Applied Digital (APLD) Financials

$33.38 +2.76 (+9.01%)

As of 04:00 PM Eastern

Annual Income Statements for Applied Digital

This table shows Applied Digital's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	5/31/2021	5/31/2022	5/31/2023	5/31/2024	5/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-0.57	-24	-45	-149	-234
Consolidated Net Income / (Loss)	-0.57	-24	-46	-150	-231
Net Income / (Loss) Continuing Operations	-0.57	-22	-44	-74	-158
Total Pre-Tax Income	-0.57	-22	-45	-74	-158
Total Operating Income	-0.33	-21	-43	-33	-17
Total Gross Profit	0.00	-0.96	11	30	43
Total Revenue	0.00	8.55	55	137	144
Operating Revenue	0.00	8.55	55	137	144
Total Cost of Revenue	0.00	9.51	44	107	101
Operating Cost of Revenue	0.00	9.51	44	107	101
Total Operating Expenses	0.33	20	54	63	60
Selling, General & Admin Expense	0.33	20	54	45	83
Other Operating Expenses / (Income)	0.00	-	0.00	15	-25
Other Special Charges / (Income)	-	-	0.00	2.38	1.14
Total Other Income / (Expense), net	-0.24	-1.05	-2.10	-41	-141
Interest Expense	0.24	1.45	2.10	20	16
Other Income / (Expense), net	0.00	0.41	0.00	-21	-125
Income Tax Expense	0.00	0.54	-0.52	0.10	0.10
Net Income / (Loss) Discontinued Operations	0.00	-1.04	-1.12	-75	-73
Preferred Stock Dividends Declared	-	-	0.00	0.00	2.62
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	-0.01	-0.96	-0.40	0.00
Basic Earnings per Share	($0.38)	($0.41)	($0.47)	($1.31)	($1.16)
Weighted Average Basic Shares Outstanding	1.51M	57.12M	93.98M	114.06M	201.19M
Diluted Earnings per Share	($0.38)	($0.41)	($0.47)	($1.31)	($1.16)
Weighted Average Diluted Shares Outstanding	1.51M	57.12M	93.98M	114.06M	201.19M
Weighted Average Basic & Diluted Shares Outstanding	-	94.24M	103.95M	157.44M	261.52M

This table shows Applied Digital's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	11/30/2022	2/28/2023	5/31/2023	8/31/2023	11/30/2023	2/29/2024	5/31/2024	8/31/2024	11/30/2024	2/28/2025	5/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-27	-7.03	-6.47	-11	-11	-63	-64	-4.29	-139	-36	-54
Consolidated Net Income / (Loss)	-27	-7.34	-6.86	-12	-11	-63	-64	-4.25	-139	-36	-53
Net Income / (Loss) Continuing Operations	-27	-7.34	-6.86	-12	-11	-63	-64	-4.25	-139	-36	20
Total Pre-Tax Income	-27	-7.34	-7.10	-12	-11	-63	-64	-4.25	-139	-35	20
Total Operating Income	-27	-6.99	-6.24	-7.37	-7.91	-55	-28	9.48	-19	-19	11
Total Gross Profit	0.53	3.56	6.09	11	12	-3.71	-2.59	-0.36	12	3.78	28
Total Revenue	12	14	22	36	42	43	44	61	64	53	-33
Operating Revenue	12	14	22	36	42	43	44	61	64	53	-33
Total Cost of Revenue	12	11	16	25	30	47	46	61	52	49	-61
Operating Cost of Revenue	12	11	16	25	30	47	46	61	52	49	-61
Total Operating Expenses	27	11	12	18	20	52	26	-9.84	30	23	17
Selling, General & Admin Expense	27	11	14	16	20	30	32	14	30	23	16
Other Special Charges / (Income)	0.00	0.00	-	2.30	0.08	0.00	-	0.63	0.14	0.00	0.37
Total Other Income / (Expense), net	-0.36	-0.35	-0.86	-4.49	-2.62	-7.38	-36	-14	-120	-16	8.95
Interest Expense	0.36	0.35	0.86	4.49	2.62	4.77	17	7.31	7.48	10	-8.95
Other Income / (Expense), net	-	0.00	-	0.00	0.00	-2.61	-19	-6.42	-113	-6.42	-0.00
Income Tax Expense	-0.31	0.00	-0.24	0.00	0.00	0.00	0.10	0.00	0.00	0.12	-0.02
Preferred Stock Dividends Declared	-	-	-	0.00	0.00	0.00	-	0.04	0.63	0.54	1.40
Basic Earnings per Share	($0.28)	($0.07)	($0.07)	($0.11)	($0.10)	($0.52)	($0.58)	($0.03)	($0.66)	($0.16)	($0.31)
Weighted Average Basic Shares Outstanding	93.42M	94.12M	93.98M	100.52M	109.66M	121.43M	114.06M	149.01M	209.56M	222.45M	201.19M
Diluted Earnings per Share	($0.28)	($0.07)	($0.07)	($0.11)	($0.10)	($0.52)	($0.58)	($0.03)	($0.66)	($0.16)	($0.31)
Weighted Average Diluted Shares Outstanding	93.42M	94.12M	93.98M	100.52M	109.66M	121.43M	114.06M	149.01M	209.56M	222.45M	201.19M
Weighted Average Basic & Diluted Shares Outstanding	94.47M	94.90M	103.95M	106.30M	122.04M	122.74M	157.44M	215.36M	222.90M	224.72M	261.52M

This table details how cash moves in and out of Applied Digital's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	5/31/2021	5/31/2022	5/31/2023	5/31/2024	5/31/2025
Net Change in Cash & Equivalents	12	35	-2.73	-6.19	92
Net Cash From Operating Activities	-0.08	-0.87	59	14	-115
Net Cash From Continuing Operating Activities	-0.08	9.28	59	19	-115
Net Income / (Loss) Continuing Operations	-0.57	-22	-46	-150	-231
Consolidated Net Income / (Loss)	-0.57	-24	-46	-150	-231
Depreciation Expense	0.00	1.12	7.61	79	98
Amortization Expense	0.00	-	0.41	5.21	9.56
Non-Cash Adjustments To Reconcile Net Income	0.24	23	59	80	150
Changes in Operating Assets and Liabilities, net	0.25	7.83	37	4.10	-142
Net Cash From Investing Activities	-3.30	-46	-132	-172	-668
Net Cash From Continuing Investing Activities	-3.30	-55	-132	-172	-668
Purchase of Property, Plant & Equipment	-0.02	-55	-131	-142	-682
Purchase of Investments	-	0.00	-0.81	-0.39	-4.87
Sale of Property, Plant & Equipment	-	-	0.00	20	25
Other Investing Activities, net	-3.28	0.00	0.00	-50	-6.18
Net Cash From Financing Activities	15	81	71	147	875
Net Cash From Continuing Financing Activities	15	81	71	147	875
Repayment of Debt	0.00	0.00	-12	-68	-335
Repurchase of Preferred Equity	-	-	0.00	0.00	-14
Repurchase of Common Equity	-1.37	-7.20	0.00	-0.28	-42
Payment of Dividends	-	-	0.00	0.00	-2.62
Issuance of Debt	0.00	7.32	82	145	1,112
Issuance of Preferred Equity	17	35	0.00	0.00	198
Issuance of Common Equity	0.00	47	4.15	131	192
Other Financing Activities, net	0.00	-0.22	-3.52	-61	-234
Cash Interest Paid	0.24	0.11	1.12	18	63
Cash Income Taxes Paid	0.00	0.00	0.00	0.01	0.11

This table details how cash moves in and out of Applied Digital's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	11/30/2022	2/28/2023	5/31/2023	8/31/2023	11/30/2023	2/29/2024	5/31/2024	8/31/2024	11/30/2024	2/28/2025	5/31/2025
Net Change in Cash & Equivalents	-23	4.85	22	-12	3.42	6.35	-9.29	55	228	-53	-138
Net Cash From Operating Activities	11	26	4.59	4.52	4.54	36	-32	-76	-52	5.90	6.86
Net Cash From Continuing Operating Activities	11	26	4.59	4.52	4.54	36	-32	-76	-52	5.90	6.86
Net Income / (Loss) Continuing Operations	-27	-7.34	-6.86	-12	-11	-63	-64	-4.25	-139	-36	-53
Consolidated Net Income / (Loss)	-27	-	-	-12	-11	-63	-64	-4.25	-139	-36	-53
Depreciation Expense	1.57	1.93	2.64	7.86	13	26	32	34	26	19	18
Amortization Expense	-	-	-	0.24	0.12	0.15	-	2.77	-0.35	9.09	-1.95
Non-Cash Adjustments To Reconcile Net Income	32	-11	32	10	6.79	27	31	-11	117	23	21
Changes in Operating Assets and Liabilities, net	3.47	42	-24	-2.19	-5.26	45	-29	-98	-56	-9.69	22
Net Cash From Investing Activities	-39	-26	-36	-41	-25	-54	-52	-33	-175	-258	-202
Net Cash From Continuing Investing Activities	-39	-26	-36	-41	-25	-54	-52	-33	-175	-258	-202
Purchase of Property, Plant & Equipment	-39	-26	-33	-33	-13	-39	-57	-55	-171	-257	-198
Purchase of Investments	-	-	-0.71	-0.39	-	-	-	0.00	-1.42	-1.08	-2.38
Other Investing Activities, net	-	-	-	-7.56	-12	-16	-15	-2.81	-2.46	0.43	-1.34
Net Cash From Financing Activities	5.19	4.69	52	24	24	24	75	163	455	199	57
Net Cash From Continuing Financing Activities	5.19	4.69	52	24	24	24	75	163	455	199	57
Repayment of Debt	-1.69	-1.59	-0.15	-43	-20	-30	-48	-14	-210	-203	92
Repurchase of Preferred Equity	-	-	-	0.00	-	-	-	-5.44	-0.50	-2.97	-4.90
Repurchase of Common Equity	-	-	-	0.00	-	-0.00	-0.05	-0.04	-42	-0.02	-0.05
Payment of Dividends	-	-	-	0.00	-	-	-	-0.04	-0.63	-0.54	-1.40
Issuance of Debt	6.71	3.86	57	6.75	5.98	19	113	117	620	375	0.08
Issuance of Preferred Equity	-	-	-	0.00	-	-	-	61	6.36	33	98
Other Financing Activities, net	0.17	0.03	-4.60	-4.85	4.85	12	-0.26	-26	-78	-2.97	-126
Cash Interest Paid	0.35	0.41	0.45	1.84	2.53	4.75	8.66	5.51	28	22	7.86

This table presents Applied Digital's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	5/31/2021	5/31/2022	5/31/2023	5/31/2024	5/31/2025
Total Assets	15	120	264	763	1,870
Total Current Assets	12	40	46	404	431
Cash & Equivalents	12	39	29	3.34	42
Accounts Receivable	0.00	0.23	0.08	3.85	3.04
Prepaid Expenses	0.01	1.34	2.01	1.01	9.43
Other Current Assets	0.00	-	-	21	72
Other Current Nonoperating Assets	-	-	0.00	375	304
Plant, Property, & Equipment, net	0.02	64	198	329	1,276
Total Noncurrent Assets	3.28	15	20	30	164
Noncurrent Note & Lease Receivables	-	5.30	14	8.75	18
Other Noncurrent Operating Assets	3.28	10	5.84	21	146
Total Liabilities & Shareholders' Equity	15	120	264	763	1,870
Total Liabilities	2.50	41	194	638	1,236
Total Current Liabilities	2.50	29	115	554	558
Short-Term Debt	2.14	1.33	7.95	10	10
Accounts Payable	0.25	13	6.45	105	248
Accrued Expenses	-	-	9.96	25	30
Customer Deposits	0.00	9.52	36	15	16
Current Deferred Revenue	0.00	3.88	49	8.19	0.00
Other Current Liabilities	0.00	1.00	6.04	55	39
Other Current Nonoperating Liabilities	-	-	-	336	216
Total Noncurrent Liabilities	0.00	12	79	84	678
Long-Term Debt	0.00	5.90	68	79	678
Other Noncurrent Operating Liabilities	0.00	5.31	10	4.45	0.40
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	15	-	-	0.00	136
Total Equity & Noncontrolling Interests	-2.58	79	70	125	498
Total Preferred & Common Equity	-2.58	72	60	125	498
Total Common Equity	-7.80	72	60	125	498
Common Stock	14	128	160	375	1,010
Retained Earnings	-22	-56	-101	-250	-481
Treasury Stock	-0.06	-0.06	-0.06	-0.06	-31

This table presents Applied Digital's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	2/28/2022	8/31/2022	11/30/2022	2/28/2023	8/31/2023	11/30/2023	2/29/2024	8/31/2024	11/30/2024	2/28/2025
Total Assets	63	146	167	208	349	481	643	938	1,543	1,707
Total Current Assets	19	42	21	24	34	36	106	84	328	274
Cash & Equivalents	12	41	18	23	5.94	9.22	4.44	58	286	69
Accounts Receivable	1.04	0.05	0.28	0.08	0.03	0.31	0.23	2.30	12	15
Prepaid Expenses	2.10	1.50	2.40	1.39	2.31	1.52	6.13	2.06	8.50	5.42
Other Current Assets	-	-	-	-	-	-	-	-	-	185
Other Current Nonoperating Assets	3.57	-	-	-	-	-	65	0.19	0.00	0.00
Plant, Property, & Equipment, net	44	95	133	167	223	259	211	478	773	1,002
Total Noncurrent Assets	1.21	8.45	14	16	93	186	326	375	442	431
Noncurrent Note & Lease Receivables	-	-	-	-	56	95	190	201	261	235
Other Noncurrent Operating Assets	1.21	8.45	14	16	37	90	137	175	181	196
Total Liabilities & Shareholders' Equity	63	146	167	208	349	481	643	938	1,543	1,707
Total Liabilities	24	69	95	136	221	325	525	641	1,053	1,209
Total Current Liabilities	23	49	70	109	152	202	349	387	424	394
Short-Term Debt	0.00	2.59	4.12	4.86	9.16	9.28	19	6.89	6.54	10
Accounts Payable	13	13	7.47	14	16	38	94	140	192	171
Accrued Expenses	-	-	-	-	13	11	28	27	32	19
Customer Deposits	5.65	14	25	36	36	41	36	14	16	16
Current Deferred Revenue	3.91	17	29	48	52	52	64	17	6.19	4.88
Other Current Liabilities	0.23	1.37	3.66	4.19	25	52	99	182	172	173
Total Noncurrent Liabilities	1.33	20	25	28	70	123	176	254	628	816
Long-Term Debt	-	12	16	19	35	34	42	106	468	679
Other Noncurrent Operating Liabilities	1.06	5.62	8.63	8.49	35	89	133	148	160	137
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	48	-	-	-	-	-	-	55	56	43
Total Equity & Noncontrolling Interests	-8.61	77	72	71	128	156	118	242	435	455
Total Preferred & Common Equity	-8.61	68	64	61	128	156	118	242	435	455
Total Common Equity	-8.61	68	64	61	128	156	118	242	435	455
Common Stock	44	129	151	155	240	278	304	496	859	915
Retained Earnings	-53	-61	-87	-94	-112	-123	-186	-254	-393	-429
Treasury Stock	-0.06	-0.06	-0.06	-0.06	-0.06	-0.06	-0.06	-0.06	-31	-31

This table displays calculated financial ratios and metrics derived from Applied Digital's official financial filings.

Metric	2021	2022	2023	2024	2025
Period end date	5/31/2021	5/31/2022	5/31/2023	5/31/2024	5/31/2025
Growth Metrics	-	-	-	-	-
Revenue Growth	0.00%	0.00%	547.94%	198.92%	5.54%
EBITDA Growth	0.00%	-5,752.57%	-88.11%	-12.17%	-214.09%
EBIT Growth	0.00%	-6,072.29%	-114.99%	-172.92%	-163.23%
NOPAT Growth	0.00%	-6,194.58%	-110.81%	-124.77%	48.72%
Net Income Growth	0.00%	-4,042.61%	-93.82%	-228.18%	-54.38%
EPS Growth	0.00%	-7.89%	-17.07%	-172.92%	11.45%
Operating Cash Flow Growth	0.00%	-950.60%	6,835.67%	-76.51%	-936.61%
Free Cash Flow Firm Growth	0.00%	0.00%	-44.67%	-82.13%	-1,004.77%
Invested Capital Growth	0.00%	1,461.32%	115.10%	84.63%	589.64%
Revenue Q/Q Growth	0.00%	0.00%	35.51%	0.00%	-34.81%
EBITDA Q/Q Growth	0.00%	0.00%	0.17%	0.00%	60.98%
EBIT Q/Q Growth	0.00%	0.00%	-5.15%	0.00%	29.00%
NOPAT Q/Q Growth	0.00%	0.00%	-5.15%	0.00%	70.11%
Net Income Q/Q Growth	0.00%	0.00%	-9.72%	0.00%	4.90%
EPS Q/Q Growth	0.00%	0.00%	-20.00%	0.00%	18.88%
Operating Cash Flow Q/Q Growth	0.00%	-121.04%	19.76%	0.00%	24.97%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	3.50%
Invested Capital Q/Q Growth	0.00%	0.00%	42.03%	0.00%	6.61%
Profitability Metrics	-	-	-	-	-
Gross Margin	0.00%	-11.19%	19.87%	10.41%	29.64%
EBITDA Margin	0.00%	-226.60%	-65.79%	-24.69%	-24.14%
Operating Margin	0.00%	-244.45%	-79.53%	-59.81%	-11.68%
EBIT Margin	0.00%	-239.70%	-79.53%	-72.62%	-98.70%
Profit (Net Income) Margin	0.00%	-275.24%	-82.33%	-90.39%	-160.25%
Tax Burden Percent	100.00%	107.22%	98.87%	100.06%	146.03%
Interest Burden Percent	171.08%	107.10%	104.71%	124.40%	111.18%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	-57.68%	-41.06%	-47.50%	-1.73%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-14.33%	-2,335.93%	-212.61%	-74.04%
Return on Net Nonoperating Assets (RNNOA)	0.00%	6.41%	-20.19%	-106.39%	-59.19%
Return on Equity (ROE)	-4.53%	-51.27%	-61.25%	-153.90%	-60.92%
Cash Return on Invested Capital (CROIC)	0.00%	-233.61%	-114.12%	-106.97%	-151.07%
Operating Return on Assets (OROA)	0.00%	-30.35%	-22.95%	-23.42%	-10.81%
Return on Assets (ROA)	0.00%	-34.85%	-23.76%	-29.15%	-17.55%
Return on Common Equity (ROCE)	2.81%	-36.00%	-54.20%	-145.86%	-50.00%
Return on Equity Simple (ROE_SIMPLE)	21.99%	-32.56%	-76.63%	-119.90%	0.00%
Net Operating Profit after Tax (NOPAT)	-0.23	-15	-31	-69	-12
NOPAT Margin	0.00%	-171.11%	-55.67%	-41.86%	-8.18%
Net Nonoperating Expense Percent (NNEP)	-3.53%	-43.35%	2,294.87%	165.11%	72.31%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-0.99%
Cost of Revenue to Revenue	0.00%	111.19%	80.13%	89.59%	70.36%
SG&A Expenses to Revenue	0.00%	233.26%	99.40%	59.47%	57.61%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	0.00%	233.26%	99.40%	70.21%	41.32%
Earnings before Interest and Taxes (EBIT)	-0.33	-20	-44	-120	-142
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-0.33	-19	-36	-41	-35
Valuation Ratios	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.55	0.67	0.32	2.76
Price to Tangible Book Value (P/TBV)	0.00	0.55	0.67	0.32	2.76
Price to Revenue (P/Rev)	0.00	4.68	0.72	0.24	9.53
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	16.62	0.32	0.81	0.55	1.81
Enterprise Value to Revenue (EV/Rev)	0.00	1.80	1.50	0.63	14.96
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	1.41	7.60	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-
Debt to Equity	0.17	0.09	1.10	0.72	1.09
Long-Term Debt to Equity	0.00	0.07	0.98	0.64	1.07
Financial Leverage	-0.76	-0.45	0.01	0.50	0.80
Leverage Ratio	1.20	1.47	2.58	5.28	3.47
Compound Leverage Factor	2.05	1.58	2.70	6.57	3.86
Debt to Total Capital	14.54%	8.36%	52.31%	41.77%	52.06%
Short-Term Debt to Total Capital	14.54%	1.54%	5.44%	4.70%	0.78%
Long-Term Debt to Total Capital	0.00%	6.82%	46.87%	37.07%	51.28%
Preferred Equity to Total Capital	35.53%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	103.05%	8.07%	6.96%	0.00%	10.29%
Common Equity to Total Capital	-53.12%	83.57%	40.73%	58.23%	37.65%
Debt to EBITDA	-6.45	-0.37	-2.10	-2.19	-19.77
Net Debt to EBITDA	29.05	1.63	-0.90	-1.59	-18.58
Long-Term Debt to EBITDA	0.00	-0.30	-1.88	-1.94	-19.47
Debt to NOPAT	-9.19	-0.49	-2.48	-1.29	-58.36
Net Debt to NOPAT	41.37	2.16	-1.07	-0.94	-54.84
Long-Term Debt to NOPAT	0.00	-0.40	-2.22	-1.15	-57.48
Altman Z-Score	8.25	-0.44	-1.07	-1.28	0.05
Noncontrolling Interest Sharing Ratio	162.16%	29.78%	11.51%	5.22%	17.93%
Liquidity Ratios	-	-	-	-	-
Current Ratio	4.70	1.39	0.40	0.08	0.77
Quick Ratio	4.70	1.35	0.25	0.02	0.08
Cash Flow Metrics	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-59	-86	-156	-1,031
Operating Cash Flow to CapEx	-415.00%	-1.59%	44.74%	11.31%	-17.58%
Free Cash Flow to Firm to Interest Expense	0.00	-40.74	-41.32	-5.32	-64.78
Operating Cash Flow to Interest Expense	-0.35	-0.60	28.32	0.47	-7.25
Operating Cash Flow Less CapEx to Interest Expense	-0.44	-38.41	-34.98	-3.69	-48.51
Efficiency Ratios	-	-	-	-	-
Asset Turnover	0.00	0.13	0.29	0.32	0.11
Accounts Receivable Turnover	0.00	0.00	358.52	84.28	41.86
Inventory Turnover	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.27	0.42	0.61	0.18
Accounts Payable Turnover	0.00	1.41	4.51	2.42	0.58
Days Sales Outstanding (DSO)	0.00	0.00	1.02	4.33	8.72
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	259.35	81.02	150.79	633.31
Cash Conversion Cycle (CCC)	0.00	-259.35	-80.00	-146.46	-624.59
Capital & Investment Metrics	-	-	-	-	-
Invested Capital	3.05	48	103	189	1,192
Invested Capital Turnover	0.00	0.34	0.74	1.13	0.21
Increase / (Decrease) in Invested Capital	0.00	45	55	87	1,019
Enterprise Value (EV)	51	15	83	105	2,157
Market Capitalization	40	40	40	40	1,374
Book Value per Share	($5.16)	$0.73	$0.63	$1.02	$2.21
Tangible Book Value per Share	($5.16)	$0.73	$0.63	$1.02	$2.21
Total Capital	15	86	146	214	1,322
Total Debt	2.14	7.23	76	90	688
Total Long-Term Debt	0.00	5.90	68	79	678
Net Debt	-9.62	-32	33	65	647
Capital Expenditures (CapEx)	0.02	55	131	122	657
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-0.36	-26	-105	-370	-159
Debt-free Net Working Capital (DFNWC)	11	13	-62	-345	-117
Net Working Capital (NWC)	9.26	11	-70	-355	-128
Net Nonoperating Expense (NNE)	0.34	8.90	15	80	219
Net Nonoperating Obligations (NNO)	-9.50	-32	33	64	558
Total Depreciation and Amortization (D&A)	0.00	1.12	7.61	79	108
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-305.31%	-190.31%	-223.39%	-110.11%
Debt-free Net Working Capital to Revenue	0.00%	148.52%	-111.64%	-208.48%	-81.29%
Net Working Capital to Revenue	0.00%	132.93%	-126.00%	-214.57%	-88.46%
Earnings Adjustments	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	($0.41)	($0.49)	($1.31)	($1.16)
Adjusted Weighted Average Basic Shares Outstanding	0.00	57.12M	93.98M	114.06M	201.19M
Adjusted Diluted Earnings per Share	$0.00	($0.41)	($0.49)	($1.31)	($1.16)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	57.12M	93.98M	114.06M	201.19M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	94.24M	103.95M	157.44M	261.52M
Normalized Net Operating Profit after Tax (NOPAT)	-0.23	-15	-31	-68	-11
Normalized NOPAT Margin	0.00%	-171.11%	-55.67%	-40.86%	-7.63%
Pre Tax Income Margin	0.00%	-256.71%	-83.28%	-90.34%	-109.74%
Debt Service Ratios	-	-	-	-	-
EBIT to Interest Expense	-1.41	-14.09	-21.24	-4.10	-8.94
NOPAT to Interest Expense	-0.98	-10.06	-14.87	-2.36	-0.74
EBIT Less CapEx to Interest Expense	-1.49	-51.90	-84.54	-8.26	-50.20
NOPAT Less CapEx to Interest Expense	-1.07	-47.87	-78.17	-6.52	-42.00
Payout Ratios	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	-1.13%
Augmented Payout Ratio	-240.32%	-30.61%	0.00%	-0.19%	-19.16%

This table displays calculated financial ratios and metrics derived from Applied Digital's official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	11/30/2022	2/28/2023	5/31/2023	8/31/2023	11/30/2023	2/29/2024	5/31/2024	8/31/2024	11/30/2024	2/28/2025	5/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	1,273.29%	192.94%	424.60%	242.00%	207.65%	98.30%	67.12%	51.34%	22.08%	-325.85%
EBITDA Growth	-2,027.86%	-123.09%	-23.27%	123.91%	122.40%	-523.11%	-1,213.05%	5,422.15%	-2,431.55%	107.95%	-50.30%
EBIT Growth	-1,870.33%	-199.06%	-64.23%	-76.39%	70.36%	-730.85%	-657.36%	141.54%	-1,558.78%	56.32%	-41.77%
NOPAT Growth	-1,870.33%	-189.16%	-52.74%	-76.39%	70.36%	-693.48%	-356.91%	228.71%	-135.28%	65.84%	-70.07%
Net Income Growth	-15,543.27%	-13.90%	-143.38%	-154.43%	60.64%	-755.99%	-840.05%	64.17%	-1,217.56%	43.42%	18.48%
EPS Growth	0.00%	41.67%	-450.00%	-120.00%	64.29%	-642.86%	-625.00%	72.73%	-560.00%	69.23%	46.55%
Operating Cash Flow Growth	183.50%	1,281.47%	190.02%	-73.88%	-57.52%	38.67%	-787.08%	-1,780.10%	0.00%	-83.75%	121.73%
Free Cash Flow Firm Growth	0.00%	-108.92%	0.00%	-77.26%	-2.01%	-4.80%	-116.09%	-92.37%	-433.74%	-1,766.85%	-2,974.93%
Invested Capital Growth	0.00%	203.22%	115.10%	177.31%	120.19%	23.57%	105.45%	134.76%	301.43%	1,153.59%	589.64%
Revenue Q/Q Growth	78.22%	14.18%	56.41%	64.82%	16.19%	2.71%	0.81%	0.00%	5.21%	-17.14%	-162.92%
EBITDA Q/Q Growth	-726.37%	79.86%	28.27%	120.15%	674.28%	-660.35%	51.84%	0.00%	-426.91%	101.91%	1,004.63%
EBIT Q/Q Growth	-539.17%	73.82%	10.25%	-18.00%	-7.38%	-633.92%	19.25%	0.00%	-4,387.59%	80.67%	144.27%
NOPAT Q/Q Growth	-539.17%	73.82%	10.25%	-18.00%	-7.38%	-600.91%	48.99%	0.00%	-296.30%	-1.76%	184.76%
Net Income Q/Q Growth	-474.16%	72.56%	6.61%	-72.90%	11.18%	-496.81%	-2.57%	0.00%	-3,166.45%	74.37%	-47.76%
EPS Q/Q Growth	-460.00%	75.00%	12.50%	-57.14%	9.09%	-420.00%	-11.54%	0.00%	-2,100.00%	75.76%	-93.75%
Operating Cash Flow Q/Q Growth	-38.22%	144.88%	-82.45%	-1.61%	0.49%	699.74%	-186.94%	0.00%	0.00%	111.28%	16.25%
Free Cash Flow Firm Q/Q Growth	-73.37%	42.77%	-11.24%	-60.66%	0.23%	41.20%	-129.13%	0.00%	-176.81%	-105.67%	3.28%
Invested Capital Q/Q Growth	46.54%	-2.96%	42.03%	37.30%	16.36%	-45.54%	136.16%	0.00%	98.96%	70.06%	6.61%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	4.28%	25.24%	27.63%	30.56%	29.46%	-8.57%	-5.92%	-0.59%	18.02%	7.14%	0.00%
EBITDA Margin	-203.65%	-35.93%	-16.37%	2.00%	13.34%	-72.76%	-34.76%	66.13%	-205.49%	4.74%	0.00%
Operating Margin	-216.35%	-49.60%	-28.33%	-20.28%	-18.75%	-127.93%	-64.73%	15.62%	-29.15%	-35.79%	0.00%
EBIT Margin	-216.35%	-49.60%	-28.33%	-20.28%	-18.75%	-133.96%	-107.29%	5.04%	-205.49%	-47.93%	0.00%
Profit (Net Income) Margin	-216.77%	-52.10%	-31.11%	-32.64%	-24.95%	-144.96%	-147.48%	-7.00%	-217.21%	-67.19%	0.00%
Tax Burden Percent	98.85%	100.00%	96.58%	100.00%	100.00%	100.00%	100.15%	100.00%	100.00%	100.33%	-260.38%
Interest Burden Percent	101.36%	105.04%	113.69%	160.88%	133.08%	108.21%	137.25%	-138.75%	105.70%	139.72%	179.69%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.08%
Return on Invested Capital (ROIC)	-113.24%	-29.57%	-14.63%	-12.57%	-12.63%	-159.70%	-47.91%	0.00%	0.00%	-9.18%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	-778.37%	3.66%	-400.83%	88.11%	-107.05%	8.92%	-123.15%	0.00%	0.00%	-16.72%	0.00%
Return on Net Nonoperating Assets (RNNOA)	-26.22%	-0.49%	-3.46%	-5.72%	-4.97%	-1.34%	-75.14%	0.00%	0.00%	-16.04%	0.00%
Return on Equity (ROE)	-139.46%	-30.06%	-18.09%	-18.29%	-17.61%	-161.04%	-123.05%	0.00%	0.00%	-25.22%	0.00%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	-114.12%	-126.88%	-90.64%	-87.81%	-99.68%	0.00%	0.00%	-176.98%	-151.07%
Operating Return on Assets (OROA)	-35.94%	-14.96%	-8.18%	-6.95%	-6.63%	-45.32%	-34.60%	0.00%	0.00%	-9.02%	0.00%
Return on Assets (ROA)	-36.01%	-15.71%	-8.98%	-11.18%	-8.83%	-49.04%	-47.56%	0.00%	0.00%	-12.64%	0.00%
Return on Common Equity (ROCE)	-123.06%	-14.18%	-16.01%	-17.53%	-16.95%	-152.10%	-116.62%	0.00%	0.00%	-23.45%	0.00%
Return on Equity Simple (ROE_SIMPLE)	-64.04%	-68.31%	0.00%	-41.27%	-23.50%	-77.71%	0.00%	0.00%	0.00%	-53.44%	0.00%
Net Operating Profit after Tax (NOPAT)	-19	-4.89	-4.37	-5.16	-5.54	-39	-20	6.64	-13	-13	11
NOPAT Margin	-151.45%	-34.72%	-19.83%	-14.20%	-13.12%	-89.55%	-45.31%	10.94%	-20.40%	-25.06%	0.00%
Net Nonoperating Expense Percent (NNEP)	665.13%	-33.23%	386.20%	-100.68%	94.42%	-168.62%	75.24%	47.12%	143.36%	7.54%	21.03%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-2.79%	-21.53%	-9.24%	-	-1.43%	-1.16%	0.95%
Cost of Revenue to Revenue	95.72%	74.76%	72.38%	69.44%	70.54%	108.57%	105.92%	100.59%	81.98%	92.86%	0.00%
SG&A Expenses to Revenue	220.63%	74.85%	63.13%	44.52%	48.02%	69.25%	73.24%	23.62%	46.64%	42.94%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	220.63%	74.85%	55.96%	50.85%	48.21%	119.37%	58.81%	-16.21%	47.16%	42.94%	0.00%
Earnings before Interest and Taxes (EBIT)	-27	-6.99	-6.24	-7.37	-7.91	-58	-47	3.06	-131	-25	11
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-25	-5.06	-3.61	0.73	5.63	-32	-15	40	-131	2.51	28
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.63	0.66	0.67	0.31	0.26	4.25	3.87	0.17	0.09	3.91	2.76
Price to Tangible Book Value (P/TBV)	0.63	0.66	0.67	0.31	0.26	4.25	3.87	0.17	0.09	3.91	2.76
Price to Revenue (P/Rev)	1.44	0.98	0.72	0.47	0.35	3.50	2.91	0.00	0.00	8.05	9.53
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.68	0.71	0.81	0.38	0.29	5.96	2.70	0.39	0.40	2.18	1.81
Enterprise Value to Revenue (EV/Rev)	1.83	1.26	1.50	0.62	0.42	3.69	3.43	0.00	0.00	11.05	14.96
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	2.05	1.05	1.41	1.15	1.21	10.65	41.23	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.28	0.33	1.10	0.34	0.27	0.52	0.72	0.38	0.97	1.38	1.09
Long-Term Debt to Equity	0.23	0.26	0.98	0.27	0.22	0.36	0.64	0.36	0.95	1.36	1.07
Financial Leverage	0.03	-0.13	0.01	-0.06	0.05	-0.15	0.61	0.11	0.27	0.96	0.80
Leverage Ratio	2.33	2.45	2.58	2.42	2.85	4.48	5.28	3.03	3.13	3.81	3.47
Compound Leverage Factor	2.36	2.57	2.93	3.89	3.79	4.85	7.25	-4.20	3.31	5.33	6.24
Debt to Total Capital	22.17%	24.94%	52.31%	25.61%	21.56%	34.27%	41.77%	27.57%	49.19%	58.06%	52.06%
Short-Term Debt to Total Capital	4.46%	5.10%	5.44%	5.33%	4.68%	10.72%	4.70%	1.68%	0.68%	0.85%	0.78%
Long-Term Debt to Total Capital	17.71%	19.83%	46.87%	20.28%	16.88%	23.55%	37.07%	25.89%	48.52%	57.20%	51.28%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	9.15%	11.09%	6.96%	0.00%	0.00%	0.00%	0.00%	13.48%	5.78%	3.64%	10.29%
Common Equity to Total Capital	68.68%	63.98%	40.73%	74.39%	78.44%	65.73%	58.23%	58.95%	45.03%	38.30%	37.65%
Debt to EBITDA	-0.61	-0.65	-2.08	-1.32	-67.48	-2.55	-2.19	0.00	0.00	-7.73	-19.77
Net Debt to EBITDA	-0.07	-0.02	-0.89	-0.39	-12.85	-1.15	-2.11	0.00	0.00	-6.96	-18.58
Long-Term Debt to EBITDA	-0.49	-0.52	-1.86	-1.05	-52.84	-1.75	-1.94	0.00	0.00	-7.61	-19.47
Debt to NOPAT	-0.78	-0.81	-2.48	-1.40	-2.31	-1.15	-1.29	0.00	0.00	-17.47	-58.36
Net Debt to NOPAT	-0.09	-0.03	-1.07	-0.41	-0.44	-0.52	-1.24	0.00	0.00	-15.72	-54.84
Long-Term Debt to NOPAT	-0.63	-0.64	-2.22	-1.11	-1.81	-0.79	-1.15	0.00	0.00	-17.21	-57.48
Altman Z-Score	-1.19	-0.86	-0.60	-0.57	-0.51	-0.36	-0.55	0.00	0.00	0.53	0.32
Noncontrolling Interest Sharing Ratio	11.76%	52.82%	11.51%	4.20%	3.72%	5.55%	5.22%	0.00%	0.00%	7.01%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.30	0.22	0.40	0.22	0.18	0.30	0.08	0.22	0.77	0.70	0.77
Quick Ratio	0.26	0.21	0.25	0.04	0.05	0.01	0.02	0.16	0.70	0.21	0.08
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-93	-53	-59	-95	-95	-56	-128	-183	-507	-1,042	-1,008
Operating Cash Flow to CapEx	27.66%	100.99%	14.12%	13.86%	34.29%	93.98%	-84.07%	-254.68%	0.00%	2.29%	3.46%
Free Cash Flow to Firm to Interest Expense	-255.72	-151.35	-69.28	-21.22	-36.28	-11.70	-7.32	-25.05	-67.73	-103.47	0.00
Operating Cash Flow to Interest Expense	29.35	74.33	5.37	1.01	1.73	7.61	-1.81	-10.38	0.00	0.59	0.00
Operating Cash Flow Less CapEx to Interest Expense	-76.78	0.73	-32.65	-6.26	-3.32	-0.49	-3.95	-14.46	0.00	-24.97	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.17	0.30	0.29	0.34	0.35	0.34	0.32	0.00	0.00	0.19	0.11
Accounts Receivable Turnover	100.77	72.99	358.52	2,202.36	393.32	937.54	84.28	0.00	0.00	29.80	41.86
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.21	0.39	0.43	0.53	0.59	0.76	0.61	0.00	0.00	0.36	0.18
Accounts Payable Turnover	3.67	2.65	4.51	4.22	3.50	2.19	2.42	0.00	0.00	1.58	0.58
Days Sales Outstanding (DSO)	3.62	5.00	1.02	0.17	0.93	0.39	4.33	0.00	0.00	12.25	8.72
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	99.50	137.56	81.02	86.41	104.20	166.91	150.79	0.00	0.00	231.07	633.31
Cash Conversion Cycle (CCC)	-95.87	-132.56	-80.00	-86.25	-103.27	-166.52	-146.46	0.00	0.00	-218.82	-624.59
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	74	72	103	141	164	89	211	330	658	1,118	1,192
Invested Capital Turnover	0.75	0.85	0.74	0.89	0.96	1.78	1.06	0.00	0.00	0.37	0.21
Increase / (Decrease) in Invested Capital	74	48	55	90	89	17	108	190	494	1,029	1,019
Enterprise Value (EV)	51	51	83	53	48	532	569	129	263	2,443	2,157
Market Capitalization	40	40	40	40	40	504	482	40	40	1,780	1,374
Book Value per Share	$0.67	$0.64	$0.63	$1.23	$1.42	$0.97	$1.02	$1.54	$2.02	$2.04	$2.21
Tangible Book Value per Share	$0.67	$0.64	$0.63	$1.23	$1.42	$0.97	$1.02	$1.54	$2.02	$2.04	$2.21
Total Capital	92	95	146	172	198	180	214	410	965	1,187	1,322
Total Debt	20	24	76	44	43	62	90	113	475	689	688
Total Long-Term Debt	16	19	68	35	34	42	79	106	468	679	678
Net Debt	2.42	0.80	33	13	8.15	28	86	34	167	620	647
Capital Expenditures (CapEx)	39	26	33	33	13	39	38	30	0.00	257	198
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-63	-102	-105	-140	-191	-258	-349	-375	-397	-178	-159
Debt-free Net Working Capital (DFNWC)	-45	-79	-62	-109	-157	-224	-345	-296	-89	-109	-117
Net Working Capital (NWC)	-49	-84	-70	-118	-166	-243	-355	-303	-96	-119	-128
Net Nonoperating Expense (NNE)	8.06	2.45	2.49	6.70	4.99	24	45	11	126	22	64
Net Nonoperating Obligations (NNO)	2.42	0.80	33	13	8.15	-29	86	33	167	620	558
Total Depreciation and Amortization (D&A)	1.57	1.93	2.64	8.10	14	27	32	37	0.00	28	16
Debt-free, Cash-free Net Working Capital to Revenue	-227.99%	-250.20%	-190.31%	-165.33%	-166.87%	-179.35%	-210.50%	0.00%	0.00%	-80.44%	-110.11%
Debt-free Net Working Capital to Revenue	-163.01%	-194.13%	-111.64%	-128.51%	-136.66%	-155.74%	-208.48%	0.00%	0.00%	-49.36%	-81.29%
Net Working Capital to Revenue	-177.83%	-206.01%	-126.00%	-139.32%	-144.75%	-169.17%	-214.57%	0.00%	0.00%	-53.94%	-88.46%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.29)	($0.08)	($0.07)	($0.12)	($0.10)	($0.52)	($0.58)	($0.03)	($0.66)	($0.16)	($0.31)
Adjusted Weighted Average Basic Shares Outstanding	93.42M	94.12M	93.98M	100.52M	109.66M	121.43M	114.06M	149.01M	209.56M	222.45M	201.19M
Adjusted Diluted Earnings per Share	($0.29)	($0.08)	($0.07)	($0.12)	($0.10)	($0.52)	($0.58)	($0.03)	($0.66)	($0.16)	($0.31)
Adjusted Weighted Average Diluted Shares Outstanding	93.42M	94.12M	93.98M	100.52M	109.66M	121.43M	114.06M	149.01M	209.56M	222.45M	201.19M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	94.47M	94.90M	103.95M	106.30M	122.04M	122.74M	157.44M	215.36M	222.90M	224.72M	261.52M
Normalized Net Operating Profit after Tax (NOPAT)	-19	-4.89	-4.37	-3.55	-5.48	-39	-20	7.08	-13	-13	8.12
Normalized NOPAT Margin	-151.45%	-34.72%	-19.83%	-9.77%	-12.99%	-89.55%	-45.31%	11.66%	-20.25%	-25.06%	0.00%
Pre Tax Income Margin	-219.30%	-52.10%	-32.21%	-32.64%	-24.95%	-144.96%	-147.26%	-7.00%	-217.21%	-66.96%	0.00%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-73.35	-19.86	-7.30	-1.64	-3.02	-12.17	-2.68	0.42	-17.54	-2.52	0.00
NOPAT to Interest Expense	-51.34	-13.90	-5.11	-1.15	-2.12	-8.14	-1.13	0.91	-1.74	-1.32	0.00
EBIT Less CapEx to Interest Expense	-179.48	-93.46	-45.32	-8.91	-8.08	-20.27	-4.83	-3.66	0.00	-28.08	0.00
NOPAT Less CapEx to Interest Expense	-157.47	-87.50	-43.13	-8.41	-7.18	-16.23	-3.28	-3.17	0.00	-26.88	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-1.13%
Augmented Payout Ratio	0.00%	-10.29%	0.00%	0.00%	0.00%	0.00%	-0.19%	0.00%	0.00%	-17.14%	-19.16%

Financials Breakdown Chart

Key Financial Trends

Applied Digital (NASDAQ: APLD) Financial Analysis Summary:

Over the last four years through Q4 2025, Applied Digital has shown both growth and challenges across its financial statements. Below are the key trends and highlights from the income statements, balance sheets, and cash flow statements:

Revenue growth: Operating revenue increased from $6.9 million in Q1 2023 to a peak of $63.9 million in Q2 2025, reflecting expanding business operations.
Significant investment in property, plant, and equipment (PP&E): Net PP&E grew from $95 million at Q1 2023 to over $1 billion at Q4 2025, showing the company's focus on asset growth and infrastructure.
Substantial increase in cash and equivalents over time: Cash rose from $40.8 million at Q1 2023 to $286 million at Q2 2025, before decreasing to $68.7 million in Q3 2025, indicating strong financing and liquidity management.
Net cash from operating activities positive in recent quarters, e.g., $6.86 million in Q4 2025, showing operational cash generation despite net losses.
Share count increased from around 93 million basic shares in Q1 2023 to over 200 million shares by Q4 2025, indicating capital raises and possible dilution for shareholders.
Noncontrolling interests present with fluctuating equity influence, indicating minority ownership effects on equity reported.
Recurring net losses at the consolidated level: The company reported losses scaling up from approximately -$4.6 million in Q1 2023 to a loss of -$52.5 million in Q4 2025, highlighting profitability challenges.
Negative gross profits in some quarters (e.g., Q4 2025 operating revenue shown as negative -$33.3 million, possibly due to adjustments or accounting impacts).
High interest expenses over periods, peaking at $17.4 million in Q4 2024 and remaining considerable in subsequent quarters, which impacts net income negatively.
Heavy investing cash outflows, notably purchase of PP&E ranging from $17 million to $257 million per quarter, reflecting heavy capital expenditure but increasing cash burn.

Summary: Applied Digital is in a capital-intensive expansion phase, as evidenced by rapid growth in assets and investments, which is fueling revenue growth. However, the company is currently unprofitable with persistent net losses and high interest expenses. Strong capital raises and financing have bolstered liquidity and asset base but have also led to shareholder dilution. Investors should weigh the company's growth prospects and infrastructure build-out against ongoing losses and cash burn risk. Monitoring upcoming quarters for improvement in profitability and cash flows will be crucial.

10/23/25 10:20 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Applied Digital's Financials

When does Applied Digital's fiscal year end?

According to the most recent income statement we have on file, Applied Digital's financial year ends in May. Their financial year 2025 ended on May 31, 2025.

How has Applied Digital's net income changed over the last 4 years?

Applied Digital's net income appears to be on an upward trend, with a most recent value of -$231.07 million in 2025, rising from -$568 thousand in 2021. The previous period was -$149.67 million in 2024. See Applied Digital's forecast for analyst expectations on what’s next for the company.

What is Applied Digital's operating income?

Applied Digital's total operating income in 2025 was -$16.85 million, based on the following breakdown:

Total Gross Profit: $42.74 million
Total Operating Expenses: $59.59 million

How has Applied Digital's revenue changed over the last 4 years?

Over the last 4 years, Applied Digital's total revenue changed from $0.00 in 2021 to $144.19 million in 2025, a change of 14,419,300,000.0%.

How much debt does Applied Digital have?

Applied Digital's total liabilities were at $1.24 billion at the end of 2025, a 93.8% increase from 2024, and a 49,354.6% increase since 2021.

How much cash does Applied Digital have?

In the past 4 years, Applied Digital's cash and equivalents has ranged from $3.34 million in 2024 to $41.55 million in 2025, and is currently $41.55 million as of their latest financial filing in 2025.

How has Applied Digital's book value per share changed over the last 4 years?

Over the last 4 years, Applied Digital's book value per share changed from -5.16 in 2021 to 2.21 in 2025, a change of -142.9%.

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This page (NASDAQ:APLD) was last updated on 10/23/2025 by MarketBeat.com Staff

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Applied Digital (APLD) Financials

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Applied Digital (APLD) Financials

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