Applied Digital Corp.
Financial highlights
| Metric | FY 05/31/25 | FY 05/31/24 | FY 05/31/23 | FY 05/31/22 | FY 05/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $144.2M | $136.6M | $55.4M | $8.5M | $0 |
| Cost of revenue | $101.5M | $106.7M | $44.4M | $9.5M | $0 |
| Gross profit | — | — | $11.0M | -$957,000 | $0 |
| Selling, general & administrative | $83.1M | $45.0M | $53.9M | $19.9M | $332,000 |
| Operating income | -$16.8M | -$32.9M | -$42.9M | -$20.9M | -$332,000 |
| Interest expense | $14.7M | $26.8M | $2.0M | $112,000 | $236,000 |
| Pretax income | -$158.2M | -$74.3M | -$45.0M | -$21.9M | -$568,000 |
| Income tax expense | $102,000 | $96,000 | -$523,000 | $540,000 | $0 |
| Net income | -$231.1M | -$149.3M | -$44.6M | -$23.5M | -$568,000 |
| Balance Sheet | |||||
| Cash and equivalents | $41.6M | $3.3M | $29.0M | $38.8M | $11.8M |
| Current assets | $430.6M | $404.1M | $45.7M | $40.4M | $11.8M |
| Total assets | $1.9B | $762.9M | $264.0M | $120.0M | $15.1M |
| Current liabilities | $558.1M | $554.1M | $115.5M | $29.0M | $2.5M |
| Total liabilities | $1.2B | $638.0M | $194.3M | $40.7M | $2.5M |
| Stockholders' equity | $497.7M | $124.8M | $59.5M | $72.3M | -$2.6M |
| Cash Flow Statement | |||||
| Cash from operations | -$115.4M | $13.8M | $58.7M | -$872,000 | -$83,000 |
| Depreciation and amortization | $17.3M | $21.5M | $7.1M | $1.1M | $1,000 |
| Stock-based compensation | $22.7M | $17.4M | $32.1M | $12.3M | $0 |
| Capital expenditure | $681.6M | $141.8M | $131.3M | $58.3M | $20,000 |
| Free cash flow | -$797.0M | -$128.0M | -$72.5M | -$59.1M | -$103,000 |
| Share repurchases | $31.3M | $0 | $0 | — | — |
| Impairments | — | $500,000 | $200,000 | — | — |
Shares outstanding 285.8M
Annual filing data through FY ended May 31, 2025; float as of July 12, 2026.