Go Pro

Applied Digital (APLD) Financials

Applied Digital logo
$29.22 +0.36 (+1.25%)
Closing price 08/7/2026 04:00 PM Eastern
Extended Trading
$29.22 +0.01 (+0.02%)
As of 08/7/2026 07:59 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
Annual Income Statements for Applied Digital

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 2026
Period end date 5/31/2021 5/31/2022 5/31/2023 5/31/2024 5/31/2025 5/31/2026
Net Income / (Loss) Attributable to Common Shareholders
-0.57 -24 -45 -149 -234 -250
Consolidated Net Income / (Loss)
-0.57 -24 -46 -150 -231 -184
Net Income / (Loss) Continuing Operations
-0.57 -22 -44 -150 -231 -183
Total Pre-Tax Income
-0.57 -22 -45 -150 -231 -182
Total Operating Income
-0.33 -21 -43 -98 -72 -236
Total Gross Profit
0.00 -0.96 11 17 12 214
Total Revenue
0.00 8.55 55 166 229 611
Operating Revenue
0.00 8.55 55 166 229 611
Total Cost of Revenue
0.00 9.51 44 148 217 397
Operating Cost of Revenue
0.00 9.51 44 148 217 397
Total Operating Expenses
0.33 20 54 116 84 451
Selling, General & Admin Expense
0.33 20 54 98 108 332
Other Operating Expenses / (Income)
0.00 - 0.00 0.00 -25 116
Other Special Charges / (Income)
- - 0.00 18 0.72 2.40
Total Other Income / (Expense), net
-0.24 -1.05 -2.10 -51 -159 55
Interest Expense
0.24 1.45 2.10 30 33 30
Interest & Investment Income
- - - 0.00 0.00 11
Other Income / (Expense), net
0.00 0.41 0.00 -21 -125 74
Income Tax Expense
0.00 0.54 -0.52 0.10 0.10 1.79
Net Income / (Loss) Discontinued Operations
0.00 -1.04 -1.12 0.00 0.00 -1.02
Preferred Stock Dividends Declared
- - 0.00 0.00 2.62 6.26
Net Income / (Loss) Attributable to Noncontrolling Interest
0.00 -0.01 -0.96 0.40 0.00 60
Basic Earnings per Share
($0.38) ($0.41) ($0.47) ($1.31) ($1.16) ($0.91)
Weighted Average Basic Shares Outstanding
1.51M 57.12M 93.98M 114.06M 201.19M 275.19M
Diluted Earnings per Share
($0.38) ($0.41) ($0.47) ($1.31) ($1.16) ($0.91)
Weighted Average Diluted Shares Outstanding
1.51M 57.12M 93.98M 114.06M 201.19M 275.19M
Weighted Average Basic & Diluted Shares Outstanding
- 94.24M 103.95M 157.44M 261.52M 291.47M

Quarterly Income Statements for Applied Digital

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 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026
Period end date 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 5/31/2026
Net Income / (Loss) Attributable to Common Shareholders
-11 -63 -64 -4.29 -139 -36 -54 -19 -19 -101 -112
Consolidated Net Income / (Loss)
-11 -63 -64 -4.25 -139 -36 -53 -17 -14 -71 -82
Net Income / (Loss) Continuing Operations
-11 -63 -64 16 -128 -36 20 -26 -27 -71 -60
Total Pre-Tax Income
-11 -63 -64 16 -128 -35 20 -26 -27 -71 -58
Total Operating Income
-7.91 -55 -28 25 -13 -19 11 -22 -31 -86 -98
Total Gross Profit
12 -3.71 -2.59 12 14 3.78 28 8.61 26 54 126
Total Revenue
42 43 44 35 36 53 -33 64 127 127 294
Operating Revenue
42 43 44 35 36 53 -33 64 127 127 294
Total Cost of Revenue
30 47 46 23 23 49 -61 56 101 73 168
Operating Cost of Revenue
30 47 46 23 23 49 -61 56 101 73 168
Total Operating Expenses
20 52 26 -13 26 23 17 31 57 139 224
Selling, General & Admin Expense
20 30 32 11 26 23 16 29 57 80 166
Other Operating Expenses / (Income)
0.00 22 -6.31 -25 0.19 0.00 - 0.00 0.00 60 57
Other Special Charges / (Income)
0.08 0.00 - 0.63 0.14 0.00 0.37 1.75 0.00 0.10 0.55
Total Other Income / (Expense), net
-2.62 -7.38 -36 -9.38 -116 -16 8.95 -3.95 4.41 15 39
Interest Expense
2.62 4.77 17 2.96 2.93 10 -8.95 3.95 11 -2.39 16
Other Income / (Expense), net
0.00 -2.61 -19 -6.42 -113 -6.42 -0.00 0.00 13 9.42 51
Income Tax Expense
0.00 0.00 0.10 0.00 0.00 0.12 -0.02 0.01 0.02 -0.00 1.77
Preferred Stock Dividends Declared
0.00 0.00 - 0.04 0.63 0.54 1.40 1.58 1.57 1.56 1.55
Basic Earnings per Share
($0.10) ($0.52) ($0.58) ($0.03) ($0.66) ($0.16) ($0.31) ($0.07) ($0.07) ($0.36) ($0.41)
Weighted Average Basic Shares Outstanding
109.66M 121.43M 114.06M 149.10M 209.56M 222.45M 201.19M 255.89M 277.42M 281.98M 275.19M
Diluted Earnings per Share
($0.10) ($0.52) ($0.58) ($0.03) ($0.66) ($0.16) ($0.31) ($0.07) ($0.07) ($0.36) ($0.41)
Weighted Average Diluted Shares Outstanding
109.66M 121.43M 114.06M 149.10M 209.56M 222.45M 201.19M 255.89M 277.42M 281.98M 275.19M
Weighted Average Basic & Diluted Shares Outstanding
122.04M 122.74M 157.44M 215.36M 222.90M 224.72M 261.52M 279.69M 279.59M 285.77M 291.47M

Annual Cash Flow Statements for Applied Digital

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 2026
Period end date 5/31/2021 5/31/2022 5/31/2023 5/31/2024 5/31/2025 5/31/2026
Net Change in Cash & Equivalents
12 35 -2.73 -6.19 92 4,030
Net Cash From Operating Activities
-0.08 -0.87 59 14 -115 90
Net Cash From Continuing Operating Activities
-0.08 9.28 59 19 -115 87
Net Income / (Loss) Continuing Operations
-0.57 -22 -46 -150 -231 -184
Consolidated Net Income / (Loss)
-0.57 -24 -46 -150 -231 -184
Depreciation Expense
0.00 1.12 7.61 79 98 67
Amortization Expense
0.00 - 0.41 5.21 9.56 6.32
Non-Cash Adjustments To Reconcile Net Income
0.24 23 59 92 150 212
Changes in Operating Assets and Liabilities, net
0.25 7.83 37 -6.93 -142 -13
Net Cash From Investing Activities
-3.30 -46 -132 -172 -668 -2,936
Net Cash From Continuing Investing Activities
-3.30 -55 -132 -172 -668 -2,936
Purchase of Property, Plant & Equipment
-0.02 -55 -131 -142 -682 -2,866
Purchase of Investments
- 0.00 -0.81 -0.39 -4.87 -76
Sale of Property, Plant & Equipment
- - 0.00 20 25 0.00
Sale and/or Maturity of Investments
- - - 0.00 0.00 5.00
Other Investing Activities, net
-3.28 0.00 0.00 -50 -6.18 0.00
Net Cash From Financing Activities
15 81 71 147 875 6,877
Net Cash From Continuing Financing Activities
15 81 71 147 875 6,885
Repayment of Debt
0.00 0.00 -12 -128 -461 -693
Repurchase of Preferred Equity
- - 0.00 0.00 -16 -13
Repurchase of Common Equity
-1.37 -7.20 0.00 -0.28 -42 -5.95
Payment of Dividends
- - 0.00 0.00 0.00 -69
Issuance of Debt
0.00 7.32 82 145 1,112 4,955
Issuance of Preferred Equity
17 35 0.00 0.00 198 815
Issuance of Common Equity
0.00 47 4.15 131 192 2,026
Other Financing Activities, net
0.00 -0.22 -3.52 -0.86 -109 -129
Cash Interest Paid
0.24 0.11 1.12 18 63 263
Cash Income Taxes Paid
0.00 0.00 0.00 0.01 0.11 0.24

Quarterly Cash Flow Statements for Applied Digital

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 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026
Period end date 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 5/31/2026
Net Change in Cash & Equivalents
3.42 6.35 -9.29 55 228 -53 -138 -9.21 2,182 -188 2,046
Net Cash From Operating Activities
4.54 36 -32 -76 -52 5.90 6.86 -82 -16 55 133
Net Cash From Continuing Operating Activities
4.54 36 -32 -76 -52 5.90 6.86 -82 -16 53 132
Net Income / (Loss) Continuing Operations
-11 -63 -64 -4.25 -139 -36 -53 -17 -14 -71 -82
Consolidated Net Income / (Loss)
-11 -63 -64 -4.25 -139 -36 -53 -17 -14 -71 -82
Depreciation Expense
13 26 32 34 26 19 18 4.15 8.59 21 34
Non-Cash Adjustments To Reconcile Net Income
6.79 27 31 -11 117 23 21 21 19 176 -4.38
Changes in Operating Assets and Liabilities, net
-5.26 45 -29 -98 -56 -9.69 22 -96 -36 -61 179
Net Cash From Investing Activities
-25 -54 -52 -33 -175 -258 -202 -249 -569 -775 -1,343
Net Cash From Continuing Investing Activities
-25 -54 -52 -33 -175 -258 -202 -249 -569 -775 -1,343
Purchase of Property, Plant & Equipment
-13 -39 -57 -55 -171 -257 -198 -249 -552 -775 -1,289
Purchase of Investments
- - - - -1.42 -1.08 -2.38 - - - -59
Net Cash From Financing Activities
24 24 75 163 455 199 57 322 2,767 532 3,256
Net Cash From Continuing Financing Activities
24 24 75 163 455 199 57 322 2,775 532 3,256
Repayment of Debt
-20 -30 -48 -14 -210 -203 92 -2.42 -507 -4.72 -180
Repurchase of Preferred Equity
- - - -5.44 -0.50 -2.97 -4.90 -4.83 -7.69 -0.14 -0.42
Repurchase of Common Equity
- -0.00 -0.05 -0.04 -42 -0.02 -0.05 -5.95 -0.00 - -0.00
Payment of Dividends
- - - -0.04 -0.63 -0.54 -1.40 -1.58 -63 -1.76 -2.44
Issuance of Debt
5.98 19 113 117 620 375 0.08 0.07 2,420 85 2,450
Issuance of Preferred Equity
- - - 61 6.36 33 98 175 415 150 75
Issuance of Common Equity
33 23 9.61 32 160 - - 196 563 338 929
Other Financing Activities, net
4.85 12 -0.26 -26 -78 -2.97 -126 -34 -45 -34 -16
Cash Interest Paid
2.53 4.75 8.66 5.51 28 22 7.86 9.04 12 73 170

Annual Balance Sheets for Applied Digital

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 2026
Period end date 5/31/2021 5/31/2022 5/31/2023 5/31/2024 5/31/2025 5/31/2026
Total Assets
15 120 264 763 1,870 9,929
Total Current Assets
12 40 46 404 133 4,663
Cash & Equivalents
12 39 29 3.34 44 1,592
Restricted Cash
- - 15 - 72 2,381
Accounts Receivable
0.00 0.23 0.08 3.85 6.83 56
Prepaid Expenses
0.01 1.34 2.01 1.01 9.65 614
Other Current Nonoperating Assets
- - 0.00 375 0.00 20
Plant, Property, & Equipment, net
0.02 64 198 329 1,252 4,236
Total Noncurrent Assets
3.28 15 20 30 485 1,030
Noncurrent Note & Lease Receivables
- 5.30 14 8.75 213 123
Other Noncurrent Operating Assets
3.28 10 5.84 21 272 908
Total Liabilities & Shareholders' Equity
15 120 264 763 1,870 9,929
Total Liabilities
2.50 41 194 638 1,236 6,186
Total Current Liabilities
2.50 29 115 554 500 1,163
Short-Term Debt
2.14 1.33 7.95 10 10 16
Accounts Payable
0.25 13 6.45 105 251 395
Accrued Expenses
- - 9.96 25 30 548
Customer Deposits
0.00 9.52 36 15 16 17
Current Deferred Revenue
0.00 3.88 49 8.19 3.59 4.67
Other Current Liabilities
0.00 1.00 6.04 55 188 174
Other Current Nonoperating Liabilities
- - - 336 0.00 7.43
Total Noncurrent Liabilities
0.00 12 79 84 737 5,023
Long-Term Debt
0.00 5.90 68 79 678 4,960
Other Noncurrent Operating Liabilities
0.00 5.31 10 4.45 59 63
Commitments & Contingencies
0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest
15 - - 0.00 136 2,019
Total Equity & Noncontrolling Interests
-2.58 79 70 125 498 1,725
Total Preferred & Common Equity
-2.58 72 60 125 498 1,717
Total Common Equity
-7.80 72 60 125 498 1,717
Common Stock
14 128 160 375 1,010 2,433
Retained Earnings
-22 -56 -101 -250 -481 -662
Treasury Stock
-0.06 -0.06 -0.06 -0.06 -31 -53
Noncontrolling Interest
0.00 6.98 10 - 0.00 7.03

Quarterly Balance Sheets for Applied Digital

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

Annual Metrics And Ratios for Applied Digital

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

Metric 2021 2022 2023 2024 2025 2026
Period end date 5/31/2021 5/31/2022 5/31/2023 5/31/2024 5/31/2025 5/31/2026
DEI Shares Outstanding
- - - - - 285,769,539.00
DEI Adjusted Shares Outstanding
- - - - - 285,769,539.00
DEI Earnings Per Adjusted Shares Outstanding
- - - - - -0.88
Growth Metrics
- - - - - -
Revenue Growth
0.00% 0.00% 547.94% 198.92% 5.54% 167.45%
EBITDA Growth
0.00% -5,752.57% -88.11% -12.17% -214.09% 1.10%
EBIT Growth
0.00% -6,072.29% -114.99% -172.92% -163.23% 17.60%
NOPAT Growth
0.00% -6,194.58% -110.81% -124.77% 48.72% -227.62%
Net Income Growth
0.00% -4,042.61% -93.82% -228.18% -54.38% 20.22%
EPS Growth
0.00% -7.89% -17.07% -172.92% 11.45% 21.55%
Operating Cash Flow Growth
0.00% -950.60% 6,835.67% -76.51% -936.61% 177.72%
Free Cash Flow Firm Growth
0.00% 0.00% -44.67% -82.13% -1,004.77% -241.03%
Invested Capital Growth
0.00% 1,461.32% 115.10% 84.63% 589.64% 292.69%
Revenue Q/Q Growth
0.00% 0.00% 35.51% 0.00% -34.81% 81.02%
EBITDA Q/Q Growth
0.00% 0.00% 0.17% 0.00% 60.98% -19.17%
EBIT Q/Q Growth
0.00% 0.00% -5.15% 0.00% 29.00% -28.47%
NOPAT Q/Q Growth
0.00% 0.00% -5.15% 0.00% 70.11% -58.37%
Net Income Q/Q Growth
0.00% 0.00% -9.72% 0.00% 4.90% -19.34%
EPS Q/Q Growth
0.00% 0.00% -20.00% 0.00% 18.88% -12.35%
Operating Cash Flow Q/Q Growth
0.00% -121.04% 19.76% 0.00% 24.97% 349.09%
Free Cash Flow Firm Q/Q Growth
0.00% 0.00% 0.00% 0.00% 3.50% -59.40%
Invested Capital Q/Q Growth
0.00% 0.00% 42.03% 0.00% 6.61% 42.11%
Profitability Metrics
- - - - - -
Gross Margin
0.00% -11.19% 19.87% 10.41% 29.64% 35.08%
EBITDA Margin
0.00% -226.60% -65.79% -24.69% -24.14% -14.58%
Operating Margin
0.00% -244.45% -79.53% -59.81% -11.68% -38.68%
EBIT Margin
0.00% -239.70% -79.53% -72.62% -98.70% -26.64%
Profit (Net Income) Margin
0.00% -275.24% -82.33% -90.39% -160.25% -30.15%
Tax Burden Percent
100.00% 107.22% 98.87% 100.06% 146.03% 101.55%
Interest Burden Percent
171.08% 107.10% 104.71% 124.40% 111.18% 111.47%
Effective Tax Rate
0.00% 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% -5.57%
ROIC Less NNEP Spread (ROIC-NNEP)
0.00% -14.33% -2,335.93% -212.61% -74.04% -7.98%
Return on Net Nonoperating Assets (RNNOA)
0.00% 6.41% -20.19% -106.39% -59.19% -2.85%
Return on Equity (ROE)
-4.53% -51.27% -61.25% -153.90% -60.92% -8.42%
Cash Return on Invested Capital (CROIC)
0.00% -233.61% -114.12% -106.97% -151.07% -124.39%
Operating Return on Assets (OROA)
0.00% -30.35% -22.95% -23.42% -10.81% -2.76%
Return on Assets (ROA)
0.00% -34.85% -23.76% -29.15% -17.55% -3.12%
Return on Common Equity (ROCE)
2.81% -36.00% -54.20% -145.86% -50.00% -4.26%
Return on Equity Simple (ROE_SIMPLE)
21.99% -32.56% -76.63% -119.90% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)
-0.23 -15 -31 -69 -12 -166
NOPAT Margin
0.00% -171.11% -55.67% -41.86% -8.18% -27.08%
Net Nonoperating Expense Percent (NNEP)
-3.53% -43.35% 2,294.87% 165.11% 72.31% 2.41%
Return On Investment Capital (ROIC_SIMPLE)
- - - - -0.99% -2.47%
Cost of Revenue to Revenue
0.00% 111.19% 80.13% 89.59% 70.36% 64.92%
SG&A Expenses to Revenue
0.00% 233.26% 99.40% 59.47% 57.61% 54.33%
R&D to Revenue
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue
0.00% 233.26% 99.40% 70.21% 41.32% 73.76%
Earnings before Interest and Taxes (EBIT)
-0.33 -20 -44 -120 -142 -163
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
-0.33 -19 -36 -41 -35 -89
Valuation Ratios
- - - - - -
Price to Book Value (P/BV)
0.00 0.55 0.67 0.32 2.76 7.58
Price to Tangible Book Value (P/TBV)
0.00 0.55 0.67 0.32 2.76 7.58
Price to Revenue (P/Rev)
0.00 4.68 0.72 0.24 9.53 21.28
Price to Earnings (P/E)
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%
Earnings Yield
0.00% 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 3.39
Enterprise Value to Revenue (EV/Rev)
0.00 1.80 1.50 0.63 14.96 26.24
Enterprise Value to EBITDA (EV/EBITDA)
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
Enterprise Value to NOPAT (EV/NOPAT)
0.00 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 0.00 178.85
Enterprise Value to Free Cash Flow (EV/FCFF)
0.00 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 1.33
Long-Term Debt to Equity
0.00 0.07 0.98 0.64 1.07 1.32
Financial Leverage
-0.76 -0.45 0.01 0.50 0.80 0.36
Leverage Ratio
1.20 1.47 2.58 5.28 3.47 2.70
Compound Leverage Factor
2.05 1.58 2.70 6.57 3.86 3.00
Debt to Total Capital
14.54% 8.36% 52.31% 41.77% 52.06% 57.07%
Short-Term Debt to Total Capital
14.54% 1.54% 5.44% 4.70% 0.78% 0.19%
Long-Term Debt to Total Capital
0.00% 6.82% 46.87% 37.07% 51.28% 56.88%
Preferred Equity to Total Capital
35.53% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital
103.05% 8.07% 6.96% 0.00% 10.29% 23.24%
Common Equity to Total Capital
-53.12% 83.57% 40.73% 58.23% 37.65% 19.70%
Debt to EBITDA
-6.45 -0.37 -2.10 -2.19 -19.77 -55.82
Net Debt to EBITDA
29.05 1.63 -0.90 -1.59 -18.58 -11.25
Long-Term Debt to EBITDA
0.00 -0.30 -1.88 -1.94 -19.47 -55.63
Debt to NOPAT
-9.19 -0.49 -2.48 -1.29 -58.36 -30.06
Net Debt to NOPAT
41.37 2.16 -1.07 -0.94 -54.84 -6.06
Long-Term Debt to NOPAT
0.00 -0.40 -2.22 -1.15 -57.48 -29.96
Altman Z-Score
8.25 -0.44 -1.07 -1.28 0.05 1.60
Noncontrolling Interest Sharing Ratio
162.16% 29.78% 11.51% 5.22% 17.93% 49.39%
Liquidity Ratios
- - - - - -
Current Ratio
4.70 1.39 0.40 0.08 0.77 4.01
Quick Ratio
4.70 1.35 0.25 0.02 0.08 1.42
Cash Flow Metrics
- - - - - -
Free Cash Flow to Firm (FCFF)
0.00 -59 -86 -156 -1,031 -3,694
Operating Cash Flow to CapEx
-415.00% -1.59% 44.74% 11.31% -17.58% 3.13%
Free Cash Flow to Firm to Interest Expense
0.00 -40.74 -41.32 -5.32 -64.78 -125.15
Operating Cash Flow to Interest Expense
-0.35 -0.60 28.32 0.47 -7.25 3.04
Operating Cash Flow Less CapEx to Interest Expense
-0.44 -38.41 -34.98 -3.69 -48.51 -94.05
Efficiency Ratios
- - - - - -
Asset Turnover
0.00 0.13 0.29 0.32 0.11 0.10
Accounts Receivable Turnover
0.00 0.00 358.52 84.28 41.86 19.36
Inventory Turnover
0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover
0.00 0.27 0.42 0.61 0.18 0.22
Accounts Payable Turnover
0.00 1.41 4.51 2.42 0.58 1.23
Days Sales Outstanding (DSO)
0.00 0.00 1.02 4.33 8.72 18.85
Days Inventory Outstanding (DIO)
0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)
0.00 259.35 81.02 150.79 633.31 297.51
Cash Conversion Cycle (CCC)
0.00 -259.35 -80.00 -146.46 -624.59 -278.67
Capital & Investment Metrics
- - - - - -
Invested Capital
3.05 48 103 189 1,192 4,734
Invested Capital Turnover
0.00 0.34 0.74 1.13 0.21 0.21
Increase / (Decrease) in Invested Capital
0.00 45 55 87 1,019 3,529
Enterprise Value (EV)
51 15 83 105 2,157 16,040
Market Capitalization
40 40 40 40 1,374 13,011
Book Value per Share
($5.16) $0.73 $0.63 $1.02 $2.21 $6.01
Tangible Book Value per Share
($5.16) $0.73 $0.63 $1.02 $2.21 $6.01
Total Capital
15 86 146 214 1,322 8,720
Total Debt
2.14 7.23 76 90 688 4,976
Total Long-Term Debt
0.00 5.90 68 79 678 4,960
Net Debt
-9.62 -32 33 65 647 1,003
Capital Expenditures (CapEx)
0.02 55 131 122 657 2,866
Debt-free, Cash-free Net Working Capital (DFCFNWC)
-0.36 -26 -105 -370 -159 -457
Debt-free Net Working Capital (DFNWC)
11 13 -62 -345 -117 3,516
Net Working Capital (NWC)
9.26 11 -70 -355 -128 3,500
Net Nonoperating Expense (NNE)
0.34 8.90 15 80 219 19
Net Nonoperating Obligations (NNO)
-9.50 -32 33 64 558 991
Total Depreciation and Amortization (D&A)
0.00 1.12 7.61 79 108 74
Debt-free, Cash-free Net Working Capital to Revenue
0.00% -305.31% -190.31% -223.39% -110.11% -74.69%
Debt-free Net Working Capital to Revenue
0.00% 148.52% -111.64% -208.48% -81.29% 575.23%
Net Working Capital to Revenue
0.00% 132.93% -126.00% -214.57% -88.46% 572.54%
Earnings Adjustments
- - - - - -
Adjusted Basic Earnings per Share
$0.00 ($0.41) ($0.49) ($1.31) ($1.16) ($0.91)
Adjusted Weighted Average Basic Shares Outstanding
0.00 57.12M 93.98M 114.06M 201.19M 275.19M
Adjusted Diluted Earnings per Share
$0.00 ($0.41) ($0.49) ($1.31) ($1.16) ($0.91)
Adjusted Weighted Average Diluted Shares Outstanding
0.00 57.12M 93.98M 114.06M 201.19M 275.19M
Adjusted Basic & Diluted Earnings per Share
$0.00 $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 291.47M
Normalized Net Operating Profit after Tax (NOPAT)
-0.23 -15 -31 -68 -11 -164
Normalized NOPAT Margin
0.00% -171.11% -55.67% -40.86% -7.63% -26.80%
Pre Tax Income Margin
0.00% -256.71% -83.28% -90.34% -109.74% -29.70%
Debt Service Ratios
- - - - - -
EBIT to Interest Expense
-1.41 -14.09 -21.24 -4.10 -8.94 -5.52
NOPAT to Interest Expense
-0.98 -10.06 -14.87 -2.36 -0.74 -5.61
EBIT Less CapEx to Interest Expense
-1.49 -51.90 -84.54 -8.26 -50.20 -102.61
NOPAT Less CapEx to Interest Expense
-1.07 -47.87 -78.17 -6.52 -42.00 -102.70
Payout Ratios
- - - - - -
Dividend Payout Ratio
0.00% 0.00% 0.00% 0.00% -1.13% -37.52%
Augmented Payout Ratio
-240.32% -30.61% 0.00% -0.19% -19.16% -40.75%

Quarterly Metrics And Ratios for Applied Digital

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

Metric Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026
Period end date 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 5/31/2026
DEI Shares Outstanding
- - - - - - - - - 279,585,823.00 285,769,539.00
DEI Adjusted Shares Outstanding
- - - - - - - - - 279,585,823.00 285,769,539.00
DEI Earnings Per Adjusted Shares Outstanding
- - - - - - - - - -0.36 -0.39
Growth Metrics
- - - - - - - - - - -
Revenue Growth
242.00% 207.65% 98.30% 67.12% 51.34% 22.08% -325.85% 84.27% 250.05% 139.29% 180.85%
EBITDA Growth
122.40% -523.11% -1,213.05% 5,422.15% -2,431.55% 107.95% -50.30% -123.75% 97.59% -741.87% 73.27%
EBIT Growth
70.36% -730.85% -657.36% 141.54% -1,558.78% 56.32% -41.77% -218.13% 85.78% -200.62% 29.27%
NOPAT Growth
70.36% -693.48% -356.91% 228.71% -135.28% 65.84% -70.07% -161.70% -141.76% -352.24% -48.43%
Net Income Growth
60.64% -755.99% -840.05% 64.17% -1,217.56% 43.42% 18.48% -298.54% 89.58% -98.44% -56.86%
EPS Growth
64.29% -642.86% -625.00% 72.73% -560.00% 69.23% 46.55% -133.33% 89.39% -125.00% -32.26%
Operating Cash Flow Growth
-57.52% 38.67% -787.08% -1,780.10% 0.00% -83.75% 121.73% -8.08% 69.68% 832.81% 1,833.55%
Free Cash Flow Firm Growth
-2.01% -4.80% -116.09% -92.37% -433.74% -1,766.85% -2,974.93% -681.35% -252.45% -118.07% -233.44%
Invested Capital Growth
120.19% 23.57% 105.45% 134.76% 301.43% 1,153.59% 589.64% 384.00% 266.16% 197.90% 292.69%
Revenue Q/Q Growth
16.19% 2.71% 0.81% 0.00% 5.21% -17.14% -162.92% 292.84% 97.13% 0.04% 132.06%
EBITDA Q/Q Growth
674.28% -660.35% 51.84% 0.00% -426.91% 101.91% 1,004.63% -148.01% 81.98% -2,214.70% 77.19%
EBIT Q/Q Growth
-7.38% -633.92% 19.25% 0.00% -4,387.59% 80.67% 144.27% -298.53% 20.02% -327.63% 39.04%
NOPAT Q/Q Growth
-7.38% -600.91% 48.99% 0.00% -296.30% -1.76% 184.76% -238.85% -38.86% -176.73% -13.87%
Net Income Q/Q Growth
11.18% -496.81% -2.57% 0.00% -3,166.45% 74.37% -47.76% 67.78% 14.63% -388.28% -16.80%
EPS Q/Q Growth
9.09% -420.00% -11.54% 0.00% -2,100.00% 75.76% -93.75% 77.42% 0.00% -414.29% -13.89%
Operating Cash Flow Q/Q Growth
0.49% 699.74% -186.94% 0.00% 0.00% 111.28% 16.25% -1,296.54% 80.68% 447.16% 140.96%
Free Cash Flow Firm Q/Q Growth
0.23% 41.20% -129.13% 0.00% -176.81% -105.67% 3.28% -27.45% -37.92% -28.28% -58.24%
Invested Capital Q/Q Growth
16.36% -45.54% 136.16% 0.00% 98.96% 70.06% 6.61% 34.18% 50.52% 38.36% 42.11%
Profitability Metrics
- - - - - - - - - - -
Gross Margin
29.46% -8.57% -5.92% -0.59% 18.02% 7.14% 0.00% 13.41% 20.57% 42.49% 42.88%
EBITDA Margin
13.34% -72.76% -34.76% 66.13% -205.49% 4.74% 0.00% -20.70% -1.89% -43.78% -4.30%
Operating Margin
-18.75% -127.93% -64.73% 15.62% -29.15% -35.79% 0.00% -34.72% -24.45% -67.65% -33.19%
EBIT Margin
-18.75% -133.96% -107.29% 5.04% -205.49% -47.93% 0.00% -34.72% -14.09% -60.21% -15.82%
Profit (Net Income) Margin
-24.95% -144.96% -147.48% -7.00% -217.21% -67.19% 0.00% -26.36% -11.41% -55.72% -28.04%
Tax Burden Percent
100.00% 100.00% 100.15% 100.00% 100.00% 100.33% -260.38% 64.51% 54.43% 100.00% 141.62%
Interest Burden Percent
133.08% 108.21% 137.25% -138.75% 105.70% 139.72% 179.69% 117.70% 148.89% 92.54% 125.18%
Effective Tax Rate
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -0.08% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)
-12.63% -159.70% -47.91% 0.00% 0.00% -9.18% 0.00% -4.37% -2.95% -7.19% -4.78%
ROIC Less NNEP Spread (ROIC-NNEP)
-107.05% 8.92% -123.15% 0.00% 0.00% -16.72% 0.00% -4.87% -0.08% -8.72% -6.59%
Return on Net Nonoperating Assets (RNNOA)
-4.97% -1.34% -75.14% 0.00% 0.00% -16.04% 0.00% -1.82% -0.02% -3.94% -2.35%
Return on Equity (ROE)
-17.61% -161.04% -123.05% 0.00% 0.00% -25.22% 0.00% -6.19% -2.96% -11.12% -7.14%
Cash Return on Invested Capital (CROIC)
-90.64% -87.81% -99.68% 0.00% 0.00% -176.98% -151.07% -136.18% -117.96% -104.17% -124.39%
Operating Return on Assets (OROA)
-6.63% -45.32% -34.60% 0.00% 0.00% -9.02% 0.00% -3.61% -1.10% -5.11% -1.64%
Return on Assets (ROA)
-8.83% -49.04% -47.56% 0.00% 0.00% -12.64% 0.00% -2.74% -0.89% -4.73% -2.91%
Return on Common Equity (ROCE)
-16.95% -152.10% -116.62% 0.00% 0.00% -23.45% 0.00% -5.67% -2.18% -7.39% -3.61%
Return on Equity Simple (ROE_SIMPLE)
-23.50% -77.71% 0.00% 0.00% 0.00% -53.44% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)
-5.54 -39 -20 6.64 -13 -13 11 -16 -22 -60 -68
NOPAT Margin
-13.12% -89.55% -45.31% 10.94% -20.40% -25.06% 0.00% -24.30% -17.12% -47.35% -23.24%
Net Nonoperating Expense Percent (NNEP)
94.42% -168.62% 75.24% 47.12% 143.36% 7.54% 21.03% 0.50% -2.87% 1.53% 1.81%
Return On Investment Capital (ROIC_SIMPLE)
-2.79% -21.53% -9.24% - -1.43% -1.16% 0.95% -0.90% -0.53% -1.40% -1.02%
Cost of Revenue to Revenue
70.54% 108.57% 105.92% 100.59% 81.98% 92.86% 0.00% 86.59% 79.43% 57.51% 57.12%
SG&A Expenses to Revenue
48.02% 69.25% 73.24% 23.62% 46.64% 42.94% 0.00% 45.40% 45.02% 62.95% 56.57%
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
48.21% 119.37% 58.81% -16.21% 47.16% 42.94% 0.00% 48.12% 45.02% 110.14% 76.07%
Earnings before Interest and Taxes (EBIT)
-7.91 -58 -47 3.06 -131 -25 11 -22 -18 -76 -46
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
5.63 -32 -15 40 -131 2.51 28 -13 -2.40 -55 -13
Valuation Ratios
- - - - - - - - - - -
Price to Book Value (P/BV)
0.26 4.25 3.87 0.17 0.09 3.91 2.76 3.92 5.19 4.86 7.58
Price to Tangible Book Value (P/TBV)
0.26 4.25 3.87 0.17 0.09 3.91 2.76 3.92 5.19 4.86 7.58
Price to Revenue (P/Rev)
0.35 3.50 2.91 0.00 0.00 8.05 9.53 23.56 28.48 22.77 21.28
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)
0.29 5.96 2.70 0.39 0.40 2.18 1.81 2.98 3.58 2.83 3.39
Enterprise Value to Revenue (EV/Rev)
0.42 3.69 3.43 0.00 0.00 11.05 14.96 27.46 32.69 27.95 26.24
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)
1.21 10.65 41.23 0.00 0.00 0.00 0.00 0.00 0.00 0.00 178.85
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
0.27 0.52 0.72 0.38 0.97 1.38 1.09 0.62 1.26 1.05 1.33
Long-Term Debt to Equity
0.22 0.36 0.64 0.36 0.95 1.36 1.07 0.28 1.25 1.01 1.32
Financial Leverage
0.05 -0.15 0.61 0.11 0.27 0.96 0.80 0.37 0.20 0.45 0.36
Leverage Ratio
2.85 4.48 5.28 3.03 3.13 3.81 3.47 2.37 2.64 2.59 2.70
Compound Leverage Factor
3.79 4.85 7.25 -4.20 3.31 5.33 6.24 2.80 3.94 2.40 3.37
Debt to Total Capital
21.56% 34.27% 41.77% 27.57% 49.19% 58.06% 52.06% 38.28% 55.72% 51.19% 57.07%
Short-Term Debt to Total Capital
4.68% 10.72% 4.70% 1.68% 0.68% 0.85% 0.78% 21.28% 0.27% 1.87% 0.19%
Long-Term Debt to Total Capital
16.88% 23.55% 37.07% 25.89% 48.52% 57.20% 51.28% 17.00% 55.45% 49.32% 56.88%
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% 13.48% 5.78% 3.64% 10.29% 3.55% 13.30% 18.75% 23.24%
Common Equity to Total Capital
78.44% 65.73% 58.23% 58.95% 45.03% 38.30% 37.65% 58.17% 30.99% 30.06% 19.70%
Debt to EBITDA
-67.48 -2.55 -2.19 0.00 0.00 -7.73 -19.77 -6.61 -366.25 -35.99 -55.82
Net Debt to EBITDA
-12.85 -1.15 -2.11 0.00 0.00 -6.96 -18.58 -5.90 -68.57 -10.21 -11.25
Long-Term Debt to EBITDA
-52.84 -1.75 -1.94 0.00 0.00 -7.61 -19.47 -2.93 -364.48 -34.68 -55.63
Debt to NOPAT
-2.31 -1.15 -1.29 0.00 0.00 -17.47 -58.36 -15.24 -45.09 -25.76 -30.06
Net Debt to NOPAT
-0.44 -0.52 -1.24 0.00 0.00 -15.72 -54.84 -13.60 -8.44 -7.31 -6.06
Long-Term Debt to NOPAT
-1.81 -0.79 -1.15 0.00 0.00 -17.21 -57.48 -6.77 -44.87 -24.82 -29.96
Altman Z-Score
-0.51 -0.36 -0.55 0.00 0.00 0.53 0.32 1.48 1.82 1.41 1.64
Noncontrolling Interest Sharing Ratio
3.72% 5.55% 5.22% 0.00% 0.00% 7.01% 0.00% 8.47% 26.46% 33.58% 49.39%
Liquidity Ratios
- - - - - - - - - - -
Current Ratio
0.18 0.30 0.08 0.22 0.77 0.70 0.77 0.65 4.82 2.38 4.01
Quick Ratio
0.05 0.01 0.02 0.16 0.70 0.21 0.08 0.10 3.42 1.72 1.42
Cash Flow Metrics
- - - - - - - - - - -
Free Cash Flow to Firm (FCFF)
-95 -56 -128 -183 -507 -1,042 -1,008 -1,285 -1,772 -2,273 -3,597
Operating Cash Flow to CapEx
34.29% 93.98% -84.07% -254.68% 0.00% 2.29% 3.46% -32.89% -2.87% 7.10% 10.28%
Free Cash Flow to Firm to Interest Expense
-36.28 -11.70 -7.32 -25.05 -67.73 -103.47 0.00 -325.58 -154.29 0.00 -218.35
Operating Cash Flow to Interest Expense
1.73 7.61 -1.81 -10.38 0.00 0.59 0.00 -20.79 -1.38 0.00 8.05
Operating Cash Flow Less CapEx to Interest Expense
-3.32 -0.49 -3.95 -14.46 0.00 -24.97 0.00 -83.99 -49.45 0.00 -70.21
Efficiency Ratios
- - - - - - - - - - -
Asset Turnover
0.35 0.34 0.32 0.00 0.00 0.19 0.11 0.10 0.08 0.08 0.10
Accounts Receivable Turnover
393.32 937.54 84.28 0.00 0.00 29.80 41.86 11.04 20.58 19.09 19.36
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
0.59 0.76 0.61 0.00 0.00 0.36 0.18 0.18 0.19 0.17 0.22
Accounts Payable Turnover
3.50 2.19 2.42 0.00 0.00 1.58 0.58 0.86 1.49 0.86 1.23
Days Sales Outstanding (DSO)
0.93 0.39 4.33 0.00 0.00 12.25 8.72 33.05 17.74 19.12 18.85
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)
104.20 166.91 150.79 0.00 0.00 231.07 633.31 425.41 245.04 423.91 297.51
Cash Conversion Cycle (CCC)
-103.27 -166.52 -146.46 0.00 0.00 -218.82 -624.59 -392.36 -227.30 -404.80 -278.67
Capital & Investment Metrics
- - - - - - - - - - -
Invested Capital
164 89 211 330 658 1,118 1,192 1,600 2,408 3,331 4,734
Invested Capital Turnover
0.96 1.78 1.06 0.00 0.00 0.37 0.21 0.18 0.17 0.15 0.21
Increase / (Decrease) in Invested Capital
89 17 108 190 494 1,029 1,019 1,269 1,750 2,213 3,529
Enterprise Value (EV)
48 532 569 129 263 2,443 2,157 4,766 8,628 9,440 16,040
Market Capitalization
40 504 482 40 40 1,780 1,374 4,089 7,518 7,690 13,011
Book Value per Share
$1.42 $0.97 $1.02 $1.54 $2.02 $2.04 $2.21 $3.99 $5.18 $5.66 $6.01
Tangible Book Value per Share
$1.42 $0.97 $1.02 $1.54 $2.02 $2.04 $2.21 $3.99 $5.18 $5.66 $6.01
Total Capital
198 180 214 410 965 1,187 1,322 1,795 4,678 5,260 8,720
Total Debt
43 62 90 113 475 689 688 687 2,607 2,693 4,976
Total Long-Term Debt
34 42 79 106 468 679 678 305 2,594 2,595 4,960
Net Debt
8.15 28 86 34 167 620 647 613 488 764 1,003
Capital Expenditures (CapEx)
13 39 38 30 0.00 257 198 249 552 775 1,289
Debt-free, Cash-free Net Working Capital (DFCFNWC)
-191 -258 -349 -375 -397 -178 -159 -36 48 -422 -457
Debt-free Net Working Capital (DFNWC)
-157 -224 -345 -296 -89 -109 -117 38 2,166 1,507 3,516
Net Working Capital (NWC)
-166 -243 -355 -303 -96 -119 -128 -344 2,154 1,409 3,500
Net Nonoperating Expense (NNE)
4.99 24 45 11 126 22 64 1.32 -7.22 11 14
Net Nonoperating Obligations (NNO)
8.15 -29 86 33 167 620 558 492 336 764 991
Total Depreciation and Amortization (D&A)
14 27 32 37 0.00 28 16 9.00 15 21 34
Debt-free, Cash-free Net Working Capital to Revenue
-166.87% -179.35% -210.50% 0.00% 0.00% -80.44% -110.11% -20.52% 18.15% -124.87% -74.69%
Debt-free Net Working Capital to Revenue
-136.66% -155.74% -208.48% 0.00% 0.00% -49.36% -81.29% 22.07% 820.68% 446.30% 575.23%
Net Working Capital to Revenue
-144.75% -169.17% -214.57% 0.00% 0.00% -53.94% -88.46% -198.06% 815.92% 417.23% 572.54%
Earnings Adjustments
- - - - - - - - - - -
Adjusted Basic Earnings per Share
($0.10) ($0.52) ($0.58) ($0.03) ($0.66) ($0.16) ($0.31) ($0.07) ($0.07) ($0.36) ($0.41)
Adjusted Weighted Average Basic Shares Outstanding
109.66M 121.43M 114.06M 149.01M 209.56M 222.45M 201.19M 255.89M 277.42M 281.98M 275.19M
Adjusted Diluted Earnings per Share
($0.10) ($0.52) ($0.58) ($0.03) ($0.66) ($0.16) ($0.31) ($0.07) ($0.07) ($0.36) ($0.41)
Adjusted Weighted Average Diluted Shares Outstanding
109.66M 121.43M 114.06M 149.01M 209.56M 222.45M 201.19M 255.89M 277.42M 281.98M 275.19M
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
122.04M 122.74M 157.44M 215.36M 222.90M 224.72M 261.52M 279.69M 279.59M 285.77M 291.47M
Normalized Net Operating Profit after Tax (NOPAT)
-5.48 -39 -20 7.08 -13 -13 8.12 -14 -22 -60 -68
Normalized NOPAT Margin
-12.99% -89.55% -45.31% 11.66% -20.25% -25.06% 0.00% -22.39% -17.12% -47.30% -23.10%
Pre Tax Income Margin
-24.95% -144.96% -147.26% -7.00% -217.21% -66.96% 0.00% -40.86% -20.97% -55.72% -19.80%
Debt Service Ratios
- - - - - - - - - - -
EBIT to Interest Expense
-3.02 -12.17 -2.68 0.42 -17.54 -2.52 0.00 -5.65 -1.55 0.00 -2.82
NOPAT to Interest Expense
-2.12 -8.14 -1.13 0.91 -1.74 -1.32 0.00 -3.95 -1.89 0.00 -4.15
EBIT Less CapEx to Interest Expense
-8.08 -20.27 -4.83 -3.66 0.00 -28.08 0.00 -68.86 -49.63 0.00 -81.08
NOPAT Less CapEx to Interest Expense
-7.18 -16.23 -3.28 -3.17 0.00 -26.88 0.00 -67.16 -49.96 0.00 -82.40
Payout Ratios
- - - - - - - - - - -
Dividend Payout Ratio
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -1.13% -1.70% -56.01% -44.10% -37.52%
Augmented Payout Ratio
0.00% 0.00% -0.19% 0.00% 0.00% -17.14% -19.16% -21.21% -61.04% -47.99% -40.75%

Financials Breakdown Chart

Key Financial Trends

Applied Digital’s financial profile is changing rapidly as it scales its data-center and high-performance computing infrastructure. Revenue reached $293.9 million in Q4 2026, more than doubling from approximately $126.6 million in each of the prior two quarters. Quarterly revenue also increased from $64.2 million in Q1. However, the sharp growth has not yet translated into operating profitability.

Gross profit improved substantially during fiscal 2026. Gross margin increased from approximately 13.4% in Q1 to 20.6% in Q2 and roughly 42.5% in Q3 and Q4. Despite this improvement, operating expenses remained elevated, reaching $223.5 million in Q4, including $166.2 million of selling, general and administrative expense and $56.8 million of other operating expenses. As a result, the company posted a $97.5 million operating loss in Q4 and an $82.4 million consolidated net loss.

Cash flow has improved on a quarterly basis, but the improvement has been accompanied by significant financing and capital spending. Operating cash flow rose from negative $82.0 million in Q1 2026 to positive $132.5 million in Q4. In contrast, capital expenditures increased to approximately $1.29 billion in Q4, compared with $775.2 million in Q3 and $552.1 million in Q2. Applied Digital funded much of this expansion through $2.45 billion of new debt and $929.5 million of common-stock issuance in Q4.

The latest available balance sheet, dated February 28, 2026, showed $1.73 billion of cash and equivalents plus $198.4 million of restricted cash. Current assets of $2.43 billion exceeded current liabilities of $1.02 billion. However, total debt was approximately $2.69 billion, while total liabilities reached $3.68 billion. The company’s retained earnings remained negative at $583.1 million, reflecting its history of net losses.

  • Strong revenue acceleration: Q4 2026 revenue of $293.9 million was more than double the roughly $126.6 million reported in Q2 and Q3, indicating substantial expansion in the company’s operating platform.
  • Significant gross-margin improvement: Gross margin expanded to approximately 42.9% in Q4 from 13.4% in Q1, suggesting better utilization, pricing, or revenue mix.
  • Operating cash flow turned positive: Quarterly operating cash flow improved from negative $82.0 million in Q1 to positive $132.5 million in Q4, helped by favorable working-capital changes.
  • Large liquidity position: The latest reported balance sheet included approximately $1.93 billion of cash and restricted cash, providing funding for continued construction and expansion.
  • Asset base is expanding: Net property, plant and equipment increased from $772.7 million in November 2024 to $3.01 billion by February 2026, consistent with aggressive infrastructure investment.
  • Cash flow quality requires monitoring: Q4 operating cash flow was supported by a $179.0 million increase from operating assets and liabilities, so some of the improvement may reflect working-capital timing rather than recurring earnings power.
  • Reported figures include restatements and unusual items: Several earlier-period statements are identified as restated, and certain historical revenue and expense figures appear unusual, making long-term comparisons less precise.
  • Persistent net losses: Applied Digital reported a consolidated net loss in each quarter of fiscal 2026, including an $82.4 million loss in Q4 and a $111.8 million loss attributable to common shareholders.
  • Operating expenses remain too high: Q4 operating expenses of $223.5 million substantially exceeded gross profit of $126.0 million, leaving the company with a $97.5 million operating loss despite strong revenue growth.
  • Capital intensity, leverage and dilution are rising: Q4 capital expenditures reached nearly $1.29 billion, while the company issued $2.45 billion of debt and $929.5 million of common equity. Weighted-average basic shares increased from 255.9 million in Q1 to 275.2 million in Q4, creating potential dilution for existing shareholders.

For investors, the central question is whether Applied Digital can convert its rapid infrastructure buildout into sustainable profits. Revenue growth, improving gross margins and positive operating cash flow are encouraging, but the company remains dependent on large debt and equity raises to finance expansion. Until operating expenses moderate and net income turns positive, APLD remains a high-growth, high-capital-intensity investment with considerable execution and financing risk.

08/09/26 01:08 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 2026 ended on May 31, 2026.

Applied Digital's net income appears to be on an upward trend, with a most recent value of -$184.34 million in 2026, rising from -$568 thousand in 2021. The previous period was -$231.07 million in 2025. View Applied Digital's forecast to see where analysts expect Applied Digital to go next.

Applied Digital's total operating income in 2026 was -$236.46 million, based on the following breakdown:
  • Total Gross Profit: $214.45 million
  • Total Operating Expenses: $450.92 million

Over the last 5 years, Applied Digital's total revenue changed from $0.00 in 2021 to $611.31 million in 2026, a change of 61,131,100,000.0%.

Applied Digital's total liabilities were at $6.19 billion at the end of 2026, a 400.3% increase from 2025, and a 247,329.4% increase since 2021.

In the past 5 years, Applied Digital's cash and equivalents has ranged from $3.34 million in 2024 to $1.59 billion in 2026, and is currently $1.59 billion as of their latest financial filing in 2026.

Over the last 5 years, Applied Digital's book value per share changed from -5.16 in 2021 to 6.01 in 2026, a change of -216.4%.



Financial statements for NASDAQ:APLD last updated on 7/29/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
From Our Partners