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Applied Digital

APLD

Applied Digital Corporation designs, develops, and operates next-generation data center infrastructure across North America.

Market cap
$7.89B+104%
Revenue$576.2M+152%
Net income-$184.3M+20.2%
Free cash flow-$2.8B-248%
EPS (diluted)-$0.90+16.7%
Trailing twelve months · change vs. prior year

Earnings

Next report

Oct 8, 2026 (in 2 months)
Revenue estimate$111.1M
EPS estimate-$0.24

Financials

Q4 2026

Income statement

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Revenue$258.7M+407%
Gross profit$97.3M-13.3%
Operating income-$124.8M
Net income-$82.4M-56.9%
EPS (diluted)-$0.40-73.9%

Balance sheet

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Cash & equivalents$1.6B+1,191%
Total debt$5.1B+511%
Total equity$1.7B+245%
Total assets$9.9B+431%

Cash flow

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Operating cash flow$132.5M
CapEx$1.3B+550%
Free cash flow-$1.2B-504%

Valuation & ratios

Valuation

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Market cap$7.89B+104%
Enterprise value$11.42B+162%
P/S13.7×-2.3×

Profitability

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Gross margin32.2%-23.4pp
Operating margin-45.8%
Net margin-32%-13.0pp
FCF margin-481.8%+297pp

Returns & leverage

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Return on equity-16.6%-7.3pp
Debt / equity+1.3×
Current ratio+3.7×

Segments

By segment

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HPC Hosting Business$203.0M
Data Center Hosting Business$37.3M-1.8%

Competitors

Profile

Applied Digital Corporation designs, develops, and operates next-generation data center infrastructure across North America. The company provides high-performance computing (HPC) and artificial intelligence (AI) infrastructure solutions, as well as energized hosting services for the blockchain and cryptocurrency mining industries.

Competitive position

A specialized provider of high-density power infrastructure specifically engineered for AI and HPC workloads, differentiating from traditional data centers through specialized cooling and power delivery.

GeographiesUnited States, North America
Customer segmentsEnterprise, Technology companies, Crypto miners
Business modelInfrastructure-as-a-Service, Colocation, Long-term leasing
SuppliersElectrical infrastructure component manufacturers, Utility companies and power providers, Construction raw material suppliers, GPU and server hardware manufacturers
CustomersCryptocurrency miners, AI and machine learning developers, Cloud service providers, Hyperscale technology firms
Listed2002
Employees121.0
CEOWes Cummins
FilingsSEC EDGAR

FAQ

What is Applied Digital's market cap?
Applied Digital (APLD) has a market capitalization of $7.9B and trades on NASDAQ.
What is Applied Digital's revenue and profitability?
Applied Digital generated $576.2M in trailing twelve-month revenue with a net loss of $184.3M, representing a net margin of -32.0%. Gross margin stands at 32.2%, with free cash flow of -$2.8B. These figures are based on the Q2 2026 filing.
Who are Applied Digital's competitors?
Applied Digital's key competitors include Equinix, Inc., Riot Platforms, Inc., Digital Realty Trust, Inc., and others. These companies compete in similar markets and product categories.
Who does Applied Digital partner with?
Applied Digital's notable partners include CoreWeave, Inc., Macquarie Asset Management, NVIDIA Corporation, and others.
What subsidiaries does Applied Digital have?
Applied Digital's subsidiaries include Applied Digital Cloud Corporation, APLD HPC Holdings LLC, APLD ELN-01 LLC.
Where is Applied Digital headquartered?
Applied Digital is headquartered in United States of America and employs approximately 121 people. It has been publicly traded since 2002.