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Applied Digital Corporation designs, develops, and operates digital infrastructure solutions to high-performance computing (HPC) and artificial intelligence industries in North America. It operates through: Data Center Hosting Business, and HPC Hosting Business. The company offers infrastructure services to crypto mining customers; and GPU computing solutions for critical workloads related to AI, machine learning, and other HPC tasks. It also engages in the designing, constructing, and managing of data centers to support HPC applications. The company was formerly known as Applied Blockchain, Inc. and changed its name to Applied Digital Corporation in November 2022. Applied Digital Corporation has an lease agreement with CoreWeave for an additional 150MW at its Polaris Forge 1 Campus in Ellendale, North Dakota. Applied Digital Corporation is based in Dallas, Texas.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $144M | $-46M | $-231M | $-797M | -46.4% | 5.5% | 54.8% |
| 2024 | $137M | $23M | $-149M | $-128M | -119.6% | 146.6% | 234.4% |
| 2023 | $55M | $-35M | $-45M | $-73M | -75.0% | 547.9% | 89.8% |
| 2022 | $9M | $-21M | $-24M | $-56M | -32.5% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 8.55 | 55.39 | 136.62 | 144.19 |
| Operating Revenue | 8.55 | 55.39 | 136.62 | 144.19 |
| Cost Of Revenue | 9.51 | 44.39 | 106.65 | 101.45 |
| Gross Profit | -0.96 | 11 | 29.96 | 42.74 |
| Operating Expense | 19.94 | 53.92 | 45.02 | 83.06 |
| Selling General And Administration | 19.94 | 53.92 | 45.02 | 83.06 |
| Total Expenses | 29.45 | 98.30 | 151.67 | 184.52 |
| Operating Income | -20.90 | -42.91 | -15.06 | -40.32 |
| Total Operating Income As Reported | -20.90 | -42.91 | -32.85 | -16.84 |
| EBITDA | -20.71 | -35.39 | 22.79 | -45.55 |
| Normalized EBITDA | -19.37 | -35.30 | 48.79 | -27.82 |
| EBIT | -21.83 | -43 | -56.57 | -143.49 |
| Interest Expense | 0.11 | 2.01 | 17.71 | 14.74 |
| Net Interest Income | -0.11 | -2.01 | -17.71 | -14.74 |
| Other Non Operating Income Expenses | 0.41 | - | -15.52 | -85.44 |
| Other Income Expense | -0.94 | -0.09 | -41.52 | -103.17 |
| Interest Expense Non Operating | 0.11 | 2.01 | 17.71 | 14.74 |
| Net Non Operating Interest Income Expense | -0.11 | -2.01 | -17.71 | -14.74 |
| Pretax Income | -21.95 | -45.01 | -74.28 | -158.23 |
| Tax Provision | 0.54 | -0.52 | 0.10 | 0.10 |
| Tax Rate For Calcs | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | -0.28 | 0 | -5.46 | -3.72 |
| Net Income Continuous Operations | -22.49 | -44.49 | -74.38 | -158.34 |
| Net Income From Continuing And Discontinued Operation | -23.52 | -44.65 | -149.27 | -231.06 |
| Net Income From Continuing Operation Net Minority Interest | -22.48 | -43.53 | -73.98 | -158.34 |
| Net Income | -23.52 | -44.65 | -149.27 | -231.06 |
| Net Income Common Stockholders | -23.52 | -44.65 | -149.27 | -233.68 |
| Net Income Including Noncontrolling Interests | -23.53 | -45.61 | -149.67 | -231.06 |
| Normalized Income | -21.42 | -43.44 | -53.44 | -140.60 |
| Diluted NI Availto Com Stockholders | -23.52 | -44.65 | -149.27 | -233.68 |
| Basic Average Shares | 57.12 | 93.98 | 114.06 | - |
| Diluted Average Shares | 57.12 | 93.98 | 114.06 | - |
| Reconciled Depreciation | 1.12 | 7.61 | 79.36 | 97.94 |
| Reconciled Cost Of Revenue | 9.51 | 44.39 | 106.65 | 101.45 |
| Total Unusual Items | -1.34 | -0.09 | -26 | -17.73 |
| Total Unusual Items Excluding Goodwill | -1.34 | -0.09 | -26 | -17.73 |
| Preferred Stock Dividends | - | - | - | 2.62 |
| Minority Interests | 0.01 | 0.96 | 0.40 | 0 |
| Net Income Discontinuous Operations | -1.04 | -1.12 | -75.30 | -72.73 |
| Special Income Charges | -1.34 | -0.09 | -20.30 | -11.31 |
| Other Special Charges | 1.34 | 0.09 | 4.89 | 34.79 |
| Gain On Sale Of Security | - | - | - | -6.42 |
| Depreciation Amortization Depletion Income Statement | 0.05 | - | - | - |
| Depreciation And Amortization In Income Statement | 0.05 | - | - | - |
| General And Administrative Expense | 19.89 | - | - | - |
| Other Gand A | 7.56 | - | - | - |
| Salaries And Wages | 12.34 | - | - | - |
| Gain On Sale Of Ppe | - | 0 | -15.42 | 23.48 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Applied Digital Corporationthis co. | APLD | $12.6B | -54.60 | 25.35 | -46.4% | -291.51 |
| Applied Optoelectronics, Inc. | AAOI | $16.3B | -425.88 | 22.18 | -5.2% | -1052.31 |
| Vicor Corporation | VICR | $14.0B | 117.69 | 19.61 | 16.7% | 132.12 |
| Cipher Digital Inc. | CIFR | $10.5B | - | 12.97 | -102.1% | - |
| D-Wave Quantum Inc. | QBTS | $10.2B |
| -28.84 |
| 12.01 |
| -41.7% |
| -27.66 |
| Core Scientific, Inc. | CORZ | $8.9B | -30.74 | -9.22 | 30.0% | -67.35 |
| Rigetti Computing, Inc. | RGTI | $8.0B | -37.14 | 14.70 | -39.6% | -38.42 |
| Clearwater Analytics Holdings, Inc. | CWAN | $7.3B | -187.52 | 3.60 | -1.9% | 98.69 |
| Navitas Semiconductor Corporation | NVTS | $7.3B | -62.15 | 16.38 | -26.4% | -104.54 |
| Peer Median | - | -37.14 | 13.84 | -15.8% | -38.42 | |