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.
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