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Applied Digital APLD HPC Hosting Business — Cost of revenues

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Other financials

Income statement

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Revenue$126.6M+139%
Gross profit$53.8M+1,323%
Operating income-$85.7M-352%
Net income-$70.6M-98.4%
EPS (diluted)-$0.36-125%

Balance sheet

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Cash & equivalents$2.1B+707%
Total debt$2.8B+525%
Total equity$1.6B+248%
Total assets$6.2B+266%

Cash flow

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Operating cash flow-$15.8M+69.7%
CapEx$775.2M+201%
Free cash flow-$720.2M-186%

Valuation

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Market cap$13.31B+328%
Enterprise value$13.99B+322%
P/S39.4×+17.0×

Profitability

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Gross margin34.4%+5.9pp
Operating margin-44.2%
Net margin-45.7%-19.4pp
FCF margin-536.3%+40.8pp

Returns & leverage

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Return on equity-15.2%-6.8pp
Debt / equity1.8×+0.8×
Current ratio2.4×+1.7×

Where this comes from

Reported directly by Applied Digital in its filing.

Tagged under the XBRL concept apld:CostOfRevenuesAdjusted.

The official record: Applied Digital’s 10-Q, filed April 8, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Applied Digital's HPC hosting business — cost of revenues?
Applied Digital (APLD) reported HPC hosting business — cost of revenues of $43.56M in Q4 2025.
How has Applied Digital's HPC hosting business — cost of revenues changed year-over-year?
Applied Digital's HPC hosting business — cost of revenues increased by 96695.6% year-over-year, from $45K to $43.56M.
What does HPC hosting business — cost of revenues mean?
The direct costs incurred to provide high-performance computing hosting services.
How do you interpret HPC hosting business — cost of revenues?
An increase relative to revenue suggests declining margins or operational inefficiencies, while a decrease may indicate improved cost management.
How does HPC hosting business — cost of revenues compare across companies?
Comparable to cost of goods sold (COGS) in technology infrastructure and data center service providers.