Applied Digital Corporation logo APLD - Applied Digital Corporation

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| PRICE TARGET: $63.88 DETAILS
HIGH: $99.00
LOW: $40.00
MEDIAN: $65.50
CONSENSUS: $63.88
UPSIDE: 39.26%
Metric 2026 Q3 2026 Q2 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1
Revenue
Revenue 126.6 126.6 64.2 38.0 52.9 63.9 60.7 14.7 43.3 42.2 36.3 22.0 14.1 12.3 6.9 7.5 1.0 0 0 0 0 0 0
Cost of Revenue 72.8 100.6 55.6 30.2 49.1 52.4 61.1 6.0 47.1 29.2 24.4 14.9 10.5 12.5 6.4 7.5 2.1 0.2 0.0 0 0.0 0 0
Gross Profit 53.8 26.0 8.6 7.8 3.8 11.5 (0.4) 8.8 (3.7) 13.0 11.9 7.1 3.6 (0.2) 0.5 0.1 (1.1) (0.2) (0.0) 0 (0.0) 0 0
Operating Expenses
R&D Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
SG&A Expenses 82.7 57.0 27.2 28.1 22.7 29.8 14.3 (23.1) 30.0 21.1 17.1 13.3 10.5 26.5 4.7 4.3 1.4 1.2 13.0 0.3 0 0 0
Other Expenses (9.9) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0 (0.0) 0 0
Operating Expenses 72.8 57.0 27.2 28.1 22.7 29.8 14.3 (23.1) 30.0 21.1 17.1 13.3 10.5 26.5 4.7 4.3 1.4 1.2 13.0 0.3 (0.0) 0 0
Operating Income
Operating Income (19.0) (31.0) (18.6) (20.3) (18.9) (18.3) (14.7) 31.9 (33.7) (8.1) (5.1) (6.2) (7.0) (26.7) (4.2) (4.3) (2.4) (1.4) (13.0) (0.3) 0 0 0
Interest Expense (2.4) 11.5 3.9 17.9 8.9 7.5 7.3 9.4 4.8 2.4 2.1 0.9 0.4 0.4 0.4 0.1 0 0 0 0.0 0.1 0.1 0.1
Interest Income 0 0 0 3.1 0 0 0 0.9 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Profitability
EBITDA 1.8 (6.5) (18.1) (16.6) (7.8) (104.8) 37.4 (5.8) (31.7) 5.2 (1.9) (3.8) (4.9) (25.1) (3.1) (3.3) (2.2) (1.2) (14.3) (0.3) 0 0 0
EBIT (19.0) (15.1) (22.3) (20.7) (26.5) (131.2) 3.1 20.4 (58.1) (8.2) (9.8) (6.2) (7.0) (26.7) (4.3) (4.3) (2.3) (1.4) (14.3) (0.3) 0 0 0
Income Before Tax (70.6) (26.5) (26.2) (25.2) (35.4) (138.7) (4.2) 10.9 (62.8) (10.5) (11.9) (7.1) (7.3) (27.1) (4.6) (4.4) (2.3) (1.4) (14.3) (0.3) (0.1) (0.1) (0.1)
Income Tax Expense (0.0) 0.0 0.0 (0.0) 0.1 0.0 0 0.1 0 0 0 (0.2) 0 (0.3) 0.0 0.3 0.1 0.2 0 0 0 0 0
Net Income (99.3) (17.5) (16.9) (52.5) (35.6) (138.7) (4.2) (64.5) (62.8) (10.5) (11.5) (6.5) (7.0) (26.6) (4.5) (2.8) (6.4) (0.2) (14.1) (0.3) (0.1) (0.1) (0.1)
Per Share Data
EPS (Basic) -0.37 -0.07 -0.07 -0.24 -0.16 -0.66 -0.03 -0.58 -0.52 -0.10 -0.11 -0.07 -0.07 -0.28 -0.05 -0.06 -0.12 -0.00 -0.31 -0.04 -0.05 -0.05 -0.05
EPS (Diluted) -0.37 -0.07 -0.07 -0.24 -0.16 -0.66 -0.03 -0.58 -0.52 -0.10 -0.11 -0.07 -0.07 -0.28 -0.05 -0.06 -0.12 -0.00 -0.31 -0.04 -0.05 -0.05 -0.05
Shares Outstanding 271.7 266.6 255.9 201.2 222.5 209.6 149.0 114.1 121.4 109.7 100.5 94.0 94.1 93.4 93.1 57.1 53.4 53.4 44.9 8.9 1.5 1.5 1.5
Metric 2026 Q3 2026 Q2 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4
Current Assets
Cash & Cash Equivalents 1,730.4 1,913.4 73.9 41.6 68.7 286.2 58.2 3.3 4.4 9.2 5.9 29.0 22.9 10.5 33.3 38.8 12.0 14.0 28.9 11.8
Short-Term Investments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net Receivables 20.8 16.8 31.5 3.0 14.6 12.3 2.3 3.8 0.2 0.3 0.0 0.1 0.1 0.3 0.1 0.2 1.0 0 0 0
Inventory 0 0 0 0 0 0 0 0 0 0 25.3 0 0 0 7.5 0 0 0 0 0
Other Current Assets 677.1 524.7 361.0 386.0 190.9 29.8 23.6 397.0 94.9 26.9 2.3 16.7 1.4 7.6 1.5 (0.1) 5.7 0 0.4 0.0
Total Current Assets 2,428.3 2,717.3 641.7 430.6 274.3 328.4 84.1 404.1 105.7 36.5 33.5 45.8 24.4 20.7 42.4 40.4 18.7 15.7 29.5 11.8
Non-Current Assets
Property, Plant & Equipment 3,224.8 2,017.0 1,479.5 1,294.6 1,390.8 1,174.7 826.0 339.4 496.2 427.1 289.5 211.2 180.2 145.2 102.1 70.7 44.8 37.9 20.1 3.3
Goodwill 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Intangible Assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Long-Term Investments 0 39.0 6.1 7 0 0 0 1.2 0 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Assets 593.7 456.1 271.7 137.9 42.2 40.1 27.6 18.1 41.2 17.1 26.1 1.4 3.0 1.4 1.4 8.9 0 0 0.8 0
Total Non-Current Assets 3,818.5 2,512.0 1,757.3 1,439.5 1,433.1 1,214.8 853.6 358.7 537.5 444.2 315.6 218.2 183.2 146.7 103.5 79.6 44.8 37.9 20.8 3.3
Total Assets 6,246.8 5,229.3 2,399.0 1,870.1 1,707.3 1,543.2 937.7 762.9 643.2 480.7 349.2 264.0 207.6 167.4 145.9 120.0 63.5 53.5 50.4 15.1
Current Liabilities
Account Payables 377.4 92.9 172.8 247.5 170.5 192.0 140.3 104.5 93.9 38.3 16.2 6.4 14 7.5 0 13.3 13.0 5.3 4.8 0.2
Short-Term Debt 98.2 12.6 382.1 10.3 10.1 11.3 37.4 45.9 19.3 9.3 9.2 8.0 4.9 4.1 2.6 1.3 0 0 0 0
Deferred Revenue 16.8 46.2 17.4 16.1 21.0 22.3 30.5 23.6 100.6 92.6 88.2 85.1 84.0 54.1 31.3 13.4 9.6 1.0 0 0
Other Current Liabilities 80.7 199.6 214.6 240.3 0.2 0.1 0.1 336.5 8.3 0 0 0 0 0 13.5 0 0.0 0.0 0.0 0.1
Total Current Liabilities 1,019.3 563.4 985.5 558.1 393.6 424.4 386.7 554.1 349.2 202.4 151.7 115.5 108.6 70.2 48.7 29.0 22.8 6.5 5.0 2.5
Non-Current Liabilities
Long-Term Debt 2,660.1 2,594.0 305.3 678.2 679.0 468.2 106.2 79.5 42.5 33.5 34.9 68.5 18.9 16.4 12.1 5.9 0 0 0 0
Deferred Tax Liabilities 0 0 0 0 0 0 0 0 0 0 0 5.6 0.3 0.3 0.6 0.5 0.3 0.2 0 0
Other Non-Current Liabilities 0 105.2 63.7 0 0 55.8 55.3 0 0 0 0 1 0 0 0 0 48.0 41.4 45.0 15.1
Total Non-Current Liabilities 2,660.1 2,699.3 369.2 678.2 815.9 684.2 309.2 83.9 175.5 122.6 69.5 78.8 27.6 25.3 20.4 11.7 49.3 47.9 46.1 15.1
Total Liabilities 3,679.4 3,262.7 1,354.7 1,236.4 1,209.5 1,108.6 695.9 638.0 524.7 325.0 221.2 194.3 136.2 95.5 69.0 40.7 72.1 54.5 51.1 17.6
Stockholders' Equity
Common Stock 0.3 0.3 0.3 0.2 0.2 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.3 0.3 3.1 0.0
Retained Earnings (583.1) (512.4) (498.0) (481.1) (428.5) (393.0) (254.3) (250.0) (185.5) (122.7) (112.2) (100.7) (94.2) (87.2) (60.6) (56.1) (52.5) (44.8) (44.7) (21.6)
Accumulated Other Comprehensive Income 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (15.5) 0 0 0
Total Stockholders' Equity 1,581.2 1,449.6 1,044.3 633.7 497.9 434.6 241.8 124.8 118.5 155.7 127.9 59.5 60.9 63.5 68.3 72.3 (8.6) (0.9) (0.8) (2.6)
Total Liabilities & Equity 6,246.8 5,229.3 2,399.0 1,870.1 1,707.3 1,543.2 937.7 762.9 643.2 480.7 349.2 264.0 207.6 167.4 145.9 120.0 63.5 53.5 50.4 15.1
Debt Metrics
Total Debt 2,827.5 2,608.7 700.2 702.9 993.7 799.4 425.8 135.7 294.3 183.5 104.0 91.8 36.4 32.8 21.7 13.5 1.2 1.2 1.3 2.1
Net Debt 1,097.0 695.2 626.3 661.3 924.9 513.2 367.6 132.4 289.9 174.3 98.0 62.8 13.5 22.3 (11.6) (25.3) (10.7) (12.8) (27.7) (9.6)
Metric 2026 Q3 2026 Q2 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1
Operating Activities
Net Income (67.5) (17.5) (16.9) (52.5) (35.6) (138.7) (4.2) (64.5) (62.8) (10.5) (11.9) (6.9) (7.3) (26.8) (4.7) (4.6) (1.9) (1.6) (14.3) (0.3) (0.1) (0.1) (0.1)
Depreciation & Amortization 20.8 8.6 4.2 18.4 18.8 26.4 34.3 66.5 26.4 13.4 7.9 2.6 (0.1) 1.6 1.1 1.0 0.1 0.2 0.0 0.0 0 0 0
Stock-Based Compensation 50.1 29.1 15.5 12.5 9.7 3.5 (2.9) 3.7 3.2 4.8 5.6 5.2 4.5 21.8 0.6 0 0 0 12.3 0 0 0 0
Change in Working Capital (61.2) (36.0) (96.7) 22.3 (12.2) (63.8) (95.7) (31.9) 40.8 (5.7) (2.2) 3.7 26.9 14.4 20.1 9.6 3.6 4.8 (1.2) 0.0 0.1 0.1 0.1
Other Non-Cash Items 112.7 (0.0) 12.0 6.2 25.2 120.3 (7.3) (8.0) 28.7 2.5 5.1 0.2 2.3 0 0.1 (11.2) 0.1 0.2 1.7 0.2 0 0 0
Operating Cash Flow 55.0 (15.8) (82.0) 6.9 5.9 (52.3) (75.9) (34.1) 36.3 4.5 4.5 4.6 26.2 10.7 17.3 (5.0) 1.9 3.8 (1.4) (0.1) 0 0 0
Investing Activities
Capital Expenditure (775.2) (552.1) (249.4) (198.3) (257.5) (171.0) (54.8) (54.8) (38.6) (13.2) (32.6) (35.1) (25.9) (38.6) (31.7) (26.8) 5.4 (22.3) (11.3) (3.3) 0 0 0
Acquisitions (500.7) 500.7 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Purchases of Investments 17 (17) 0 (2.4) (1.1) (1.4) 0 0 0 0 (0.4) (0.7) (0.1) 0 0 0 0 0 0 0 0 0 0
Sales/Maturities of Investments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Investing Activities (755.7) 0 0 (1.3) 0.4 (2.5) 22.2 4.9 (15.7) (11.8) (7.6) 0 0 0 0 16.5 (9.3) 1.9 0 0 0 0 0
Investing Cash Flow (437.9) (68.4) (249.4) (202.0) (258.1) (174.9) (32.6) (49.9) (54.4) (25.1) (40.5) (35.8) (26.0) (38.6) (31.7) (10.3) (4.0) (20.3) (11.3) (3.3) 0 0 0
Financing Activities
Net Debt Issuance 55.9 1,873.1 (2,351) (33.0) 172.0 468.5 73.1 65.7 1.9 (9.5) (40.8) 53.7 2.3 5.5 7.3 7.0 (0.0) 0 0 0 0 0 0
Stock Repurchased (0.1) (0.5) (0.2) 0 0 (31.3) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Dividends Paid (1.6) (1.6) (1.6) (1.4) (0.5) (0.6) (0.0) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Financing Activities (9.4) (11.0) 2,478.4 (1.1) (3.0) (147.6) (2.0) (0.9) (0.6) (0.2) 0 (1.8) 2.4 (0.3) 1.6 2.6 (0.0) (0.2) (2.7) (1.4) 0 0 0
Financing Cash Flow 194.8 2,265.9 322.2 57.2 198.9 455.2 163.4 74.7 24.4 23.9 23.7 51.8 4.7 5.2 8.9 49.6 (0.0) 1.7 29.9 15.1 0 0 0
Cash Position
Net Change in Cash (189.7) 2,004.5 0.2 (140.3) (53.4) 228.0 54.9 (9.3) 6.3 3.4 (12.4) 20.7 4.8 (22.8) (5.5) 34.3 (2.1) (14.9) 17.2 11.8 0 0 0
Cash at Beginning 2,118.6 114.1 113.9 261.2 314.6 86.6 31.7 41.0 34.6 31.2 43.6 22.9 18.1 40.8 46.3 12.0 14.0 28.9 11.8 0 0 0 0
Cash at End 1,928.9 2,118.6 114.1 120.9 261.2 314.6 86.6 31.7 41.0 34.6 31.2 43.6 22.9 18.1 40.8 46.3 12.0 14.0 28.9 11.8 0 0 0
Free Cash Flow (720.2) (567.9) (331.4) (191.4) (251.6) (223.3) (130.7) (88.9) (2.3) (8.7) (28.1) (30.5) 0.3 (27.9) (14.4) (31.8) 7.3 (18.5) (12.7) (3.4) 0 0 0
Key Metrics 2026 Q3 2026 Q2 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1
Income Statement
Revenue 126.6 126.6 64.2 38.0 52.9 63.9 60.7 14.7 43.3 42.2 36.3 22.0 14.1 12.3 6.9 7.5 1.0 0 0 0 0 0 0
Gross Profit 53.8 26.0 8.6 7.8 3.8 11.5 (0.4) 8.8 (3.7) 13.0 11.9 7.1 3.6 (0.2) 0.5 0.1 (1.1) (0.2) (0.0) 0 (0.0) 0 0
Operating Income (19.0) (31.0) (18.6) (20.3) (18.9) (18.3) (14.7) 31.9 (33.7) (8.1) (5.1) (6.2) (7.0) (26.7) (4.2) (4.3) (2.4) (1.4) (13.0) (0.3) 0 0 0
Net Income (99.3) (17.5) (16.9) (52.5) (35.6) (138.7) (4.2) (64.5) (62.8) (10.5) (11.5) (6.5) (7.0) (26.6) (4.5) (2.8) (6.4) (0.2) (14.1) (0.3) (0.1) (0.1) (0.1)
EPS (Diluted) -0.37 -0.07 -0.07 -0.24 -0.16 -0.66 -0.03 -0.58 -0.52 -0.10 -0.11 -0.07 -0.07 -0.28 -0.05 -0.06 -0.12 -0.00 -0.31 -0.04 -0.05 -0.05 -0.05
Balance Sheet
Cash & Equivalents 1,730.4 1,913.4 73.9 41.6 68.7 286.2 58.2 3.3 4.4 9.2 5.9 29.0 22.9 10.5 33.3 38.8 12.0 14.0 28.9 11.8
Total Assets 6,246.8 5,229.3 2,399.0 1,870.1 1,707.3 1,543.2 937.7 762.9 643.2 480.7 349.2 264.0 207.6 167.4 145.9 120.0 63.5 53.5 50.4 15.1
Total Debt 2,827.5 2,608.7 700.2 702.9 993.7 799.4 425.8 135.7 294.3 183.5 104.0 91.8 36.4 32.8 21.7 13.5 1.2 1.2 1.3 2.1
Stockholders' Equity 1,581.2 1,449.6 1,044.3 633.7 497.9 434.6 241.8 124.8 118.5 155.7 127.9 59.5 60.9 63.5 68.3 72.3 (8.6) (0.9) (0.8) (2.6)
Cash Flow
Operating Cash Flow 55.0 (15.8) (82.0) 6.9 5.9 (52.3) (75.9) (34.1) 36.3 4.5 4.5 4.6 26.2 10.7 17.3 (5.0) 1.9 3.8 (1.4) (0.1) 0 0 0
Capital Expenditure (775.2) (552.1) (249.4) (198.3) (257.5) (171.0) (54.8) (54.8) (38.6) (13.2) (32.6) (35.1) (25.9) (38.6) (31.7) (26.8) 5.4 (22.3) (11.3) (3.3) 0 0 0
Free Cash Flow (720.2) (567.9) (331.4) (191.4) (251.6) (223.3) (130.7) (88.9) (2.3) (8.7) (28.1) (30.5) 0.3 (27.9) (14.4) (31.8) 7.3 (18.5) (12.7) (3.4) 0 0 0