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Applied Digital APLD Cloud Services Business — Cost of revenues

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Other financials

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

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Market cap$8.6B+122%
Enterprise value$12.14B+165%
P/S14.9×-2.0×

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×

Where this comes from

Reported directly by Applied Digital in its filing.

Tagged under the XBRL concept apld:CostOfRevenuesAdjusted.

The source filing: Applied Digital’s 10-Q, filed April 8, 2026.

Filed
Apr 8, 2026, 4:26 PM EDT
Fiscal quarter
Q3 FY2026
Calendar quarter
Q1 2026
Accession
0001144879-26-000030
Line itemData Center Hosting BusinessCloud Services BusinessHPC Hosting Business
Revenue$37,542$18,087$71,008
Costs and expenses:
Cost of revenues22,9926,28243,558
Selling, general and administrative (1)6884,2429,885
Loss on classification of held for sale59,650
Loss on abandonment of assets3107
Total costs and expenses23,68370,28153,443
Segment profit (loss)$13,859$(52,194)$17,565

Item 1. Financial Statements

FAQ

What is Applied Digital's cloud services business — cost of revenues?
Applied Digital (APLD) reported cloud services business — cost of revenues of $6.28M in Q4 2025.
What does cloud services business — cost of revenues mean?
Includes all direct costs associated with delivering cloud services, such as power consumption, datacenter maintenance, and hardware support. Monitoring this helps evaluate the direct profitability and operational efficiency of the segment's service delivery model.

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