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Segments

By segment

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HPC Hosting Business$6.1M+102%
Cloud Services Business$4.24M-10.1%
Data Center Hosting Business$378K-47.2%

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 us-gaap:SellingGeneralAndAdministrativeExpense.

The source filing: Applied Digital’s 10-K, filed July 29, 2026.

Filed
Jul 29, 2026, 4:07 PM EDT
Fiscal year
FY2026
Accession
0001144879-26-000048
Line itemFiscal Year Ended / May 31, 2026Fiscal Year Ended / May 31, 2025Fiscal Year Ended / May 31, 2024
Costs and expenses:
Services cost of revenue396,858216,759148,340
Data center rental and other cost of revenue56,771
Selling, general and administrative (1)332,096107,87797,776
Loss (gain) on classification as held for sale (2)59,650(24,616)15,417
Loss on abandonment of assets2,398724
Loss from legal settlement2,380
Total costs and expenses847,773300,744263,913

Item 8. Financial Statements and Supplementary Data

FAQ

What is Applied Digital's SG&A?
Applied Digital (APLD) reported SG&A of $165.28M in Q1 2026.
How has Applied Digital's SG&A changed year-over-year?
Applied Digital's SG&A increased by 919.4% year-over-year, from $16.21M to $165.28M.
What is the long-term trend for Applied Digital's SG&A?
Over 4 years (2022 to 2026), Applied Digital's SG&A has grown at a 157.2% compound annual growth rate (CAGR), from $7.57M to $331.15M.
What does SG&A mean?
Combined selling expenses (sales force, marketing, distribution) and general & administrative costs (management, legal, accounting, facilities) — the broadest opex category.

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