What is Applied Digital's exchange offer (note 12)?

Applied Digital (APLD) reported exchange offer (note 12) of $191.92M in Q4 2025.

How has Applied Digital's exchange offer (note 12) changed year-over-year?

Applied Digital's exchange offer (note 12) increased by 346.3% year-over-year, from $43M to $191.92M.

What does exchange offer (note 12) mean?

Captures the non-cash impact of converting one class of equity into another, such as preferred stock converting into common stock. This reflects changes in the capital structure and shareholder rights.

Applied Digital APLD Exchange Offer (Note 12)

Exchange Offer (Note 12) at other companies

KEE

Keel Infrastructure Corp. Common StockKEEL

$50M—

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 us-gaap:ConversionOfStockAmountConverted1.

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 exchange offer (note 12)?: Applied Digital (APLD) reported exchange offer (note 12) of $191.92M in Q4 2025.
How has Applied Digital's exchange offer (note 12) changed year-over-year?: Applied Digital's exchange offer (note 12) increased by 346.3% year-over-year, from $43M to $191.92M.
What does exchange offer (note 12) mean?: Captures the non-cash impact of converting one class of equity into another, such as preferred stock converting into common stock. This reflects changes in the capital structure and shareholder rights.