Financial health
- Operating income covered interest expense -1.1× in the latest year.
- The company is unprofitable and has less than a year of cash runway at its current free-cash-flow burn.
APLD Financials Applied Digital Corp.
5 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key annual figures
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $144M | -$231M | 29.6% | -11.7% | -$797M | — | $44M |
| 2024 | $137M | -$150M | 21.9% | -24.0% | -$128M | — | $3M |
| 2023 | $55M | -$46M | 19.9% | -77.5% | -$73M | — | $29M |
| 2022 | $9M | -$24M | -11.2% | -244.4% | -$56M | $7M | $39M |
| 2021 | $0 | -$568000 | — | — | — | — | $12M |
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key quarterly figures
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Feb '26 | $127M | -$71M | 42.5% | -67.6% | -$720M | — | $1.7B |
| Nov '25 | $127M | -$14M | 20.6% | -24.5% | -$568M | — | $1.9B |
| Aug '25 | $64M | -$17M | 13.4% | -34.7% | -$331M | — | $74M |
| May '25 | -$33M | -$53M | -83.5% | -33.7% | -$191M | — | $44M |
| Feb '25 | $53M | -$36M | 7.1% | -35.8% | -$252M | — | $69M |
| Nov '24 | $36M | -$139M | 37.3% | -35.4% | -$223M | — | $286M |
| Aug '24 | $35M | -$4M | 34.7% | 72.6% | -$131M | — | $58M |
| May '24 | $15M | -$64M | 68.8% | 257.0% | -$89M | — | $3M |
| Feb '24 | $43M | -$63M | -8.6% | -127.9% | -$2M | — | $4M |
| Nov '23 | $42M | -$11M | 29.5% | -18.7% | -$9M | — | $9M |
| Aug '23 | $36M | -$12M | 30.6% | -20.3% | -$28M | — | $6M |
| May '23 | $22M | -$7M | 27.6% | -28.0% | -$30M | — | $29M |
| Feb '23 | $14M | -$7M | 25.2% | -49.6% | $256000 | — | $8M |
| Nov '22 | $12M | -$27M | 4.3% | -216.4% | -$28M | — | $11M |
| Aug '22 | $7M | -$5M | 12.0% | -60.3% | -$14M | — | $33M |
| May '22 | $8M | -$3M | 1.2% | -56.7% | — | $7M | $39M |
| Feb '22 | $1M | -$6M | -102.0% | -235.6% | — | — | $12M |
| Nov '21 | $0 | -$171000 | — | — | — | — | — |
| Aug '21 | $0 | -$14M | — | — | — | — | — |
| May '21 | $0 | -$345000 | — | — | — | — | $12M |
Valuation over time
How the market has priced APLD against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
- The price-to-sales ratio has risen from 74.7× (Mar '23) to 81.7× (Jun '26).
P/S
Frequently asked questions
Is APLD growing its revenue and profit?
See the revenue and net-income charts above for Applied Digital Corp.'s multi-year trend.
How much debt does APLD have?
As of FY2025, Applied Digital Corp. reported — of total debt against $44M of cash; operating income covered interest expense -1.1×.
What is APLD's profit margin?
In FY2025, gross margin was 29.6%, operating margin -11.7%, and net margin -160.2%.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.