APLD · Applied Digital Corp. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Revenue | $144.19M | $165.57M | $55.39M | $0 |
| Cost of Revenue | $101.45M | $148.34M | $44.39M | $0 |
| Gross Profit | $42.74M | $17.23M | $11.00M | ($957.0K) |
| R&D | - | - | - | - |
| SG&A | $83.06M | $98.46M | $55.06M | $332.0K |
| Total Operating Expenses | $161.04M | $264.60M | $55.06M | $332.0K |
| D&A | $17.29M | $79.36M | $7.27M | $1.0K |
| Operating Income | ($16.84M) | ($99.02M) | ($44.05M) | ($332.0K) |
| Interest Expense | $17.71M | $26.83M | $1.98M | $112.0K |
| Income Tax | $102.0K | $96.0K | ($523.0K) | $540.0K |
| Net Income | ($149.27M) | ($149.27M) | ($44.65M) | ($23.52M) |
| EPS - Basic | ($1.16) | ($1.31) | ($0.49) | ($0.41) |
| EPS - Diluted | ($1.16) | ($1.31) | ($0.49) | ($0.41) |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Cash & Equivalents | $41.55M | $3.34M | $29.00M | $38.80M |
| Accounts Receivable | $3.04M | $3.85M | $82.0K | $227.0K |
| Inventory | - | - | - | - |
| Accounts Payable | $247.53M | $116.12M | - | - |
| Current Assets | $430.59M | $30.26M | $45.76M | $49.31M |
| Total Assets | $1.87B | $762.87M | $263.96M | $119.98M |
| Current Liabilities | $558.14M | $385.54M | $115.46M | $29.00M |
| Long-term Debt | - | - | - | $7.19M |
| Total Liabilities | $1.24B | $638.04M | $194.28M | $40.74M |
| Stockholders' Equity | $497.69M | $124.83M | $59.52M | $72.26M |
| Retained Earnings | ($481.06M) | ($249.99M) | ($100.72M) | ($56.07M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Operating Cash Flow | ($115.40M) | $13.79M | $58.73M | ($872.0K) |
| Investing Cash Flow | ($667.65M) | ($172.44M) | ($132.09M) | ($3.30M) |
| Financing Cash Flow | $874.69M | $146.76M | $70.63M | $15.13M |
| CapEx | $681.60M | $141.81M | $54.97M | $20.0K |
| Free Cash Flow | ($797.00M) | ($128.01M) | $3.76M | ($892.0K) |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Profitability | ||||
| Gross margin | 29.6% | 10.4% | 19.9% | - |
| Operating margin | -11.7% | -59.8% | -79.5% | - |
| EBITDA margin | 0.3% | -11.9% | -66.4% | - |
| Net margin | -103.5% | -90.2% | -80.6% | - |
| Free cash flow margin | -552.7% | -77.3% | 6.8% | - |
| FCF / Net income | 5.34 | 0.86 | -0.08 | 0.04 |
| R&D / Revenue | - | - | - | - |
| SG&A / Revenue | 57.6% | 59.5% | 99.4% | - |
| Effective tax rate | - | - | - | - |
| Return on assets | -8.0% | -19.6% | -16.9% | -19.6% |
| Return on equity | -30.0% | -119.6% | -75.0% | -32.5% |
| Return on invested capital | - | - | - | -0.3% |
| Liquidity | ||||
| Current ratio | 0.77 | 0.08 | 0.40 | 1.70 |
| Quick ratio | 0.77 | 0.08 | 0.40 | 1.70 |
| Cash ratio | 0.07 | 0.01 | 0.25 | 1.34 |
| Leverage | ||||
| Debt / Equity | - | - | - | 0.10 |
| Debt / Assets | - | - | - | 0.06 |
| Debt / EBITDA | - | - | - | - |
| Interest coverage | -1.0x | -3.7x | -22.3x | -3.0x |
| Equity multiplier | 3.76 | 6.11 | 4.43 | 1.66 |
| Liabilities / Assets | 0.66 | 0.84 | 0.74 | 0.34 |
| Efficiency | ||||
| Asset turnover | 0.08 | 0.22 | 0.21 | 0.00 |
| Inventory turnover | - | - | - | - |
| Days sales outstanding | 8d | 8d | 1d | - |
| Days inventory outstanding | - | - | - | - |
| Days payable outstanding | 891d | 286d | - | - |
| Cash conversion cycle | - | - | - | - |
| Valuation | ||||
| P / E | - | - | - | - |
| P / B | 2.8x | 3.9x | 13.2x | 0.1x |
| P / S | 9.5x | 2.9x | 14.2x | - |
| EV / EBITDA | 3001.4x | - | - | - |
| Growth | ||||
| Revenue growth (YoY) | -12.9% | 198.9% | - | - |
| Revenue CAGR (3y) | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - |
| Gross profit growth (YoY) | 148.0% | 56.6% | - | - |
| Operating income growth (YoY) | 83.0% | -124.8% | -13169.6% | - |
| Net income growth (YoY) | 0.0% | -234.4% | -89.8% | - |
| EPS growth (YoY) | 11.5% | -167.3% | -19.5% | - |
| EPS CAGR (3y) | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - |
| FCF growth (YoY) | -522.6% | - | - | - |
| FCF CAGR (5y) | - | - | - | - |
| Book value growth (YoY) | 298.7% | 109.7% | -17.6% | - |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-05-31.
Business segments
$142.27M totalData Center Hosting Business$142.27M · 100.0%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
-0.05
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
4/9
Neutral
- ✗Net income positive
- ✗Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- ✓Current ratio improved
- ✗No share dilution
- ✓Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Services-Computer Processing & Data Preparation
Comparing Applied Digital Corp. against the 5 most active filers in the same SIC group.