What is Applied Digital's conversion of warrants?

Applied Digital (APLD) reported conversion of warrants of $1.25K in Q1 2025.

What does conversion of warrants mean?

The conversion of warrants into common shares.

How do you interpret conversion of warrants?

Exercise of warrants increases the share count, leading to dilution, but often strengthens the balance sheet through cash inflows.

How does conversion of warrants compare across companies?

Depends on the maturity and strike price of outstanding warrants; common across companies with active equity-linked financing.

Applied Digital APLD Conversion of warrants

Conversion of warrants at other companies

Roivant SciencesROIV

$0—

General Purpose Acquisition Corp. GPAC

$648.86K—

ToastTOST

$0-100%

Joby AviationJOBY

$21.29M—

DraftKings Inc.DKNG

$0-100%

Wintrust FinancialWTFC

$7.06M+78.3%

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

See full

Cash & equivalents$2.1B+707%

Total debt$2.8B+525%

Total equity$1.6B+248%

Total assets$6.2B+266%

Cash flow

See full

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

See full

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:ConversionOfWarrants.

The official record: Applied Digital’s 10-K, filed July 30, 2025, on SEC EDGAR. View the filing →

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Questions, answered.

What is Applied Digital's conversion of warrants?: Applied Digital (APLD) reported conversion of warrants of $1.25K in Q1 2025.
What does conversion of warrants mean?: The conversion of warrants into common shares.
How do you interpret conversion of warrants?: Exercise of warrants increases the share count, leading to dilution, but often strengthens the balance sheet through cash inflows.
How does conversion of warrants compare across companies?: Depends on the maturity and strike price of outstanding warrants; common across companies with active equity-linked financing.