Applied Digital Financials
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Applied Digital has an operating margin of -11.7%, meaning the company retains $-12 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -24.1% the prior year.
Applied Digital's revenue grew 5.5% year-over-year to $144.2M, a solid pace of expansion. This earns a growth score of 44/100.
Applied Digital has elevated debt relative to equity (D/E of 2.48), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 19/100, reflecting increased financial risk.
Applied Digital's current ratio of 0.77 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 11/100, which could limit financial flexibility.
While Applied Digital generated -$115.4M in operating cash flow, capex of $681.6M consumed most of it, leaving -$797.0M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Applied Digital passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Applied Digital generates $0.50 in operating cash flow (-$115.4M OCF vs -$231.1M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Applied Digital earns $-1.1 in operating income for every $1 of interest expense (-$16.8M vs $14.7M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
This page shows Applied Digital (APLD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Applied Digital generated $144.2M in revenue in fiscal year 2025. This represents an increase of 5.5% from the prior year.
Applied Digital's EBITDA was $444K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 103.9% from the prior year.
Applied Digital generated -$797.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 522.6% from the prior year.
Applied Digital reported -$231.1M in net income in fiscal year 2025. This represents a decrease of 54.8% from the prior year.
Applied Digital earned $-1.16 per diluted share (EPS) in fiscal year 2025. This represents an increase of 11.5% from the prior year.
Applied Digital held $41.6M in cash against $0 in long-term debt as of fiscal year 2025.
Applied Digital had 262M shares outstanding in fiscal year 2025. This represents an increase of 88.1% from the prior year.
Applied Digital's gross margin was 29.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 7.7 percentage points from the prior year.
Applied Digital's operating margin was -11.7% in fiscal year 2025, reflecting core business profitability. This is up 12.4 percentage points from the prior year.
Applied Digital's net profit margin was -160.3% in fiscal year 2025, showing the share of revenue converted to profit. This is down 51.0 percentage points from the prior year.
Applied Digital spent $31.3M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Applied Digital invested $681.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 380.6% from the prior year.
APLD Income Statement
| Metric | Q2'25 | Q1'25 | Q3'25 | Q2'24 | Q1'24 | Q3'24 | Q2'23 | Q1'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $126.6M+97.1% | $64.2M+21.3% | $52.9M+46.3% | $36.2M+3.8% | $34.8M-19.6% | $43.3M+2.7% | $42.2M+16.2% | $36.3M |
| Cost of Revenue | $100.6M+80.8% | $55.6M+13.2% | $49.1M+116.9% | $22.7M-0.4% | $22.7M-51.7% | $47.1M+58.1% | $29.8M+18.0% | $25.2M |
| Gross Profit | $26.0M+202.4% | $8.6M+127.8% | $3.8M-72.0% | $13.5M+11.5% | $12.1M+426.0% | -$3.7M-129.9% | $12.4M+12.0% | $11.1M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $57.0M+95.5% | $29.2M+28.3% | $22.7M-12.5% | $26.0M+136.3% | $11.0M-63.4% | $30.0M+48.1% | $20.3M+25.3% | $16.2M |
| Operating Income | -$31.0M-38.9% | -$22.3M-17.7% | -$18.9M-47.9% | -$12.8M-150.6% | $25.3M+145.6% | -$55.5M-600.9% | -$7.9M-7.4% | -$7.4M |
| Interest Expense | $11.5M+191.0% | $3.9M-55.6% | $8.9M+203.8% | $2.9M-1.0% | $3.0M-32.8% | $4.4M+87.0% | $2.4M+13.5% | $2.1M |
| Income Tax | $15K+87.5% | $8K-93.2% | $117K+11600.0% | $1K | $0 | $0 | $0 | $0 |
| Net Income | -$14.4M+14.6% | -$16.9M+52.4% | -$35.6M+74.4% | -$138.7M-3166.4% | -$4.2M+93.2% | -$62.8M-496.8% | -$10.5M+8.1% | -$11.5M |
| EPS (Diluted) | $-0.070.0% | $-0.07+56.3% | $-0.16+75.8% | $-0.66-2100.0% | $-0.03+94.2% | $-0.52-420.0% | $-0.10+9.1% | $-0.11 |
APLD Balance Sheet
| Metric | Q2'25 | Q1'25 | Q3'25 | Q2'24 | Q1'24 | Q3'24 | Q2'23 | Q1'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $5.2B+118.0% | $2.4B+40.5% | $1.7B+10.6% | $1.5B+64.6% | $937.7M+45.8% | $643.2M+33.8% | $480.7M+37.7% | $349.2M |
| Current Assets | $2.7B+323.4% | $641.7M+134.0% | $274.3M-16.5% | $328.4M+290.4% | $84.1M-20.4% | $105.7M+189.9% | $36.5M+8.7% | $33.5M |
| Cash & Equivalents | $1.9B+2488.8% | $73.9M+7.5% | $68.7M-76.0% | $286.2M+391.7% | $58.2M+1212.6% | $4.4M-51.9% | $9.2M+55.1% | $5.9M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $13.3M-54.2% | $29.1M+99.3% | $14.6M+18.7% | $12.3M+435.8% | $2.3M+921.3% | $225K-26.7% | $307K+1037.0% | $27K |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $3.2B+144.6% | $1.3B+6.7% | $1.2B+14.9% | $1.1B+64.3% | $640.6M+22.1% | $524.7M+61.4% | $325.0M+46.9% | $221.2M |
| Current Liabilities | $563.4M-42.8% | $985.5M+150.4% | $393.6M-7.3% | $424.4M+9.7% | $386.7M+10.7% | $349.2M+72.5% | $202.4M+33.5% | $151.7M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $1.4B+38.8% | $1.0B+129.7% | $454.6M+4.6% | $434.6M+79.7% | $241.8M+104.1% | $118.5M-23.9% | $155.7M+21.7% | $127.9M |
| Retained Earnings | -$512.4M-2.9% | -$498.0M-16.2% | -$428.5M-9.0% | -$393.0M-54.5% | -$254.3M-37.0% | -$185.5M-51.2% | -$122.7M-9.4% | -$112.2M |
APLD Cash Flow Statement
| Metric | Q2'25 | Q1'25 | Q3'25 | Q2'24 | Q1'24 | Q3'24 | Q2'23 | Q1'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$15.8M+80.7% | -$82.0M-1490.9% | $5.9M+111.3% | -$52.3M+31.1% | -$75.9M-309.2% | $36.3M+699.7% | $4.5M+0.4% | $4.5M |
| Capital Expenditures | $552.1M+121.3% | $249.4M-3.1% | $257.5M+50.5% | $171.0M+212.1% | $54.8M+41.9% | $38.6M+229.4% | -$29.8M-139.4% | $75.7M |
| Free Cash Flow | -$567.9M-71.3% | -$331.4M-31.7% | -$251.6M-12.7% | -$223.3M-70.9% | -$130.7M-5521.0% | -$2.3M+90.8% | -$25.3M+64.4% | -$71.1M |
| Investing Cash Flow | -$569.1M-128.2% | -$249.4M+3.4% | -$258.1M-47.6% | -$174.9M-436.5% | -$32.6M+40.0% | -$54.4M-116.8% | -$25.1M+38.2% | -$40.5M |
| Financing Cash Flow | $2.8B+758.6% | $322.2M+62.0% | $198.9M-56.3% | $455.2M+178.7% | $163.4M+569.1% | $24.4M+2.0% | $23.9M+1.2% | $23.7M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $0 | N/A | $0 | N/A | N/A | N/A | N/A | N/A |
APLD Financial Ratios
| Metric | Q2'25 | Q1'25 | Q3'25 | Q2'24 | Q1'24 | Q3'24 | Q2'23 | Q1'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 20.6%+7.2pp | 13.4%+6.3pp | 7.1%-30.2pp | 37.3%+2.6pp | 34.7%+43.3pp | -8.6%-38.0pp | 29.5%-1.1pp | 30.6% |
| Operating Margin | -24.4%+10.3pp | -34.7%+1.1pp | -35.8%-0.4pp | -35.4%-108.0pp | 72.6%+200.5pp | -127.9%-109.2pp | -18.8%+1.5pp | -20.3% |
| Net Margin | -11.4%+15.0pp | -26.4%+40.8pp | -67.2%+316.4pp | -383.6%-371.4pp | -12.2%+132.8pp | -145.0%-120.0pp | -24.9%+6.6pp | -31.5% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -0.3%+0.4pp | -0.7%+1.4pp | -2.1%+6.9pp | -9.0%-8.5pp | -0.4%+9.3pp | -9.8%-7.6pp | -2.2%+1.1pp | -3.3% |
| Current Ratio | 4.82+4.2 | 0.65-0.0 | 0.70-0.1 | 0.77+0.6 | 0.22-0.1 | 0.30+0.1 | 0.18-0.0 | 0.22 |
| Debt-to-Equity | 2.18+0.9 | 1.24-1.4 | 2.66+0.2 | 2.42-0.2 | 2.65-1.8 | 4.43+2.3 | 2.09+0.4 | 1.73 |
| FCF Margin | -448.6%+67.5pp | -516.1%-40.7pp | -475.4%+142.1pp | -617.5%-242.5pp | -375.0%-369.7pp | -5.4%+54.6pp | -59.9%+135.9pp | -195.9% |
Note: The current ratio is below 1.0 (0.77), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Applied Digital's annual revenue?
Applied Digital (APLD) reported $144.2M in total revenue for fiscal year 2025. This represents a 5.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Applied Digital's revenue growing?
Applied Digital (APLD) revenue grew by 5.5% year-over-year, from $136.6M to $144.2M in fiscal year 2025.
Is Applied Digital profitable?
No, Applied Digital (APLD) reported a net income of -$231.1M in fiscal year 2025, with a net profit margin of -160.3%.
What is Applied Digital's earnings per share (EPS)?
Applied Digital (APLD) reported diluted earnings per share of $-1.16 for fiscal year 2025. This represents a 11.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Applied Digital's EBITDA?
Applied Digital (APLD) had EBITDA of $444K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Applied Digital's gross margin?
Applied Digital (APLD) had a gross margin of 29.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Applied Digital's operating margin?
Applied Digital (APLD) had an operating margin of -11.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Applied Digital's net profit margin?
Applied Digital (APLD) had a net profit margin of -160.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Applied Digital's free cash flow?
Applied Digital (APLD) generated -$797.0M in free cash flow during fiscal year 2025. This represents a -522.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Applied Digital's operating cash flow?
Applied Digital (APLD) generated -$115.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Applied Digital's total assets?
Applied Digital (APLD) had $1.9B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Applied Digital's capital expenditures?
Applied Digital (APLD) invested $681.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
Does Applied Digital buy back shares?
Yes, Applied Digital (APLD) spent $31.3M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
How many shares does Applied Digital have outstanding?
Applied Digital (APLD) had 262M shares outstanding as of fiscal year 2025.
What is Applied Digital's current ratio?
Applied Digital (APLD) had a current ratio of 0.77 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Applied Digital's debt-to-equity ratio?
Applied Digital (APLD) had a debt-to-equity ratio of 2.48 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Applied Digital's return on assets (ROA)?
Applied Digital (APLD) had a return on assets of -12.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Applied Digital's cash runway?
Based on fiscal year 2025 data, Applied Digital (APLD) had $41.6M in cash against an annual operating cash burn of $115.4M. This gives an estimated cash runway of approximately 4 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Applied Digital's Piotroski F-Score?
Applied Digital (APLD) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Applied Digital's earnings high quality?
Applied Digital (APLD) has an earnings quality ratio of 0.50x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Applied Digital cover its interest payments?
Applied Digital (APLD) has an interest coverage ratio of -1.1x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Applied Digital?
Applied Digital (APLD) scores 15 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.