APLD

MKT CAP:$10B

Applied Digital Corporation

Market Cap

$10B

Technology·Information Technology Services·🇺🇸 United States·NASDAQ

Technology·IT Services·🇺🇸·NASDAQ

Stock Price

$36.27+$8.16 (+29.01%)

Apr 24, 2026

Company Details

Applied Digital Corporation designs, develops, and operates digital infrastructure solutions and cloud services high-performance computing (HPC) and artificial intelligence industries in North America. It operates through three segments: Da...

CEO

Wesley Cummins

IPO Date

Apr 13, 2022

Website

applieddigital.com

Key Metrics TTM

Revenue

$282M

+54.2% YoY

Net Income

-$123M

EPS (Diluted)

-$0.54

Free Cash Flow

-$1.3B

Revenue / Share

$1.06

Gross Margin

16.4%

Operating Margin

-31.5%

Net Margin

-43.5%

FCF Margin

-476.5%

P/S

36.2x

P/E

—

Earnings Reports

Q2 2026

Jan 8, 2026

$127M+98.2%EPS -$0.07

Q1 2026

Oct 9, 2025

$64M+5.8%EPS -$0.07

FY 2025

Jul 30, 2025

$216M+57.7%EPS -$1.16

Q4 2025

Jul 30, 2025

$38M+157.8%EPS -$0.24

Q3 2025

Apr 14, 2025

$53M+22.1%EPS -$0.16

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 21	$0	$0	$0
Q2 21	$0	$0	$0
Q3 21	$0	-$1.0K	$0
Q4 21	$0	$0	-$332.0K
Q2 23	$12M	-$175.0K	-$27M
Q2 24	$42M	$13M	-$8M
Q3 24	$43M	-$4M	-$34M
Q4 24	$15M	$9M	$32M
Q1 25	$61M	-$356.0K	-$15M
Q2 25	$64M	$12M	-$18M
Q3 25	$53M	$4M	-$19M
Q4 25	$38M	$8M	-$20M
Q1 26	$64M	$9M	-$19M
Q2 26	$127M	$26M	-$31M

Valuation

Quarter	P/S	P/E
Q1 21	—	—
Q2 21	—	—
Q3 21	—	—
Q4 21	—	—
Q2 23	15.1x	—
Q2 24	9.3x	—
Q3 24	5.3x	—
Q4 24	5.2x	—
Q1 25	4.6x	—
Q2 25	11.7x	—
Q3 25	8.0x	—
Q4 25	10.5x	—
Q1 26	14.7x	—
Q2 26	25.6x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 21	$0	$0
Q2 21	$0	$0
Q3 21	$0	$0
Q4 21	-$83.0K	-$3M
Q2 23	$11M	-$28M
Q2 24	$5M	-$9M
Q3 24	$36M	-$2M
Q4 24	-$34M	-$89M
Q1 25	-$76M	-$131M
Q2 25	-$52M	-$223M
Q3 25	$6M	-$252M
Q4 25	$7M	-$191M
Q1 26	-$82M	-$331M
Q2 26	-$16M	-$568M

Capital Expenditures

Quarter	CapEx
Q1 21	$0
Q2 21	$0
Q3 21	$0
Q4 21	$3M
Q2 23	$39M
Q2 24	$13M
Q3 24	$39M
Q4 24	$55M
Q1 25	$55M
Q2 25	$171M
Q3 25	$257M
Q4 25	$198M
Q1 26	$249M
Q2 26	$552M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 23	—	—
Q2 24	—	—
Q3 24	—	—
Q4 24	—	-5267.2%
Q1 25	+391.9%	+93.3%
Q2 25	+51.3%	+63.3%
Q3 25	+22.1%	-6.8%
Q4 25	+157.8%	+440.1%
Q1 26	+5.8%	+9.8%
Q2 26	+98.2%	+91.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 21	$0	—
Q2 21	$0	—
Q3 21	$0	—
Q4 21	$0	—
Q2 23	$22M	176.8%
Q2 24	$5M	11.4%
Q3 24	$3M	7.4%
Q4 24	$4M	25.3%
Q1 25	-$3M	-4.8%
Q2 25	$3M	5.4%
Q3 25	$10M	18.3%
Q4 25	$12M	32.8%
Q1 26	$15M	24.1%
Q2 26	$29M	23.0%

OpEx Breakdown

Quarter	SG&A
Q4 21	$331.0K
Q2 23	$27M
Q2 24	$21M
Q3 24	$30M
Q1 25	$14M
Q2 25	$30M
Q3 25	$23M
Q4 25	$28M
Q1 26	$27M
Q2 26	$57M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$39M	$0	$39M
Q1 23	$33M	$0	$33M
Q2 23	$11M	$0	$11M
Q3 23	$23M	$0	$23M
Q4 23	$29M	$0	$29M
Q1 24	$6M	$0	$6M
Q2 24	$9M	$0	$9M
Q3 24	$4M	$0	$4M
Q4 24	$3M	$0	$3M
Q1 25	$58M	$0	$58M
Q2 25	$286M	$0	$286M
Q3 25	$69M	$0	$69M
Q4 25	$42M	$0	$42M
Q1 26	$74M	$0	$74M
Q2 26	$1.9B	$0	$1.9B
Q3 26	$1.7B	$0	$1.7B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 21	2M	—	—
Q2 21	2M	0.0%	—
Q3 21	2M	+0.0%	—
Q4 21	9M	+489.0%	—
Q2 23	93M	+949.7%	+6082.6%
Q2 24	110M	+17.4%	+7157.4%
Q3 24	121M	+10.7%	+7935.9%
Q4 24	114M	-6.1%	+1181.7%
Q1 25	149M	+30.6%	+59.5%
Q2 25	210M	+40.6%	+91.1%
Q3 25	222M	+6.2%	+83.2%
Q4 25	201M	-9.6%	+76.4%
Q1 26	256M	+27.2%	+71.7%
Q2 26	267M	+4.2%	+27.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 21	—	—
Q2 21	—	—
Q3 21	—	—
Q4 21	—	—
Q2 23	$224.4K	55
Q2 24	$348.8K	121
Q3 24	$358.2K	121
Q4 24	$98.3K	150
Q1 25	$404.7K	150
Q2 25	$425.8K	150
Q3 25	$352.8K	150
Q4 25	$185.4K	205
Q1 26	$313.2K	205
Q2 26	$617.5K	205

Revenue / Employee