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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 | -36.5% | 5.5% | - |
| 2024 | $137M | $23M | $-149M | $-128M | -119.6% | 146.6% | - |
| 2023 | $55M | $-35M | $-45M | $-73M | -64.1% | 547.9% | - |
| 2022 | $9M | $-21M | $-24M | $-56M | -29.7% | - | - |
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 |
| Cost Of Revenue | 9.51 | 44.39 | 106.65 | 101.45 |
| Gross Profit | -0.96 | 11 | 29.96 | 42.74 |
| Operating Expense | 19.94 | 53.91 | 45.02 | 83.06 |
| Operating Income | -20.90 | -42.91 | -15.05 | -40.32 |
| EBITDA | -20.71 | -35.39 | 22.79 | -45.55 |
| EBIT | -21.83 | -43.01 | -56.57 | -143.49 |
| Pretax Income | -21.95 | -45.01 | -74.28 | -158.23 |
| Tax Provision | 0.54 | -0.52 | 0.10 | 0.10 |
| Net Income | -23.52 | -44.65 | -149.27 | -231.06 |
| Net Income Common Stockholders | -23.52 | -44.65 | -149.27 | -233.68 |
| Total Expenses | 29.45 | 98.30 | 151.67 | 184.52 |
| Interest Expense | 0.11 | 2.01 | 17.71 | 14.74 |
| Selling General And Administration | 19.94 | 53.91 | 45.02 | 83.06 |
| Normalized EBITDA | -19.37 | -35.30 | 48.79 | -27.82 |
| Normalized Income | -21.42 | -43.44 | -53.44 | -140.60 |
| Basic EPS | -0.41 | -0.49 | -1.31 | 0 |
| Diluted EPS | -0.41 | -0.49 | -1.31 | 0 |
| Tax Effect Of Unusual Items | -0.28 | 0 | -5.46 | 0 |
| Tax Rate For Calcs | 0.21 | 0.01 | 0.21 | 0 |
| Total Unusual Items | -1.34 | -0.09 | -26 | -17.73 |
| Total Unusual Items Excluding Goodwill | -1.34 | -0.09 | -26 | -17.73 |
| Net Income From Continuing Operation Net Minority Interest | -22.48 | -43.53 | -73.98 | -158.34 |
| Reconciled Depreciation | 1.12 | 7.61 | 79.36 | 97.94 |
| Reconciled Cost Of Revenue | 9.51 | 44.39 | 106.65 | 101.45 |
| Net Interest Income | -0.11 | -2.01 | -17.71 | -14.74 |
| Net Income From Continuing And Discontinued Operation | -23.52 | -44.65 | -149.27 | -231.06 |
| Total Operating Income As Reported | -20.90 | -42.91 | -32.85 | -16.84 |
| Diluted Average Shares | 57.12 | 93.98 | 114.06 | 0 |
| Basic Average Shares | 57.12 | 93.98 | 114.06 | 0 |
| Diluted NI Availto Com Stockholders | -23.52 | -44.65 | -149.27 | -233.68 |
| Preferred Stock Dividends | 0 | 0 | 0 | 2.62 |
| Minority Interests | 0.01 | 0.96 | 0.40 | 0 |
| Net Income Including Noncontrolling Interests | -23.53 | -45.61 | -149.67 | -231.06 |
| Net Income Discontinuous Operations | -1.04 | -1.12 | -75.30 | -72.73 |
| Net Income Continuous Operations | -22.49 | -44.49 | -74.38 | -158.34 |
| Other Income Expense | -0.94 | -0.09 | -41.52 | -103.17 |
| Other Non Operating Income Expenses | 0.41 | 0 | -15.52 | -85.44 |
| Special Income Charges | -1.34 | -0.09 | -20.30 | -11.31 |
| Gain On Sale Of Ppe | 0 | 0 | -15.42 | 23.48 |
| Other Special Charges | 1.34 | 0.09 | 4.89 | 34.79 |
| Gain On Sale Of Security | 0 | 0 | -5.70 | -6.42 |
| Net Non Operating Interest Income Expense | -0.11 | -2.01 | -17.71 | -14.74 |
| Interest Expense Non Operating | 0.11 | 2.01 | 17.71 | 14.74 |
| Depreciation Amortization Depletion Income Statement | 0.05 | 0 | 0 | 0 |
| Depreciation And Amortization In Income Statement | 0.05 | 0 | 0 | 0 |
| Depreciation Income Statement | 0 | 0 | 0 | 0 |
| General And Administrative Expense | 19.89 | 0 | 0 | 0 |
| Other Gand A | 7.55 | 0 | 0 | 0 |
| Salaries And Wages | 12.34 | 0 | 0 | 0 |
| Operating Revenue | 8.55 | 55.39 | 136.62 | 144.19 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Applied Digital Corporationthis co. | APLD | $9.3B | - | 5.90 | -36.5% | 821.55 |
| Rambus Inc. | RMBS | $12.1B | 53.67 | 8.70 | 16.9% | 37.66 |
| Vicor Corporation | VICR | $11.6B | 86.14 | 16.33 | 16.7% | 141.67 |
| DigitalOcean Holdings, Inc. | DOCN | $10.1B | 38.44 | -310.48 | -903.7% | 36.44 |
| InterDigital, Inc. | IDCC | $9.1B |
| 29.86 |
| 8.23 |
| 36.9% |
| 15.41 |
| Clearwater Analytics Holdings, Inc. | CWAN | $7.2B | - | 3.48 | -1.9% | 91.05 |
| Silicon Laboratories Inc. | SLAB | $7.2B | - | 6.54 | -5.9% | -207.60 |
| Cipher Digital Inc. | CIFR | $6.9B | - | 8.51 | -98.4% | 38.15 |
| D-Wave Quantum Inc. | QBTS | $6.8B | - | 7.69 | -41.7% | -59.89 |
| Peer Median | - | 46.05 | 7.96 | -3.9% | 37.05 | |