholders' Equity | 3.80B | 3.74B | 633.73M | 124.83M | 69.68M | 79.23M |
| Total Liabilities & Equity | 11.71B | 9.93B | 1.87B | 762.87M | 263.96M | 119.98M |
| Total Debt | 6.48B | 5.10B | 910.80M | 135.73M | 91.81M | 13.54M |
| Net Cash (Debt) | -3.53B | -3.51B | -866.85M | -132.39M | -62.81M | 25.25M |
| Net Cash Per Share | -12.44 | -12.75 | -4.31 | -1.16 | -0.67 | 0.44 |
| Filing Date Shares Outstanding | 302.39M | 291.47M | 261.52M | 157.44M | 103.95M | 97.80M |
| Total Common Shares Outstanding | 297.07M | 287.88M | 224.91M | 139.05M | 95.93M | 97.80M |
| Working Capital | 2.49B | 3.50B | -366.93M | -149.97M | -69.79M | 11.36M |
| Book Value Per Share | 5.39 | 5.97 | 2.21 | 0.90 | 0.62 | 0.74 |
| Tangible Book Value | 1.55B | 1.66B | 497.69M | 124.83M | 59.52M | 72.26M |
| Tangible Book Value Per Share | 5.21 | 5.78 | 2.21 | 0.90 | 0.62 | 0.74 |
| Land | 150.36M | 59.71M | 20.05M | 6.21M | 2.15M | 1.07M |
| Buildings | 1.56B | 961.66M | 109.67M | 103.99M | 63.35M | 30.18M |
| Machinery | 517.36M | 294.91M | 55.97M | 43.88M | 27.51M | 14.53M |
| Construction In Progress | 3.67B | 2.78B | 1.09B | 186.87M | 108.78M | 18.30M |
| Leasehold Improvements | 1.14M | 1.14M | 1.14M | 444.00K |
Cash flow statement
Fiscal year June - May; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | -462.58M | -244.00M | -231.06M | -149.27M | -44.65M | -23.52M |
| Depreciation & Amortization | 105.15M | 67.39M | 97.94M | 79.36M | 7.61M | 1.12M |
| Other Amortization | 7.37M | 6.32M | 9.56M | 5.21M | 410.00K | |
| Loss (Gain) From Sale of Assets | 73.78M | 59.65M | -24.62M | 15.42M | ||
| Asset Writedown & Restructuring Costs | 155.00K | 2.40M | 1.14M | |||
| Loss (Gain) From Sale of Investments | 512.00K | -10.84M | ||||
| Stock-Based Compensation | 271.17M | 220.13M | 22.70M | 17.36M | 32.07M | 12.34M |
| Other Operating Activities | 98.24M | -3.83M | 158.31M | 39.65M | -1.41M | 2.85M |
| Change in Accounts Receivable | -76.72M | -49.27M | -2.93M | -3.77M | 145.00K | -227.00K |
| Change in Accounts Payable | 68.62M | -1.18M | -78.26M | 41.84M | -13.75M | 6.42M |
| Change in Unearned Revenue | 37.74M | 947.00K | -35.77M | -9.33M | 44.81M | 3.88M |
| Change in Other Net Operating Assets | 111.71M | 41.97M | -32.42M | -22.68M | 33.48M | 6.43M |
| Operating Cash Flow | 235.14M | 89.69M | -115.40M | 13.79M | 58.73M | -872.00K |
| Capital Expenditures | -4.69B | -2.87B | -681.60M | -141.81M | -131.28M | -54.97M |
| Sale of Property, Plant & Equipment | 25.00M | 19.85M | ||||
| Investment in Securities | -20.18M | -12.00M | -4.87M | -391.00K | -810.00K | |
| Other Investing Activities | -58.63M | -58.63M | -6.18M | -50.09M | 9.10M | |
| Investing Cash Flow | -4.77B | -2.94B | -667.65M | -172.44M | -132.09M | -45.87M |
| Long-Term Debt Issued | 4.96B | 1.11B | 144.55M | 82.15M | 7.32M | |
| Long-Term Debt Repaid | -620.97M | -418.12M | -127.18M | -13.38M | -221.00K | |
| Net Debt Issued (Repaid) | 5.68B | 4.33B | 693.97M | 17.37M | 68.77M | 7.10M |
| Issuance of Common Stock | 6.26M | 202.63M | 191.59M | 130.85M | 40.00M | |
| Repurchase of Common Stock | -131.20M | -36.28M | -35.46M | -861.00K | -168.00K | |
| Preferred Dividends Paid | -6.23M | -6.26M | ||||
| Dividends Paid | -6.23M | -6.26M | ||||
| Other Financing Activities | 1.64B | 1.57B | -171.00M | -604.00K | 2.03M | -311.00K |
| Financing Cash Flow | 8.10B | 6.88B | 874.69M | 146.76M | 70.63M | 81.29M |
| Net Cash Flow | 3.56B | 4.03B | 91.63M | -11.89M | -2.73M | 34.55M |
| Free Cash Flow | -4.46B | -2.78B | -797.00M | -128.01M | -72.54M | -55.85M |
| Free Cash Flow Margin | -510.79% | -454.12% | -348.69% | -77.31% | -130.96% | -653.25% |
| Free Cash Flow Per Share | -15.68 | -10.09 | -3.96 | -1.12 | -0.77 | -0.98 |
| Levered Free Cash Flow | -4.28B | -4.96B | -498.25M | -91.29M | -59.55M | -29.09M |
| Unlevered Free Cash Flow | -4.19B | -4.91B | -485.78M | -78.72M | -58.71M | -29.02M |
| Cash Interest Paid | 497.21M | 263.40M | 62.71M | 17.78M | 1.12M | 112.00K |
| Cash Income Tax Paid | 241.00K | 241.00K | 105.00K | 5.00K | ||
| Change in Working Capital | 141.35M | -7.53M | -149.38M | 6.07M | 64.69M | 16.50M |
Ratios
Fiscal year June - May; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 5.39B | 13.51B | 1.53B | 567.10M | 802.76M | 479.16M |
| Enterprise Value | 8.92B | 15.59B | 2.50B | 856.97M | 826.78M | 516.37M |
| Last Close Price | 17.82 | 47.28 | 6.83 | 4.23 | 8.37 | 4.83 |
| Forward PE | 8.86 | 8.86 | 8.86 | 38.10 | ||
| PS Ratio | 6.18 | 22.10 | 6.71 | 3.42 | 14.49 | 56.05 |
| PB Ratio | 3.30 | 3.61 | 2.42 | 4.54 | 11.52 | 6.05 |
| P/TBV Ratio | 3.48 | 8.12 | 3.08 | 4.54 | 13.49 | 6.63 |
| P/OCF Ratio | 22.91 | 150.65 | 41.11 | 13.67 | ||
| EV/Sales Ratio | 10.23 | 25.51 | 10.95 | 5.18 | 14.93 | 60.40 |
| EV/EBITDA Ratio | 1,332.78 | |||||
| Debt / Equity Ratio | 1.71 | 1.36 | 1.44 | 1.09 | 1.32 | 0.17 |
| Debt / EBITDA Ratio | 21.67 | 8.66 | ||||
| Net Debt / Equity Ratio | 0.93 | 0.94 | 1.37 | 1.06 | 0.90 | -0.32 |
| Net Debt / EBITDA Ratio | -28.47 | -32.78 | 461.58 | -112.10 | -1.78 | 1.37 |
| Net Debt / FCF Ratio | -0.79 | -1.26 | -1.09 | -1.03 | -0.87 | 0.45 |
| Asset Turnover | 0.12 | 0.10 | 0.17 | 0.32 | 0.29 | 0.13 |
| Quick Ratio | 1.93 | 1.42 | 0.10 | 0.01 | 0.25 | 1.35 |
| Current Ratio | 2.56 | 4.01 | 0.27 | 0.73 | 0.40 | 1.39 |
| Return on Equity (ROE) | -13.62% | -8.38% | -60.92% | -153.90% | -59.75% | -49.00% |
| Return on Assets (ROA) | -2.03% | -1.85% | -4.56% | -9.80% | -13.97% | -18.13% |
| Return on Capital Employed (ROCE) | -2.30% | -2.00% | -7.00% | -38.60% | -28.90% | -21.50% |
| Earnings Yield | -9.26% | -1.81% | -15.05% | -26.32% | -5.56% | -4.91% |
| FCF Yield | -82.71% | -20.55% | -51.93% | -22.57% | -9.04% | -11.65% |
| Buyback Yield / Dilution | -24.67% | -36.78% | -76.39% | -21.37% | -64.52% | -3,680.20% |