Applied Digital Corp. (APLD)
Applied Digital Corporation designs, develops, and operates digital infrastructure solutions to high-performance computing (HPC) and artificial intelligence industries in North America. It operates through: Data Center Hosting Business, and HPC Hosting Business. The company offers infrastructure services to crypto mining customers; and GPU computing solutions for critical workloads related to AI, machine learning, and other HPC tasks. It also engages in the designing, constructing, and managing of data centers to support HPC applications. The company was formerly known as Applied Blockchain, Inc. and changed its name to Applied Digital Corporation in November 2022. Applied Digital Corporation has an lease agreement with CoreWeave for an additional 150MW at its Polaris Forge 1 Campus in Ellendale, North Dakota. Applied Digital Corporation is based in Dallas, Texas.
Sector: Services-Computer Processing & Data Preparation
Industry: Information Technology Services
Applied Digital Corp.
-0.99%$23.45
NASDAQ:APLDTechnology
Mkt Cap$7.09B
Float269.73M
O/S302.39M
Inst Own70.9%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$611.31M
Net Income-$244M
Total Assets$9.93B
Free Cash Flow$89.69M
Debt & Equity
Debt 73%
Equity 26%
Preferred 1%
Total Debt$5.1B
Total Equity$1.78B
Preferred Stock$62.77M
Shares Outstanding
Short Interest
Split History2 splits · 2 reverse
- 1:6Reverse splitApr 13, 20226 shares → 1
- 1:800Reverse splitDec 16, 2003800 shares → 1
Balance Sheet Details
Assets$9.93B
Liabilities$6.19B
Accounts Receivable$56.31M
Accounts Payable$395.47M
Inventory$0
PP&E (Net)$4.44B
Goodwill$0
Intangible Assets$0
Income Statement
| Period | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2026-05-31 | 2025-05-31 | 2024-05-31 | 2023-05-31 | 2022-05-31 | 2021-05-31 | 2020-05-31 |
| Revenue | $611.31M | $215.51M | $136.62M | $55.39M | $8.55M | $0 | $0 |
| YoY Growth | 18366.3% | 5774.3% | 14663.9% | 54793.5% | - | - | - |
| Cost of Revenue | $453.63M | $192.81M | $106.65M | $44.39M | $21.89M | $1K | $0 |
| Gross Profit | $157.68M | $22.7M | $29.96M | $11M | -$13.34M | -$1K | $0 |
| Gross Margin | 2579.4% | 1053.2% | 2193.3% | 1986.6% | -15607.7% | - | - |
| Research and Development | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, General, and Administrative | $332.1M | $94.95M | $45.02M | $55.06M | $7.55M | $331K | $0 |
| Other | $61.95M | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Operating Expenses | $394.04M | $94.95M | $45.02M | $55.06M | $7.55M | $331K | $0 |
| Operating Income (EBIT) | -$236.36M | -$72.25M | -$15.05M | -$44.05M | -$20.9M | -$332K | $0 |
| Operating Margin | -3866.5% | -3352.7% | -1102.0% | -7953.3% | -24445.0% | - | - |
| Interest Expense | $29.52M | $17.86M | $18.64M | $1.98M | $112K | $236K | $263K |
| Interest Income | $0 | $3.12M | $931K | $0 | $0 | $0 | $0 |
| Other Income (Expense) | $54.83M | -$131.35M | -$59.23M | -$2.07M | -$1.05M | -$236K | -$263K |
| Income Before Tax (EBT) | -$181.53M | -$203.61M | -$74.28M | -$46.13M | -$21.95M | -$568K | -$263K |
| Income Tax Expense | $1.79M | $102K | $96K | -$523K | $540K | $0 | $0 |
| Net Income | -$244M | -$231.06M | -$149.27M | -$44.65M | -$23.52M | -$568K | -$263K |
| Net Income Margin | -3991.5% | -10722.0% | -10926.4% | -8060.0% | -27512.0% | - | - |
| Supplementary Data | |||||||
| EPS | -0.91 | -1.16 | -1.31 | -0.48 | -0.41 | -0.06 | -0.17 |
| Diluted EPS | -0.91 | -1.16 | -1.31 | -0.48 | -0.41 | -0.06 | -0.17 |
| Weighted Average OS | 275.19M | 201.19M | 114.06M | 93.98M | 57.12M | 8.90M | 1.51M |
| EBITDA | -$84.63M | -$91.82M | -$34.16M | -$36.88M | -$20.71M | -$331K | $0 |
| EBITDA Margin | -1384.4% | -4260.9% | -2500.7% | -6658.4% | -24229.7% | - | - |
Balance Sheet
| Period | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD |
| Period Ending | 2026-05-31 | 2025-05-31 | 2024-05-31 | 2023-05-31 | 2022-05-31 | 2021-05-31 |
| Assets | ||||||
| Current Assets | ||||||
| Cash and Cash Equivalents | $1.59B | $113.92M | $3.34M | $29M | $38.8M | $11.75M |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash and Short-Term Investments | $1.59B | $113.92M | $3.34M | $29M | $38.8M | $11.75M |
| Accounts Receivable | $56.31M | $3.04M | $3.85M | $82K | $227K | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Assets | $3.01B | $313.63M | $396.96M | $16.68M | -$113K | $0 |
| Total Current Assets | $4.66B | $430.59M | $404.14M | $45.76M | $40.36M | $11.75M |
| Long-Term Assets | ||||||
| Property, Plant & Equipment Net | $4.44B | $1.29B | $339.37M | $211.19M | $70.67M | $3.3M |
| Goodwill | $0 | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $7M | $1.2M | $0 | $0 | $0 |
| Deferred Tax Assets | $0 | $0 | $0 | $5.64M | $0 | $0 |
| Other Long-Term Assets | $830.71M | $137.88M | $18.15M | $1.37M | $8.95M | $0 |
| Total Long-Term Assets | $5.27B | $1.44B | $358.72M | $218.2M | $79.62M | $3.3M |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $9.93B | $1.87B | $762.87M | $263.96M | $119.98M | $15.05M |
| Liabilities | ||||||
| Current Liabilities | ||||||
| Accounts Payable | $395.47M | $247.53M | $104.53M | $6.45M | $13.26M | $249K |
| Short-Term Debt | $82.49M | $10.33M | $45.92M | $7.95M | $1.33M | $0 |
| Current Income Tax Payable | $0 | $0 | $0 | $1.63M | $0 | $0 |
| Current Unearned Revenue | $16.75M | $16.13M | $23.56M | $85.06M | $13.4M | $0 |
| Other Current Liabilities | $668.14M | $240.29M | $336.52M | $0 | $0 | $116K |
| Total Current Liabilities | $1.16B | $558.14M | $554.11M | $115.46M | $29M | $2.5M |
| Long-Term Liabilities | ||||||
| Long-Term Debt | $5.02B | $677.83M | $79.47M | $68.48M | $5.9M | $0 |
| Long-Term Unearned Revenue | $0 | $0 | $0 | -$5.64M | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $5.64M | $540K | $0 |
| Other Long-Term Liabilities | $5.45M | $0 | $0 | $1M | $0 | $15.13M |
| Total Long-Term Liabilities | $5.02B | $678.22M | $83.92M | $78.82M | $11.75M | $15.13M |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $6.19B | $1.24B | $638.04M | $194.28M | $40.74M | $17.64M |
| Stockholders' Equity | ||||||
| Preferred Stock | $62.77M | $136.04M | $0 | $0 | $0 | $5.22M |
| Common Stock | $296K | $230K | $144K | $101K | $98K | $9K |
| Retained Earnings | -$662.33M | -$481.06M | -$249.99M | -$100.72M | -$56.07M | -$21.62M |
| Comprehensive Income & Other | $0 | $0 | $0 | $0 | -$0 | $0 |
| Other Stockholders' Equity | $2.44B | $1.11B | $374.68M | $160.13M | $128.23M | $19.03M |
| Total Equity | $1.78B | $633.73M | $124.83M | $59.52M | $72.26M | -$2.58M |
| Minority Interest | $1.96B | $0 | $0 | $10.16M | $6.98M | $0 |
| Total Liabilities and Equity | $7.97B | $1.87B | $762.87M | $253.79M | $113M | $15.05M |
| Supplementary Data | ||||||
| Total Debt | $5.1B | $702.88M | $135.73M | $91.81M | $13.54M | $2.13M |
| Net Debt | $3.51B | $588.96M | $132.39M | $62.81M | -$25.25M | -$9.62M |
Cash Flow Statement
| Period | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD |
| Period Ending | 2026-05-31 | 2025-05-31 | 2024-05-31 | 2023-05-31 | 2022-05-31 | 2021-05-31 |
| Operating Activities | ||||||
| Net Income | -$184.34M | -$231.06M | -$149.67M | -$45.61M | -$22.49M | -$568K |
| Depreciation & Amortization | $67.39M | $97.94M | $79.36M | $7.61M | $1.12M | $1K |
| Deferred Income Tax | $0 | $0 | $0 | -$540K | $540K | $0 |
| Stock-Based Compensation | $220.13M | $22.7M | $17.36M | $32.07M | $12.34M | $0 |
| Changes in Working Capital: | ||||||
| Accounts Receivable | -$49.27M | -$2.93M | -$3.77M | $145K | -$227K | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Payable | -$1.18M | -$78.26M | $41.84M | -$13.75M | $6.42M | $0 |
| Other Working Capital | $0 | -$68.19M | -$32.01M | $78.3M | $10.62M | $248K |
| Total Working Capital Change | $0 | -$149.38M | $6.07M | $64.69M | $16.81M | $248K |
| Other Non-Cash Items | -$13.5M | $144.4M | $60.67M | $504K | -$9.19M | $236K |
| Net Cash from Operating | $89.69M | -$115.4M | $13.79M | $58.73M | -$872K | -$83K |
| Investing Activities | ||||||
| Capital Expenditures | $0 | -$681.6M | -$141.81M | -$131.28M | -$54.97M | -$3.3M |
| Acquisitions | $0 | $0 | $0 | $0 | $0 | $0 |
| Purchases of Investments | -$17M | -$4.87M | -$391K | -$810K | $0 | $0 |
| Sales of Investments | $5M | $0 | $0 | $0 | $0 | $0 |
| Other Investing Activities | -$2.92B | $18.82M | -$30.24M | $0 | $9.1M | $0 |
| Net Cash from Investing | -$2.94B | -$667.65M | -$172.44M | -$132.09M | -$45.87M | -$3.3M |
| Financing Activities | ||||||
| Debt Repaid | - | -$693.97M | -$17.37M | -$68.77M | -$7.1M | - |
| Common Stock Issuance | $196.37M | $191.59M | $130.85M | $0 | $40M | $0 |
| Common Stock Repurchases | $0 | -$31.34M | $0 | -$168K | $0 | $0 |
| Dividends Paid | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Financing Activities | $6.26M | -$175.12M | -$1.47M | $2.03M | -$311K | -$1.36M |
| Net Cash from Financing | $0 | $874.69M | $146.76M | $70.63M | $81.29M | $15.13M |
| Forex Effect | $0 | -$2.4M | $0 | $0 | $0 | $0 |
| Net Change in Cash | $0 | $89.23M | -$11.89M | -$2.73M | $34.55M | $11.75M |
| Supplementary Data | ||||||
| Operating Cash Flow | $89.69M | -$115.4M | $13.79M | $58.73M | -$872K | -$83K |
| Capital Expenditure | $0 | -$681.6M | -$141.81M | -$131.28M | -$54.97M | -$3.3M |
| Free Cash Flow | $89.69M | -$797M | -$128.01M | -$72.54M | -$55.85M | -$3.38M |
| Cash at Beginning | $0 | $31.69M | $43.57M | $46.3M | $11.75M | $0 |
| Cash at End | $0 | $120.92M | $31.69M | $43.57M | $46.3M | $11.75M |