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Applied Digital Corporation
(NASDAQ:APLD)
Applied Digital Corporation (APLD) vs. SPDR S&P 500 ETF (SPY)
Applied Digital Corporation Business Overview & Revenue Model
Applied Digital Corporation Key Performance Indicators (KPIs)
Shows how much each business unit contributes to total sales, indicating areas of strength and potential growth or risk depending on market trends and competition.
The FlyApplied Digital Corporation Earnings Call Summary
Applied Digital Corporation Financial Statement Overview
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 219.02M | 215.51M | 136.62M | 55.39M | 8.55M | 0.00 |
| Gross Profit | 31.66M | 22.70M | 29.96M | 11.00M | -13.34M | -1.00K |
| EBITDA | -147.34M | -91.82M | -34.16M | -36.88M | -20.71M | -331.00K |
| Net Income | -243.74M | -231.06M | -149.27M | -44.65M | -23.52M | -568.00K |
Balance Sheet | ||||||
| Total Assets | 2.40B | 1.87B | 762.87M | 263.96M | 119.98M | 15.05M |
| Cash, Cash Equivalents and Short-Term Investments | 73.91M | 113.92M | 3.34M | 43.57M | 38.80M | 11.75M |
| Total Debt | 700.21M | 702.88M | 427.81M | 91.81M | 13.54M | 2.13M |
| Total Liabilities | 1.29B | 1.24B | 638.04M | 194.28M | 40.74M | 17.64M |
| Stockholders Equity | 1.04B | 633.73M | 124.83M | 59.52M | 72.26M | -2.58M |
Cash Flow | ||||||
| Free Cash Flow | -997.76M | -797.00M | -128.01M | -72.54M | -55.85M | -3.38M |
| Operating Cash Flow | -121.53M | -115.40M | 13.79M | 58.73M | -872.00K | -83.00K |
| Investing Cash Flow | -884.47M | -667.65M | -172.44M | -132.09M | -45.87M | -3.30M |
| Financing Cash Flow | 1.03B | 874.69M | 146.76M | 70.63M | 81.29M | 15.13M |
Applied Digital Corporation Technical Analysis
Applied Digital Corporation Risk Analysis
Applied Digital Corporation Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $74.05B | 69.05 | 7.72% | 2.50% | 5.36% | -1.68% | |
73 Outperform | $4.50B | 19.34 | ― | ― | 14.20% | 204.86% | |
70 Outperform | $5.34B | 18.44 | 7.51% | 1.36% | 7.06% | -8.83% | |
69 Neutral | $52.77B | 39.69 | 6.32% | 3.18% | 7.75% | 216.77% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
54 Neutral | $8.59B | ― | -32.13% | ― | 15.30% | 1.87% | |
51 Neutral | $43.54B | ― | -29.17% | ― | 235.40% | 19.90% |
Applied Digital Corporation Corporate Events
On November 25, 2025, Applied Digital Corporation‘s Compensation Committee awarded 170,000 restricted stock units to Jason Zhang, the Co-Founder and Chief Strategy Officer, under the company’s 2024 Omnibus Equity Incentive Plan. These units were fully vested on the grant date, potentially impacting the company’s strategic direction and stakeholder interests by aligning executive incentives with shareholder value.
On November 20, 2025, Applied Digital Corporation‘s subsidiary, APLD ComputeCo LLC, completed a private offering of $2.35 billion in 9.250% Senior Secured Notes due 2030. The proceeds are intended to fund the construction of new data centers, repay existing debt, and cover transaction expenses, potentially strengthening the company’s infrastructure and financial position.
On November 13, 2025, Applied Digital Corporation announced that its subsidiary, APLD ComputeCo LLC, has priced a $2.35 billion offering of 9.250% senior secured notes due 2030. The proceeds from this offering are intended to fund the construction of new data centers in North Dakota, repay existing debts, and cover transaction expenses. The offering is expected to close on or around November 20, 2025, subject to market conditions, and is aimed at institutional buyers under specific regulatory frameworks. This strategic financial move is expected to bolster Applied Digital’s infrastructure capabilities and enhance its market position in the data center industry.
On November 12, 2025, Applied Digital Corporation announced plans for additional equity financing to further develop its Polaris Forge 1 and 2 AI Factory campuses in North Dakota. The company expects to receive $787.5 million in funding from Macquarie Asset Management to accelerate these projects, with $450 million allocated to Polaris Forge 2 and $337.5 million to Polaris Forge 1. Additionally, Applied Digital secured a $65 million revolving credit agreement with First National Bank of Omaha. These financial moves aim to strengthen the company’s balance sheet, support its AI infrastructure strategy, and position it as a leading data center platform.
On November 10, 2025, Applied Digital Corporation announced that its subsidiary, APLD ComputeCo LLC, plans to offer $2.35 billion in senior secured notes due 2030, targeting qualified institutional buyers and non-U.S. persons. This move, subject to market conditions, is part of a private offering strategy under the Securities Act of 1933, aiming to strengthen the company’s financial positioning. The announcement highlights the company’s proactive approach to capital management and its strategic efforts to leverage market opportunities, although the completion and terms of the offering remain uncertain.
On November 10, 2025, Applied Digital Corporation announced that its subsidiary, APLD ComputeCo LLC, plans to offer $2.35 billion in senior secured notes due 2030, subject to market conditions. The proceeds are intended to fund the construction of new data centers and repay existing debts, potentially impacting the company’s expansion and financial strategy.
On November 5, 2025, Applied Digital Corporation held its Annual Meeting where several key proposals were voted on, including the election of directors and the ratification of CBIZ CPAs P.C. as the independent registered public accounting firm for the fiscal year ending May 31, 2026. Additionally, the company approved an increase in the number of authorized shares of common stock to 600,000,000, which may impact its future financial strategies and shareholder value.
On October 22, 2025, Applied Digital Corporation announced a significant lease agreement with a U.S. based investment-grade hyperscaler at its Polaris Forge 2 Campus in North Dakota. This agreement, valued at approximately $5 billion over 15 years, will provide 200 megawatts of critical IT capacity to support AI and HPC infrastructure, with potential for expansion. This development strengthens Applied Digital’s position as a leading builder of AI infrastructure, with a total leased capacity of 600 MW across its North Dakota campuses. The company’s rapid growth and strategic partnerships are reshaping the AI infrastructure landscape, as evidenced by its recent achievements and industry recognitions.
On October 21, 2025, Applied Digital Corporation amended its Preferred Equity Purchase Agreement to increase its capital access, raising the commitment for Series G Convertible Preferred Stock from $590 million to $1.590 billion. This amendment supports the continued development of its data centers and includes changes such as increasing the original discount, eliminating the placement agent fee, and adjusting issuance limits. Additionally, the company filed an amendment to its Certificate of Designations to increase authorized shares and adjust the Floor Price, allowing more flexibility in its financial operations.
On October 14, 2025, Applied Digital Corporation announced an amendment to its Certificate of Designations for Series G Convertible Preferred Stock, increasing the Floor Price from $22.00 to $34.00. This adjustment in the conversion price floor could impact the company’s financial strategy and investor relations by potentially altering the attractiveness of the convertible stock to investors.
On October 7, 2025, Applied Digital Corporation announced the closing of its first funding milestone in a $5 billion AI infrastructure partnership with Macquarie Asset Management. The initial funding of $112.5 million will support the development of the Polaris Forge 1 data center campus in North Dakota, which is leased to CoreWeave. This funding is expected to reduce Applied Digital’s equity contributions for future projects and enhance its position as a leading developer in the U.S. data center industry.
On September 25, 2025, Applied Digital Corporation amended its Certificate of Designations for Series G Convertible Preferred Stock, originally filed earlier in 2025. The amendment increased the Floor Price for conversion from $12.50 to $22.00, impacting the minimum conversion price for the stock, which can only be adjusted at the company’s discretion.
On September 11, 2025, Applied Digital Corporation, a company involved in the high-performance computing industry, filed an amendment to increase the number of shares authorized for issuance as Series G Preferred Stock from 156,000 to 204,000 shares. This move is part of the company’s strategy to enhance its financial flexibility and support ongoing projects such as the construction of Polaris Forge 1 and Polaris Forge 2. The amendment reflects the company’s efforts to strengthen its market position and address the evolving needs of artificial intelligence and high-performance computing infrastructure.