Applied Digital Corp.
Financial highlights
| Metric | FY 05/31/26 | FY 05/31/25 | FY 05/31/24 | FY 05/31/23 | FY 05/31/22 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $611.3M | $228.6M | $165.6M | $55.4M | $8.5M |
| Cost of revenue | $396.9M | $216.8M | $148.3M | $44.4M | $9.5M |
| Gross profit | — | — | — | $11.0M | -$957,000 |
| Selling, general & administrative | $332.1M | $107.9M | $97.8M | $53.9M | $19.9M |
| Operating income | -$236.5M | -$72.2M | -$98.3M | -$42.9M | -$20.9M |
| Interest expense | $29.5M | $32.1M | $26.8M | $2.0M | $112,000 |
| Pretax income | -$181.5M | -$231.0M | -$149.6M | -$45.0M | -$21.9M |
| Income tax expense | $1.8M | $102,000 | $96,000 | -$523,000 | $540,000 |
| Net income | -$184.3M | -$231.1M | -$149.3M | -$44.6M | -$23.5M |
| Balance Sheet | |||||
| Cash and equivalents | $1.6B | $44.0M | $3.3M | $29.0M | $38.8M |
| Current assets | $4.7B | $132.8M | $404.1M | $45.7M | $40.4M |
| Total assets | $9.9B | $1.9B | $762.9M | $264.0M | $120.0M |
| Current liabilities | $1.2B | $499.7M | $554.1M | $115.5M | $29.0M |
| Total liabilities | $6.2B | $1.2B | $638.0M | $194.3M | $40.7M |
| Stockholders' equity | $1.7B | $497.7M | $124.8M | $59.5M | $72.3M |
| Cash Flow Statement | |||||
| Cash from operations | $89.7M | -$115.4M | $13.8M | $58.7M | -$872,000 |
| Depreciation and amortization | $67.4M | $134.7M | $79.4M | $7.1M | $1.1M |
| Stock-based compensation | $220.1M | $22.7M | $17.4M | $32.1M | $12.3M |
| Capital expenditure | $2.9B | $681.6M | $141.8M | $131.3M | $58.3M |
| Free cash flow | -$2.8B | -$797.0M | -$128.0M | -$72.5M | -$59.1M |
| Share repurchases | $0 | $31.3M | $0 | $0 | — |
| Impairments | $0 | $0 | $500,000 | $200,000 | — |
Shares outstanding 285.8M
Annual filing data through FY ended May 31, 2026; float as of July 12, 2026.