APLD

Updated: Mar 12, 2026 11:30 AM

Applied Digital Corporation

Market Cap: $10.53B P/S: 83x Ownership — Insider: 16.0% | Institutional: 63.3% | Retail: 20.7% TECHNOLOGY INFORMATION TECHNOLOGY SERVICES

Applied Digital Corporation (APLD), headquartered in Dallas, Texas, is a leading player in the cryptocurrency mining and co-hosting sector, utilizing cutting-edge technologies to optimize the performance and scalability of its data centers. With the increasing adoption of blockchain technology and decentralized finance, APLD is well-positioned to seize growth opportunities in this dynamic market. The company's focus on innovation and high operational standards presents institutional investors with a unique chance to participate in the burgeoning digital asset ecosystem, making APLD a noteworthy investment consideration.

Revenue

Revenue, Profit & Income — explained by Jerry the Goat Farmer
Total RevenueEvery single dollar that wanders onto Jerry's farm. Cheese sales, milk money, goat yoga memberships, and that one weird guy who pays $50 to just watch the goats. Jerry doesn't ask questions.
Gross ProfitThe money left after feeding the goats but before reality sets in. Jerry feels rich for exactly 11 minutes.
Net IncomeWhat Jerry actually gets to keep after the Jerrynment, cousin Larry, the feed store, and his ex-wife's lawyer all take their cut. This number is often... humbling.
Using alias: revenuea -> totalRevenue [annual] [income]
Using alias: profita -> grossProfit [annual] [income]
Using alias: incomea -> netIncome [annual] [income]


Data Completeness:
------------------------------------------------------------
  ✅ totalRevenue                        13/13 dates (100%)
  ⚠️  grossProfit                         12/13 dates (92%)
  ✅ netIncome                           13/13 dates (100%)

Plot for APLD (in M)
  reports: annualReports
  showing last 25 entries
  Legend: totalRevenue, grossProfit, netIncome

               -231.06M                  -115.53M                    0.00M                    115.53M                   231.06M
               |                         |                         |                         |                         |

  2002-05-31 |                                                    |  -0.02M
  2003-05-31 |                                                    |  1.09M
  2004-05-31 |                                                    |  3.59M
  2005-05-31 |                                                    |  3.31M
  2006-05-31 |                                                    |  3.87M
  2007-05-31 |                                                    |  -2.79M
  2008-05-31 |                                                    |  -3.29M
  2020-05-31 |                                                    | -0.26M ⊗
  2021-05-31 |                                                    | -0.57M
  2022-05-31 |                                                |  -23.52M
  2023-05-31 |                                           |  55.39M
  2024-05-31 |                   |  -149.27M
  2025-05-31 | |  -231.06M

               |                         |                         |                         |                         |
               -231.06M                  -115.53M                    0.00M                    115.53M                   231.06M

Costs

Operating Costs — explained by Jerry the Goat Farmer
Cost of Goods & Services SoldThe unglamorous stuff: hay, feed, vet bills for when Sergio the goat eats another iPhone. These goats don't feed themselves, and they definitely don't apologize.
Selling, General & AdministrativeThe "CHEESE HAPPENS" billboard on the highway, the accountant (cousin Larry, who definitely cheated in Monopoly as a kid), office supplies, and the therapy Jerry needs after dealing with cousin Larry.
Research & DevelopmentJerry's experimental ghost pepper goat cheese that made three customers cry. Also the goat treadmill. The goats refuse to use the goat treadmill.
Using alias: rnda -> researchAndDevelopment [annual] [income]
Using alias: sgaa -> sellingGeneralAndAdministrative [annual] [income]
Using alias: cogsa -> costofGoodsAndServicesSold [annual] [income]


Data Completeness:
------------------------------------------------------------
  ⚠️  researchAndDevelopment              8/13 dates (62%)
  ⚠️  sellingGeneralAndAdministrative     12/13 dates (92%)
  ⚠️  costofGoodsAndServicesSold          12/13 dates (92%)

Plot for APLD (in M)
  reports: annualReports
  showing last 25 entries
  Legend: researchAndDevelopment, sellingGeneralAndAdministrative, costofGoodsAndServicesSold

               0.00M                    48.20M                    96.40M                    144.61M                   192.81M
               |                         |                         |                         |                         |

  2002-05-31 |  0.05M ⊗
  2003-05-31 |  1.18M
  2004-05-31 |  2.48M
  2005-05-31 |  2.36M
  2006-05-31 |  2.59M
  2007-05-31 |  3.04M
  2008-05-31 |  2.38M
  2020-05-31 |  0.00M ⊗⊗
  2021-05-31 |  0.33M ⊗
  2022-05-31 |  21.89M ⊗
  2023-05-31 |  55.06M ⊗
  2024-05-31 |  106.65M
  2025-05-31 |  192.81M ⊗

               |                         |                         |                         |                         |
               0.00M                    48.20M                    96.40M                    144.61M                   192.81M

Cash

Cash, Debt & Cash Flow — explained by Jerry the Goat Farmer
Cash & Short-Term InvestmentsThe coffee can buried behind the barn, $47 in a savings account, and some cryptocurrency Jerry bought drunk in 2021. He's afraid to check on it.
Short/Long-Term DebtThe barn loan that'll follow Jerry to the grave (long-term) and the $200 he owes the feed store guy who's starting to give him looks (short-term).
Operating Cash FlowReal cash moving in and out. Not "my customer promised to pay me" money. Actual dollars. Jerry has trust issues now.
Using alias: casha -> cashAndShortTermInvestments [annual] [balance]
Using alias: debta -> shortLongTermDebtTotal [annual] [balance]
Using alias: paychecka -> operatingCashflow [annual] [cashflow]


Data Completeness:
------------------------------------------------------------
  ✅ cashAndShortTermInvestments         13/13 dates (100%)
  ⚠️  SPARSE shortLongTermDebtTotal              6/13 dates (46%)
  ✅ operatingCashflow                   13/13 dates (100%)

Plot for APLD (in M)
  reports: annualReports
  showing last 25 entries
  Legend: cashAndShortTermInvestments, shortLongTermDebtTotal, operatingCashflow

               -702.88M                  -351.44M                    0.00M                    351.44M                   702.88M
               |                         |                         |                         |                         |

  2002-05-31 |                                                    |  -0.53M ⊗
  2003-05-31 |                                                    |  1.04M ⊗
  2004-05-31 |                                                    |  2.18M ⊗
  2005-05-31 |                                                    |  2.52M ⊗
  2006-05-31 |                                                    |  -1.66M ⊗
  2007-05-31 |                                                    |  -2.73M ⊗
  2008-05-31 |                                                    |  -2.34M ⊗
  2020-05-31 |                                                    |  1.90M
  2021-05-31 |                                                    |  11.75M
  2022-05-31 |                                                    |  38.80M
  2023-05-31 |                                                     |  91.81M
  2024-05-31 |                                                     |  135.73M
  2025-05-31 |                                            | 702.88M

               |                         |                         |                         |                         |
               -702.88M                  -351.44M                    0.00M                    351.44M                   702.88M

FCF

Free Cash Flow — explained by Jerry the Goat Farmer
Operating Cash FlowReal cash moving in and out. Not "my customer promised to pay me" money. Actual dollars. Jerry has trust issues now.
Capital ExpendituresBig, expensive purchases Jerry justifies at 2am: the industrial milking machine, new fencing, and a hot tub "for the goats" that somehow only Jerry uses.
Using alias: paychecka -> operatingCashflow [annual] [cashflow]
Using alias: capexa -> capitalExpenditures [annual] [cashflow]


Data Completeness:
------------------------------------------------------------
  ✅ operatingCashflow                   13/13 dates (100%)
  ✅ capitalExpenditures                 13/13 dates (100%)

Plot for APLD (in M)
  reports: annualReports
  showing last 25 entries
  Legend: operatingCashflow, capitalExpenditures

               -681.60M                  -340.80M                    0.00M                    340.80M                   681.60M
               |                         |                         |                         |                         |

  2002-05-31 |                                                    |  -0.53M
  2003-05-31 |                                                    |  -0.86M
  2004-05-31 |                                                    |  -0.41M
  2005-05-31 |                                                    |  -1.40M
  2006-05-31 |                                                    |  -1.66M
  2007-05-31 |                                                    |  -2.73M
  2008-05-31 |                                                    |  -2.34M
  2020-05-31 |                                                    |  3.30M
  2021-05-31 |                                                    |  3.30M
  2022-05-31 |                                                    |  58.25M
  2023-05-31 |                                                     |  131.28M
  2024-05-31 |                                                     |  141.81M
  2025-05-31 |                                            | 681.60M

               |                         |                         |                         |                         |
               -681.60M                  -340.80M                    0.00M                    340.80M                   681.60M

Assets

Assets, Liabilities & Equity — explained by Jerry the Goat Farmer
🐐 Assets = Liabilities + Equity

Translation: What Jerry owns = What Jerry owes + What's actually Jerry's

Or as Jerry mutters every April during tax season:
"Everything I have equals everything I owe plus whatever scraps are left for me, a humble goat man just trying to make cheese in this cruel world."
Total AssetsEverything Jerry owns: 12 acres of land, a barn that's "rustic" (rotting), 47 goats, Sergio (appraised at $800, priceless to Jerry), the cheese cave, and a 2004 Ford F-150 held together by duct tape and prayer.
Total LiabilitiesEverything Jerry owes: bank loans, the feed store tab, back taxes, and a moral debt to his neighbor for "borrowing" that tractor in 2019. They both know he's not returning it.
Total Shareholder EquityIf Jerry sold absolutely everything, paid off every debt, and finally returned that tractor... this is what he'd have left. His actual net worth. Some days it's a retirement fund. Other days it's "enough for a bus ticket and a fresh start."
Using alias: assetsa -> totalAssets [annual] [balance]
Using alias: liabila -> totalLiabilities [annual] [balance]
Using alias: equitya -> totalShareholderEquity [annual] [balance]


Data Completeness:
------------------------------------------------------------
  ✅ totalAssets                         13/13 dates (100%)
  ✅ totalLiabilities                    13/13 dates (100%)
  ✅ totalShareholderEquity              13/13 dates (100%)

Plot for APLD (in B)
  reports: annualReports
  showing last 25 entries
  Legend: totalAssets, totalLiabilities, totalShareholderEquity

               -1.87B                    -0.94B                     0.00B                     0.94B                     1.87B
               |                         |                         |                         |                         |

  2002-05-31 |                                                    |  0.00B
  2003-05-31 |                                                     |  0.00B
  2004-05-31 |                                                     |  0.01B
  2005-05-31 |                                                     |  0.01B
  2006-05-31 |                                                     |  0.01B
  2007-05-31 |                                                     |  0.00B
  2008-05-31 |                                                     |  0.00B
  2020-05-31 |                                                    |  0.01B
  2021-05-31 |                                                    |  0.02B
  2022-05-31 |                                                     |  0.12B
  2023-05-31 |                                                     |  0.26B
  2024-05-31 |                                                     |  0.76B
  2025-05-31 |                                                     | 1.87B

               |                         |                         |                         |                         |
               -1.87B                    -0.94B                     0.00B                     0.94B                     1.87B

Buffet

Using alias: incomea -> netIncome [annual] [income]
Using alias: debta -> shortLongTermDebtTotal [annual] [balance]
Using alias: equitya -> totalShareholderEquity [annual] [balance]


Data Completeness:
------------------------------------------------------------
  ✅ netIncome                           13/13 dates (100%)
  ⚠️  SPARSE shortLongTermDebtTotal              6/13 dates (46%)
  ✅ totalShareholderEquity              13/13 dates (100%)

Plot for APLD (in M)
  reports: annualReports
  showing last 25 entries
  Legend: netIncome, shortLongTermDebtTotal, totalShareholderEquity

               -702.88M                  -351.44M                    0.00M                    351.44M                   702.88M
               |                         |                         |                         |                         |

  2002-05-31 |                                                    | -0.02M ⊗
  2003-05-31 |                                                    |  1.15M ⊗
  2004-05-31 |                                                    |  9.96M ⊗
  2005-05-31 |                                                    |  8.41M ⊗
  2006-05-31 |                                                    |  6.33M ⊗
  2007-05-31 |                                                    |  3.63M ⊗
  2008-05-31 |                                                    |  -3.29M ⊗
  2020-05-31 |                                                    |  -2.02M
  2021-05-31 |                                                    |  -2.58M
  2022-05-31 |                                                   |  72.26M
  2023-05-31 |                                                  |  91.81M
  2024-05-31 |                                          |  -149.27M
  2025-05-31 |                                    | 702.88M

               |                         |                         |                         |                         |
               -702.88M                  -351.44M                    0.00M                    351.44M                   702.88M

Revenue-q

Using alias: revenue -> totalRevenue [quarterly] [income]
Using alias: profit -> grossProfit [quarterly] [income]
Using alias: income -> netIncome [quarterly] [income]


Data Completeness:
------------------------------------------------------------
  ⚠️  totalRevenue                        23/25 dates (92%)
  ⚠️  grossProfit                         22/25 dates (88%)
  ✅ netIncome                           25/25 dates (100%)

Plot for APLD (in M)
  reports: quarterlyReports
  showing last 25 entries
  Legend: totalRevenue, grossProfit, netIncome

               -138.73M                   -69.36M                    0.00M                    69.36M                    138.73M
               |                         |                         |                         |                         |

  2008-08-31 |                                                    |  -0.33M
  2008-11-30 |                                                    |  -0.44M
  2009-02-28 |                                                    |  1.53M
  2020-08-31 |                                                    | -0.07M ⊗⊗
  2020-11-30 |                                                    | -0.07M ⊗⊗
  2021-02-28 |                                                    | -0.08M
  2021-05-31 |                                                    | -0.34M ⊗
  2021-08-31 |                                                |  -14.10M
  2021-11-30 |                                                    |  1.43M
  2022-02-28 |                                                   |  -6.45M
  2022-05-31 |                                                    |  7.52M
  2022-08-31 |                                                   |  6.92M
  2022-11-30 |                                           |  -26.62M
  2023-02-28 |                                                  |  14.09M
  2023-05-31 |                                                   |  22.04M
  2023-08-31 |                                                 |  36.32M
  2023-11-30 |                                                 |  42.20M
  2024-02-29 |                             |  -62.84M
  2024-05-31 |                             |  -64.45M
  2024-08-31 |                                                   |  60.70M
  2024-11-30 | |  -138.73M
  2025-02-28 |                                        |  52.92M
  2025-05-31 |                                 |  -52.54M
  2025-08-31 |                                               |  64.22M
  2025-11-30 |                                              |  126.59M

               |                         |                         |                         |                         |
               -138.73M                   -69.36M                    0.00M                    69.36M                    138.73M

Costs-q

Using alias: rnd -> researchAndDevelopment [quarterly] [income]
Using alias: sga -> sellingGeneralAndAdministrative [quarterly] [income]
Using alias: cogs -> costofGoodsAndServicesSold [quarterly] [income]


Data Completeness:
------------------------------------------------------------
  ⚠️  SPARSE researchAndDevelopment              4/25 dates (16%)
  ⚠️  sellingGeneralAndAdministrative     23/25 dates (92%)
  ⚠️  costofGoodsAndServicesSold          22/25 dates (88%)

Plot for APLD (in M)
  reports: quarterlyReports
  showing last 25 entries
  Legend: researchAndDevelopment, sellingGeneralAndAdministrative, costofGoodsAndServicesSold

               0.00M                    25.14M                    50.28M                    75.41M                    100.55M
               |                         |                         |                         |                         |

  2008-08-31 |  0.34M
  2008-11-30 |  0.43M
  2009-02-28 |  1.43M
  2021-02-28 |  0.00M ⊗
  2021-05-31 |  0.33M ⊗⊗
  2021-08-31 |  13.04M ⊗
  2021-11-30 |  1.18M ⊗
  2022-02-28 |  2.09M ⊗
  2022-05-31 |  7.47M ⊗
  2022-08-31 |  6.39M ⊗
  2022-11-30 |  21.80M ⊗
  2023-02-28 |  10.53M ⊗
  2023-05-31 |  26.51M ⊗
  2023-08-31 |  24.40M ⊗
  2023-11-30 |  29.22M ⊗
  2024-02-29 |  47.06M ⊗
  2024-05-31 |  31.32M ⊗
  2024-08-31 |  61.06M
  2024-11-30 |  52.36M ⊗
  2025-02-28 |  49.14M ⊗
  2025-05-31 |  30.25M ⊗
  2025-08-31 |  55.61M ⊗
  2025-11-30 |  100.55M ⊗

               |                         |                         |                         |                         |
               0.00M                    25.14M                    50.28M                    75.41M                    100.55M

Cash-q

Using alias: cash -> cashAndShortTermInvestments [quarterly] [balance]
Using alias: debt -> shortLongTermDebtTotal [quarterly] [balance]
Using alias: paycheck -> operatingCashflow [quarterly] [cashflow]


Data Completeness:
------------------------------------------------------------
  ⚠️  cashAndShortTermInvestments         22/25 dates (88%)
  ⚠️  shortLongTermDebtTotal              21/25 dates (84%)
  ✅ operatingCashflow                   25/25 dates (100%)

Plot for APLD (in B)
  reports: quarterlyReports
  showing last 25 entries
  Legend: cashAndShortTermInvestments, shortLongTermDebtTotal, operatingCashflow

               -2.61B                    -1.30B                     0.00B                     1.30B                     2.61B
               |                         |                         |                         |                         |

  2008-08-31 |                                                    |  0.00B ⊗
  2008-11-30 |                                                    |  -0.00B
  2009-02-28 |                                                    |  -0.00B
  2020-08-31 |                                                    | -0.00B ⊗⊗
  2020-11-30 |                                                    | -0.00B ⊗⊗
  2021-02-28 |                                                    | -0.00B ⊗⊗
  2021-05-31 |                                                    |  0.01B
  2021-08-31 |                                                    |  0.03B
  2021-11-30 |                                                     |  0.01B
  2022-02-28 |                                                     |  0.01B
  2022-05-31 |                                                    |  0.04B
  2022-08-31 |                                                     |  0.03B
  2022-11-30 |                                                     |  0.03B
  2023-02-28 |                                                     |  0.04B
  2023-05-31 |                                                     |  0.09B
  2023-08-31 |                                                     |  0.10B
  2023-11-30 |                                                     |  0.18B
  2024-02-29 |                                                     |  0.29B
  2024-05-31 |                                                    |  0.14B
  2024-08-31 |                                                   |  0.43B
  2024-11-30 |                                                    |  0.80B
  2025-02-28 |                                                     |  0.99B
  2025-05-31 |                                                     |  0.70B
  2025-08-31 |                                                   |  0.70B
  2025-11-30 |                                                    | 2.61B

               |                         |                         |                         |                         |
               -2.61B                    -1.30B                     0.00B                     1.30B                     2.61B

FCF-q

Using alias: paycheck -> operatingCashflow [quarterly] [cashflow]
Using alias: capex -> capitalExpenditures [quarterly] [cashflow]


Data Completeness:
------------------------------------------------------------
  ✅ operatingCashflow                   25/25 dates (100%)
  ✅ capitalExpenditures                 25/25 dates (100%)

Plot for APLD (in M)
  reports: quarterlyReports
  showing last 25 entries
  Legend: operatingCashflow, capitalExpenditures

               -552.07M                  -276.04M                    0.00M                    276.04M                   552.07M
               |                         |                         |                         |                         |

  2008-08-31 |                                                    |  -0.34M
  2008-11-30 |                                                    |  -0.59M
  2009-02-28 |                                                    |  -0.45M
  2020-08-31 |                                                    |  11.30M
  2020-11-30 |                                                    |  11.30M
  2021-02-28 |                                                    |  1.65M
  2021-05-31 |                                                    |  3.30M
  2021-08-31 |                                                    |  11.29M
  2021-11-30 |                                                     |  22.26M
  2022-02-28 |                                                     |  5.36M
  2022-05-31 |                                                    |  26.79M
  2022-08-31 |                                                     |  31.67M
  2022-11-30 |                                                     |  38.63M
  2023-02-28 |                                                     |  26.16M
  2023-05-31 |                                                     |  35.06M
  2023-08-31 |                                                     |  32.59M
  2023-11-30 |                                                     |  13.24M
  2024-02-29 |                                                     |  38.61M
  2024-05-31 |                                                  |  54.81M
  2024-08-31 |                                              |  -75.89M
  2024-11-30 |                                                |  171.05M
  2025-02-28 |                                                     |  257.49M
  2025-05-31 |                                                     |  198.26M
  2025-08-31 |                                             |  249.42M
  2025-11-30 |                                                    | 552.07M

               |                         |                         |                         |                         |
               -552.07M                  -276.04M                    0.00M                    276.04M                   552.07M

Assets-q

Using alias: assets -> totalAssets [quarterly] [balance]
Using alias: liabil -> totalLiabilities [quarterly] [balance]
Using alias: equity -> totalShareholderEquity [quarterly] [balance]


Data Completeness:
------------------------------------------------------------
  ⚠️  totalAssets                         22/25 dates (88%)
  ⚠️  totalLiabilities                    22/25 dates (88%)
  ⚠️  totalShareholderEquity              23/25 dates (92%)

Plot for APLD (in B)
  reports: quarterlyReports
  showing last 25 entries
  Legend: totalAssets, totalLiabilities, totalShareholderEquity

               -5.23B                    -2.61B                     0.00B                     2.61B                     5.23B
               |                         |                         |                         |                         |

  2008-08-31 |                                                     |  0.00B
  2008-11-30 |                                                     |  0.00B
  2009-02-28 |                                                     |  0.00B
  2020-08-31 |                                                    | -0.00B ⊗⊗
  2021-05-31 |                                                    |  0.02B
  2021-08-31 |                                                    |  0.05B
  2021-11-30 |                                                    |  0.05B
  2022-02-28 |                                                    |  0.07B
  2022-05-31 |                                                     |  0.12B
  2022-08-31 |                                                     |  0.15B
  2022-11-30 |                                                     |  0.17B
  2023-02-28 |                                                     |  0.21B
  2023-05-31 |                                                     |  0.26B
  2023-08-31 |                                                     |  0.35B
  2023-11-30 |                                                     |  0.48B
  2024-02-29 |                                                     |  0.64B
  2024-05-31 |                                                     |  0.80B
  2024-08-31 |                                                     |  0.94B
  2024-11-30 |                                                     |  1.54B
  2025-02-28 |                                                     |  1.71B
  2025-05-31 |                                                     |  1.87B
  2025-08-31 |                                                     |  2.40B
  2025-11-30 |                                                     | 5.23B

               |                         |                         |                         |                         |
               -5.23B                    -2.61B                     0.00B                     2.61B                     5.23B

Buffet-q

Using alias: income -> netIncome [quarterly] [income]
Using alias: debt -> shortLongTermDebtTotal [quarterly] [balance]
Using alias: equity -> totalShareholderEquity [quarterly] [balance]


Data Completeness:
------------------------------------------------------------
  ✅ netIncome                           25/25 dates (100%)
  ⚠️  shortLongTermDebtTotal              21/25 dates (84%)
  ⚠️  totalShareholderEquity              23/25 dates (92%)

Plot for APLD (in B)
  reports: quarterlyReports
  showing last 25 entries
  Legend: netIncome, shortLongTermDebtTotal, totalShareholderEquity

               -2.61B                    -1.30B                     0.00B                     1.30B                     2.61B
               |                         |                         |                         |                         |

  2008-08-31 |                                                    |  0.00B ⊗
  2008-11-30 |                                                    |  -0.00B
  2009-02-28 |                                                    |  0.00B
  2020-08-31 |                                                    | -0.00B ⊗
  2020-11-30 |                                                    | -0.00B ⊗⊗
  2021-02-28 |                                                    | -0.00B ⊗⊗
  2021-05-31 |                                                    |  -0.00B
  2021-08-31 |                                                    |  -0.01B
  2021-11-30 |                                                    |  0.00B
  2022-02-28 |                                                    |  -0.01B
  2022-05-31 |                                                    |  0.07B
  2022-08-31 |                                                    |  0.07B
  2022-11-30 |                                                    |  0.06B
  2023-02-28 |                                                    |  0.06B
  2023-05-31 |                                                    |  0.09B
  2023-08-31 |                                                    |  0.13B
  2023-11-30 |                                                    |  0.18B
  2024-02-29 |                                                    |  0.29B
  2024-05-31 |                                                    |  0.14B
  2024-08-31 |                                                    |  0.43B
  2024-11-30 |                                                  |  0.80B
  2025-02-28 |                                                    |  0.99B
  2025-05-31 |                                                    |  0.70B
  2025-08-31 |                                                    |  1.04B
  2025-11-30 |                                                    | 2.61B

               |                         |                         |                         |                         |
               -2.61B                    -1.30B                     0.00B                     1.30B                     2.61B

Price History

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