Every 10-Q that Applied Digital Corporation (APLD) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow APLD and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full APLD filings page.
Applied Digital Corporation filed its quarterly report showing rapid balance sheet expansion driven by large financings and data center build-out. Total assets rose to $6.25 billion as of February 28, 2026, with cash and cash equivalents increasing to $1.73 billion and property and equipment to $3.01 billion.
For the quarter, revenue grew to $126.6 million, up from $52.9 million a year earlier, but the company reported a net loss attributable to common stockholders of $100.9 million, or $0.36 per share. Results were affected by higher selling, general and administrative costs and a $59.7 million loss related to remeasuring its Cloud Services Business after it ceased to qualify as held for sale.
Financing activity was significant, including issuance of $2.35 billion of 9.25% 2030 Senior Secured Notes, a new development facility with Macquarie, preferred equity and noncontrolling-interest funding, and sales of common stock under an at-the-market program. The company also consolidated a variable interest entity for its HPC data center joint platform and recorded a large redeemable noncontrolling interest and related derivative assets.
Applied Digital Corporation reported sharp growth and major balance sheet changes for the quarter ended November 30, 2025. Total revenue rose to $126.6M from $36.2M a year earlier, driven largely by hosting contracts concentrated in two customers, with Customer A representing 67% and Customer B 33% of quarterly revenue. Despite the growth, the company posted a net loss attributable to common stockholders of $19.1M, improved from a loss of $139.4M in the prior-year quarter.
Cash, cash equivalents and restricted cash from continuing operations increased to $2.30B as of November 30, 2025, up from $120.9M at May 31, 2025, primarily reflecting financing activity. Total assets reached $5.23B, including substantial investments in property and equipment. Long-term debt rose significantly to $2.59B, mainly from issuing $2.35B of 9.25% Senior Secured Notes due 2030.
The Cloud Services Business, classified as discontinued operations and held for sale, generated net income of $12.1M for the quarter compared with a net loss of $10.4M a year earlier. Operating activities used $97.9M of cash over the six-month period, while investing activities used $818.5M, largely for data center construction, and financing activities provided $3.09B, reflecting new debt, preferred equity, and common stock issuances.
Applied Digital Corporation reported an operational quarter driven by growth in its HPC Hosting business and material financing activity. Revenue rose 95% to $64.2M for the three months ended August 31, 2025, largely from tenant fit-out services that contributed $26.3M. The company classified its Cloud Services Business as held for sale and reported it as discontinued operations, recognizing $16.7M of revenue in discontinued operations for the period.
Applied Digital strengthened liquidity via an at-the-market sales program that generated approximately $196.4M and expanded its Series G Preferred commitment (eventually increasing the program and issuing convertible preferred shares that were converted into common stock). The company also executed data center leases with CoreWeave that bring Polaris Forge 1 capacity under contract to 400 MW, and has secured additional financing and a promissory note to support Polaris Forge 2 development.