Applied Digital CorporationAPLD
NasdaqGS•Technology•Information Technology Services
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.
Applied Digital Corporation (APLD) reported trailing twelve months revenue of $284.14M as of February 2026, a 28.5% increase year-over-year. Quarterly revenue reached $126.64M, reflecting continued top-line momentum.
Applied Digital Corporation reported a TTM net loss of $154.47M, with quarterly EBITDA of $-64.85M. The operating margin contracted from -35.8% to -67.6%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (-67.6%) and net margin (-55.7%) indicates tight cost control with minimal non-operating drag. Net margin has improved from -67.2% a year ago, signaling stronger bottom-line efficiency.
APLD trades at a P/S of 27.1x. The price-to-book ratio of 4.9x reflects a moderate premium to book value.
The company reported negative free cash flow of $-720.20M, indicating cash consumption over the period. The balance sheet shows $6.25B in total assets with no in long-term debt against $1.58B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 17 quarters of fundamental data
Operating margins are under pressure, averaging -34.8%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
Only 0 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
TTM revenue has grown consistently (6 of 7 quarters up), with ~71.6% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 17 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
Free cash flow has been negative in 8 of the last 8 quarters — earnings are not translating to cash.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
The last 8 consecutive quarters had negative FCF — the company is burning cash and may need external funding.
Shares outstanding increased 50.8% — significant dilution, likely from stock compensation or capital raises.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation