Applied Digital Corporation (APLD) financials
NASDAQ · Technology · Information Technology Services · 256 employees · CEO Wes Cummins
- Price
- $17.82 -8.22%
- Market cap
- $5.39B
- Enterprise value
- $8.92B
- Last report
- Q1 '27 filed 2026-10-07
- Next report
- 2027-01-06
Revenue (TTM)$854M+267.9% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)-27.7%+16.4 pp vs a year agoOperating income -$236M
Net income (TTM)-$462M-89.7% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)-$4.46B-346.5% vs a year agoCapex $4.69B
Diluted EPS (TTM)-$1.64-45.1% vs a year agoSum of the last 4 quarters
Net cash-$3.53B-464.2% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $5.39B EV $8.92B
- Revenue
- $854M Trailing 12 months
- Revenue growth
- – Next fiscal year
- Profit margin
- -54.2% Net income / revenue, TTM
- P/E
- -10.9×
- P/S
- 6.3× Price / sales, TTM
- EV / EBITDA
- -63.0× TTM
- Free cash flow
- -$4.46B Trailing 12 months
- Net income
- -$462M Trailing 12 months
- Revenue estimate
- – Next fiscal year
- Earnings
- 2027-01-06
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-07): revenue beat by 194.0%, EPS beat by 96.6%Revenue $342M vs $116M expected (+194.0%); EPS -$0.01 vs -$0.30 (+96.6%).
- Revenue growth accelerating: 432.4% year on yearQ1 '27 revenue $342M, against an average of 162.5% over the four quarters before.
- Operating margin -27.7% (TTM), +16.4 pp on a year agoOperating income grew -131.2% while revenue grew 267.9%.
- Capex 549.4% of revenue (a year ago 377.6%)$4.69B invested in the last 4 quarters (+435.4% on a year earlier). Free cash flow -$4.46B.
- Diluted share count up 13.9% in a year292M diluted shares in Q1 '27, 256M a year earlier.
- Net debt $3.53BCash + short-term investments $2.95B, debt incl. leases $6.48B; a year ago net debt $626M.
- HPC Hosting Business: revenue +898.8%, margin 12.7% (was -7.7%)Fastest-growing reported segment in Q1 '27: operating income $33.4M on revenue $263M (from the segment note of the filing).
Last quarter: Q1 '27
Quarter ended 2026-08-31. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q1 '27 | Year ago | Change | |
|---|---|---|---|
| Revenue | $342M | $64.2M | +432.4% |
| Gross margin | 15.3% | 13.4% | +1.9 pp |
| Operating income | -$62.4M | -$20.5M | -203.7% |
| Operating margin | -18.2% | -32.0% | +13.7 pp |
| Net income | -$236M | -$16.9M | -1,291.6% |
| Diluted EPS | -$0.82 | -$0.07 | -1,071.4% |
| Operating cash flow | $63.9M | -$82M | +177.9% |
| Capex | $2.07B | $249M | +731.8% |
| Free cash flow | -$2.01B | -$331M | -506.7% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $66.5M | $15.5M | +330.0% |
Reported vs consensus
2026-10-07| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $342M | $116M | +194.0% |
| EPS (as estimated) | -$0.01 | -$0.30 | +96.6% |
From the report of 2026-10-07 for Q1 '27: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q4 '22 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Mining Segment | $2.99M | – | 100.0% | – | – | |
| Hosting Revenue | – | – | – | – | – |
Segment profits
Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).
Segments in Q1 '27
| Segment | Revenue | y/y | Operating income | y/y | Margin | Margin a year ago | TTM operating income |
|---|---|---|---|---|---|---|---|
| HPC Hosting Business | $263M | +898.8% | $33.4M | +1,753.4% | 12.7% | -7.7% | $74.6M |
| Data Center Hosting Business | $37.8M | -0.4% | $13.3M | +120.8% | 35.3% | 15.9% | $55.6M |
| Cloud Services Business | – | – | – | – | – | – | – |
| Datacenter Hosting Segment | – | – | – | – | – | – | – |
| Cloud Services Segment | – | – | – | – | – | – | – |
| HPC Hosting Segment | – | – | – | – | – | – | – |
| Datacenter Hosting Business | – | – | – | – | – | – | – |
Operating income by segment
quarterlySegment operating margin
quarterlyFourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $236M
- Capex
- -$4.69B
- Buybacks
- -$962K
- Dividends
- $0
- Acquisitions
- $501M
- Net debt issued
- $5.6B
- Stock-based compensation
- $271M
- Free cash flow
- -$4.46B
- Returned to shareholders / FCF
- -0.0%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | -10.9× | – | – |
| EV / EBITDA | -63.0× | 25.9× 1 of 5 years | 25.9× – 25.9× |
| EV / Sales | 10.4× | 17.0× | 4.5× – 29.3× |
| Price / FCF | -1.2× | – | – |
| Price / Book | 2.9× | 6.1× | 2.2× – 13.2× |
| FCF yield | -82.7% | -27.0% | -58.0% – -9.2% |
| Return on invested capital | -2.3% | -12.6% | -26.8% – -2.7% |
| Return on equity | -28.0% | -55.5% | -119.6% – -13.7% |
Analysts
Consensus target $58.20 (+226.7%)
range $22.00 – $90.00 · rating Buy
Strong buy0
Buy15
Hold1
Sell0
Strong sell0
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 295 figures Applied Digital Corp. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| – | – | – | $0 | – | – | |
| – | – | – | 0.0% | – | – | |
| – | – | – | $0 | – | – | |
| – | – | – | $0 | – | – | |
| Accounts Payable, Current | $337M | $173M | +94.9% | $395M | $251M | +57.3% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $114M | $29.1M | +291.7% | $56.3M | $6.83M | +724.4% |
| Accounts Receivable, Allowance for Credit Loss, Current | $02026-05-31 | $9.5M | -100.0% | $0 | $9.5M | -100.0% |
| Accrued Liabilities, Current | $850M | $183M | +364.8% | $548M | $30.1M | +1,721.0% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $107M | $26.6M | +301.8% | $77.6M | $26.6M | +192.1% |
| Additional Paid in Capital | $2.49B | $1.57B | +58.4% | $2.43B | $1.01B | +140.8% |
| Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock | $1.54M | $1.58M | -2.1% | $6.26M | $2.62M | +139.4% |
| Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | – | – | – | $284K2024-05-31 | – | – |
| Adjustments to Additional Paid in Capital, Warrant Issued | $0 | $121M | -100.0% | $105M | $136M | -23.2% |
| Amortization of Debt Issuance Costs | $5.9M | $4.85M | +21.5% | $6.32M | $9.56M | -33.9% |
| Amortization of Debt Issuance Costs and Discounts | – | – | – | $26.6M2025-05-31 | $117K | +22,615.4% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 7.5M | 4.4M | +70.5% | 1.5M | 21.7M | -93.1% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $69.2M | $15.5M | +347.2% | $225M | $22.7M | +891.7% |
| Assets | $11.7B | $2.4B | +388.0% | $9.93B | $1.87B | +431.0% |
| Assets Disposed of by Method Other than Sale, in Period of Disposition, Gain (Loss) on Disposition | $0 | -$2.24M | +100.0% | -$2.4M | -$1.14M | -110.7% |
| Assets, Current | $4.08B | $642M | +536.2% | $4.66B | $133M | +3,411.2% |
| Assets, Fair Value Disclosure | $212M | – | – | – | – | – |
| Capital Expenditures Incurred but Not yet Paid | $44M2025-11-30 | $49.3M | -10.6% | $246M2025-05-31 | $85M | +189.9% |
| Cash and Cash Equivalents, at Carrying Value | $2.95B | $73.9M | +3,891.2% | $1.59B | $44M | +3,522.3% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $3.68B | $114M | +3,123.2% | $4.15B | $123M | +3,268.1% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Disposal Group, Including Discontinued Operations | $2K | $0 | – | $2K | $0 | – |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | $3.68B | $114M | +3,123.2% | $4.15B | $123M | +3,268.1% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$475M | -$9.21M | -5,063.3% | $4.03B | $91.6M | +4,298.2% |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | 0.0% | $0.00 | $0.00 | 0.0% |
| Common Stock, Shares Authorized | 600M | 400M | +50.0% | 600M | 600M | 0.0% |
| Common Stock, Shares, Issued | 304M | 279M | +9.2% | 295M | 234M | +26.0% |
| Common Stock, Shares, Outstanding | 297M | 269M | +10.3% | 288M | 225M | +28.0% |
| Common Stock, Value, Issued | $305K | $274K | +11.3% | $296K | $230K | +28.7% |
| Construction Payable, Current | $564M | $158M | +255.9% | $308M | $0 | – |
| Contract with Customer, Liability | $39.3M | $626K | +6,178.0% | $4.67M | $3.59M | +29.8% |
| Contract with Customer, Liability, Current | $39.2M | $626K | +6,164.7% | $4.67M | $3.59M | +29.8% |
| Contract with Customer, Liability, Noncurrent | $107K | – | – | – | – | – |
| Conversion of Stock, Amount Converted | $150M | $242M | -38.2% | $875M | $48.4M | +1,710.1% |
| Cost of Revenue | $246M | $58.8M | +317.7% | $397M | $217M | +83.1% |
| Costs and Expenses | $404M | $90.7M | +345.7% | $848M | $301M | +181.9% |
| Current Federal Tax Expense (Benefit) | – | – | – | $1.42M | $0 | – |
| Current Foreign Tax Expense (Benefit) | – | – | – | $0 | $0 | – |
| Current Income Tax Expense (Benefit) | – | – | – | $1.79M | $102K | +1,652.0% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $368K | $102K | +260.8% |
| Debt Conversion, Converted Instrument, Amount | $02026-05-31 | $0 | – | $0 | $105M | -100.0% |
| Debt Instrument, Redemption Price, Percentage | – | – | – | 100.0%2024-11-04 | – | – |
| Debt Issuance Costs, Current, Net | $2.97M | $7.18M | -58.7% | $3.4M | $5.47M | -37.9% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $0 | $0 | – |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $0 | $0 | – |
| Deferred Income Tax Expense (Benefit) | – | – | – | $0 | $0 | – |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $0 | $0 | – |
| Deferred Tax Assets, Gross | $226M2026-05-31 | $106M | +113.0% | $226M | $106M | +113.0% |
| Deferred Tax Assets, in Process Research and Development | $4.73M2026-05-31 | $13.1M | -63.9% | $4.73M | $13.1M | -63.9% |
| Deferred Tax Assets, Investments | $23.5M2026-05-31 | $0 | – | $23.5M | $0 | – |
| Deferred Tax Assets, Net of Valuation Allowance | $50.1M2026-05-31 | $40.4M | +24.1% | $50.1M | $40.4M | +24.1% |
| Deferred Tax Assets, Operating Loss Carryforwards | $159M2026-05-31 | $60M | +165.6% | $159M | $60M | +165.6% |
| Deferred Tax Assets, Other | $202K2026-05-31 | $824K | -75.5% | $202K | $824K | -75.5% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | $3.83M2026-05-31 | $2.01M | +91.0% | $3.83M | $2.01M | +91.0% |
| Deferred Tax Assets, Valuation Allowance | $176M2026-05-31 | $65.9M | +167.6% | $176M | $65.9M | +167.6% |
| Deferred Tax Liabilities, Gross | $50.1M2026-05-31 | $40.4M | +24.1% | $50.1M | $40.4M | +24.1% |
| Deferred Tax Liabilities, Investments | $23.2M2026-05-31 | $0 | – | $23.2M | $0 | – |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-08-31, 10-K 2026-05-31, 10-Q 2026-02-28, 10-Q 2025-11-30, 10-Q 2025-08-31, 10-K 2025-05-31, 10-Q 2025-02-28, 10-Q 2024-11-30, 10-Q 2024-08-31
Data as of 2026-11-02