Applied Digital Corporation (APLD)
🔔 Watch stock
symbol.quality_heading
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
If you buy the stock because of the earnings surprise, you should know that the surprise was an adjusted figure and that the GAAP statement showed $100.9 million of loss for common stockholders in the same quarter. If you stay invested, read three lines in every quarterly report (10-Q; the fiscal year ends May 31): the customer concentration (is it still three customers — and does the CoreWeave SPV pay?), the bridge from the adjusted to the GAAP number, and the share count (+27 percent over nine months). As long as operations do not themselves earn the debt service on billions of notes, the stock price hangs on the good will of the capital market — which can go well for a long time and turn quickly. The decision is yours.
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Applied Digital builds "AI factories" in North Dakota: data centers leased to AI cloud provider CoreWeave and to a hyperscaler for up to 15 years. Revenue has doubled year over year, and the stock ranks no. 4 in the U.S. selection of our in-house Big Earnings Surprise scanner (as of July 18, 2026). We read the quarterly reports (10-Q), the annual report (10-K) and the deal filings: the celebrated earnings surprise is an adjusted figure — under GAAP, $100.9 million of loss fell to common stockholders in the very same quarter. Three customers generate 100 percent of revenue, $6.09 billion of notes have been sold since November 2025, and the share count grew 27 percent in nine months. Not investment advice — just the question of which profit actually did the surprising here.
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Stock Watch
This analysis is as of July 19, 2026. Stock Watch will tell you what's changed at APLD since then.
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Appears in These Scanners
This stock currently matches 22 of our scanner strategies — each hit links to the scanner.
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 27.40 $ — 40% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
AI Rating
Sells AIGeprüft am 19.07.2026 gegen die 10-K für die Geschäftsjahre 2025 (eingereicht 30.07.2025) und 2024 (30.08.2024) sowie die vier jüngsten Quartalsberichte (10-Q, zuletzt zum 28.02.2026, eingereicht 08.04.2026): KI-Infrastruktur und KI-Rechenleistung sind bei Applied Digital nachweislich Umsatzquelle, nicht bloß interner Werkzeugkasten. Erstens beschreibt sich der Konzern im 10-Q zum 28.02.2026 als Entwickler und Betreiber von Rechenzentren und Colocation-Diensten ausdrücklich „for artificial intelligence (AI), networking, and blockchain workloads“ und vermarktet die HPC-Campusse als „Polaris Forge AI Factory“; die eigens für KI-Workloads gebauten HPC-Rechenzentren sind an den KI-Cloud-Anbieter CoreWeave verleast (250 MW ab 28.05.2025, +150 MW ab 28.08.2025, insgesamt 400 MW unter Vertrag laut 10-Q) und erlösten im Quartal zum 28.02.2026 71,0 Mio. US-Dollar (56 % des Konzernumsatzes). Zweitens verkaufte die Cloud-Sparte bis zu ihrer Einbringung in ChronoScale (Closing 05.05.2026) direkt KI-Rechenleistung: laut 10-Q „high-performance computing power for artificial intelligence and machine learning applications“ mit 18,1 Mio. US-Dollar Quartalsumsatz (14 % des Konzernumsatzes). Der 10-K FY2025 ordnet das Geschäft denselben Märkten zu (Datacenter-Infrastruktur für HPC und AI, Item 1). Nach der Vorrang-Regel gewinnt „Verkauft KI“ vor allen anderen Kategorien; das parallel fortgeführte Krypto-Hosting (30 % des Umsatzes) ändert daran nichts.
View the full file — quotes, sources, reviewed filings
„We are a U.S. designer, developer, and operator of high-performance, sustainably engineered data centers and colocation services for artificial intelligence (“AI”), networking, and blockchain workloads. Headquartered in Dallas, TX, and founded in 2021, the Company combines hyperscale expertise, proprietary waterless cooling, and rapid deployment capabilities to deliver secure, scalable compute at industry-leading speed and efficiency, while creating economic opportunities in underserved communities through its award-winning Polaris Forge AI Factory model."
Wir sind ein US-amerikanischer Entwickler, Erbauer und Betreiber von leistungsstarken, nachhaltig konstruierten Rechenzentren und Colocation-Diensten für Künstliche-Intelligenz-(KI-), Netzwerk- und Blockchain-Workloads. Mit Hauptsitz in Dallas, Texas, und gegründet 2021, verbindet das Unternehmen Hyperscale-Expertise, proprietäre wasserlose Kühlung und schnelle Bereitstellung, um sichere, skalierbare Rechenleistung mit branchenführender Geschwindigkeit und Effizienz zu liefern — und schafft dabei über sein preisgekröntes Polaris-Forge-KI-Fabrik-Modell wirtschaftliche Chancen in unterversorgten Regionen.
„Our Cloud Services Business provides high-performance computing power for artificial intelligence and machine learning applications. We recognized revenue of $18.1 million and $53.2 million from this business segment during the three and nine months ended February 28, 2026, respectively."
Unser Cloud-Services-Geschäft stellt Hochleistungs-Rechenleistung für Anwendungen der Künstlichen Intelligenz und des maschinellen Lernens bereit. Aus diesem Geschäftssegment erfassten wir im Dreimonats- bzw. Neunmonatszeitraum zum 28. Februar 2026 Umsatzerlöse von 18,1 Millionen bzw. 53,2 Millionen US-Dollar.
„These facilities are being designed and purpose-built to host high-density graphics processing unit architecture or other HPC applications, such as artificial intelligence, natural language processing, machine learning, and additional HPC developments."
Diese Anlagen werden eigens dafür entworfen und gebaut, hochdichte Grafikprozessor-Architekturen oder andere HPC-Anwendungen zu beherbergen — etwa Künstliche Intelligenz, natürliche Sprachverarbeitung, maschinelles Lernen und weitere HPC-Entwicklungen.
Rated on July 19, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Analysts & Price Target
The price target sits 170.6% above the current price.
- Consensus
- Sell
- Analyst Ratings
- 9
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 05/31/2027 | -0.72 | -0.72 – -0.72 | 713 | -754.6% | 2 |
| 05/31/2028 | 0.13 | -1.06 – 1.60 | 1,815 | 117.6% | 3 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.66 | – | 36 | -14.20 | -383.20 | -52 | -223 |
| 2025: Q1 | -0.16 | – | 53 | 22.10 | -67.20 | 6 | -252 |
| 2025: Q2 | -0.26 | – | 38 | 157.80 | -138.20 | 7 | -191 |
| 2025: Q3 | -0.07 | – | 64 | 5.80 | -26.40 | -82 | -331 |
| 2025: Q4 | -0.07 | – | 127 | 249.70 | -13.80 | -16 | -568 |
| 2026: Q1 | -0.37 | – | 127 | 139.30 | -78.40 | 55 | -720 |
| 2026: Q2 | -0.40 | -53.80 | – | – | – | 133 | 133 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2006 | 4 | -2 | -2 | -1.65 | -2 | 6 | 7 |
| 2007 | 2 | -3 | -3 | -2.04 | -3 | 4 | 4 |
| 2008 | 0 | -3 | -3 | -2.37 | -2 | 1 | 1 |
| 2020 | 0 | 0 | 0 | -0.17 | 0 | 4 | 6 |
| 2021 | 0 | 0 | -1 | -0.06 | 0 | -3 | 15 |
| 2022 | 9 | -21 | -24 | -0.41 | -1 | 72 | 120 |
| 2023 | 55 | -44 | -46 | -0.49 | 59 | 60 | 264 |
| 2024 | 137 | -15 | -149 | -1.31 | 14 | 125 | 763 |
| 2025 | 216 | -72 | -231 | -1.15 | -115 | 634 | 1,870 |
| 2026 | 611 | -236 | -244 | -0.89 | 90 | 1,780 | 9,929 |
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Assessment: Opportunities & Risks
Revenue up 139 percent in the quarter ended February 28, 2026 ($126.6 million) and 99 percent over nine months ($352.6 million); 550 MW leased to CoreWeave, 200 MW for roughly 15 years to an investment-grade hyperscaler, leases signed for Delta Forge 1 and 2 (10-Q as of 02/28/2026; 8-K dated 04/23 and 06/09/2026).
Since November 2025, $6.09 billion of project notes have been placed (9.250/6.750/7.000 percent), plus $900 million of Macquarie preferred capital within a framework of up to $5.8 billion, a $430 million revolver and $1.7 billion of cash (02/28/2026) — the build-out is funded for the visible future.
The earnings surprise (+142.9 percent per our scanner) refers to the adjusted figure (+$0.09/share); under GAAP, $100.9 million of loss fell to common stockholders in the same quarter (−$0.36/share), and the 10-K 2025 announces further net losses "for the foreseeable future" — after $45.6/$149.7/$231.1 million in fiscal years 2023–2025.
Three customers generated 100 percent of revenue in the quarter ended February 28, 2026, per the 10-Q (56/30/14); the largest tenant, CoreWeave, transferred parts of its leases to a special-purpose vehicle in March 2026, secured only by a springing guaranty and a $50 million letter of credit.
Share count up 27 percent in nine months (224.9 to 285.4 million), a Series G conveyor belt (49.2 million new shares), a 46.1-million-share convertible overhang, $39.3 million of additional stock-based compensation in one quarter; plus capital providers with right of way: Macquarie's preferred return ($28.7 million in the quarter, $482.7 million in the future) and $2.94 billion of principal plus $1.10 billion of interest in scheduled debt service (02/28/2026).
Roughly $12 billion of market value (07/18/2026) for about $320 to $355 million of trailing revenue — a price-to-sales ratio around 34 with no GAAP profit; property and equipment ($3.0 billion) and cash ($1.7 billion) cover less than half the market value, the rest is priced-in construction and leasing future.
Applied Digital is the rare combination of genuine substance and maximum capital market dependence: the data centers are standing, CoreWeave and an investment-grade hyperscaler have signed long-term, revenue has doubled and adjusted EBITDA is positive. At the same time, the celebrated earnings surprise comes from a non-GAAP calculation while GAAP assigned $100.9 million of quarterly loss to shareholders; three customers carry 100 percent of revenue, the share count grew 27 percent in nine months, and $6.09 billion of notes plus Macquarie preferred capital stand ahead of common stockholders in the payout order. Whoever invests here buys a construction site with first-class anchor tenants — but pays for it like a finished building. Not investment advice.
- APLD made the research list as rank 4 of our in-house Big Earnings Surprise scanner (U.S. selection, as of July 18, 2026) — part of our series on the top 20 of that selection.
- Scanner metrics (earnings surprise +142.9 percent, Piotroski 5/9, Altman-Z ~4.7, P/S ~34, 18 insider sales/0 purchases) use trailing twelve-month data as of July 18, 2026; the surprise refers to the adjusted non-GAAP earnings figure for the quarter ended February 28, 2026.
- Market value (~$12.0 billion) from the July 18, 2026 feed, sanity-checked against 285.4 million shares outstanding per the quarterly report 10-Q as of February 28, 2026; analyses are evergreen, daily prices are not a buy argument.
About the Company
Applied Digital Corporation entwirft, entwickelt und betreibt Lösungen für digitale Infrastruktur für die Branchen High-Performance-Computing (HPC) und künstliche Intelligenz in Nordamerika. Es ist in den Geschäftsfeldern Data Center Hosting und HPC Hosting tätig.
| Employees | 256 |
|---|---|
| Headquarters | Dallas, TX |
| Address | 3811 Turtle Creek Boulevard, 75219 Dallas, United States |
| Phone | 214 427 1704 |
| Website | applieddigital.com |
| IPO Date | 22. Jul 2002 |
| ISIN | US0381692070 |
| Stock Split | 1:6 on 04/13/2022 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Wesley Cummins | Chairman, CEO, Secretary & Treasurer | 1978 |
| Mark Chavez | Chief Compliance Officer & General Counsel | – |
| Nick Phillips | Executive Vice President of External Affairs | – |
| Erin Gracey Kraxberger | Chief Marketing Officer | – |
| Todd Gale | Chief Development Officer | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.