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Applied Digital (APLD) Financials

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$4.08 +0.64 (+18.60%)
As of 04:00 PM Eastern
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Annual Income Statements for Applied Digital

Annual Income Statements for Applied Digital

This table shows Applied Digital's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2021 2022 2023 2024
Net Income / (Loss) Attributable to Common Shareholders		 -0.57 -24 -45 -149
Consolidated Net Income / (Loss)		 -0.57 -24 -46 -150
Net Income / (Loss) Continuing Operations		 -0.57 -22 -46 -150
Total Pre-Tax Income 		-0.57 -22 -46 -150
Total Operating Income		 -0.33 -21 -44 -99
Total Gross Profit		 0.00 -0.96 11 17
Total Revenue		 0.00 8.55 55 166
Operating Revenue		 0.00 8.55 55 166
Total Cost of Revenue		 0.00 9.51 44 148
Operating Cost of Revenue		 0.00 9.51 44 148
Total Operating Expenses		 0.33 20 55 116
Selling, General & Admin Expense		 0.33 20 55 98
Other Operating Expenses / (Income)		 0.00 - 0.00 15
Other Special Charges / (Income)		 - - 0.00 2.38
Total Other Income / (Expense), net		 -0.24 -1.05 -2.07 -51
Interest Expense		 0.24 1.45 2.07 29
Other Income / (Expense), net		 0.00 0.41 0.00 -21
Income Tax Expense		 0.00 0.54 -0.52 0.10
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.00 -0.01 -0.96 -0.40
Basic Earnings per Share		 ($0.38) ($0.41) ($0.48) ($1.31)
Weighted Average Basic Shares Outstanding		 1.51M 57.12M 93.98M 114.06M
Diluted Earnings per Share		 ($0.38) ($0.41) ($0.48) ($1.31)
Weighted Average Diluted Shares Outstanding		 1.51M 57.12M 93.98M 114.06M
Weighted Average Basic & Diluted Shares Outstanding		 - 94.24M 103.95M 157.44M

Quarterly Income Statements for Applied Digital

This table shows Applied Digital's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025
Net Income / (Loss) Attributable to Common Shareholders		 -6.45 -2.81 -4.53 -27 -7.03 -6.47 -11 -11 -63 -4.29 -139
Consolidated Net Income / (Loss)		 -6.45 -2.82 -4.66 -27 -7.34 -6.86 -12 -11 -63 -4.25 -139
Net Income / (Loss) Continuing Operations		 -2.40 -4.18 -4.66 -27 -7.34 -6.86 -12 -11 -63 -4.25 -139
Total Pre-Tax Income 		-2.34 -3.91 -4.63 -27 -7.34 -7.10 -12 -11 -63 -4.25 -139
Total Operating Income		 -2.42 -4.09 -4.18 -27 -6.99 -6.24 -7.37 -7.91 -56 9.48 -19
Total Gross Profit		 -1.05 0.09 0.83 0.53 3.56 6.09 11 12 -3.71 -0.36 12
Total Revenue		 1.03 7.52 6.92 12 14 22 36 42 43 61 64
Operating Revenue		 1.03 7.52 6.92 12 14 22 36 42 43 61 64
Total Cost of Revenue		 2.07 7.43 6.09 12 11 16 25 30 47 61 52
Operating Cost of Revenue		 2.07 7.43 6.09 12 11 16 25 30 47 61 52
Total Operating Expenses		 1.37 4.18 5.01 27 11 12 18 20 52 -9.84 30
Selling, General & Admin Expense		 1.37 17 5.01 27 11 14 16 20 30 14 30
Other Operating Expenses / (Income)		 - - - - 0.00 - 0.00 0.00 22 -25 0.19
Other Special Charges / (Income)		 - - - 0.00 0.00 - 2.30 0.08 0.00 0.63 0.14
Total Other Income / (Expense), net		 0.08 0.17 -0.45 -0.36 -0.35 -0.86 -4.49 -2.62 -7.02 -14 -120
Interest Expense		 0.00 0.11 0.45 0.36 0.35 0.86 4.49 2.62 4.40 7.31 7.48
Other Income / (Expense), net		 0.08 0.29 0.00 - 0.00 - 0.00 0.00 -2.61 -6.42 -113
Income Tax Expense		 0.06 0.27 0.03 -0.31 0.00 -0.24 0.00 0.00 0.00 0.00 0.00
Preferred Stock Dividends Declared		 - - - - - - 0.00 0.00 - 0.04 0.63
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.00 -0.01 -0.13 -0.13 -0.32 -0.38 -0.40 0.00 0.00 0.00 0.00
Basic Earnings per Share		 ($0.12) $0.02 ($0.05) ($0.28) ($0.07) ($0.07) ($0.11) ($0.10) ($0.52) ($0.03) ($0.66)
Weighted Average Basic Shares Outstanding		 53.40M 57.12M 93.11M 93.42M 94.12M 93.98M 100.52M 109.66M 121.43M 149.01M 209.56M
Diluted Earnings per Share		 ($0.12) $0.02 ($0.05) ($0.28) ($0.07) ($0.07) ($0.11) ($0.10) ($0.52) ($0.03) ($0.66)
Weighted Average Diluted Shares Outstanding		 53.40M 57.12M 93.11M 93.42M 94.12M 93.98M 100.52M 109.66M 121.43M 149.01M 209.56M
Weighted Average Basic & Diluted Shares Outstanding		 99.20M 94.24M 94.24M 94.47M 94.90M 103.95M 106.30M 122.04M 122.74M 215.36M 222.90M

Annual Cash Flow Statements for Applied Digital

This table details how cash moves in and out of Applied Digital's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2021 2022 2023 2024
Net Change in Cash & Equivalents		 12 35 -2.73 -12
Net Cash From Operating Activities		 -0.08 -0.87 59 14
Net Cash From Continuing Operating Activities		 -0.08 9.28 59 14
Net Income / (Loss) Continuing Operations		 -0.57 -22 -46 -150
Consolidated Net Income / (Loss)		 -0.57 -24 -46 -150
Depreciation Expense		 0.00 1.12 7.61 79
Non-Cash Adjustments To Reconcile Net Income		 0.24 23 59 80
Changes in Operating Assets and Liabilities, net		 0.25 7.83 37 4.10
Net Cash From Investing Activities		 -3.30 -46 -132 -172
Net Cash From Continuing Investing Activities		 -3.30 -55 -132 -172
Purchase of Property, Plant & Equipment		 -0.02 -55 -131 -142
Purchase of Investments		 - 0.00 -0.81 -0.39
Sale of Property, Plant & Equipment		 - - 0.00 20
Sale and/or Maturity of Investments		 - - 0.00 0.00
Other Investing Activities, net		 -3.28 0.00 0.00 -50
Net Cash From Financing Activities		 15 81 71 147
Net Cash From Continuing Financing Activities		 15 81 71 147
Repayment of Debt		 0.00 0.00 -12 -128
Repurchase of Common Equity		 -1.37 -7.20 0.00 -0.28
Issuance of Debt		 0.00 7.32 82 145
Issuance of Common Equity		 0.00 47 4.15 131
Other Financing Activities, net		 0.00 -0.22 -3.52 -0.86
Cash Interest Paid		 0.24 0.11 1.12 18
Cash Income Taxes Paid		 0.00 0.00 0.00 0.01

Quarterly Cash Flow Statements for Applied Digital

This table details how cash moves in and out of Applied Digital's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q1 2025
Net Change in Cash & Equivalents		 -2.08 34 -5.47 -23 4.85 22 -12 3.42 55
Net Cash From Operating Activities		 1.89 -5.10 17 11 26 4.59 4.52 4.54 -76
Net Cash From Continuing Operating Activities		 1.53 6.01 17 11 26 4.59 4.52 4.54 -76
Net Income / (Loss) Continuing Operations		 -1.89 -4.64 -4.66 -27 -7.34 -6.86 -12 -11 -4.25
Consolidated Net Income / (Loss)		 -6.45 -2.81 -4.66 -27 - - -12 -11 -4.25
Depreciation Expense		 0.07 0.88 1.14 1.57 1.93 2.64 7.86 13 34
Amortization Expense		 - - 0.00 - - - 0.24 0.12 2.77
Non-Cash Adjustments To Reconcile Net Income		 1.83 7.28 5.26 32 -11 32 10 6.79 -11
Changes in Operating Assets and Liabilities, net		 1.53 2.50 16 3.47 42 -24 -2.19 -5.26 -98
Net Cash From Investing Activities		 -3.98 -10 -32 -39 -26 -36 -41 -25 -33
Net Cash From Continuing Investing Activities		 5.36 -27 -32 -39 -26 -36 -41 -25 -33
Purchase of Property, Plant & Equipment		 -18 -27 -32 -39 -26 -33 -33 -13 -55
Purchase of Investments		 - - 0.00 - - -0.71 -0.39 - 0.00
Sale of Property, Plant & Equipment		 - - - - - - 0.00 - 25
Other Investing Activities, net		 - - 0.00 - - - -7.56 -12 -2.81
Net Cash From Financing Activities		 -0.00 50 8.91 5.19 4.69 52 24 24 163
Net Cash From Continuing Financing Activities		 -0.00 50 8.91 5.19 4.69 52 24 24 163
Repayment of Debt		 - - -7.63 -1.69 -1.59 -0.15 -43 -20 -14
Repurchase of Preferred Equity		 - - - - - - 0.00 - -5.44
Repurchase of Common Equity		 -0.00 -4.28 - - - - 0.00 - -0.04
Payment of Dividends		 - - - - - - 0.00 - -0.04
Issuance of Debt		 - 7.32 15 6.71 3.86 57 6.75 5.98 117
Issuance of Preferred Equity		 - - - - - - 0.00 - 61
Issuance of Common Equity		 - 47 1.75 - 2.40 - 64 33 32
Other Financing Activities, net		 -0.00 -0.22 -0.21 0.17 0.03 -4.60 -4.85 4.85 -26
Cash Interest Paid		 - 0.11 0.36 0.35 0.41 0.45 1.84 2.53 5.51

Annual Balance Sheets for Applied Digital

This table presents Applied Digital's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2021 2022 2023 2024
Total Assets		 15 120 264 763
Total Current Assets		 12 40 46 30
Cash & Equivalents		 12 39 29 3.34
Restricted Cash		 - - 15 21
Accounts Receivable		 0.00 0.23 0.08 3.85
Prepaid Expenses		 0.01 1.34 2.01 1.34
Other Current Nonoperating Assets		 - - 0.00 0.38
Plant, Property, & Equipment, net		 0.02 64 198 340
Total Noncurrent Assets		 3.28 15 20 392
Noncurrent Note & Lease Receivables		 - 5.30 14 219
Other Noncurrent Operating Assets		 3.28 10 5.84 174
Total Liabilities & Shareholders' Equity		 15 120 264 763
Total Liabilities		 2.50 41 194 638
Total Current Liabilities		 2.50 29 115 386
Short-Term Debt		 2.14 1.33 7.95 10
Accounts Payable		 0.25 13 6.45 116
Accrued Expenses		 - - 9.96 26
Customer Deposits		 0.00 9.52 36 15
Current Deferred Revenue		 0.00 3.88 49 39
Other Current Liabilities		 0.00 1.00 6.04 178
Total Noncurrent Liabilities		 0.00 12 79 253
Long-Term Debt		 0.00 5.90 68 79
Other Noncurrent Operating Liabilities		 0.00 5.31 10 173
Commitments & Contingencies		 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 15 - - 0.00
Total Equity & Noncontrolling Interests		 -2.58 79 70 125
Total Preferred & Common Equity		 -2.58 72 60 125
Total Common Equity		 -7.80 72 60 125
Common Stock		 14 128 160 375
Retained Earnings		 -22 -56 -101 -250
Treasury Stock		 -0.06 -0.06 -0.06 -0.06

Quarterly Balance Sheets for Applied Digital

This table presents Applied Digital's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025
Total Assets		 63 146 167 208 349 481 643 938 1,543
Total Current Assets		 19 42 21 24 34 36 106 84 328
Cash & Equivalents		 12 41 18 23 5.94 9.22 4.44 58 286
Restricted Cash		 - - - - 25 25 30 21 21
Accounts Receivable		 1.04 0.05 0.28 0.08 0.03 0.31 0.23 2.30 12
Prepaid Expenses		 2.10 1.50 2.40 1.39 2.31 1.52 6.13 2.06 8.50
Other Current Nonoperating Assets		 3.57 - - - - - 65 0.19 0.00
Plant, Property, & Equipment, net		 44 95 133 167 223 259 211 478 773
Total Noncurrent Assets		 1.21 8.45 14 16 93 186 326 375 442
Noncurrent Note & Lease Receivables		 - - - - 56 95 190 201 261
Other Noncurrent Operating Assets		 1.21 8.45 14 16 37 90 137 175 181
Total Liabilities & Shareholders' Equity		 63 146 167 208 349 481 643 938 1,543
Total Liabilities		 24 69 95 136 221 325 525 641 1,053
Total Current Liabilities		 23 49 70 109 152 202 349 387 424
Short-Term Debt		 0.00 2.59 4.12 4.86 9.16 9.28 19 6.89 6.54
Accounts Payable		 13 13 7.47 14 16 38 94 140 192
Accrued Expenses		 - - - - 13 11 28 27 32
Customer Deposits		 5.65 14 25 36 36 41 36 14 16
Current Deferred Revenue		 3.91 17 29 48 52 52 64 17 6.19
Other Current Liabilities		 0.23 1.37 3.66 4.19 25 52 99 182 172
Total Noncurrent Liabilities		 1.33 20 25 28 70 123 176 254 628
Long-Term Debt		 - 12 16 19 35 34 42 106 468
Other Noncurrent Operating Liabilities		 1.06 5.62 8.63 8.49 35 89 133 148 160
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 48 - - - - - - 55 56
Total Equity & Noncontrolling Interests		 -8.61 77 72 71 128 156 118 242 435
Total Preferred & Common Equity		 -8.61 68 64 61 128 156 118 242 435
Total Common Equity		 -8.61 68 64 61 128 156 118 242 435
Common Stock		 44 129 151 155 240 278 304 496 859
Retained Earnings		 -53 -61 -87 -94 -112 -123 -186 -254 -393
Treasury Stock		 -0.06 -0.06 -0.06 -0.06 -0.06 -0.06 -0.06 -0.06 -31

Annual Metrics and Ratios for Applied Digital

This table displays calculated financial ratios and metrics derived from Applied Digital's official financial filings.

Metric 2021 2022 2023 2024
Growth Metrics		 - - - -
Revenue Growth		 0.00% 0.00% 547.94% 198.92%
EBITDA Growth		 0.00% -5,752.57% -88.11% -12.17%
EBIT Growth		 0.00% -6,072.29% -114.99% -172.92%
NOPAT Growth		 0.00% -6,194.58% -110.81% -124.77%
Net Income Growth		 0.00% -4,042.61% -93.82% -228.18%
EPS Growth		 0.00% -7.89% -17.07% -172.92%
Operating Cash Flow Growth		 0.00% -950.60% 6,835.67% -76.51%
Free Cash Flow Firm Growth		 0.00% 0.00% -44.67% -82.13%
Invested Capital Growth		 0.00% 1,461.32% 115.10% 84.63%
Revenue Q/Q Growth		 0.00% 0.00% 35.51% 0.00%
EBITDA Q/Q Growth		 0.00% 0.00% 0.17% 0.00%
EBIT Q/Q Growth		 0.00% 0.00% -5.15% 0.00%
NOPAT Q/Q Growth		 0.00% 0.00% -5.15% 0.00%
Net Income Q/Q Growth		 0.00% 0.00% -9.72% 0.00%
EPS Q/Q Growth		 0.00% 0.00% -20.00% 0.00%
Operating Cash Flow Q/Q Growth		 0.00% -121.04% 19.76% 0.00%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00%
Invested Capital Q/Q Growth		 0.00% 0.00% 42.03% 0.00%
Profitability Metrics		 - - - -
Gross Margin		 0.00% -11.19% 19.87% 10.41%
EBITDA Margin		 0.00% -226.60% -65.79% -24.69%
Operating Margin		 0.00% -244.45% -79.53% -59.81%
EBIT Margin		 0.00% -239.70% -79.53% -72.62%
Profit (Net Income) Margin		 0.00% -275.24% -82.33% -90.39%
Tax Burden Percent		 100.00% 107.22% 98.87% 100.06%
Interest Burden Percent		 171.08% 107.10% 104.71% 124.40%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% -57.68% -41.06% -47.50%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% -14.33% -2,335.93% -212.61%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 6.41% -20.19% -106.39%
Return on Equity (ROE)		 -4.53% -51.27% -61.25% -153.90%
Cash Return on Invested Capital (CROIC)		 0.00% -233.61% -114.12% -106.97%
Operating Return on Assets (OROA)		 0.00% -30.35% -22.95% -23.42%
Return on Assets (ROA)		 0.00% -34.85% -23.76% -29.15%
Return on Common Equity (ROCE)		 2.81% -36.00% -54.20% -145.86%
Return on Equity Simple (ROE_SIMPLE)		 21.99% -32.56% -76.63% -119.90%
Net Operating Profit after Tax (NOPAT)		 -0.23 -15 -31 -69
NOPAT Margin		 0.00% -171.11% -55.67% -41.86%
Net Nonoperating Expense Percent (NNEP)		 -3.53% -43.35% 2,294.87% 165.11%
Cost of Revenue to Revenue		 0.00% 111.19% 80.13% 89.59%
SG&A Expenses to Revenue		 0.00% 233.26% 99.40% 59.47%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 0.00% 233.26% 99.40% 70.21%
Earnings before Interest and Taxes (EBIT)		 -0.33 -20 -44 -120
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -0.33 -19 -36 -41
Valuation Ratios		 - - - -
Price to Book Value (P/BV)		 0.00 0.55 0.67 0.32
Price to Tangible Book Value (P/TBV)		 0.00 0.55 0.67 0.32
Price to Revenue (P/Rev)		 0.00 4.68 0.72 0.24
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 16.62 0.32 0.81 0.55
Enterprise Value to Revenue (EV/Rev)		 0.00 1.80 1.50 0.63
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 1.41 7.60
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - -
Debt to Equity		 0.17 0.09 1.10 0.72
Long-Term Debt to Equity		 0.00 0.07 0.98 0.64
Financial Leverage		 -0.76 -0.45 0.01 0.50
Leverage Ratio		 1.20 1.47 2.58 5.28
Compound Leverage Factor		 2.05 1.58 2.70 6.57
Debt to Total Capital		 14.54% 8.36% 52.31% 41.77%
Short-Term Debt to Total Capital		 14.54% 1.54% 5.44% 4.70%
Long-Term Debt to Total Capital		 0.00% 6.82% 46.87% 37.07%
Preferred Equity to Total Capital		 35.53% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 103.05% 8.07% 6.96% 0.00%
Common Equity to Total Capital		 -53.12% 83.57% 40.73% 58.23%
Debt to EBITDA		 -6.45 -0.37 -2.10 -2.19
Net Debt to EBITDA		 29.05 1.63 -0.90 -1.59
Long-Term Debt to EBITDA		 0.00 -0.30 -1.88 -1.94
Debt to NOPAT		 -9.19 -0.49 -2.48 -1.29
Net Debt to NOPAT		 41.37 2.16 -1.07 -0.94
Long-Term Debt to NOPAT		 0.00 -0.40 -2.22 -1.15
Altman Z-Score		 8.25 -0.44 -1.07 -1.28
Noncontrolling Interest Sharing Ratio		 162.16% 29.78% 11.51% 5.22%
Liquidity Ratios		 - - - -
Current Ratio		 4.70 1.39 0.40 0.08
Quick Ratio		 4.70 1.35 0.25 0.02
Cash Flow Metrics		 - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -59 -86 -156
Operating Cash Flow to CapEx		 -415.00% -1.59% 44.74% 11.31%
Free Cash Flow to Firm to Interest Expense		 0.00 -40.74 -41.32 -5.32
Operating Cash Flow to Interest Expense		 -0.35 -0.60 28.32 0.47
Operating Cash Flow Less CapEx to Interest Expense		 -0.44 -38.41 -34.98 -3.69
Efficiency Ratios		 - - - -
Asset Turnover		 0.00 0.13 0.29 0.32
Accounts Receivable Turnover		 0.00 0.00 358.52 84.28
Inventory Turnover		 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.27 0.42 0.61
Accounts Payable Turnover		 0.00 1.41 4.51 2.42
Days Sales Outstanding (DSO)		 0.00 0.00 1.02 4.33
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 259.35 81.02 150.79
Cash Conversion Cycle (CCC)		 0.00 -259.35 -80.00 -146.46
Capital & Investment Metrics		 - - - -
Invested Capital		 3.05 48 103 189
Invested Capital Turnover		 0.00 0.34 0.74 1.13
Increase / (Decrease) in Invested Capital		 0.00 45 55 87
Enterprise Value (EV)		 51 15 83 105
Market Capitalization		 40 40 40 40
Book Value per Share		 ($5.16) $0.73 $0.63 $1.02
Tangible Book Value per Share		 ($5.16) $0.73 $0.63 $1.02
Total Capital		 15 86 146 214
Total Debt		 2.14 7.23 76 90
Total Long-Term Debt		 0.00 5.90 68 79
Net Debt		 -9.62 -32 33 65
Capital Expenditures (CapEx)		 0.02 55 131 122
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -0.36 -26 -105 -370
Debt-free Net Working Capital (DFNWC)		 11 13 -62 -345
Net Working Capital (NWC)		 9.26 11 -70 -355
Net Nonoperating Expense (NNE)		 0.34 8.90 15 80
Net Nonoperating Obligations (NNO)		 -9.50 -32 33 64
Total Depreciation and Amortization (D&A)		 0.00 1.12 7.61 79
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% -305.31% -190.31% -223.39%
Debt-free Net Working Capital to Revenue		 0.00% 148.52% -111.64% -208.48%
Net Working Capital to Revenue		 0.00% 132.93% -126.00% -214.57%
Earnings Adjustments		 - - - -
Adjusted Basic Earnings per Share		 $0.00 ($0.41) ($0.49) ($1.31)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 57.12M 93.98M 114.06M
Adjusted Diluted Earnings per Share		 $0.00 ($0.41) ($0.49) ($1.31)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 57.12M 93.98M 114.06M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 94.24M 103.95M 157.44M
Normalized Net Operating Profit after Tax (NOPAT)		 -0.23 -15 -31 -68
Normalized NOPAT Margin		 0.00% -171.11% -55.67% -40.86%
Pre Tax Income Margin		 0.00% -256.71% -83.28% -90.34%
Debt Service Ratios		 - - - -
EBIT to Interest Expense		 -1.41 -14.09 -21.24 -4.10
NOPAT to Interest Expense		 -0.98 -10.06 -14.87 -2.36
EBIT Less CapEx to Interest Expense		 -1.49 -51.90 -84.54 -8.26
NOPAT Less CapEx to Interest Expense		 -1.07 -47.87 -78.17 -6.52
Payout Ratios		 - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 -240.32% -30.61% 0.00% -0.19%

Quarterly Metrics and Ratios for Applied Digital

This table displays calculated financial ratios and metrics derived from Applied Digital's official financial filings.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 0.00% 1,273.29% 192.94% 424.60% 242.00% 207.65% 67.12% 51.34%
EBITDA Growth		 0.00% 0.00% 76.60% -2,027.86% -123.09% -23.27% 123.91% 122.40% -1,054.37% 5,422.15% -2,431.55%
EBIT Growth		 0.00% 0.00% 67.86% -1,870.33% -199.06% -64.23% -76.39% 70.36% -736.09% 141.54% -1,558.78%
NOPAT Growth		 0.00% 0.00% 67.96% -1,870.33% -189.16% -52.74% -76.39% 70.36% -698.71% 228.71% -135.28%
Net Income Growth		 -8,270.13% 0.00% 66.95% -15,543.27% -13.90% -143.38% -154.43% 60.64% -755.99% 64.17% -1,217.56%
EPS Growth		 -140.00% 0.00% 83.87% 0.00% 41.67% -450.00% -120.00% 64.29% -642.86% 72.73% -560.00%
Operating Cash Flow Growth		 0.00% -6,044.58% 1,305.16% 183.50% 1,281.47% 190.02% -73.88% -57.52% 0.00% -1,780.10% 0.00%
Free Cash Flow Firm Growth		 0.00% 0.00% 0.00% 0.00% -108.92% 0.00% -77.26% -2.01% -5.28% -92.37% -433.74%
Invested Capital Growth		 0.00% 0.00% 0.00% 0.00% 203.22% 115.10% 177.31% 120.19% 23.57% 134.76% 301.43%
Revenue Q/Q Growth		 0.00% 633.24% -7.96% 78.22% 14.18% 56.41% 64.82% 16.19% 2.71% 0.00% 5.21%
EBITDA Q/Q Growth		 -92.13% -29.00% -3.89% -726.37% 79.86% 28.27% 120.15% 674.28% -1,188.76% 0.00% -426.91%
EBIT Q/Q Growth		 -72.47% -62.69% -9.86% -539.17% 73.82% 10.25% -18.00% -7.38% -614.88% 0.00% -4,387.59%
NOPAT Q/Q Growth		 -78.38% -69.14% -2.18% -539.17% 73.82% 10.25% -18.00% -7.38% -582.92% 0.00% -296.30%
Net Income Q/Q Growth		 -3,669.01% 56.29% -65.39% -474.16% 72.56% 6.61% -72.90% 11.18% -496.81% 0.00% -3,166.45%
EPS Q/Q Growth		 0.00% 116.67% -350.00% -460.00% 75.00% 12.50% -57.14% 9.09% -420.00% 0.00% -2,100.00%
Operating Cash Flow Q/Q Growth		 -49.75% -369.27% 439.10% -38.22% 144.88% -82.45% -1.61% 0.49% 0.00% 0.00% 0.00%
Free Cash Flow Firm Q/Q Growth		 0.00% 100.00% 0.00% -73.37% 42.77% -11.24% -60.66% 0.23% 41.04% 0.00% -176.81%
Invested Capital Q/Q Growth		 0.00% 100.21% 6.50% 46.54% -2.96% 42.03% 37.30% 16.36% -45.54% 0.00% 98.96%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 -102.05% 1.20% 12.00% 4.28% 25.24% 27.63% 30.56% 29.46% -8.57% -0.59% 18.02%
EBITDA Margin		 -221.15% -38.91% -43.92% -203.65% -35.93% -16.37% 2.00% 13.34% -134.80% 66.13% -205.49%
Operating Margin		 -235.58% -54.34% -60.33% -216.35% -49.60% -28.33% -20.28% -18.75% -128.78% 15.62% -29.15%
EBIT Margin		 -227.78% -50.54% -60.33% -216.35% -49.60% -28.33% -20.28% -18.75% -134.80% 5.04% -205.49%
Profit (Net Income) Margin		 -628.17% -37.45% -67.29% -216.77% -52.10% -31.11% -32.64% -24.95% -144.96% -7.00% -217.21%
Tax Burden Percent		 275.78% 71.97% 100.69% 98.85% 100.00% 96.58% 100.00% 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent		 100.00% 102.95% 110.77% 101.36% 105.04% 113.69% 160.88% 133.08% 107.54% -138.75% 105.70%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% -6.82% -25.74% -113.24% -29.57% -14.63% -12.57% -12.63% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% -6.96% -12.46% -778.37% 3.66% -400.83% 88.11% -107.05% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 2.77% 4.24% -26.22% -0.49% -3.46% -5.72% -4.97% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 0.00% -4.05% -21.51% -139.46% -30.06% -18.09% -18.29% -17.61% 0.00% 0.00% 0.00%
Cash Return on Invested Capital (CROIC)		 0.00% -124.28% 0.00% 0.00% 0.00% -114.12% -126.88% -90.64% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 0.00% -6.40% -6.40% -35.94% -14.96% -8.18% -6.95% -6.63% 0.00% 0.00% 0.00%
Return on Assets (ROA)		 0.00% -4.74% -7.14% -36.01% -15.71% -8.98% -11.18% -8.83% 0.00% 0.00% 0.00%
Return on Common Equity (ROCE)		 0.00% -2.84% -19.10% -123.06% -14.18% -16.01% -17.53% -16.95% 0.00% 0.00% 0.00%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% -20.63% -64.04% -68.31% 0.00% -41.27% -23.50% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -1.69 -2.86 -2.92 -19 -4.89 -4.37 -5.16 -5.54 -39 6.64 -13
NOPAT Margin		 -164.90% -38.04% -42.23% -151.45% -34.72% -19.83% -14.20% -13.12% -90.14% 10.94% -20.40%
Net Nonoperating Expense Percent (NNEP)		 -61.20% 0.14% -13.28% 665.13% -33.23% 386.20% -100.68% 94.42% -166.83% 47.12% 143.36%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - -2.79% - - -1.43%
Cost of Revenue to Revenue		 202.05% 98.80% 88.00% 95.72% 74.76% 72.38% 69.44% 70.54% 108.57% 100.59% 81.98%
SG&A Expenses to Revenue		 133.53% 221.88% 72.33% 220.63% 74.85% 63.13% 44.52% 48.02% 70.10% 23.62% 46.64%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 133.53% 55.54% 72.33% 220.63% 74.85% 55.96% 50.85% 48.21% 120.21% -16.21% 47.16%
Earnings before Interest and Taxes (EBIT)		 -2.34 -3.80 -4.18 -27 -6.99 -6.24 -7.37 -7.91 -58 3.06 -131
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -2.27 -2.93 -3.04 -25 -5.06 -3.61 0.73 5.63 -58 40 -131
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.55 0.59 0.63 0.66 0.67 0.31 0.26 0.34 0.17 0.09
Price to Tangible Book Value (P/TBV)		 0.00 0.55 0.59 0.63 0.66 0.67 0.31 0.26 0.34 0.17 0.09
Price to Revenue (P/Rev)		 0.00 4.68 2.59 1.44 0.98 0.72 0.47 0.35 0.00 0.00 0.00
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 3.19 0.32 0.44 0.68 0.71 0.81 0.38 0.29 0.76 0.39 0.40
Enterprise Value to Revenue (EV/Rev)		 0.00 1.80 1.45 1.83 1.26 1.50 0.62 0.42 0.00 0.00 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 18.33 0.00 1.26 2.05 1.05 1.41 1.15 1.21 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.09 0.19 0.28 0.33 1.10 0.34 0.27 0.52 0.38 0.97
Long-Term Debt to Equity		 0.00 0.07 0.16 0.23 0.26 0.98 0.27 0.22 0.36 0.36 0.95
Financial Leverage		 -0.39 -0.40 -0.34 0.03 -0.13 0.01 -0.06 0.05 -0.15 0.11 0.27
Leverage Ratio		 1.61 1.47 1.90 2.33 2.45 2.58 2.42 2.85 4.48 3.03 3.13
Compound Leverage Factor		 1.61 1.51 2.10 2.36 2.57 2.93 3.89 3.79 4.82 -4.20 3.31
Debt to Total Capital		 0.00% 8.36% 16.04% 22.17% 24.94% 52.31% 25.61% 21.56% 34.27% 27.57% 49.19%
Short-Term Debt to Total Capital		 0.00% 1.54% 2.82% 4.46% 5.10% 5.44% 5.33% 4.68% 10.72% 1.68% 0.68%
Long-Term Debt to Total Capital		 0.00% 6.82% 13.22% 17.71% 19.83% 46.87% 20.28% 16.88% 23.55% 25.89% 48.52%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 121.88% 8.07% 9.38% 9.15% 11.09% 6.96% 0.00% 0.00% 0.00% 13.48% 5.78%
Common Equity to Total Capital		 -21.88% 83.57% 74.57% 68.68% 63.98% 40.73% 74.39% 78.44% 65.73% 58.95% 45.03%
Debt to EBITDA		 0.00 -0.37 -1.56 -0.61 -0.65 -2.08 -1.32 -67.48 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 1.63 2.77 -0.07 -0.02 -0.89 -0.39 -12.85 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 -0.30 -1.29 -0.49 -0.52 -1.86 -1.05 -52.84 0.00 0.00 0.00
Debt to NOPAT		 0.00 -0.49 -1.74 -0.78 -0.81 -2.48 -1.40 -2.31 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 2.16 3.10 -0.09 -0.03 -1.07 -0.41 -0.44 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 -0.40 -1.44 -0.63 -0.64 -2.22 -1.11 -1.81 0.00 0.00 0.00
Altman Z-Score		 0.00 0.02 -0.27 -1.19 -0.86 -0.60 -0.57 -0.51 0.00 0.00 0.00
Noncontrolling Interest Sharing Ratio		 0.00% 29.78% 11.18% 11.76% 52.82% 11.51% 4.20% 3.72% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.82 1.39 0.87 0.30 0.22 0.40 0.22 0.18 0.30 0.22 0.77
Quick Ratio		 0.57 1.35 0.84 0.26 0.21 0.25 0.04 0.05 0.01 0.16 0.70
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -25 0.00 -54 -93 -53 -59 -95 -95 -56 -183 -507
Operating Cash Flow to CapEx		 10.60% -19.03% 54.60% 27.66% 100.99% 14.12% 13.86% 34.29% 0.00% -254.68% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 -119.31 -255.72 -151.35 -69.28 -21.22 -36.28 -12.74 -25.05 -67.73
Operating Cash Flow to Interest Expense		 0.00 -45.54 38.43 29.35 74.33 5.37 1.01 1.73 0.00 -10.38 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 -284.77 -31.95 -76.78 0.73 -32.65 -6.26 -3.32 0.00 -14.46 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.13 0.11 0.17 0.30 0.29 0.34 0.35 0.00 0.00 0.00
Accounts Receivable Turnover		 0.00 0.00 309.46 100.77 72.99 358.52 2,202.36 393.32 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.27 0.16 0.21 0.39 0.43 0.53 0.59 0.00 0.00 0.00
Accounts Payable Turnover		 0.00 1.41 1.16 3.67 2.65 4.51 4.22 3.50 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 1.18 3.62 5.00 1.02 0.17 0.93 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 259.35 314.86 99.50 137.56 81.02 86.41 104.20 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 -259.35 -313.68 -95.87 -132.56 -80.00 -86.25 -103.27 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 24 48 51 74 72 103 141 164 89 330 658
Invested Capital Turnover		 0.00 0.18 0.61 0.75 0.85 0.74 0.89 0.96 0.00 0.00 0.00
Increase / (Decrease) in Invested Capital		 24 0.00 51 74 48 55 90 89 17 190 494
Enterprise Value (EV)		 76 15 22 51 51 83 53 48 68 129 263
Market Capitalization		 40 40 40 40 40 40 40 40 40 40 40
Book Value per Share		 ($0.16) $0.73 $0.72 $0.67 $0.64 $0.63 $1.23 $1.42 $0.97 $1.54 $2.02
Tangible Book Value per Share		 ($0.16) $0.73 $0.72 $0.67 $0.64 $0.63 $1.23 $1.42 $0.97 $1.54 $2.02
Total Capital		 39 86 92 92 95 146 172 198 180 410 965
Total Debt		 0.00 7.23 15 20 24 76 44 43 62 113 475
Total Long-Term Debt		 0.00 5.90 12 16 19 68 35 34 42 106 468
Net Debt		 -12 -32 -26 2.42 0.80 33 13 8.15 28 34 167
Capital Expenditures (CapEx)		 18 27 32 39 26 33 33 13 0.00 30 0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -16 -26 -45 -63 -102 -105 -140 -191 -258 -375 -397
Debt-free Net Working Capital (DFNWC)		 -4.15 13 -3.70 -45 -79 -62 -109 -157 -224 -296 -89
Net Working Capital (NWC)		 -4.15 11 -6.29 -49 -84 -70 -118 -166 -243 -303 -96
Net Nonoperating Expense (NNE)		 4.75 -0.04 1.74 8.06 2.45 2.49 6.70 4.99 24 11 126
Net Nonoperating Obligations (NNO)		 -16 -32 -26 2.42 0.80 33 13 8.15 -29 33 167
Total Depreciation and Amortization (D&A)		 0.07 0.88 1.14 1.57 1.93 2.64 8.10 14 0.00 37 0.00
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% -305.31% -287.79% -227.99% -250.20% -190.31% -165.33% -166.87% 0.00% 0.00% 0.00%
Debt-free Net Working Capital to Revenue		 0.00% 148.52% -23.91% -163.01% -194.13% -111.64% -128.51% -136.66% 0.00% 0.00% 0.00%
Net Working Capital to Revenue		 0.00% 132.93% -40.63% -177.83% -206.01% -126.00% -139.32% -144.75% 0.00% 0.00% 0.00%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.12) $0.02 ($0.05) ($0.29) ($0.08) ($0.07) ($0.12) ($0.10) ($0.52) ($0.03) ($0.66)
Adjusted Weighted Average Basic Shares Outstanding		 53.40M 57.12M 93.11M 93.42M 94.12M 93.98M 100.52M 109.66M 121.43M 149.01M 209.56M
Adjusted Diluted Earnings per Share		 ($0.12) $0.02 ($0.05) ($0.29) ($0.08) ($0.07) ($0.12) ($0.10) ($0.52) ($0.03) ($0.66)
Adjusted Weighted Average Diluted Shares Outstanding		 53.40M 57.12M 93.11M 93.42M 94.12M 93.98M 100.52M 109.66M 121.43M 149.01M 209.56M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 99.20M 94.24M 94.24M 94.47M 94.90M 103.95M 106.30M 122.04M 122.74M 215.36M 222.90M
Normalized Net Operating Profit after Tax (NOPAT)		 -1.69 -2.86 -2.92 -19 -4.89 -4.37 -3.55 -5.48 -39 7.08 -13
Normalized NOPAT Margin		 -164.90% -38.04% -42.23% -151.45% -34.72% -19.83% -9.77% -12.99% -90.14% 11.66% -20.25%
Pre Tax Income Margin		 -227.78% -52.03% -66.83% -219.30% -52.10% -32.21% -32.64% -24.95% -144.96% -7.00% -217.21%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 -33.95 -9.28 -73.35 -19.86 -7.30 -1.64 -3.02 -13.27 0.42 -17.54
NOPAT to Interest Expense		 0.00 -25.55 -6.50 -51.34 -13.90 -5.11 -1.15 -2.12 -8.87 0.91 -1.74
EBIT Less CapEx to Interest Expense		 0.00 -273.18 -79.67 -179.48 -93.46 -45.32 -8.91 -8.08 0.00 -3.66 0.00
NOPAT Less CapEx to Interest Expense		 0.00 -264.78 -76.88 -157.47 -87.50 -43.13 -8.41 -7.18 0.00 -3.17 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% -30.61% 0.00% 0.00% -10.29% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Frequently Asked Questions About Applied Digital's Financials

When does Applied Digital's financial year end?

According to the most recent income statement we have on file, Applied Digital's fiscal year ends in May. Their fiscal year 2024 ended on May 31, 2024.

How has Applied Digital's net income changed over the last 3 years?

Applied Digital's net income appears to be on an upward trend, with a most recent value of -$149.67 million in 2024, rising from -$568 thousand in 2021. The previous period was -$45.61 million in 2023.

What is Applied Digital's operating income?
Applied Digital's total operating income in 2024 was -$99.02 million, based on the following breakdown:
  • Total Gross Profit: $17.24 million
  • Total Operating Expenses: $116.26 million
How has Applied Digital revenue changed over the last 3 years?

Over the last 3 years, Applied Digital's total revenue changed from $0.00 in 2021 to $165.58 million in 2024, a change of 16,557,500,000.0%.

How much debt does Applied Digital have?

Applied Digital's total liabilities were at $638.04 million at the end of 2024, a 228.4% increase from 2023, and a 25,421.5% increase since 2021.

How much cash does Applied Digital have?

In the past 3 years, Applied Digital's cash and equivalents has ranged from $3.34 million in 2024 to $38.80 million in 2022, and is currently $3.34 million as of their latest financial filing in 2024.

How has Applied Digital's book value per share changed over the last 3 years?

Over the last 3 years, Applied Digital's book value per share changed from -5.16 in 2021 to 1.02 in 2024, a change of -119.7%.

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This page (NASDAQ:APLD) was last updated on 4/16/2025 by MarketBeat.com Staff
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