Detailed financial statements for Applied Digital Corp. (APLD): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Applied Digital Corporation designs, develops, and operates digital infrastructure solutions to high-performance computing (HPC) and artificial intelligence industries in North America. It operates through: Data Center Hosting Business, and HPC Hosting Business. The company offers infrastructure services to crypto mining customers; and GPU computing solutions for critical workloads related to AI, machine learning, and other HPC tasks.
Analysis Summary
Trailing-twelve-month margins: gross margin 20.2%, operating margin -27.7%, net margin -54.2%.
At $17.82 (closing price, October 30, 2026), APLD has negative trailing earnings (P/E not meaningful) and an ROE of -28.04%. Market capitalisation stands at $5.4B.
Balance sheet quality for APLD: current ratio of 4.0, net debt of $3.51B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Revenue | 0 | 0 | $8.5M | $55.4M | $136.6M | $228.6M | $611.3M |
| Cost of Revenue | 0 | $1,000 | $21.9M | $44.4M | $106.7M | $216.8M | $453.6M |
| Gross Profit | 0 | -$1,000 | -$13.3M | $11.0M | $30.0M | $11.8M | $157.7M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 0 | $331,000 | $7.6M | $55.1M | $45.0M | $107.9M | $332.1M |
| Operating Expenses | 0 | $331,000 | $7.6M | $55.1M | $45.0M | $84.0M | $394.0M |
| Operating Income | 0 | -$332,000 | -$20.9M | -$44.1M | -$15.1M | -$72.2M | -$236.4M |
| EBITDA | 0 | -$331,000 | -$20.7M | -$36.9M | $23.7M | -$97.8M | -$84.6M |
| Interest Expense | $263,000 | $236,000 | $112,000 | $2.0M | $18.6M | $35.3M | $29.5M |
| Pre-tax Income | -$263,000 | -$568,000 | -$21.9M | -$46.1M | -$74.3M | -$231.0M | -$181.5M |
| Income Tax | 0 | 0 | $540,000 | -$523,000 | $96,000 | $102,000 | $1.8M |
| Net Income | -$263,000 | -$568,000 | -$23.5M | -$44.6M | -$149.3M | -$231.1M | -$244.0M |
| EPS | $-0.17 | $-0.06 | $-0.41 | $-0.48 | $-1.31 | $-1.16 | $-0.91 |
| EPS (Diluted) | $-0.17 | $-0.06 | $-0.41 | $-0.48 | $-1.31 | $-1.16 | $-0.91 |
| Shares Outstanding (Diluted) | 1.5 M | 8.9 M | 57.1 M | 94.0 M | 114.1 M | 201.2 M | 275.2 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|
| Revenue | $126.6M | $126.6M | $258.7M | $341.9M |
| Gross Profit | $26.0M | $53.8M | $40.5M | $52.3M |
| Operating Income | -$31.0M | -$25.9M | -$117.0M | -$62.4M |
| EBITDA | -$6.5M | -$5.1M | -$83.2M | -$46.8M |
| Net Income | -$17.5M | -$99.3M | -$110.0M | -$235.5M |
| EPS | $-0.07 | $-0.36 | $-0.39 | $-0.82 |
| EPS (Diluted) | $-0.07 | $-0.36 | $-0.39 | $-0.82 |
Balance Sheet (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Cash & Equivalents | $11.8M | $38.8M | $29.0M | $3.3M | $113.9M | $1.59B |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 0 | $227,000 | $82,000 | $3.8M | $3.0M | $56.3M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $11.8M | $40.4M | $45.8M | $404.1M | $430.6M | $4.66B |
| Property, Plant & Equipment | $3.3M | $70.7M | $211.2M | $339.4M | $1.29B | $4.44B |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $15.1M | $120.0M | $264.0M | $762.9M | $1.87B | $9.93B |
| Accounts Payable | $249,000 | $13.3M | $6.4M | $104.5M | $247.5M | $395.5M |
| Short-term Debt | 0 | $1.3M | $8.0M | $45.9M | $10.3M | $16.4M |
| Total Current Liabilities | $2.5M | $29.0M | $115.5M | $554.1M | $558.1M | $1.16B |
| Long-term Debt | 0 | $5.9M | $68.5M | $79.5M | $677.8M | $4.96B |
| Total Liabilities | $17.6M | $40.7M | $194.3M | $638.0M | $1.24B | $6.19B |
| Retained Earnings | -$21.6M | -$56.1M | -$100.7M | -$250.0M | -$481.1M | -$662.3M |
| Total Equity | -$2.6M | $72.3M | $59.5M | $124.8M | $633.7M | $1.78B |
| Total Debt | $2.1M | $13.5M | $91.8M | $135.7M | $702.9M | $5.10B |
| Net Debt | -$9.6M | -$25.3M | $62.8M | $132.4M | $589.0M | $3.51B |
| Working Capital | $9.2M | $11.4M | -$69.7M | -$150.0M | -$127.6M | $3.50B |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|
| Cash & Equivalents | $1.91B | $1.73B | $1.59B | $2.95B |
| Total Assets | $5.23B | $6.25B | $9.93B | $11.71B |
| Total Liabilities | $3.26B | $3.68B | $6.19B | $7.91B |
| Total Equity | $1.45B | $1.58B | $1.78B | $1.78B |
| Total Debt | $2.61B | $2.83B | $5.10B | $6.48B |
Cash Flow (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Net Income | -$568,000 | -$22.5M | -$45.6M | -$149.7M | -$231.1M | -$184.3M |
| Depreciation & Amortization | $1,000 | $1.1M | $7.3M | $79.4M | $97.9M | $67.4M |
| Stock-based Compensation | 0 | $12.3M | $32.1M | $17.4M | $22.7M | $220.1M |
| Change in Working Capital | $248,000 | $16.8M | $64.7M | $6.1M | -$149.4M | -$7.5M |
| Operating Cash Flow | -$83,000 | -$872,000 | $58.7M | $13.8M | -$115.4M | $89.7M |
| Capital Expenditure | -$3.3M | -$55.0M | -$131.3M | -$141.8M | -$681.6M | -$2.87B |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | $1.76B |
| Stock Repurchased | 0 | 0 | -$168,000 | 0 | -$31.3M | -$1.2M |
| Dividends Paid | 0 | 0 | 0 | 0 | -$2.6M | -$6.3M |
| Free Cash Flow | -$3.4M | -$55.8M | -$72.5M | -$128.0M | -$797.0M | -$2.78B |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|
| Operating Cash Flow | -$15.8M | $55.0M | $132.5M | $63.9M |
| Capital Expenditure | -$552.1M | -$775.2M | -$1.29B | -$2.07B |
| Free Cash Flow | -$567.9M | -$720.2M | -$1.16B | -$2.01B |
| Dividends Paid | -$1.6M | -$1.6M | -$1.6M | -$1.5M |
| Stock-based Compensation | $29.1M | $50.1M | $125.4M | $66.5M |
Growth & Margins (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Revenue Growth (YoY) | | | | +547.9% | +146.6% | +67.3% | +167.5% |
| Net Income Growth (YoY) | | -116.0% | -4,040.8% | -89.8% | -234.4% | -54.8% | -5.6% |
| EPS Growth (YoY) | | +64.7% | -583.3% | -17.1% | -172.9% | +11.5% | +21.6% |
| Shares Change (YoY) | | +489.0% | +541.8% | +64.5% | +21.4% | +76.4% | +36.8% |
| FCF Growth (YoY) | | -1,549.8% | -29.9% | -76.5% | -522.6% | -248.3% |
| Gross Margin | | | -156.1% | 19.9% | 21.9% | 5.2% | 25.8% |
| Operating Margin | | | -244.4% | -79.5% | -11.0% | -31.6% | -38.7% |
| EBITDA Margin | | | -242.3% | -66.6% | 17.4% | -42.8% | -13.8% |
| Net Margin | | | -275.1% | -80.6% | -109.3% | -101.1% | -39.9% |
| FCF Margin | | -653.2% | -131.0% | -93.7% | -348.7% | -454.1% |
| Effective Tax Rate | -0.0% | -0.0% | -2.5% | 1.1% | -0.1% | -0.0% | -1.0% |
Per-Share Data (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| FCF Per Share | $-0.38 | $-0.98 | $-0.77 | $-1.12 | $-3.96 | $-10.09 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.01 | $0.02 |
| Shares Outstanding (Basic) | 1.5 M | 8.9 M | 57.1 M | 94.0 M | 114.1 M | 201.2 M | 275.2 M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | -28.04% |
| Return on Invested Capital | -2.30% |
| Return on Assets | -3.95% |
| Gross Margin | 20.22% |
| Operating Margin | -27.67% |
| Net Margin | -54.15% |
Financial Health
| Debt / Equity | 3.63 |
| Current Ratio | 2.56 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 1.59 |
Key Ratios (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| P/E | -28.53 | -80.83 | -11.78 | -17.44 | -3.23 | -5.89 | -52.68 |
| P/B | 0.00 | -16.71 | 3.82 | 13.22 | 3.87 | 2.17 | 7.41 |
| P/S | 0.00 | 0.00 | 32.27 | 14.20 | 3.53 | 6.01 | 21.58 |
| Gross Margin | 0.0% | 0.0% | -156.1% | 19.9% | 21.9% | 5.2% | 25.8% |
| Operating Margin | 0.0% | 0.0% | -244.4% | -79.5% | -11.0% | -31.6% | -38.7% |
| Net Margin | 0.0% | 0.0% | -275.1% | -80.6% | -109.3% | -101.1% | -39.9% |