Applied Digital Corp.

APLD

$26.25

+1.29%

2026-09-04 09:45:00 EDT+$0.34

Technology

Information Technology Services

NASDAQ

Active Trading

Applied Digital Corporation designs, develops, and operates digital infrastructure solutions to high-performance computing (HPC) and artificial intelligence industries in North America. It ...

Price Action of APLD

$26.25

+1.29%+$0.34

High—

Low—

52W High-48.3%

Rel. vol—

Interval

Range6.5h

Volume—SMA5SMA10

—

Applied Digital Corporation is a technology company headquartered in Dallas, Texas, that designs, builds, and operates next-generation data centers and digital infrastructure solutions for high-performance computing (HPC) and artificial intelligence (AI) workloads. Founded in 2001 by Wes Cummins (Chairman and CEO) and Jason Zhang, the company was formerly known as ...Applied Digital Corporation is a technology company headquartered in Dallas, Texas, that designs, builds, and operates next-generation data centers and digital infrastructure solutions for high-performance computing (HPC) and artificial intelligence (AI) workloads. Founded in 2001 by Wes Cummins (Chairman and CEO) and Jason Zhang, the company was formerly known as Applied Blockchain, Inc. and rebranded to Applied Digital Corporation in November 2022. The company initially focused on blockchain infrastructure but pivoted to serve the growing HPC and AI markets, leveraging its expertise in data center design, construction, and operation. Applied Digital operates through two primary business segments: Data Center Hosting and HPC Hosting. It provides infrastructure services to crypto mining customers and GPU computing solutions for critical AI, machine learning, and other HPC tasks. The company offers full-service data center solutions, including design, construction, and management, with a focus on rapid deployment and proprietary waterless cooling technologies. Financially, as of the latest data, Applied Digital has a market capitalization of approximately $8.4 billion, with a stock price of $29.22 (as of the provided data). The company's revenue per share is $2.017, but it is currently not profitable, with a negative net profit margin (-42.3%) and negative EBITDA margin. The company has substantial debt (debt-to-equity ratio of 2.865) but maintains a healthy current ratio of 4.01 and a cash ratio of 1.369. Cash per share is $5.573, indicating a strong liquidity position. Key recent developments include a lease agreement with CoreWeave for an additional 150MW at its Polaris Forge 1 Campus in Ellendale, North Dakota, signaling expansion to meet rising AI infrastructure demand. The company is actively investing in capital expenditures (capex-to-revenue ratio of 4.974) to build out data center capacity, which has led to negative free cash flow despite positive operating cash flow. With 256 full-time employees, the company is relatively lean but is scaling up (employee count increased by ~25% year-over-year). The leadership team, including Wes Cummins, is focused on capturing opportunities in the AI infrastructure boom. The company's long-term viability depends on converting its heavy investments into profitable operations as new data centers come online and utilization increases. With strong market position and strategic partnerships, Applied Digital aims to be a leading provider in the HPC and AI infrastructure space.ExpandCollapse

Founded

2001

Employees

256

CEO

Wes Cummins

Full Name

Applied Digital Corp.

Sector

Technology

Industry

Information Technology Services

ROE

-16.65%

Market Cap

$7.46B

Current Ratio

4.01

WACC

20.39%

ROIC

-2.29%

Contact Information

https://applieddigital.com

214 427 1704

3811 Turtle Creek Boulevard, Dallas, TX 75219

Key Metrics of APLD

Snapshot

Latest / TTM · 6 periods

Market Cap

$7.46B

ROCE

-2.2%

EV / EBITDA

-99.21x

+0.5% YoY

FCF Yield

-37.2%

-16.2% YoY

Cash Conversion Cycle

-287.1d

Current Ratio

4.01

Quick take

TTM —

No major risk flags in selected headline metrics.

Financial Highlights of APLD

Profitability trend

Latest / TTM · 6 periods

Gross Margin

22.4%

Net Margin

-42.3%

P/E Ratio

-29.11x

n/a

Debt / Equity

2.86

n/a

Current Ratio

4.01

Dividend Yield

0.0%

Understanding

TTM —

High debt to equity

Interest coverage is weak

Calendar of APLD

Upcoming

Oct 8, 2026In 34 days
Q1 FY2027 · Earnings report
Est. EPS $-0.25
Feb 28, 2027
Q3 FY2027 · Estimated results
Est. EPS $-0.21 · Revenue $194.07M · 1 analysts
May 31, 2027
FY2027 · Estimated annual results
Est. EPS $-0.77 · Revenue $820.15M · 5 analysts
Aug 31, 2027
Q1 FY2028 · Estimated results
Est. EPS $-0.22 · Revenue $318.85M · 1 analysts

Recent history

Jul 29, 2026
FY2026 · Annual results
EPS $-0.91 · Revenue $611.31M
View filing
Apr 8, 2026
Q3 FY2026 · Results reported
EPS $-0.36 · Revenue $126.64M
View filing
Jan 8, 2026
Q2 FY2026 · Results reported
EPS $-0.07 · Revenue $126.59M
View filing
Aug 31, 2025
Q1 FY2026 · Results reported
EPS $-0.07 · Revenue $64.22M
May 31, 2025
FY2025 · Annual results
EPS $-1.16 · Revenue $215.51M
Feb 28, 2025
Q3 FY2025 · Results reported
EPS $-0.16 · Revenue $52.92M

Financial Statements of APLD

Next Earnings Date

Oct 8, 2026

EPS Est. -0.25 · Fiscal period ending 2026-08-31

D-34

5Y Trend (Revenue, Earnings, FCF)

Metric	Latest	YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.	QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).	$611.3M	+183.7%	+104.3%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.	$-244.0M	-5.6%	-10.8%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.	+25.8%	+144.9%	-63.1%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).	-38.7%	-15.3%	-121.0%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.	-39.9%	+62.8%	+45.8%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.	$-2.8B	-248.3%	-60.6%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.	-454.1%	-22.8%	+21.4%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.	286.5%	+158.3%	+60.2%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.	4.01x	+419.8%	+68.3%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.	$9.9B	+431.0%	+58.9%

Actual vs Estimate

A May 31Q Feb 28

Metric	Annual (A vs E)	Annual Surprise	Quarter (A vs E)	Quarter Surprise
EPS Surprise	-0.91 vs -0.71	-28.8%	-0.39 vs -0.21	-82.0%
Revenue Surprise	$611.3M vs $427.2M	+43.1%	$258.7M vs $194.1M	+33.3%

Insider Transactions of APLD

Acquisitions (A)

Since Jul 31, 2026

Disposals (D)

Since Jul 31, 2026

Monthly shares of acquisitions/disposals with close price trend (shared daily price source)

Insider Trading Snapshot

Date	Executive	Title	Security	Side	Shares	Price
Aug 4, 2026	Nottenburg Richard N	director	Common Stock	D	75,000	$31.15
Aug 4, 2026	Mohmand Mohammad Saidal LaVanway	officer: Chief Financial Officer	Common Stock	A	13,408	—
Aug 4, 2026	Cummins Wes	director, officer: CEO; Chairman	Common Stock	D	714,685	—
Jul 31, 2026	Mohmand Mohammad Saidal LaVanway	officer: Chief Financial Officer	Common Stock	A	245,000	—
Jul 31, 2026	Mohmand Mohammad Saidal LaVanway	officer: Chief Financial Officer	Common Stock	D	96,408	$27.39

Earnings Call Transcript of APLD

1 transcript segments

Q4 2026

Unknown Speaker

Operator : Good afternoon, and welcome to Applied Digital's Fiscal Fourth Quarter 2026 Conference Call. My name is Pascal Berman, and I will be your operator today. Before this call, Applied Digital issued its financial results for the fiscal fourth quarter ended May 31, 2026, in a press release, a copy of which has been furnished in a report on Form 8-K filed with the Securities and Exchange Commission or SEC, and will be available in the Investor Relations section of the company's website. Joining us on today's call are Applied Digital's Chairman and CEO, Wes Cummins; and CFO, Saidal Mohmand. Following their remarks, we will open the call for questions. Before we begin, Matt Glover from Gateway Group will make a brief introductory statement. Mr. Glover, you may begin. Matt Glover : Thank you, operator. Hello, everyone, and welcome to Applied Digital's Fiscal Fourth Quarter 2026 Conference Call. Before management begins formal remarks, we'd like to remind everyone that some statements we are making today may be considered forward-looking statements under the securities laws and involve a number of risks and uncertainties. As a result, we caution you that there are a number of factors, many of which are beyond our control, which could cause actual results and events to differ materially from those described in the forward-looking statements. For more detailed risks, uncertainties and assumptions relating to our forward-looking statements, please see the disclosures in our earnings release and public filings made with the SEC. We disclaim any obligation or undertaking to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law. We also discuss non-GAAP financial metrics and encourage you to read our disclosures and the reconciliation tables to the applicable GAAP measures in our earnings release carefully as you consider these metrics. We refer you to our filings with the SEC for detailed disclosures and descriptions of our business as well as uncertainties and other variable circumstances, including, but not limited to, risks and uncertainties identified under the caption Risk Factors in our annual report on Form 10-K and our quarterly reports on Form 10-Q. You may access Applied Digital's SEC filings for free by visiting the SEC website at www.sec.gov. I would like to also remind everyone that this call is being recorded and made available for replay via link in the IR section of Applied Digital's website. Now I'd like to turn the call over to Applied Digital's Chairman and CEO, Wes Cummins. Wes? Wesley Cummins : Thanks, Matt, and good afternoon, everyone. Thank you for joining our fiscal fourth quarter 2026 earnings conference call. This was a defining quarter for Applied Digital, capping a transformational year for the company. We signed leases for 5 campuses, including 3 in just the past 4 months. We created $36 billion of total …

Leadership Team of APLD

8 executives

Name	Title	Compensation	Gender	Year Born	Status
Wesley Cummins	Chairman, CEO, Secretary & Treasurer	USD 2,246,092	Male	1978	Active
Mohammad Saidal L. Mohmand	Chief Financial Officer	USD 854,856	Male	1991	Active
Laura Laltrello	Chief Operating Officer	USD 412,410	Female	1974	Active
Jason Zhang	Co-Founder & President	USD 25,000	Male	1993	Active
Nick Phillips	Executive Vice President of External Affairs	—	Male	—	Active
Todd Gale	Chief Development Officer	—	Male	—	Active
Erin Gracey Kraxberger	Chief Marketing Officer	—	Female	—	Active
Mark Chavez	Chief Compliance Officer & General Counsel	—	Male	—	Active

Recent News of APLD

The Motley Fool8/5/2026Neutral

CFO Sells $2.6 Million Stock of AI Growth Stock

The 96,408 shares were disposed of at $27.39 per share, totaling ~$2.6 million. This non-discretionary transaction reduced the CFO's direct equity holdings by 10%.

Defense World8/5/2026Neutral

Cetera Investment Advisers Cuts Stock Holdings in Applied Digital Corporation $APLD

Cetera Investment Advisers reduced its holdings in shares of Applied Digital Corporation (NASDAQ: APLD) by 8.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 185,019 shares of the company's stock after selling 17,643 shares during the quarter. Cetera Investment Advisers

The Motley Fool8/1/2026Neutral

Prediction: The Historic Artificial Intelligence (AI) Infrastructure Build-Out Will Make This Stock a Multibagger

Applied Digital's lease revenue pipeline suggests that the company's growth rate will improve in the long run. The stock's revenue growth potential suggests it could easily become a multibagger over the next three years.

The Motley Fool7/30/2026Neutral

As Revenue Surges 400%, Is Applied Digital Stock a Buy?

Applied Digital is seeing revenue surge and its backlog balloon. With power a big bottleneck, the company looks well positioned for future growth.

24/7 Wall Street7/29/2026Neutral

IREN, TeraWulf, and Applied Digital Are All Down 30% in a Month. Is More Pain Coming for Data Center Stocks?

Shares of former Bitcoin (CRYPTO:BTC) miners pivoting into AI data center and high performance computing hosting have taken a heavy hit over the past month.

Historical Employee Count of APLD

Current

256

Change

+24.88%

Minimum

Maximum

256

Recent Filings

Report Date	Employees	Form Type	Filing Date	SEC Filing
May 31, 2026	256	10-K	Jul 29, 2026	View
May 31, 2025	205	10-K	Jul 30, 2025	View
May 31, 2024	150	10-K	Aug 30, 2024	View
May 31, 2023	121	10-K	Aug 2, 2023	View
May 31, 2022	55	10-K	Aug 29, 2022	View

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Applied Digital Corp.