Applied Digital Corp. APLD
We are a U.S.-based designer, developer, owner, and operator of large-scale, purpose-built data centers engineered to support high-performance computing ("HPC") workloads, including artificial intelligence ("AI"), machine learning, and other accelerated-compute applications. We design, build, and operate high-performance, sustainably engineered data centers—which we refer to as AI factories—and deliver that capacity to investment-grade hyperscalers and other leading compute customers under long-term lease and hosting arrangements. Our standardized, repeatable design model spans site selection, design, construction, and operations, and has been qualified by major hyperscalers, enabling rapid, flexible deployment in both air-cooled and liquid-cooled configurations.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $611.3M | $228.6M | $165.6M | $55.4M | $8.5M | $0 | — |
| Cost of revenue | $396.9M | $216.8M | $148.3M | $44.4M | $9.5M | $0 | — |
| Gross profit | $214.5M | $11.8M | $17.2M | $11.0M | -$957.0K | $0 | — |
| SG&A | $332.1M | $107.9M | $97.8M | $53.9M | $19.9M | $332.0K | — |
| Total operating expenses | $847.8M | $300.7M | $263.9M | $98.3M | $19.9M | $332.0K | — |
| Operating income | -$236.5M | -$72.2M | -$98.3M | -$42.9M | -$20.9M | -$332.0K | — |
| Interest expense | $29.5M | $32.1M | $27.5M | $2.0M | $112.0K | $236.0K | — |
| Pre-tax income | -$181.5M | -$231.0M | -$149.6M | -$45.0M | -$21.9M | -$568.0K | — |
| Income tax | $1.8M | $102.0K | $96.0K | $523.0K | $540.0K | $0 | — |
| Net income | -$184.3M | -$231.1M | -$149.7M | -$45.6M | -$23.5M | -$568.0K | — |
| EPS, basic | -0.91 | -1.16 | -1.31 | -0.47 | -0.41 | -0.38 | — |
| EPS, diluted | -0.91 | -1.16 | -1.31 | -0.47 | -0.41 | -0.38 | — |
| Shares, diluted (wtd. avg.) | 275.2M | 201.2M | 114.1M | 94.0M | 57.1M | 1.5M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.59B | $44.0M | $31.7M | $43.6M | $38.8M | $11.8M | — |
| Receivables | $56.3M | $6.8M | $3.8M | $82.0K | $227.0K | $0 | — |
| Total current assets | $4.66B | $132.8M | $404.1M | $45.7M | $40.4M | $11.8M | — |
| Property, plant and equipment | $4.24B | $1.25B | $329.1M | $198.2M | $64.3M | $20.0K | — |
| Goodwill | $54.5M | $0 | — | — | — | — | — |
| Total assets | $9.93B | $1.87B | $762.9M | $264.0M | $120.0M | $15.1M | — |
| Accounts payable | $395.5M | $251.5M | $104.5M | $6.4M | $13.3M | $249.0K | — |
| Total current liabilities | $1.16B | $499.7M | $554.1M | $115.5M | $29.0M | $2.5M | — |
| Long-term debt | — | — | — | — | $7.2M | — | — |
| Total liabilities | $6.19B | $1.24B | $638.0M | $194.3M | $40.7M | $2.5M | — |
| Retained earnings | -$662.3M | -$481.1M | -$250.0M | -$100.7M | -$56.1M | -$21.6M | — |
| Total equity | $1.72B | $497.7M | $124.8M | $69.7M | $79.2M | -$2.6M | -$2.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | $89.7M | -$115.4M | $13.8M | $58.7M | -$872.0K | -$83.0K | — |
| Depreciation and amortisation | $67.4M | $134.7M | $79.4M | $7.1M | $1.1M | $1.0K | — |
| Stock-based compensation | $220.1M | $22.7M | $17.4M | $32.1M | $12.3M | $0 | — |
| Capital expenditure | $2.87B | $681.6M | $141.8M | $131.3M | $55.0M | $20.0K | — |
| Investing cash flow | -$2.94B | -$667.7M | -$172.4M | -$132.1M | -$45.9M | -$3.3M | — |
| Financing cash flow | $6.88B | $874.7M | $146.8M | $70.6M | $81.3M | $15.1M | — |
| Buybacks | $0 | $31.3M | $0 | $0 | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001144879-26-000048.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Revenue | — | $0 | $8.5M | $55.4M | $165.6M | $228.6M | $611.3M |
| Gross profit | — | $0 | -$957.0K | $11.0M | $17.2M | $11.8M | $214.5M |
| Net income | — | -$568.0K | -$23.5M | -$45.6M | -$149.7M | -$231.1M | -$184.3M |
Recent filings and events
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Material agreement signed Item 1.01
- Material agreement signed Item 1.01
- New debt or obligation Item 2.03
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Regulation FD disclosure Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Other event Item 8.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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