APPLIED DIGITAL CORPORATION financials
Source: EDGAR filings · Built 2026-06-02T02:21:03Z
Key metrics by reporting period
Up to six most-recent periods side-by-side. Rows are the curated key lines — revenue, margins, cash, debt, equity, cash-flow totals, plus the derived and valuation metrics we compute on top. For every tag a filer reported in one period, use the single-filing drilldown below.
Derived Metrics
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2022 |
|---|---|---|---|---|---|
| Free Cash Flow | -922.08M | -187.98M | -75.90M | -59.34M | -103.00K |
| EBITDA | 444.00K | -11.38M | -35.80M | -19.78M | -331.00K |
| Working Capital | -366.93M | -149.97M | -69.79M | 11.36M | 9.26M |
| Net Debt | 658.93M | 309.16M | -5.67M | -23.96M | -11.75M |
| Gross Margin | 29.64% | 21.93% | 19.87% | -11.19% | — |
| Operating Margin | -11.68% | -24.05% | -77.47% | -244.45% | — |
| Net Margin | -160.25% | -109.26% | -80.60% | -275.12% | — |
| Return on Equity (ROE) | -46.43% | -119.58% | -75.01% | -32.55% | 21.99% |
| Return on Assets (ROA) | -12.36% | -19.57% | -16.91% | -19.60% | -3.77% |
| Current Ratio | 0.27× | 0.73× | 0.40× | 1.39× | 4.70× |
| Debt-to-Equity | 1.41× | 2.50× | 0.39× | 0.21× | 0.00× |
| Effective Tax Rate | -0.06% | -0.13% | 1.16% | -2.46% | 0.00% |
| Cash Conversion Ratio | 0.50× | -0.09× | -1.32× | 0.04× | 0.15× |
| Accruals Ratio | -0.06× | -0.21× | -0.39× | -0.19× | -0.03× |
| SBC % of Revenue | 15.75% | 12.71% | 57.90% | 144.31% | — |
| CapEx Coverage | -0.14× | 0.07× | 0.44× | -0.01× | -4.15× |
| Free Cash Flow Per Share | $-4.58 | $-1.65 | $-0.81 | $-1.04 | $-0.07 |
Valuation Metrics
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2022 |
|---|---|---|---|---|---|
| EV / EBITDA | 4943.83× | — | — | — | — |
| P/S | 10.65× | 4.31× | 14.49× | 55.26× | — |
| P/B | 3.09× | 4.71× | 13.49× | 6.54× | — |
Income Statement
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2022 |
|---|---|---|---|---|---|
| Revenue from Contract with Customer, Excluding Assessed Tax | 144.19M | 136.62M | 55.39M | 8.55M | 0 |
| Cost of Revenue | 101.45M | 106.65M | 44.39M | 9.51M | 0 |
| Gross Profit | — | — | 11.00M | -957.00K | 0 |
| Selling, General and Administrative Expense | 83.06M | 45.02M | 53.91M | 19.94M | 332.00K |
| Operating Income (Loss) | -16.84M | -32.85M | -42.91M | -20.90M | -332.00K |
| Income Tax Expense (Benefit) | 102.00K | 96.00K | -523.00K | 540.00K | 0 |
| Net Income (Loss) Attributable to Parent | — | -149.27M | -44.65M | -23.52M | -568.00K |
| Earnings Per Share, Basic | $-1.16 | $-1.31 | $-0.47 | $-0.41 | $-0.38 |
| Weighted Average Number of Shares Outstanding, Basic | 201.19M | 114.06M | 93.98M | 57.12M | 1.51M |
| Earnings Per Share, Diluted | $-1.16 | $-1.31 | $-0.47 | $-0.41 | $-0.38 |
| Weighted Average Number of Shares Outstanding, Diluted | 201.19M | 114.06M | 93.98M | 57.12M | 1.51M |
Balance Sheet
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2022 |
|---|---|---|---|---|---|
| Cash and Cash Equivalents, at Carrying Value | 43.95M | 3.34M | 29.00M | 38.80M | 11.75M |
| Assets, Current | 132.80M | 404.14M | 45.67M | 40.36M | 11.76M |
| Assets | 1.87B | 762.87M | 263.96M | 119.98M | 15.05M |
| Long-term Debt | — | — | — | 7.19M | — |
| Liabilities, Current | 499.73M | 554.11M | 115.46M | 29.00M | 2.50M |
| Liabilities | 1.24B | 638.04M | 194.28M | 40.74M | 2.50M |
| Stockholders' Equity Attributable to Parent | 497.69M | 124.83M | 59.52M | 72.26M | -2.58M |
| Common Stock, Shares, Outstanding | 224.91M | 139.05M | 95.93M | 97.80M | 1.51M |
Cash Flow Statement
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2022 |
|---|---|---|---|---|---|
| Net Cash Provided by (Used in) Operating Activities | -115.40M | 13.79M | 58.73M | -872.00K | -83.00K |
| Payments to Acquire Property, Plant, and Equipment | — | — | — | 58.25M | 20.00K |
| Net Cash Provided by (Used in) Investing Activities | -667.65M | -172.44M | -132.09M | -45.87M | -3.30M |
| Payments for Repurchase of Common Stock | 31.34M | 0 | 0 | — | — |
| Net Cash Provided by (Used in) Financing Activities | 874.69M | 146.76M | 70.63M | 81.29M | 15.13M |
Derived Metrics
| Concept | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 |
|---|---|---|---|---|---|---|
| Free Cash Flow | -1.71B | -969.41M | -361.38M | -222.49M | -699.59M | -416.17M |
| EBITDA | -64.85M | -22.37M | -18.14M | -51.07M | -165.00K | -8.10M |
| Working Capital | 1.41B | 2.15B | -343.76M | -366.93M | -119.32M | -95.97M |
| Net Debt | 1.10B | 695.24M | 626.30M | 658.93M | 245.94M | 40.13M |
| Gross Margin | 42.49% | 20.57% | 13.41% | -83.52% | 7.14% | 37.34% |
| Operating Margin | -67.65% | -24.45% | -34.72% | -33.72% | -35.79% | -35.41% |
| Net Margin | -55.72% | -11.41% | -26.36% | 157.77% | -67.19% | -383.61% |
| Return on Equity (ROE) | -4.46% | -1.00% | -1.62% | -10.56% | -7.82% | -31.92% |
| Return on Assets (ROA) | -1.13% | -0.28% | -0.71% | -2.81% | -2.08% | -8.99% |
| Current Ratio | 2.38× | 4.82× | 0.65× | 0.27× | 0.70× | 0.77× |
| Debt-to-Equity | 1.79× | 1.80× | 0.67× | 1.41× | 0.69× | 0.75× |
| Effective Tax Rate | 0.00% | -0.06% | -0.03% | -0.08% | -0.33% | -0.00% |
| Cash Conversion Ratio | 0.61× | 6.77× | 4.85× | -0.13× | 3.44× | 0.92× |
| Accruals Ratio | -0.00× | 0.02× | 0.03× | -0.03× | 0.05× | -0.01× |
| SBC % of Revenue | 74.81% | 35.23% | 24.08% | -37.45% | 19.34% | 1.50% |
| CapEx Coverage | -0.03× | -0.11× | -0.29× | 0.03× | -0.21× | -0.45× |
| Free Cash Flow Per Share | $-6.08 | $-3.49 | $-1.41 | $-1.11 | $-3.14 | $-1.99 |
Valuation Metrics
| Concept | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 |
|---|---|---|---|---|---|---|
| EV / EBITDA | — | — | — | — | 62.11× | 589.55× |
| P/S | 27.39× | 35.94× | 35.86× | 16.95× | 12.94× | 16.94× |
| P/B | 4.92× | 5.22× | 4.12× | 3.09× | 3.95× | 5.03× |
Income Statement
| Concept | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 |
|---|---|---|---|---|---|---|
| Revenue from Contract with Customer, Excluding Assessed Tax | 126.64M | 126.59M | 64.22M | -33.30M | 52.92M | 36.16M |
| Cost of Revenue | 72.83M | 100.55M | 55.61M | -61.11M | 49.14M | 22.66M |
| Selling, General and Administrative Expense | 79.72M | 56.99M | 29.15M | 16.21M | 22.72M | 25.97M |
| Operating Income (Loss) | -85.67M | -30.96M | -22.29M | 11.23M | -18.94M | -12.80M |
| Income Tax Expense (Benefit) | -2.00K | 15.00K | 8.00K | -16.00K | 117.00K | 1.00K |
| Net Income (Loss) Attributable to Parent | — | -14.45M | -16.93M | — | — | -138.73M |
| Earnings Per Share, Basic | $-0.36 | $-0.07 | $-0.07 | $-0.23 | $-0.16 | $-0.66 |
| Weighted Average Number of Shares Outstanding, Basic | 281.98M | 277.42M | 255.89M | 201.19M | 222.45M | 209.56M |
| Earnings Per Share, Diluted | $-0.36 | $-0.07 | $-0.07 | $-0.23 | $-0.16 | $-0.66 |
| Weighted Average Number of Shares Outstanding, Diluted | 281.98M | 277.42M | 255.89M | 201.19M | 222.45M | 209.56M |
Balance Sheet
| Concept | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 |
|---|---|---|---|---|---|---|
| Cash and Cash Equivalents, at Carrying Value | 1.73B | 1.91B | 73.91M | 43.95M | 68.74M | 286.24M |
| Assets, Current | 2.43B | 2.72B | 641.74M | 132.80M | 274.26M | 328.39M |
| Assets | 6.25B | 5.23B | 2.40B | 1.87B | 1.71B | 1.54B |
| Liabilities, Current | 1.02B | 563.40M | 985.49M | 499.73M | 393.58M | 424.35M |
| Liabilities | 3.68B | 3.16B | 1.29B | 1.24B | 1.21B | 1.05B |
| Stockholders' Equity Attributable to Parent | 1.58B | 1.45B | 1.04B | 497.69M | 454.65M | 434.57M |
| Common Stock, Shares, Outstanding | 285.38M | 279.08M | 269.29M | 224.91M | 224.39M | 216.56M |
Cash Flow Statement
| Concept | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 |
|---|---|---|---|---|---|---|
| Net Cash Provided by (Used in) Operating Activities | -42.86M | -97.87M | -82.02M | 6.86M | -122.26M | -128.15M |
| Net Cash Provided by (Used in) Investing Activities | -1.59B | -818.49M | -249.42M | -201.98M | -465.68M | -207.54M |
| Payments for Repurchase of Common Stock | 0 | 0 | — | 0 | 31.34M | 31.34M |
| Net Cash Provided by (Used in) Financing Activities | 3.62B | 3.09B | 322.24M | 57.22M | 817.47M | 618.58M |
Raw XBRL tagging for a single filing
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Methodology
All facts on this page come straight from SEC EDGAR XBRL
company-facts filings (APLD CIK 0001144879),
grouped by financial statement using FASB's base
us-gaap presentation taxonomy. Filers may re-parent
concepts onto different statements in their own extension
taxonomy, so a handful of rows can show up under a different
statement than on the actual 10-K / 10-Q; custom concepts and
any we couldn't map fall into Other. Hover a
cell to see the fully-qualified concept name and the filer's
description.
For the full methodology — statement grouping, the Other bucket, derived metrics, and fact tooltips — see the methodology reference for the statement grouping, the "Other" bucket, derived metrics, and fact tooltips.