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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 | $4.13B | 18.31 | ― | ― | 14.20% | 204.86% | |
70 Outperform | $54.59B | 41.05 | 6.32% | 2.90% | 7.75% | 216.77% | |
69 Neutral | $73.68B | 68.71 | 7.72% | 2.49% | 5.36% | -1.68% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
60 Neutral | $5.02B | 17.34 | 7.51% | 1.44% | 7.06% | -8.83% | |
44 Neutral | $37.02B | ― | -29.17% | ― | 235.40% | 19.90% | |
41 Neutral | $6.95B | ― | -32.13% | ― | 15.30% | 1.87% |
Applied Digital Corporation Corporate Events
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.
The most recent analyst rating on (APLD) stock is a Hold with a $28.00 price target. To see the full list of analyst forecasts on Applied Digital Corporation stock, see the APLD Stock Forecast page.
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.
The most recent analyst rating on (APLD) stock is a Buy with a $40.00 price target. To see the full list of analyst forecasts on Applied Digital Corporation stock, see the APLD Stock Forecast page.
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.
The most recent analyst rating on (APLD) stock is a Buy with a $40.00 price target. To see the full list of analyst forecasts on Applied Digital Corporation stock, see the APLD Stock Forecast page.
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.
The most recent analyst rating on (APLD) stock is a Buy with a $40.00 price target. To see the full list of analyst forecasts on Applied Digital Corporation stock, see the APLD Stock Forecast page.
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.
The most recent analyst rating on (APLD) stock is a Buy with a $44.00 price target. To see the full list of analyst forecasts on Applied Digital Corporation stock, see the APLD Stock Forecast page.
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.
The most recent analyst rating on (APLD) stock is a Buy with a $44.00 price target. To see the full list of analyst forecasts on Applied Digital Corporation stock, see the APLD Stock Forecast page.
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.
The most recent analyst rating on (APLD) stock is a Buy with a $44.00 price target. To see the full list of analyst forecasts on Applied Digital Corporation stock, see the APLD Stock Forecast page.
The recent earnings call for Applied Digital Corporation conveyed a dual sentiment of optimism and caution. The company emphasized its robust expansion plans and significant revenue growth, primarily driven by long-term contracts and strategic financing. However, this positive outlook was tempered by challenges such as increased expenses, net losses, and some delays in financing. Overall, while Applied Digital is well-positioned within the industry, it must navigate these operational and financial hurdles to sustain its growth trajectory.
Applied Digital Corporation, headquartered in Dallas, Texas, designs, builds, and operates high-performance, sustainably engineered data centers and colocation services for artificial intelligence, cloud, networking, and blockchain workloads. The company is recognized for its innovative waterless cooling technology and rapid deployment capabilities.
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.
The most recent analyst rating on (APLD) stock is a Buy with a $35.00 price target. To see the full list of analyst forecasts on Applied Digital Corporation stock, see the APLD Stock Forecast page.
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.
The most recent analyst rating on (APLD) stock is a Buy with a $30.00 price target. To see the full list of analyst forecasts on Applied Digital Corporation stock, see the APLD Stock Forecast page.
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.
The most recent analyst rating on (APLD) stock is a Buy with a $18.00 price target. To see the full list of analyst forecasts on Applied Digital Corporation stock, see the APLD Stock Forecast page.
On August 28, 2025, Applied Digital announced a new lease agreement with CoreWeave for an additional 150MW at its Polaris Forge 1 Campus in North Dakota, increasing the total critical IT capacity to 400MW. This expansion is part of Applied Digital’s strategy to enhance its AI infrastructure capabilities, with the new data center expected to be operational by mid-2027. The company anticipates approximately $11 billion in contracted lease revenue, reinforcing North Dakota’s role in the digital economy and supporting Applied Digital’s mission to transform regional resources into economic opportunities.
The most recent analyst rating on (APLD) stock is a Buy with a $20.00 price target. To see the full list of analyst forecasts on Applied Digital Corporation stock, see the APLD Stock Forecast page.
On August 14, 2025, Applied Digital Corporation amended its preferred equity purchase agreement to increase its capital access for the development of its Polaris Forge I data center in North Dakota. The amendment raises the commitment for Series G Convertible Preferred Stock from $150 million to $300 million and removes previous capital limitations, enhancing the company’s financial flexibility for its ongoing projects.
The most recent analyst rating on (APLD) stock is a Buy with a $10.00 price target. To see the full list of analyst forecasts on Applied Digital Corporation stock, see the APLD Stock Forecast page.