Applied Digital Corporation
- Open
- 28.06
- Day high
- 28.19
- Day low
- 25.89
- Prev close
- 27.19
- Volume
- 9.0M
- Mkt cap
- $7.6B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 4.8
- P/S
- 21.3
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$400K over the last 3 months (0 open-market buys, 1 sale)
- 🏛Institutions accumulating (13F)
Applied Digital Corporation (APLD) is a Technology company listed on NASDAQ. The stock is up 160% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 1 sale (SEC Form 4). Drillr has 1 published research article covering APLD.
Applied Digital Corporation (APLD) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 7 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
APLD earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 8, 2026 | $-0.15 | $-0.36 | -138.4% | $127M | +67.7% |
| Jan 7, 2026 | $-0.09 | $-0.11 | -22.2% | $127M | +61.3% |
| Oct 9, 2025 | $-0.13 | $-0.11 | +14.7% | $64M | +28.5% |
| Jul 30, 2025 | $-0.12 | $-0.12 | +0.0% | $38M | +5.9% |
| Apr 14, 2025 | $-0.11 | $-0.16 | -45.5% | $53M | +13.5% |
| Jan 14, 2025 | $-0.14 | $-0.66 | -371.4% | $64M | +2.7% |
| Oct 9, 2024 | $-0.27 | $-0.03 | +89.0% | $61M | +10.7% |
| Aug 28, 2024 | $-0.23 | $-0.52 | -126.1% | $44M | +16.2% |
| Apr 11, 2024 | $-0.12 | $-0.52 | -333.3% | $43M | -16.5% |
| Jan 16, 2024 | $-0.01 | $-0.10 | -1500.0% | $42M | -26.4% |
| Oct 9, 2023 | $-0.04 | $-0.10 | -169.3% | $36M | +7.5% |
| Jul 24, 2023 | $-0.05 | $-0.07 | -40.0% | $22M | -37.7% |
APLD insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 7, 2026 | Laltrello Lauraofficer: Chief Operating Officer | Tax | 43,440 | $33.50 |
| Jul 2, 2026 | Zhang Jason Gechenofficer: President | Grant | 300,000 | — |
| Jul 2, 2026 | Zhang Jason Gechenofficer: President | Tax | 118,050 | $35.52 |
| Jul 2, 2026 | Zhang Jason Gechenofficer: President | Tax | 147,563 | $35.52 |
| Jul 2, 2026 | Zhang Jason Gechenofficer: President | Grant | 375,000 | — |
| Jun 24, 2026 | Cummins Wesdirector, officer: CEO; Chairman | Tax | 314,800 | $45.20 |
| Jun 24, 2026 | Mohmand Mohammad Saidal LaVanwayofficer: Chief Financial Officer | Grant | 490,000 | — |
| Jun 24, 2026 | Mohmand Mohammad Saidal LaVanwayofficer: Chief Financial Officer | Tax | 192,815 | $45.20 |
| Jun 24, 2026 | Cummins Wesdirector, officer: CEO; Chairman | Grant | 800,000 | — |
| Apr 30, 2026 | Nottenburg Richard Ndirector | Sell | 12,500 | $32.00 |
| Apr 28, 2026 | MILLER DOUGLAS Sdirector | Sell | 10,000 | $34.98 |
| Apr 14, 2026 | Cummins Wesdirector, officer: CEO; Chairman | Option | 100,000 | — |
| Apr 14, 2026 | Cummins Wesdirector, officer: CEO; Chairman | Tax | 39,350 | $26.26 |
| Apr 7, 2026 | Mohmand Mohammad Saidal LaVanwayofficer: Chief Financial Officer | Tax | 4,194 | $24.56 |
| Apr 7, 2026 | Cummins Wesdirector, officer: CEO; Chairman | Tax | 34,579 | $24.56 |
Source: APLD SEC Form 4 filings, latest Jul 7, 2026. For informational purposes only — not investment advice.
See the full APLD insider & 13F page →Applied Digital Corporation company profile
Overview
Applied Digital Corporation (NASDAQ:APLD) is a Dallas-based technology infrastructure company that designs, develops, and operates digital infrastructure solutions for high-performance computing applications. Originally founded as Applied Blockchain, Inc., the company changed its name to Applied Digital Corporation in November 2022 and went public in April 2022. The company has evolved from primarily hosting cryptocurrency mining operations to becoming a diversified digital infrastructure provider serving artificial intelligence, machine learning, and other high-performance computing workloads. Applied Digital operates large-scale data centers primarily in North Dakota and Texas, leveraging low-cost power to provide competitive hosting and cloud computing services.
Business
Applied Digital operates in the digital infrastructure and high-performance computing industry, providing three main types of services through distinct business segments. The Data Center Hosting Business represents the company's largest revenue segment, generating approximately 67% of total revenue ($35.2 million in Q3 2025). This segment provides colocation services primarily to cryptocurrency mining companies, where Applied Digital builds and operates large-scale data centers that house customers' mining equipment. The company currently operates 286 megawatts of fully contracted data center hosting capacity across facilities in North Dakota. The Cloud Services Business accounts for roughly 33% of revenue ($17.8 million in Q3 2025) and offers GPU-based cloud computing services for artificial intelligence and machine learning workloads. This segment operates clusters of high-performance graphics processing units (GPUs) that customers can rent on-demand or through reserved contracts to train AI models, run machine learning algorithms, and perform other computationally intensive tasks. The company currently operates six GPU clusters with plans for additional deployments. The HPC Hosting Business represents Applied Digital's newest and most strategic growth initiative, focusing on developing next-generation data centers specifically designed for hyperscale customers like major cloud service providers. The company is constructing a 400-megawatt campus in Ellendale, North Dakota, with the first 100-megawatt building expected to be operational in Q4 2025. This segment targets much larger customers and longer-term contracts compared to the cryptocurrency hosting business.
Revenue model
Applied Digital generates revenue through multiple business models tailored to each segment. The Data Center Hosting Business operates on a colocation model, where cryptocurrency mining companies pay monthly hosting fees based on power consumption and space utilization. Customers typically sign multi-year contracts with rates tied to electricity costs, currently averaging around $0.04 per kilowatt-hour. The company benefits from economies of scale by securing low-cost power in favorable regulatory environments like North Dakota and Texas. The Cloud Services Business employs both reserved contract and on-demand pricing models. GPU clusters can be leased under longer-term reserved contracts or rented on an hourly basis, with current pricing around $220 per hour per GPU cluster. The company is transitioning some capacity from reserved to on-demand pricing to capture higher margins during peak demand periods. The HPC Hosting Business targets hyperscale customers through large-scale, long-term lease agreements. These contracts typically involve leasing entire data center facilities with capacities of 100+ megawatts to major cloud service providers or technology companies requiring massive computing infrastructure. Several factors impact Applied Digital's margins positively and negatively. Favorable factors include the growing demand for AI and machine learning infrastructure, power cost advantages in selected locations, and the company's ability to secure long-term contracts that provide revenue stability. Challenging factors include the volatility of cryptocurrency markets affecting hosting demand, intense competition for hyperscale customers, rising construction and equipment costs, and the capital-intensive nature of data center development requiring significant upfront investments before revenue generation.
Competitive moat
Applied Digital's competitive moat is moderate but improving, primarily built around strategic location advantages and operational expertise rather than strong structural barriers. The company's primary moat stems from its ability to secure low-cost power in favorable regulatory environments, particularly in North Dakota where it benefits from stable electricity rates below $0.04 per kWh and supportive local policies. This power cost advantage is meaningful in the data center industry where electricity represents 60-70% of operating costs. The company has developed operational expertise in rapidly deploying and managing large-scale data center infrastructure, demonstrated by its ability to bring 286 megawatts online relatively quickly. However, this operational moat is not particularly defensible as other well-capitalized competitors can hire similar talent and develop comparable capabilities. Applied Digital's strategic partnerships represent an emerging moat, particularly the $5 billion financing facility with Macquarie Asset Management, which provides access to capital that smaller competitors may struggle to obtain. This financial partnership also lends credibility when competing for large hyperscale customers who require confidence in their infrastructure providers' long-term viability. The company faces significant competitive threats from established players like Digital Realty Trust, Equinix, and other REITs with deeper pockets and longer track records. Hyperscale cloud providers like Amazon, Microsoft, and Google also represent potential competitive threats as they continue building their own infrastructure. Additionally, the company's heavy exposure to cryptocurrency hosting creates vulnerability to that sector's volatility and potential regulatory changes. The moat is further weakened by the capital-intensive nature of the business, which limits the company's ability to rapidly scale without external financing.
Risks & safety
Applied Digital presents moderate to high financial risk with limited margin of safety given its current financial position and capital-intensive growth strategy. Liquidity and Solvency Concerns: - Cash position of $68.7 million as of Q3 2025, down from $286.2 million in Q2 2025 - Total debt of $689.1 million with debt-to-equity ratio of 2.0x - Current ratio of 0.70x indicating potential short-term liquidity pressure - Negative free cash flow of -$251.6 million in Q3 2025, though this includes significant capital expenditures for facility construction Valuation Metrics: - Trading at 3.6x book value with negative return on equity of -7.1% - EV/EBITDA multiple not meaningful due to minimal EBITDA generation - Price-to-book ratio elevated relative to asset-heavy business model - Market cap of approximately $3.1 billion appears stretched relative to current profitability Other Considerations: - Heavy capital expenditure requirements for data center construction create ongoing funding needs - Revenue concentration risk in volatile cryptocurrency hosting segment - Execution risk on large-scale construction projects and hyperscale customer contracts - Positive factor: Strategic partnership with Macquarie provides access to additional capital, though at potentially dilutive terms
Recent development
Applied Digital has undergone significant strategic transformation over the past few years, evolving from a pure cryptocurrency hosting company to a diversified digital infrastructure provider. The most significant development has been the company's pivot toward high-performance computing and AI workloads, driven by the explosive growth in artificial intelligence applications requiring massive computational resources. Strategic Partnership and Financing: The company secured a transformational $5 billion perpetual preferred equity financing facility with Macquarie Asset Management, with $900 million allocated specifically to the Ellendale HPC campus. This partnership provides both capital and credibility for pursuing large hyperscale customers. Additionally, Applied Digital arranged a $375 million financing facility with Sumitomo Mitsui Bank Corporation, demonstrating access to diverse funding sources. Infrastructure Expansion: The company is constructing its flagship 400-megawatt Ellendale campus in North Dakota, representing a major scale increase from its existing cryptocurrency hosting facilities. The first 100-megawatt building is expected to be operational in Q4 2025, with additional 150-megawatt buildings planned for Q2 2026 and Q1 2027. Beyond Ellendale, Applied Digital has identified an additional 1.6 gigawatts of potential campus capacity for 2026-2027 development. Business Model Evolution: The company has been transitioning its cloud services business from primarily reserved contracts to more on-demand pricing to capture higher margins during peak demand periods. Management is also exploring the potential sale of the Cloud Services Business to focus resources on the higher-scale data center hosting opportunity, while considering a future transition to a Real Estate Investment Trust (REIT) structure. Market Positioning: Applied Digital has positioned itself to capitalize on the anticipated power shortage for U.S. data centers, with management citing projections of a 36-gigawatt shortfall by 2028. The company's focus on securing low-cost power in favorable regulatory environments like North Dakota provides a competitive advantage in this constrained market.
APLD company profile · for informational purposes only — not investment advice.
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