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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 | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 215.51M | 136.62M | 55.39M | 8.55M | 0.00 |
| Gross Profit | 22.70M | 29.96M | 11.00M | -13.34M | -1.00K |
| EBITDA | -91.82M | -34.16M | -36.88M | -20.71M | -331.00K |
| Net Income | -231.06M | -149.27M | -44.65M | -23.52M | -568.00K |
Balance Sheet | |||||
| Total Assets | 1.87B | 762.87M | 263.96M | 119.98M | 15.05M |
| Cash, Cash Equivalents and Short-Term Investments | 113.92M | 3.34M | 29.00M | 38.80M | 11.75M |
| Total Debt | 702.88M | 135.73M | 91.81M | 13.54M | 2.13M |
| Total Liabilities | 1.24B | 638.04M | 194.28M | 40.74M | 17.64M |
| Stockholders Equity | 633.73M | 124.83M | 59.52M | 72.26M | -2.58M |
Cash Flow | |||||
| Free Cash Flow | -797.00M | -128.01M | -72.54M | -55.85M | -3.38M |
| Operating Cash Flow | -115.40M | 13.79M | 58.73M | -872.00K | -83.00K |
| Investing Cash Flow | -667.65M | -172.44M | -132.09M | -45.87M | -3.30M |
| Financing Cash Flow | 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 | $76.25B | 71.59 | 7.72% | 2.47% | 5.36% | -1.68% | |
73 Outperform | $4.94B | 21.73 | ― | ― | 14.20% | 204.86% | |
70 Outperform | $4.91B | 16.99 | 7.51% | 1.39% | 7.06% | -8.83% | |
69 Neutral | $53.20B | 39.50 | 6.32% | 3.17% | 7.75% | 216.77% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
60 Neutral | $8.26B | -58.73 | -32.13% | ― | 15.30% | 1.87% | |
47 Neutral | $38.46B | -42.41 | -29.17% | ― | 235.40% | 19.90% |
Applied Digital Corporation Corporate Events
On January 6, 2026, Applied Digital’s board granted Chairman and CEO Wes Cummins 4.5 million performance stock units and 1.5 million restricted stock units under its 2024 Omnibus Equity Incentive Plan, structured as his primary equity compensation for the next five years. The package is heavily performance- and retention-based, with PSUs vesting only if the company’s average share price sustains ambitious thresholds of $50, $75 and $100 within five years—representing roughly 1.6% potential dilution—and RSUs, representing less than 0.6% of shares outstanding, vesting over five years contingent on continued service and subject to accelerated vesting in specified termination or change-in-control scenarios. The board, advised by an independent compensation consultant, framed the awards as a way to align Cummins’ incentives with long-term shareholder value creation while keeping dilution at what it considers a reasonable level, underscoring his central role in executing the company’s growth strategy as it scales its high-performance computing data center portfolio and expects materially higher revenues from 2026 onward.
The most recent analyst rating on (APLD) stock is a Buy with a $41.00 price target. To see the full list of analyst forecasts on Applied Digital Corporation stock, see the APLD Stock Forecast page.
On December 29, 2025, Applied Digital announced it has signed a non-binding term sheet to spin out its Applied Digital Cloud business and combine it with Ekso Bionics Holdings in a proposed transaction that would create ChronoScale Corporation, an accelerated GPU compute platform purpose-built for next-generation AI workloads. The deal, expected to close in the first half of 2026 subject to due diligence and regulatory and shareholder approvals, would separate Applied Digital’s cloud-based accelerated compute platform from its data center ownership and development operations, allowing each business to scale independently while giving ChronoScale a focused mandate to deliver high-performance GPU infrastructure in a capacity-constrained AI market. Applied Digital would own about 97% of the combined company, which plans to leverage Applied Digital Cloud’s early deployment of NVIDIA H100 GPUs and its roughly $75.2 million in trailing 12-month revenue as of August 31, 2025; EKSO, which will continue operating its exoskeleton business while exploring strategic alternatives, framed the transaction as a move to maximize shareholder value, while ChronoScale is expected to benefit from preferred access to Applied Digital’s expanding AI factory campuses, potentially strengthening both firms’ positioning in the rapidly growing high-performance AI compute sector.
The most recent analyst rating on (APLD) stock is a Hold with a $26.00 price target. To see the full list of analyst forecasts on Applied Digital Corporation stock, see the APLD Stock Forecast page.
On December 18, 2025, Applied Digital Corporation announced that its subsidiary APLD DevCo LLC had entered into a development loan facility with Macquarie Group’s Commodities and Global Markets business to fund pre-lease development costs for new data center projects, including early-stage sourcing, planning, development and construction of new AI-focused data center campuses. The facility, from which an initial $100 million of draws is earmarked to support multiple campuses under advanced negotiations with an investment-grade hyperscaler, is intended to bolster Applied Digital’s ability to move quickly on high-quality sites while preserving capital flexibility, reinforcing its strategy of building purpose-built “AI Factory” campuses for hyperscale customers and expanding its position in the accelerating market for AI-optimized data center infrastructure; Northland Securities acted as sole placement agent, with Lowenstein Sandler advising the company and Latham & Watkins advising the lender.
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 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.
The most recent analyst rating on (APLD) stock is a Hold with a $26.00 price target. To see the full list of analyst forecasts on Applied Digital Corporation stock, see the APLD Stock Forecast page.
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.
The most recent analyst rating on (APLD) stock is a Hold with a $22.00 price target. To see the full list of analyst forecasts on Applied Digital Corporation stock, see the APLD Stock Forecast page.
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.
The most recent analyst rating on (APLD) stock is a Hold with a $22.00 price target. To see the full list of analyst forecasts on Applied Digital Corporation stock, see the APLD Stock Forecast page.
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.
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.