APLD - Applied Digital Corp.
Price:
--
--
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CONSENSUS:
Buy
DETAILS
|
PRICE TARGET:
$72.36
DETAILS
HIGH:
$90.00
LOW:
$37.50
MEDIAN:
$79.00
CONSENSUS:
$72.36
UPSIDE:
190.43%
| Metric | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue | |||||||
| Revenue | 611.3 | 215.5 | 136.6 | 55.4 | 8.5 | 0 | 0 |
| Cost of Revenue | 453.6 | 192.8 | 106.7 | 44.4 | 21.9 | 0.0 | 0 |
| Gross Profit | 157.7 | 22.7 | 30.0 | 11.0 | (13.3) | (0.0) | 0 |
| Operating Expenses | |||||||
| R&D Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| SG&A Expenses | 332.1 | 94.9 | 45.0 | 55.1 | 7.6 | 0.3 | 0 |
| Other Expenses | 61.9 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Expenses | 394.0 | 94.9 | 45.0 | 55.1 | 7.6 | 0.3 | 0 |
| Operating Income | |||||||
| Operating Income | (236.4) | (72.3) | (15.1) | (44.1) | (20.9) | (0.3) | 0 |
| Interest Expense | 29.5 | 17.9 | 18.6 | 2.0 | 0.1 | 0.2 | 0.3 |
| Interest Income | 0 | 3.1 | 0.9 | 0 | 0 | 0 | 0 |
| Profitability | |||||||
| EBITDA | (84.6) | (91.8) | (34.2) | (36.9) | (20.7) | (0.3) | 0 |
| EBIT | (152.0) | (175.4) | (55.6) | (44.1) | (21.8) | (0.3) | 0 |
| Income Before Tax | (181.5) | (203.6) | (74.3) | (46.1) | (21.9) | (0.6) | (0.3) |
| Income Tax Expense | 1.8 | 0.1 | 0.1 | (0.5) | 0.5 | 0 | 0 |
| Net Income | (244.0) | (231.1) | (149.3) | (44.6) | (23.5) | (0.6) | (0.3) |
| Per Share Data | |||||||
| EPS (Basic) | -0.91 | -1.16 | -1.31 | -0.48 | -0.41 | -0.06 | -0.17 |
| EPS (Diluted) | -0.91 | -1.16 | -1.31 | -0.48 | -0.41 | -0.06 | -0.17 |
| Shares Outstanding | 275.2 | 201.2 | 114.1 | 94.0 | 57.1 | 8.9 | 1.5 |
| Metric | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Current Assets | ||||||
| Cash & Cash Equivalents | 1,592.0 | 113.9 | 3.3 | 29.0 | 38.8 | 11.8 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Receivables | 56.3 | 3.0 | 3.8 | 0.1 | 0.2 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Assets | 3,014.6 | 313.6 | 397.0 | 16.7 | (0.1) | 0 |
| Total Current Assets | 4,662.9 | 430.6 | 404.1 | 45.8 | 40.4 | 11.8 |
| Non-Current Assets | ||||||
| Property, Plant & Equipment | 4,435.7 | 1,294.6 | 339.4 | 211.2 | 70.7 | 3.3 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 7 | 1.2 | 0 | 0 | 0 |
| Other Non-Current Assets | 830.7 | 137.9 | 18.1 | 1.4 | 8.9 | 0 |
| Total Non-Current Assets | 5,266.5 | 1,439.5 | 358.7 | 218.2 | 79.6 | 3.3 |
| Total Assets | 9,929.3 | 1,870.1 | 762.9 | 264.0 | 120.0 | 15.1 |
| Current Liabilities | ||||||
| Account Payables | 395.5 | 247.5 | 104.5 | 6.4 | 13.3 | 0.2 |
| Short-Term Debt | 16.4 | 10.3 | 45.9 | 8.0 | 1.3 | 0 |
| Deferred Revenue | 0 | 16.1 | 23.6 | 85.1 | 13.4 | 0 |
| Other Current Liabilities | 444.2 | 240.3 | 336.5 | 0 | 0 | 0.1 |
| Total Current Liabilities | 1,162.9 | 558.1 | 554.1 | 115.5 | 29.0 | 2.5 |
| Non-Current Liabilities | ||||||
| Long-Term Debt | 4,959.5 | 677.8 | 79.5 | 68.5 | 5.9 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 5.6 | 0.5 | 0 |
| Other Non-Current Liabilities | 5.5 | 0 | 0 | 1 | 0 | 15.1 |
| Total Non-Current Liabilities | 5,022.9 | 678.2 | 83.9 | 78.8 | 11.7 | 15.1 |
| Total Liabilities | 6,185.7 | 1,236.4 | 638.0 | 194.3 | 40.7 | 17.6 |
| Stockholders' Equity | ||||||
| Common Stock | 0.3 | 0.2 | 0.1 | 0.1 | 0.1 | 0.0 |
| Retained Earnings | (662.3) | (481.1) | (250.0) | (100.7) | (56.1) | (21.6) |
| Accumulated Other Comprehensive Income | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Stockholders' Equity | 1,780.2 | 633.7 | 124.8 | 59.5 | 72.3 | (2.6) |
| Total Liabilities & Equity | 9,929.3 | 1,870.1 | 762.9 | 264.0 | 120.0 | 15.1 |
| Debt Metrics | ||||||
| Total Debt | 5,099.9 | 702.9 | 135.7 | 91.8 | 13.5 | 2.1 |
| Net Debt | 3,507.9 | 589.0 | 132.4 | 62.8 | (25.3) | (9.6) |
| Metric | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Operating Activities | ||||||
| Net Income | (184.3) | (231.1) | (149.7) | (45.6) | (22.5) | (0.6) |
| Depreciation & Amortization | 67.4 | 97.9 | 79.4 | 7.6 | 1.1 | 0.0 |
| Stock-Based Compensation | 220.1 | 22.7 | 17.4 | 32.1 | 12.3 | 0 |
| Change in Working Capital | (7.5) | (149.4) | 6.1 | 64.7 | 16.8 | 0.2 |
| Other Non-Cash Items | (6.0) | 144.4 | 60.7 | 0.5 | (9.2) | 0.2 |
| Operating Cash Flow | 89.7 | (115.4) | 13.8 | 58.7 | (0.9) | (0.1) |
| Investing Activities | ||||||
| Capital Expenditure | (2,865.8) | (681.6) | (141.8) | (131.3) | (55.0) | (3.3) |
| Acquisitions | 1,762.1 | 0 | 0 | 0 | 0 | 0 |
| Purchases of Investments | (17) | (4.9) | (0.4) | (0.8) | 0 | 0 |
| Sales/Maturities of Investments | 5 | 0 | 0 | 0 | 0 | 0 |
| Other Investing Activities | (58.6) | 18.8 | (30.2) | 0 | 9.1 | 0 |
| Investing Cash Flow | (1,174.3) | (667.7) | (172.4) | (132.1) | (45.9) | (3.3) |
| Financing Activities | ||||||
| Net Debt Issuance | 4,162.5 | 694.0 | 17.4 | 68.8 | 7.1 | 0 |
| Stock Repurchased | (1.2) | (31.3) | 0 | (0.2) | 0 | 0 |
| Dividends Paid | (6.3) | (2.6) | 0 | 0 | 0 | 0 |
| Other Financing Activities | (36.3) | (175.1) | (1.5) | 2.0 | (0.3) | (1.4) |
| Financing Cash Flow | 5,114.7 | 874.7 | 146.8 | 70.6 | 81.3 | 15.1 |
| Cash Position | ||||||
| Net Change in Cash | 3,859.1 | 89.2 | (11.9) | (2.7) | 34.5 | 11.8 |
| Cash at Beginning | 113.9 | 31.7 | 43.6 | 46.3 | 11.8 | 0 |
| Cash at End | 3,973.0 | 120.9 | 31.7 | 43.6 | 46.3 | 11.8 |
| Free Cash Flow | (2,776.1) | (797.0) | (128.0) | (72.5) | (55.8) | (3.4) |
| Key Metrics | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Income Statement | |||||||
| Revenue | 611.3 | 215.5 | 136.6 | 55.4 | 8.5 | 0 | 0 |
| Gross Profit | 157.7 | 22.7 | 30.0 | 11.0 | (13.3) | (0.0) | 0 |
| Operating Income | (236.4) | (72.3) | (15.1) | (44.1) | (20.9) | (0.3) | 0 |
| Net Income | (244.0) | (231.1) | (149.3) | (44.6) | (23.5) | (0.6) | (0.3) |
| EPS (Diluted) | -0.91 | -1.16 | -1.31 | -0.48 | -0.41 | -0.06 | -0.17 |
| Balance Sheet | |||||||
| Cash & Equivalents | 1,592.0 | 113.9 | 3.3 | 29.0 | 38.8 | 11.8 | |
| Total Assets | 9,929.3 | 1,870.1 | 762.9 | 264.0 | 120.0 | 15.1 | |
| Total Debt | 5,099.9 | 702.9 | 135.7 | 91.8 | 13.5 | 2.1 | |
| Stockholders' Equity | 1,780.2 | 633.7 | 124.8 | 59.5 | 72.3 | (2.6) | |
| Cash Flow | |||||||
| Operating Cash Flow | 89.7 | (115.4) | 13.8 | 58.7 | (0.9) | (0.1) | |
| Capital Expenditure | (2,865.8) | (681.6) | (141.8) | (131.3) | (55.0) | (3.3) | |
| Free Cash Flow | (2,776.1) | (797.0) | (128.0) | (72.5) | (55.8) | (3.4) | |