Applied Digital Corp.
Business
Applied Digital Corp. is a U.S. designer, developer, and operator of next-generation data center infrastructure across North America specializing in high-performance computing and artificial intelligence workloads. The company operates two reportable segments: Data Center Hosting Business, which provides energized infrastructure to crypto mining customers at facilities in North Dakota; and HPC Hosting Business, which designs, constructs, and operates purpose-built data centers for high power density GPU applications. The company is constructing the Polaris Forge 1 campus comprising three AI-focused data centers in North Dakota, with the first 100 MW facility expected to become operational in calendar year 2025.
Summary from 10-K filed 2025-07-30
Financials
Consolidated Statement of Income
| Concept | Trend | FY 2025 2025-05-31 | FY 2024 2024-05-31 | FY 2023 2023-05-31 | FY 2022 2022-05-31 | FY 2021 2021-05-31 |
|---|---|---|---|---|---|---|
| Total revenue | 144 | 137 | 55 | 9 | 0 | |
| Cost of revenues | 101 | 107 | 44 | 10 | 0 | |
| Selling, general and administrative | 83 | 45 | 54 | 20 | 332,000 | |
| (Gain) loss on classification as held for sale | −25 | 15 | 0 | — | — | |
| Loss on abandonment of assets | 1 | 0 | 0 | — | — | |
| Loss from legal settlement | 0 | 2 | 0 | — | — | |
| Total costs and expenses | 161 | 169 | 98 | 20 | 332,000 | |
| Operating loss | −17 | −33 | −43 | −21 | −332,000 | |
| Interest expense, net | 15 | 18 | 2 | — | — | |
| Loss on conversion of debt | 34 | 0 | 0 | — | — | |
| Loss on change in fair value of debt | 85 | 7 | 0 | — | — | |
| Loss on change in fair value of related party debt | 0 | 8 | 0 | — | — | |
| Loss on change in fair value of warrants | 6 | 0 | 0 | — | — | |
| Net loss from continuing operations before income tax expenses | −158 | −74 | −45 | −22 | −568,000 | |
| Income tax expense (benefit) | 102,000 | 96,000 | −523,000 | −540,000 | 0 | |
| Net loss from continuing operations | −158 | −74 | −44 | −22 | −568,000 | |
| Net loss from discontinued operations | −73 | −75 | −1 | −1 | 0 | |
| Net loss | −231 | −150 | −46 | −24 | −568,000 | |
| Net loss attributable to noncontrolling interest | 0 | −397,000 | −960,000 | −10,000 | 0 | |
| Preferred dividends | −3 | 0 | 0 | — | — | |
| Net loss attributable to common stockholders | −234 | −149 | −45 | — | — | |
| Continuing operations | −161 | −74 | −44 | — | — | |
| Discontinued operations | −73 | −75 | −1 | — | — | |
| Continuing operations, basic (in dollars per share) | −0.8 | −0.65 | −0.46 | −0.39 | −0.38 | |
| Continuing operations, diluted (in dollars per share) | −0.8 | −0.65 | −0.46 | −0.39 | −0.38 | |
| Discontinued operations, basic (in dollars per share) | −0.36 | −0.66 | −0.01 | −0.02 | 0 | |
| Discontinued operations, diluted (in dollars per share) | −0.36 | −0.66 | −0.01 | −0.02 | 0 | |
| Basic net loss per share (in dollars per share) | −1.16 | −1.31 | −0.47 | −0.41 | −0.38 | |
| Diluted net loss per share (in dollars per share) | −1.16 | −1.31 | −0.47 | −0.41 | −0.38 | |
| Basic weighted average number of shares outstanding (in shares) | 201 | 114 | 94 | 57 | 2 | |
| Diluted weighted average number of shares outstanding (in shares) | 201 | 114 | 94 | 57 | 2 |
Consolidated Balance Sheet
| Concept | Trend | FY 2025 2025-05-31 | FY 2024 2024-05-31 | FY 2023 2023-05-31 | FY 2022 2022-05-31 | FY 2021 2021-05-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 42 | 3 | 29 | 39 | — | |
| Funds for construction | 41 | 0 | — | — | — | |
| Letters of credit | 31 | 21 | — | — | — | |
| Accounts receivable | 3 | 4 | 82,000 | 227,000 | 0 | |
| Prepaid expenses and other current assets | 9 | 1 | 2 | 1 | 5,000 | |
| Current assets held for sale | 304 | 375 | 0 | — | — | |
| Total current assets | 431 | 404 | 46 | 40 | 12 | |
| Property and equipment, net | 1,276 | 329 | 198 | 64 | 20,000 | |
| Operating lease right of use assets, net | 960,000 | 2 | 1 | 1 | — | |
| Finance lease right of use assets, net | 18 | 9 | 14 | 5 | — | |
| Other assets | 145 | 19 | 5 | 9 | — | |
| TOTAL ASSETS | 1,870 | 763 | 264 | 120 | 15 | |
| Accounts payable | 248 | 105 | 6 | — | — | |
| Accrued liabilities | 30 | 25 | 10 | — | — | |
| Current portion of operating lease liability | 692,000 | 604,000 | 320,000 | 191,000 | — | |
| Current portion of finance lease liability | 14 | 5 | 6 | 813,000 | — | |
| Current portion of debt | 10 | 10 | 8 | 1 | 0 | |
| Current portion of debt, at fair value | 0 | 36 | 0 | — | — | |
| Due to customer | 5 | 13 | 0 | — | — | |
| Current liabilities held for sale | 216 | 336 | — | — | — | |
| Other current liabilities | 19 | 96,000 | 0 | 16,000 | 0 | |
| Total current liabilities | 558 | 554 | 115 | 29 | 3 | |
| Long-term portion of operating lease liability | 381,000 | 1 | 1 | 936,000 | — | |
| Long-term portion of finance lease liability | 15,000 | 3 | 8 | 4 | — | |
| Total liabilities | 1,236 | 638 | 194 | 41 | 3 | |
| Commitments and contingencies (Note 15) | — | — | — | — | — | |
| Common stock, $0.001 par value, 400,000,000 shares authorized, 234,200,868 shares issued and 224,909,669 shares outstanding at May 31, 2025, and 144,083,944 shares issued and 139,051,142 shares outstanding at May 31, 2024 | 230,000 | 144,000 | 101,000 | 98,000 | 2,000 | |
| Treasury stock, 9,291,199 shares at May 31, 2025 and 5,032,802 shares at May 31, 2024, at cost | −31 | −62,000 | −62,000 | — | — | |
| Additional paid in capital | 1,010 | 375 | 160 | 128 | 14 | |
| Accumulated deficit | −481 | −250 | −101 | −56 | −22 | |
| Total stockholders equity attributable to Applied Digital Corporation | 498 | 125 | 60 | 72 | −3 | |
| TOTAL LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY | 1,870 | 763 | 264 | 120 | 15 |
Consolidated Statement of Cash Flows
| Concept | Trend | FY 2025 2025-05-31 | FY 2024 2024-05-31 | FY 2023 2023-05-31 | FY 2022 2022-05-31 | FY 2021 2021-05-31 |
|---|---|---|---|---|---|---|
| Depreciation and amortization | 98 | 79 | 8 | — | — | |
| Stock-based compensation | 23 | 17 | 32 | 12 | 0 | |
| Lease expense | 32 | 14 | 0 | 328,000 | — | |
| Deferred income taxes | 0 | 0 | −540,000 | 540,000 | — | |
| Amortization of debt issuance costs | 10 | 5 | 410,000 | — | — | |
| (Gain) loss on classification of held for sale | −25 | 15 | 0 | — | — | |
| Loss on change in fair value of related party debt | 0 | 14 | 0 | — | — | |
| Loss on abandonment of assets | 1 | 0 | 0 | — | — | |
| Accounts receivable | −3 | −4 | 145,000 | −227,000 | 0 | |
| Prepaid expenses and other current assets | −8 | 899,000 | −766,000 | −1 | 0 | |
| Other assets | 3 | 327,000 | 364,000 | — | — | |
| Accounts payable | −78 | 42 | −14 | — | — | |
| Accrued liabilities | −12 | 22 | 7 | — | — | |
| Due to customer | −8 | 13 | 0 | — | — | |
| Lease assets and liabilities | −8 | −47 | −446,000 | 0 | — | |
| CASH FLOW (USED IN) PROVIDED BY OPERATING ACTIVITIES | −115 | 14 | 59 | −872,000 | −83,000 | |
| Purchases of property and equipment and other assets | −682 | −142 | −131 | −55 | — | |
| Proceeds from sale of assets | 25 | 20 | 0 | — | — | |
| Finance lease prepayments | −6 | −50 | 0 | — | — | |
| Purchases of investments | −5 | −391,000 | −810,000 | 0 | — | |
| CASH FLOW USED IN INVESTING ACTIVITIES | −668 | −172 | −132 | −46 | −3 | |
| Repayment of finance leases | −125 | −60 | −3 | −221,000 | 0 | |
| Tax payments for restricted stock upon vesting | −4 | −861,000 | −168,000 | 0 | — | |
| Proceeds from issuance of common stock | 192 | 131 | 0 | — | — | |
| Common stock issuance costs | −10 | −284,000 | 0 | — | — | |
| Proceeds from issuance of preferred stock | 198 | 0 | 0 | 35 | 17 | |
| Preferred stock issuance costs | −14 | 0 | 0 | — | — | |
| Dividends issued on preferred stock | −3 | 0 | 0 | — | — | |
| Proceeds from issuance of SAFE agreement included in long-term debt | 12 | 0 | 0 | — | — | |
| Repurchase of shares | −31 | 0 | 0 | — | — | |
| Proceeds from convertible notes | 450 | 0 | 0 | — | — | |
| Purchase of capped call options | −52 | 0 | 0 | — | — | |
| Purchase of prepaid forward contract | −53 | 0 | 0 | — | — | |
| Noncontrolling interest contributions | 0 | 0 | 4 | 7 | 0 | |
| CASH FLOW PROVIDED BY FINANCING ACTIVITIES | 875 | 147 | 71 | 81 | 15 | |
| NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 92 | −12 | −3 | 35 | 12 | |
| Interest paid | 63 | 18 | 1 | 112,000 | 236,000 | |
| Income taxes paid | 105,000 | 5,000 | 0 | 0 | 0 | |
| Operating right-of-use assets obtained by lease obligation | 20 | 159 | 0 | 1 | 0 | |
| Finance right-of-use assets obtained by lease obligation | 114 | 227 | 9 | 5 | — | |
| Property and equipment in accounts payable and accrued liabilities | 246 | 85 | 9 | 7 | 0 | |
| Extinguishment of non-controlling interest | 0 | 10 | 0 | — | — | |
| Conversion of debt to common stock | 105 | 52 | 0 | — | — | |
| Conversion of preferred stock to common stock | 48 | 0 | 0 | — | — | |
| Loss on legal settlement | 0 | 2 | 0 | — | — | |
| Conversion of warrants | 5,000 | 0 | 0 | — | — |
Filings
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is Applied Digital Corp.'s CIK number?
Applied Digital Corp.'s SEC CIK number is 0001144879 (1144879). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Applied Digital Corp.'s SEC filings?
All of Applied Digital Corp.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Applied Digital Corp. last report earnings?
Applied Digital Corp. (APLD) most recently filed an earnings 8-K with the SEC on Apr 8, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001144879-26-000029). This is Applied Digital Corp.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is Applied Digital Corp.'s most recent earnings 8-K?
Applied Digital Corp.'s latest earnings 8-K (Item 2.02) was filed Apr 8, 2026 under accession 0001144879-26-000029. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Applied Digital Corp.'s latest earnings 8-K →
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