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

Applied Digital (APLD) Financials

$41.91 +0.97 (+2.37%)

Closing price 04:00 PM Eastern

Extended Trading

$41.23 -0.68 (-1.63%)

As of 07:59 PM Eastern

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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	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	8/31/2023	11/30/2023	2/29/2024	5/31/2024	8/31/2024	11/30/2024	2/28/2025	5/31/2025	8/31/2025	11/30/2025	2/28/2026
Net Income / (Loss) Attributable to Common Shareholders	-11	-11	-63	-64	-4.29	-139	-36	-54	-19	-19	-101
Consolidated Net Income / (Loss)	-12	-11	-63	-64	-4.25	-139	-36	-53	-17	-14	-71
Net Income / (Loss) Continuing Operations	-12	-11	-63	-64	16	-128	-36	20	-26	-27	-71
Total Pre-Tax Income	-12	-11	-63	-64	16	-128	-35	20	-26	-27	-71
Total Operating Income	-7.37	-7.91	-55	-28	25	-13	-19	11	-22	-31	-86
Total Gross Profit	11	12	-3.71	-2.59	12	14	3.78	28	8.61	26	54
Total Revenue	36	42	43	44	35	36	53	-33	64	127	127
Operating Revenue	36	42	43	44	35	36	53	-33	64	127	127
Total Cost of Revenue	25	30	47	46	23	23	49	-61	56	101	73
Operating Cost of Revenue	25	30	47	46	23	23	49	-61	56	101	73
Total Operating Expenses	18	20	52	26	-13	26	23	17	31	57	139
Selling, General & Admin Expense	16	20	30	32	11	26	23	16	29	57	80
Other Operating Expenses / (Income)	0.00	0.00	22	-6.31	-25	0.19	0.00	-	0.00	0.00	60
Other Special Charges / (Income)	2.30	0.08	0.00	-	0.63	0.14	0.00	0.37	1.75	0.00	0.10
Total Other Income / (Expense), net	-4.49	-2.62	-7.38	-36	-9.38	-116	-16	8.95	-3.95	4.41	15
Interest Expense	4.49	2.62	4.77	17	2.96	2.93	10	-8.95	3.95	11	-2.39
Interest & Investment Income	-	-	-	-	-	0.00	0.00	-	-	2.77	3.31
Other Income / (Expense), net	0.00	0.00	-2.61	-19	-6.42	-113	-6.42	-0.00	0.00	13	9.42
Income Tax Expense	0.00	0.00	0.00	0.10	0.00	0.00	0.12	-0.02	0.01	0.02	-0.00
Preferred Stock Dividends Declared	0.00	0.00	0.00	-	0.04	0.63	0.54	1.40	1.58	1.57	1.56
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.40	0.00	0.00	-	-	0.00	0.00	-	-	3.06	29
Basic Earnings per Share	($0.11)	($0.10)	($0.52)	($0.58)	($0.03)	($0.66)	($0.16)	($0.31)	($0.07)	($0.07)	($0.36)
Weighted Average Basic Shares Outstanding	100.52M	109.66M	121.43M	114.06M	149.10M	209.56M	222.45M	201.19M	255.89M	277.42M	281.98M
Diluted Earnings per Share	($0.11)	($0.10)	($0.52)	($0.58)	($0.03)	($0.66)	($0.16)	($0.31)	($0.07)	($0.07)	($0.36)
Weighted Average Diluted Shares Outstanding	100.52M	109.66M	121.43M	114.06M	149.10M	209.56M	222.45M	201.19M	255.89M	277.42M	281.98M
Weighted Average Basic & Diluted Shares Outstanding	106.30M	122.04M	122.74M	157.44M	215.36M	222.90M	224.72M	261.52M	279.69M	279.59M	285.77M

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	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	8/31/2023	11/30/2023	2/29/2024	5/31/2024	8/31/2024	11/30/2024	2/28/2025	5/31/2025	8/31/2025	11/30/2025	2/28/2026
Net Change in Cash & Equivalents	-12	3.42	6.35	-9.29	55	228	-53	-138	-9.21	2,182	-188
Net Cash From Operating Activities	4.52	4.54	36	-32	-76	-52	5.90	6.86	-82	-16	55
Net Cash From Continuing Operating Activities	4.52	4.54	36	-32	-76	-52	5.90	6.86	-82	-16	53
Net Income / (Loss) Continuing Operations	-12	-11	-63	-64	-4.25	-139	-36	-53	-17	-14	-71
Consolidated Net Income / (Loss)	-12	-11	-63	-64	-4.25	-139	-36	-53	-17	-14	-71
Depreciation Expense	7.86	13	26	32	34	26	19	18	4.15	8.59	21
Non-Cash Adjustments To Reconcile Net Income	10	6.79	27	31	-11	117	23	21	21	19	176
Changes in Operating Assets and Liabilities, net	-2.19	-5.26	45	-29	-98	-56	-9.69	22	-96	-36	-61
Net Cash From Investing Activities	-41	-25	-54	-52	-33	-175	-258	-202	-249	-569	-775
Net Cash From Continuing Investing Activities	-41	-25	-54	-52	-33	-175	-258	-202	-249	-569	-775
Purchase of Property, Plant & Equipment	-33	-13	-39	-57	-55	-171	-257	-198	-249	-552	-775
Net Cash From Financing Activities	24	24	24	75	163	455	199	57	322	2,767	532
Net Cash From Continuing Financing Activities	24	24	24	75	163	455	199	57	322	2,775	532
Repayment of Debt	-43	-20	-30	-48	-14	-210	-203	92	-2.42	-507	-4.72
Repurchase of Preferred Equity	0.00	-	-	-	-5.44	-0.50	-2.97	-4.90	-4.83	-7.69	-0.14
Payment of Dividends	0.00	-	-	-	-0.04	-0.63	-0.54	-1.40	-1.58	-63	-1.76
Issuance of Debt	6.75	5.98	19	113	117	620	375	0.08	0.07	2,420	85
Issuance of Preferred Equity	0.00	-	-	-	61	6.36	33	98	175	415	150
Issuance of Common Equity	64	33	23	9.61	32	160	-	-	196	563	338
Other Financing Activities, net	-4.85	4.85	12	-0.26	-26	-78	-2.97	-126	-34	-45	-34
Cash Interest Paid	1.84	2.53	4.75	8.66	5.51	28	22	7.86	9.04	12	73

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	133
Cash & Equivalents	12	39	29	3.34	44
Restricted Cash	-	-	15	-	72
Accounts Receivable	0.00	0.23	0.08	3.85	6.83
Prepaid Expenses	0.01	1.34	2.01	1.01	9.65
Plant, Property, & Equipment, net	0.02	64	198	329	1,252
Total Noncurrent Assets	3.28	15	20	30	485
Noncurrent Note & Lease Receivables	-	5.30	14	8.75	213
Other Noncurrent Operating Assets	3.28	10	5.84	21	272
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	500
Short-Term Debt	2.14	1.33	7.95	10	10
Accounts Payable	0.25	13	6.45	105	251
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	3.59
Other Current Liabilities	0.00	1.00	6.04	55	188
Total Noncurrent Liabilities	0.00	12	79	84	737
Long-Term Debt	0.00	5.90	68	79	678
Other Noncurrent Operating Liabilities	0.00	5.31	10	4.45	59
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	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	11/30/2022	2/28/2023	8/31/2023	11/30/2023	2/29/2024	8/31/2024	11/30/2024	2/28/2025	8/31/2025	11/30/2025	2/28/2026
Total Assets	167	208	349	481	643	938	1,543	1,707	2,399	5,229	6,247
Total Current Assets	21	24	34	36	106	84	328	274	642	2,717	2,428
Cash & Equivalents	18	23	5.94	9.22	4.44	58	286	69	74	1,913	1,730
Restricted Cash	-	-	25	25	30	21	21	-	-	205	198
Accounts Receivable	0.28	0.08	0.03	0.31	0.23	2.30	12	15	29	13	21
Prepaid Expenses	2.40	1.39	2.31	1.52	6.13	2.06	8.50	5.42	188	272	479
Plant, Property, & Equipment, net	133	167	223	259	211	478	773	1,002	1,462	2,001	3,012
Total Noncurrent Assets	14	16	93	186	326	375	442	431	295	511	807
Noncurrent Note & Lease Receivables	-	-	56	95	190	201	261	235	17	1.53	136
Other Noncurrent Operating Assets	14	16	37	90	137	175	181	196	279	509	671
Total Liabilities & Shareholders' Equity	167	208	349	481	643	938	1,543	1,707	2,399	5,229	6,247
Total Liabilities	95	136	221	325	525	641	1,053	1,209	1,291	3,158	3,679
Total Current Liabilities	70	109	152	202	349	387	424	394	985	563	1,019
Short-Term Debt	4.12	4.86	9.16	9.28	19	6.89	6.54	10	382	13	98
Accounts Payable	7.47	14	16	38	94	140	192	171	173	93	377
Accrued Expenses	-	-	13	11	28	27	32	19	183	207	377
Customer Deposits	25	36	36	41	36	14	16	16	17	17	17
Current Deferred Revenue	29	48	52	52	64	17	6.19	4.88	0.63	29	13
Other Current Liabilities	3.66	4.19	25	52	99	182	172	173	42	43	137
Total Noncurrent Liabilities	25	28	70	123	176	254	628	816	306	2,594	2,660
Long-Term Debt	16	19	35	34	42	106	468	679	305	2,594	2,595
Other Noncurrent Operating Liabilities	8.63	8.49	35	89	133	148	160	137	0.23	0.11	66
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	-	-	-	-	55	56	43	64	622	986
Total Equity & Noncontrolling Interests	72	71	128	156	118	242	435	455	1,044	1,450	1,581
Total Preferred & Common Equity	64	61	128	156	118	242	435	455	1,044	1,450	1,581
Total Common Equity	64	61	128	156	118	242	435	455	1,044	1,450	1,581
Common Stock	151	155	240	278	304	496	859	915	1,574	2,015	2,217
Retained Earnings	-87	-94	-112	-123	-186	-254	-393	-429	-498	-512	-583
Treasury Stock	-0.06	-0.06	-0.06	-0.06	-0.06	-0.06	-31	-31	-31	-53	-53

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	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	8/31/2023	11/30/2023	2/29/2024	5/31/2024	8/31/2024	11/30/2024	2/28/2025	5/31/2025	8/31/2025	11/30/2025	2/28/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	279,585,823.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	279,585,823.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.36
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	424.60%	242.00%	207.65%	98.30%	67.12%	51.34%	22.08%	-325.85%	84.27%	250.05%	139.29%
EBITDA Growth	123.91%	122.40%	-523.11%	-1,213.05%	5,422.15%	-2,431.55%	107.95%	-50.30%	-123.75%	97.59%	-741.87%
EBIT Growth	-76.39%	70.36%	-730.85%	-657.36%	141.54%	-1,558.78%	56.32%	-41.77%	-218.13%	85.78%	-200.62%
NOPAT Growth	-76.39%	70.36%	-693.48%	-356.91%	228.71%	-135.28%	65.84%	-70.07%	-161.70%	-141.76%	-352.24%
Net Income Growth	-154.43%	60.64%	-755.99%	-840.05%	64.17%	-1,217.56%	43.42%	18.48%	-298.54%	89.58%	-98.44%
EPS Growth	-120.00%	64.29%	-642.86%	-625.00%	72.73%	-560.00%	69.23%	46.55%	-133.33%	89.39%	-125.00%
Operating Cash Flow Growth	-73.88%	-57.52%	38.67%	-787.08%	-1,780.10%	0.00%	-83.75%	121.73%	-8.08%	69.68%	832.81%
Free Cash Flow Firm Growth	-77.26%	-2.01%	-4.80%	-116.09%	-92.37%	-433.74%	-1,766.85%	-2,974.93%	-681.35%	-252.45%	-118.07%
Invested Capital Growth	177.31%	120.19%	23.57%	105.45%	134.76%	301.43%	1,153.59%	589.64%	384.00%	266.16%	197.90%
Revenue Q/Q Growth	64.82%	16.19%	2.71%	0.81%	0.00%	5.21%	-17.14%	-162.92%	292.84%	97.13%	0.04%
EBITDA Q/Q Growth	120.15%	674.28%	-660.35%	51.84%	0.00%	-426.91%	101.91%	1,004.63%	-148.01%	81.98%	-2,214.70%
EBIT Q/Q Growth	-18.00%	-7.38%	-633.92%	19.25%	0.00%	-4,387.59%	80.67%	144.27%	-298.53%	20.02%	-327.63%
NOPAT Q/Q Growth	-18.00%	-7.38%	-600.91%	48.99%	0.00%	-296.30%	-1.76%	184.76%	-238.85%	-38.86%	-176.73%
Net Income Q/Q Growth	-72.90%	11.18%	-496.81%	-2.57%	0.00%	-3,166.45%	74.37%	-47.76%	67.78%	14.63%	-388.28%
EPS Q/Q Growth	-57.14%	9.09%	-420.00%	-11.54%	0.00%	-2,100.00%	75.76%	-93.75%	77.42%	0.00%	-414.29%
Operating Cash Flow Q/Q Growth	-1.61%	0.49%	699.74%	-186.94%	0.00%	0.00%	111.28%	16.25%	-1,296.54%	80.68%	447.16%
Free Cash Flow Firm Q/Q Growth	-60.66%	0.23%	41.20%	-129.13%	0.00%	-176.81%	-105.67%	3.28%	-27.45%	-37.92%	-28.28%
Invested Capital Q/Q Growth	37.30%	16.36%	-45.54%	136.16%	0.00%	98.96%	70.06%	6.61%	34.18%	50.52%	38.36%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	30.56%	29.46%	-8.57%	-5.92%	-0.59%	18.02%	7.14%	0.00%	13.41%	20.57%	42.49%
EBITDA Margin	2.00%	13.34%	-72.76%	-34.76%	66.13%	-205.49%	4.74%	0.00%	-20.70%	-1.89%	-43.78%
Operating Margin	-20.28%	-18.75%	-127.93%	-64.73%	15.62%	-29.15%	-35.79%	0.00%	-34.72%	-24.45%	-67.65%
EBIT Margin	-20.28%	-18.75%	-133.96%	-107.29%	5.04%	-205.49%	-47.93%	0.00%	-34.72%	-14.09%	-60.21%
Profit (Net Income) Margin	-32.64%	-24.95%	-144.96%	-147.48%	-7.00%	-217.21%	-67.19%	0.00%	-26.36%	-11.41%	-55.72%
Tax Burden Percent	100.00%	100.00%	100.00%	100.15%	100.00%	100.00%	100.33%	-260.38%	64.51%	54.43%	100.00%
Interest Burden Percent	160.88%	133.08%	108.21%	137.25%	-138.75%	105.70%	139.72%	179.69%	117.70%	148.89%	92.54%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.08%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-12.57%	-12.63%	-159.70%	-47.91%	0.00%	0.00%	-9.18%	0.00%	-4.37%	-2.95%	-7.19%
ROIC Less NNEP Spread (ROIC-NNEP)	88.11%	-107.05%	8.92%	-123.15%	0.00%	0.00%	-16.72%	0.00%	-4.87%	-0.08%	-8.72%
Return on Net Nonoperating Assets (RNNOA)	-5.72%	-4.97%	-1.34%	-75.14%	0.00%	0.00%	-16.04%	0.00%	-1.82%	-0.02%	-3.94%
Return on Equity (ROE)	-18.29%	-17.61%	-161.04%	-123.05%	0.00%	0.00%	-25.22%	0.00%	-6.19%	-2.96%	-11.12%
Cash Return on Invested Capital (CROIC)	-126.88%	-90.64%	-87.81%	-99.68%	0.00%	0.00%	-176.98%	-151.07%	-136.18%	-117.96%	-104.17%
Operating Return on Assets (OROA)	-6.95%	-6.63%	-45.32%	-34.60%	0.00%	0.00%	-9.02%	0.00%	-3.61%	-1.10%	-5.11%
Return on Assets (ROA)	-11.18%	-8.83%	-49.04%	-47.56%	0.00%	0.00%	-12.64%	0.00%	-2.74%	-0.89%	-4.73%
Return on Common Equity (ROCE)	-17.53%	-16.95%	-152.10%	-116.62%	0.00%	0.00%	-23.45%	0.00%	-5.67%	-2.18%	-7.39%
Return on Equity Simple (ROE_SIMPLE)	-41.27%	-23.50%	-77.71%	0.00%	0.00%	0.00%	-53.44%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-5.16	-5.54	-39	-20	6.64	-13	-13	11	-16	-22	-60
NOPAT Margin	-14.20%	-13.12%	-89.55%	-45.31%	10.94%	-20.40%	-25.06%	0.00%	-24.30%	-17.12%	-47.35%
Net Nonoperating Expense Percent (NNEP)	-100.68%	94.42%	-168.62%	75.24%	47.12%	143.36%	7.54%	21.03%	0.50%	-2.87%	1.53%
Return On Investment Capital (ROIC_SIMPLE)	-	-2.79%	-21.53%	-9.24%	-	-1.43%	-1.16%	0.95%	-0.90%	-0.53%	-1.40%
Cost of Revenue to Revenue	69.44%	70.54%	108.57%	105.92%	100.59%	81.98%	92.86%	0.00%	86.59%	79.43%	57.51%
SG&A Expenses to Revenue	44.52%	48.02%	69.25%	73.24%	23.62%	46.64%	42.94%	0.00%	45.40%	45.02%	62.95%
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	50.85%	48.21%	119.37%	58.81%	-16.21%	47.16%	42.94%	0.00%	48.12%	45.02%	110.14%
Earnings before Interest and Taxes (EBIT)	-7.37	-7.91	-58	-47	3.06	-131	-25	11	-22	-18	-76
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	0.73	5.63	-32	-15	40	-131	2.51	28	-13	-2.40	-55
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.31	0.26	4.25	3.87	0.17	0.09	3.91	2.76	3.92	5.19	4.86
Price to Tangible Book Value (P/TBV)	0.31	0.26	4.25	3.87	0.17	0.09	3.91	2.76	3.92	5.19	4.86
Price to Revenue (P/Rev)	0.47	0.35	3.50	2.91	0.00	0.00	8.05	9.53	23.56	28.48	22.77
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)	0.38	0.29	5.96	2.70	0.39	0.40	2.18	1.81	2.98	3.58	2.83
Enterprise Value to Revenue (EV/Rev)	0.62	0.42	3.69	3.43	0.00	0.00	11.05	14.96	27.46	32.69	27.95
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)	1.15	1.21	10.65	41.23	0.00	0.00	0.00	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	0.34	0.27	0.52	0.72	0.38	0.97	1.38	1.09	0.62	1.26	1.05
Long-Term Debt to Equity	0.27	0.22	0.36	0.64	0.36	0.95	1.36	1.07	0.28	1.25	1.01
Financial Leverage	-0.06	0.05	-0.15	0.61	0.11	0.27	0.96	0.80	0.37	0.20	0.45
Leverage Ratio	2.42	2.85	4.48	5.28	3.03	3.13	3.81	3.47	2.37	2.64	2.59
Compound Leverage Factor	3.89	3.79	4.85	7.25	-4.20	3.31	5.33	6.24	2.80	3.94	2.40
Debt to Total Capital	25.61%	21.56%	34.27%	41.77%	27.57%	49.19%	58.06%	52.06%	38.28%	55.72%	51.19%
Short-Term Debt to Total Capital	5.33%	4.68%	10.72%	4.70%	1.68%	0.68%	0.85%	0.78%	21.28%	0.27%	1.87%
Long-Term Debt to Total Capital	20.28%	16.88%	23.55%	37.07%	25.89%	48.52%	57.20%	51.28%	17.00%	55.45%	49.32%
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	0.00%	0.00%	0.00%	0.00%	13.48%	5.78%	3.64%	10.29%	3.55%	13.30%	18.75%
Common Equity to Total Capital	74.39%	78.44%	65.73%	58.23%	58.95%	45.03%	38.30%	37.65%	58.17%	30.99%	30.06%
Debt to EBITDA	-1.32	-67.48	-2.55	-2.19	0.00	0.00	-7.73	-19.77	-6.61	-366.25	-35.99
Net Debt to EBITDA	-0.39	-12.85	-1.15	-2.11	0.00	0.00	-6.96	-18.58	-5.90	-68.57	-10.21
Long-Term Debt to EBITDA	-1.05	-52.84	-1.75	-1.94	0.00	0.00	-7.61	-19.47	-2.93	-364.48	-34.68
Debt to NOPAT	-1.40	-2.31	-1.15	-1.29	0.00	0.00	-17.47	-58.36	-15.24	-45.09	-25.76
Net Debt to NOPAT	-0.41	-0.44	-0.52	-1.24	0.00	0.00	-15.72	-54.84	-13.60	-8.44	-7.31
Long-Term Debt to NOPAT	-1.11	-1.81	-0.79	-1.15	0.00	0.00	-17.21	-57.48	-6.77	-44.87	-24.82
Altman Z-Score	-0.57	-0.51	-0.36	-0.55	0.00	0.00	0.53	0.32	1.48	1.82	1.41
Noncontrolling Interest Sharing Ratio	4.20%	3.72%	5.55%	5.22%	0.00%	0.00%	7.01%	0.00%	8.47%	26.46%	33.58%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.22	0.18	0.30	0.08	0.22	0.77	0.70	0.77	0.65	4.82	2.38
Quick Ratio	0.04	0.05	0.01	0.02	0.16	0.70	0.21	0.08	0.10	3.42	1.72
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-95	-95	-56	-128	-183	-507	-1,042	-1,008	-1,285	-1,772	-2,273
Operating Cash Flow to CapEx	13.86%	34.29%	93.98%	-84.07%	-254.68%	0.00%	2.29%	3.46%	-32.89%	-2.87%	7.10%
Free Cash Flow to Firm to Interest Expense	-21.22	-36.28	-11.70	-7.32	-25.05	-67.73	-103.47	0.00	-325.58	-154.29	0.00
Operating Cash Flow to Interest Expense	1.01	1.73	7.61	-1.81	-10.38	0.00	0.59	0.00	-20.79	-1.38	0.00
Operating Cash Flow Less CapEx to Interest Expense	-6.26	-3.32	-0.49	-3.95	-14.46	0.00	-24.97	0.00	-83.99	-49.45	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.34	0.35	0.34	0.32	0.00	0.00	0.19	0.11	0.10	0.08	0.08
Accounts Receivable Turnover	2,202.36	393.32	937.54	84.28	0.00	0.00	29.80	41.86	11.04	20.58	19.09
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	0.53	0.59	0.76	0.61	0.00	0.00	0.36	0.18	0.18	0.19	0.17
Accounts Payable Turnover	4.22	3.50	2.19	2.42	0.00	0.00	1.58	0.58	0.86	1.49	0.86
Days Sales Outstanding (DSO)	0.17	0.93	0.39	4.33	0.00	0.00	12.25	8.72	33.05	17.74	19.12
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)	86.41	104.20	166.91	150.79	0.00	0.00	231.07	633.31	425.41	245.04	423.91
Cash Conversion Cycle (CCC)	-86.25	-103.27	-166.52	-146.46	0.00	0.00	-218.82	-624.59	-392.36	-227.30	-404.80
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	141	164	89	211	330	658	1,118	1,192	1,600	2,408	3,331
Invested Capital Turnover	0.89	0.96	1.78	1.06	0.00	0.00	0.37	0.21	0.18	0.17	0.15
Increase / (Decrease) in Invested Capital	90	89	17	108	190	494	1,029	1,019	1,269	1,750	2,213
Enterprise Value (EV)	53	48	532	569	129	263	2,443	2,157	4,766	8,628	9,440
Market Capitalization	40	40	504	482	40	40	1,780	1,374	4,089	7,518	7,690
Book Value per Share	$1.23	$1.42	$0.97	$1.02	$1.54	$2.02	$2.04	$2.21	$3.99	$5.18	$5.66
Tangible Book Value per Share	$1.23	$1.42	$0.97	$1.02	$1.54	$2.02	$2.04	$2.21	$3.99	$5.18	$5.66
Total Capital	172	198	180	214	410	965	1,187	1,322	1,795	4,678	5,260
Total Debt	44	43	62	90	113	475	689	688	687	2,607	2,693
Total Long-Term Debt	35	34	42	79	106	468	679	678	305	2,594	2,595
Net Debt	13	8.15	28	86	34	167	620	647	613	488	764
Capital Expenditures (CapEx)	33	13	39	38	30	0.00	257	198	249	552	775
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-140	-191	-258	-349	-375	-397	-178	-159	-36	48	-422
Debt-free Net Working Capital (DFNWC)	-109	-157	-224	-345	-296	-89	-109	-117	38	2,166	1,507
Net Working Capital (NWC)	-118	-166	-243	-355	-303	-96	-119	-128	-344	2,154	1,409
Net Nonoperating Expense (NNE)	6.70	4.99	24	45	11	126	22	64	1.32	-7.22	11
Net Nonoperating Obligations (NNO)	13	8.15	-29	86	33	167	620	558	492	336	764
Total Depreciation and Amortization (D&A)	8.10	14	27	32	37	0.00	28	16	9.00	15	21
Debt-free, Cash-free Net Working Capital to Revenue	-165.33%	-166.87%	-179.35%	-210.50%	0.00%	0.00%	-80.44%	-110.11%	-20.52%	18.15%	-124.87%
Debt-free Net Working Capital to Revenue	-128.51%	-136.66%	-155.74%	-208.48%	0.00%	0.00%	-49.36%	-81.29%	22.07%	820.68%	446.30%
Net Working Capital to Revenue	-139.32%	-144.75%	-169.17%	-214.57%	0.00%	0.00%	-53.94%	-88.46%	-198.06%	815.92%	417.23%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.12)	($0.10)	($0.52)	($0.58)	($0.03)	($0.66)	($0.16)	($0.31)	($0.07)	($0.07)	($0.36)
Adjusted Weighted Average Basic Shares Outstanding	100.52M	109.66M	121.43M	114.06M	149.01M	209.56M	222.45M	201.19M	255.89M	277.42M	281.98M
Adjusted Diluted Earnings per Share	($0.12)	($0.10)	($0.52)	($0.58)	($0.03)	($0.66)	($0.16)	($0.31)	($0.07)	($0.07)	($0.36)
Adjusted Weighted Average Diluted Shares Outstanding	100.52M	109.66M	121.43M	114.06M	149.01M	209.56M	222.45M	201.19M	255.89M	277.42M	281.98M
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	106.30M	122.04M	122.74M	157.44M	215.36M	222.90M	224.72M	261.52M	279.69M	279.59M	285.77M
Normalized Net Operating Profit after Tax (NOPAT)	-3.55	-5.48	-39	-20	7.08	-13	-13	8.12	-14	-22	-60
Normalized NOPAT Margin	-9.77%	-12.99%	-89.55%	-45.31%	11.66%	-20.25%	-25.06%	0.00%	-22.39%	-17.12%	-47.30%
Pre Tax Income Margin	-32.64%	-24.95%	-144.96%	-147.26%	-7.00%	-217.21%	-66.96%	0.00%	-40.86%	-20.97%	-55.72%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-1.64	-3.02	-12.17	-2.68	0.42	-17.54	-2.52	0.00	-5.65	-1.55	0.00
NOPAT to Interest Expense	-1.15	-2.12	-8.14	-1.13	0.91	-1.74	-1.32	0.00	-3.95	-1.89	0.00
EBIT Less CapEx to Interest Expense	-8.91	-8.08	-20.27	-4.83	-3.66	0.00	-28.08	0.00	-68.86	-49.63	0.00
NOPAT Less CapEx to Interest Expense	-8.41	-7.18	-16.23	-3.28	-3.17	0.00	-26.88	0.00	-67.16	-49.96	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-1.13%	-1.70%	-56.01%	-44.10%
Augmented Payout Ratio	0.00%	0.00%	0.00%	-0.19%	0.00%	0.00%	-17.14%	-19.16%	-21.21%	-61.04%	-47.99%

Financials Breakdown Chart

Key Financial Trends

Applied Digital’s latest results show a company that is scaling rapidly, but still losing money and leaning heavily on outside financing to fund growth. Over the last several quarters, revenue has risen sharply, and the balance sheet now carries far more cash than it did a year ago. At the same time, the company has also taken on substantial debt, continued to post net losses, and burned a lot of cash on data center expansion.

On the positive side, revenue growth has been strong. In Q3 2026, revenue reached $126.6 million, up from $126.6 million in Q2 2026, $64.2 million in Q1 2026, and just $34.8 million in Q1 2025. That is a major year-over-year improvement and suggests the business is scaling quickly.

Liquidity also improved materially. Cash and equivalents climbed to $1.73 billion in Q3 2026 from $1.91 billion in Q2 2026, and the company ended the latest quarter with $2.43 billion in current assets. That gives Applied Digital more flexibility to keep building out infrastructure.

Operating cash flow turned positive in the most recent quarter. Applied Digital generated $53.0 million in cash from continuing operating activities in Q3 2026, after producing $-15.8 million in Q2 2026 and $-82.0 million in Q1 2026. That is an encouraging sign that core operations are moving in the right direction, even though profitability remains weak.

The balance sheet has also expanded alongside the buildout. Total assets rose to $6.25 billion in Q3 2026 from $2.40 billion in Q1 2026, driven mainly by a jump in plant, property and equipment to $3.01 billion. This reflects aggressive capital investment in the company’s data center footprint.

Revenue growth accelerated sharply, with quarterly revenue rising from $34.8 million in Q1 2025 to $126.6 million in Q3 2026.
Operating cash flow improved, reaching $53.0 million in Q3 2026 after negative results in prior quarters.
Cash reserves remain large, with $1.73 billion in cash and equivalents at the end of Q3 2026.
Current assets expanded meaningfully, giving the company more near-term financial flexibility.
Asset growth is being driven by heavy capital spending, as PP&E climbed to $3.01 billion.
Financing activity has supported expansion, including large debt and equity raises over the last year.
Recent quarter-to-quarter revenue was roughly flat versus Q2 2026, suggesting the next leg of growth may depend on project execution.
The company remains unprofitable, posting a Q3 2026 net loss of $70.6 million and a common-shareholder loss of $100.9 million.
Debt is substantial, with $98.2 million in short-term debt and $2.59 billion in long-term debt in Q3 2026.
Cash flow has been volatile, and the business continues to require sizable capital expenditures and financing to support growth.

Looking at the trend over the past four years, Applied Digital looks like a classic growth-at-all-costs story. Revenue has improved dramatically, and the company has built a much larger asset base. But profitability has not yet followed, and dilution plus debt usage remain key risks for investors.

For retail investors, the key question is execution. If Applied Digital can keep growing revenue while converting its heavy infrastructure spending into stronger operating margins and more consistent free cash flow, the business could become much more valuable. If not, the balance sheet may continue to carry the burden of growth.

06/09/26 10:45 PM ETAI Generated. May Contain Errors.

Applied Digital Financials - Frequently Asked Questions

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.

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. Find out what analysts predict for Applied Digital in the coming months.

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

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%.

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.

In the past 4 years, Applied Digital's cash and equivalents has ranged from $3.34 million in 2024 to $43.95 million in 2025, and is currently $43.95 million as of their latest financial filing in 2025.

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%.

Related Companies

Financial statements for NASDAQ:APLD last updated on 4/12/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Applied Digital (APLD) Financials

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Applied Digital (APLD) Financials

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