Applied Digital Corp. (APLD)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Net income, last twelve months

-$411.1M

Earnings per share

-$1.64

Free cash flow

-$4.5B

Return on equity

-25.7%

Market value

$6.1B

Cash

$2.9B

Debt

$6.4B

Debt to equity

3.98

Shares outstanding

297.1M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the first quarter of fiscal 2027 results, filed 7 October 2026.

• Revenue rose 322% year on year. Total revenue was $341.9 million, against $80.9 million a year earlier. Data center rental revenue of $79.1 million is new, as HPC Hosting began rental operations in fiscal 2026.
• Services revenue drove most of the increase. Services revenue was $262.8 million, up 225%, mainly from about $157.2 million more tenant fit-out services plus $23.0 million of ChronoScale GPU hardware sales.
• Adjusted revenue excludes ChronoScale. Adjusted revenue, which excludes ChronoScale results, was $300.4 million, against $64.2 million a year earlier.
• Net loss from continuing operations was $221.0 million. Net loss from continuing operations attributable to common stockholders was $0.76 per basic and diluted share, against $0.07 a year earlier.
• Adjusted EBITDA rose to $64.4 million. Adjusted EBITDA was $64.4 million, against $0.5 million a year earlier. Adjusted net loss was $4.1 million, or $0.01 per diluted share, against $7.6 million, or $0.03.
• HPC Hosting segment profit of $33.4 million. HPC Hosting revenue was $262.6 million, including $183.5 million of tenant fit-out services, and produced $33.4 million of segment operating profit.
• Data Center Hosting held near prior year. Data Center Hosting revenue was $37.8 million, against $37.9 million, with $13.3 million of segment operating profit. The 106 MW Jamestown and 180 MW Ellendale facilities ran at full capacity.
• Polaris Forge 1 reaches 250 MW live. After the second 75 MW phase of Building 2 became ready, Polaris Forge 1 had 250 MW of fully operational critical IT load across two buildings and 10 data halls, up from 175 MW.
• Services costs rose with fit-out work. Services cost of revenue was $245.7 million, up $186.9 million, mainly from about $151.1 million more tenant fit-out expense and $22.4 million tied to GPU hardware sales.
• Stock compensation lifted SG&A. SG&A was $114.7 million, against $29.5 million. Stock-based compensation rose $51.7 million, and professional service expense rose $12.1 million.
• Interest expense rose with new debt. Interest expense was $77.4 million, against $8.0 million. Interest income rose to $35.8 million from $0.9 million on larger interest-bearing balances.
• Derivative fair value loss of $49.5 million. The loss on derivatives reflected a $56.1 million decrease in the fair value of the B&W common stock warrant. A separate $11.4 million loss on investment and $16.1 million discontinued operations loss were also reported.
• Net Operating Income margin of 89%. Net Operating Income from HPC Hosting base rent was $58.8 million after property costs. The margin on base rental revenue was 89%.
• Adjusted operating margin of 13%. Adjusted operating income was $37.8 million, against a $3.6 million loss a year earlier, after excluding stock-based compensation and ChronoScale operating results.

Company events

The newest 8-K filings of 197 held.

Every filing

The newest filings with the SEC of 458 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

629 funds held it at 30 Jun 2026: 321 added and 161 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Automatic Data Processing Inc. (ADP): revenue $21.9B, market value $113.5B
• Workday, Inc. (WDAY): revenue $10.2B, market value $50.3B
• Reddit, Inc. (RDDT): revenue $2.8B, market value $27.2B
• Verisk Analytics, Inc. (VRSK): revenue $3.1B, market value $24.7B
• Toast, Inc. (TOST): revenue $6.8B, market value $18.9B
• RingCentral, Inc. (RNG): revenue $2.6B, market value $7.6B
• Pegasystems Inc. (PEGA): revenue $1.7B, market value $5.8B
• Bilibili Inc. (BILI): revenue $4.2B, market value $5.4B
• SharonAI Holdings Inc. (SHAZ): revenue –, market value $4.8B
• D-Wave Quantum Inc. (QBTS): revenue $12.4M, market value $4.4B

What the company does

Applied Digital is a United States-based designer, developer, owner and operator of large-scale data centers built for high-performance computing (HPC) workloads, including artificial intelligence (AI) and machine learning. It calls these facilities AI factories and delivers their capacity to investment-grade hyperscalers and other compute customers under long-term lease and hosting arrangements. The company began as a blockchain hosting business and says its growth and capital allocation now centre on HPC.

How the business is organised

Applied Digital reports two segments. The HPC Hosting Business designs, constructs, owns and operates data centers for high-density GPU and other accelerated-compute equipment. The Data Center Hosting Business is the older blockchain hosting line, and the company says it expects that line to shrink as a share of the whole. The company also has a cloud business, which is no longer a reportable segment following a May 2026 transaction.

The HPC campuses

Polaris Forge 1 is in Ellendale, North Dakota. Its first data center, with approximately 100 MW of critical IT load, became operational in October 2025. A second data center of 150 MW is partially operational, and a third of approximately 150 MW is under construction. CoreWeave leases a total of 400 MW at this campus under three leases.

- Polaris Forge 2, near Harwood, North Dakota: 200 MW leased for approximately 15 years to a United States investment-grade hyperscaler. - Delta Forge 1, in a southern United States market: 300 MW under two approximately 15-year leases with a second investment-grade hyperscaler. - Polaris Forge 3, in the northern United States: 300 MW across two buildings, under two approximately 15-year leases with a high investment-grade hyperscaler. - Delta Forge 2, in the southern region: 210 MW in a single building, under one approximately 15-year lease with a high investment-grade hyperscaler.

How the leases work

Each lease is a direct, long-term agreement with CoreWeave or an investment-grade hyperscaler. The leases are structured on a take-or-pay basis and cannot be cancelled. A termination for convenience would require payment of the full remaining contractual value. Each lease has a 15-year base term. All but Polaris Forge 2 have three five-year renewal options, and Polaris Forge 2 has two. The HPC segment has three customers, each under an approximately fifteen-year lease, so customer concentration is material.

Beyond the contracted campuses, the company describes an active development pipeline of over 3 GW of utility (gross) power and an extended pipeline of more than 5 GW at earlier stages. It is also pursuing, with Base Electron Corporation, approximately 1.2 GW of natural gas-fired generation in the Dakotas.

How it builds

The company uses a standardized design across campuses. It says the design is engineered to deliver data centers of approximately 150 MW in approximately 14 to 18 months, and the filing also cites build cycles of approximately 12 to 18 months per 100 to 150 MW facility. Purchasing is concentrated on a common set of suppliers: ABB for electrical equipment, BASX for mechanical and cooling systems, and Caterpillar for backup generation. The filing also says the company relies on a limited number of vendors for some products, and that some contracts have a single source of materials. The liquid cooling system is a closed loop that recycles water, and the company says its data centers are designed for near-zero water usage effectiveness.

Legacy hosting and ChronoScale

The Data Center Hosting Business serves one crypto mining customer under a contract with approximately one and a half years remaining. It operates a 106 MW facility in Jamestown, North Dakota and a 180 MW facility in Ellendale, North Dakota, approximately 286 MW in total.

On 5 May 2026 the company completed the separation of its cloud business. It now owns approximately 97% of ChronoScale, which trades on the Nasdaq Capital Market under the symbol CHRN and is consolidated into the company's statements. ChronoScale's cloud business operates in Colorado, Minnesota and Utah. It rents space at third-party co-location centers and gives customers access to its cloud computing equipment.

Competition and people

The company competes with established data center owners and operators such as Digital Realty Trust and Equinix, and with hyperscalers that build their own capacity. It also competes with independent developers and with former blockchain hosting companies that have moved into HPC, including IREN Limited, TeraWulf, Hut 8, Core Scientific and MARA Holdings. In legacy hosting it competes with other blockchain hosting providers. The filing says competition centres on securing sites with large-scale, reliable power and interconnection, designing facilities for high-density compute, winning customers and accessing capital.

Its approximately 256 full-time employees work in design, engineering, IT, operations, construction, administration, finance and marketing, and the company also uses consultants and contractors. Eligible employees receive restricted stock unit awards, some that vest over three years and others that vest on performance milestones.

*From Applied Digital's annual report on Form 10-K for the year ended 31 May 2026. [The filing](https://www.sec.gov/Archives/edgar/data/1144879/000114487926000048/apld-20260531.htm)*

From the company's 10-K.