Applied Digital Corporation's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (May 31, 2026 · FY), Applied Digital Corporation reported revenue of $611.3M and net income of ($250.3M) (-7.1% year on year).
| Line item | May 31, 2026 · FY | May 31, 2025 · FY | May 31, 2024 · FY | May 31, 2023 · FY |
|---|---|---|---|---|
| Services revenue | $496.6M | $144.2M | $165.6M | $55.4M |
| Data center rental and other revenue | $114.7M | — | — | — |
| Total revenue | $611.3M | — | — | — |
| Services cost of revenue | $396.9M | $101.5M | $148.3M | $44.4M |
| Data center rental and other cost of revenue | $56.8M | — | — | — |
| Selling, general and administrative | $332.1M | $83.1M | $98.5M | $55.1M |
| Loss (gain) on classification as held for sale | ($59.6M) | ($24.6M) | — | — |
| Loss on abandonment of assets | $2.4M | $1.1M | — | — |
| Loss from legal settlement | $0 | $0 | $2.4M | — |
| Total costs and expenses | $847.8M | $161.0M | $264.6M | $55.1M |
| Segment profit | ($236.5M) | ($16.8M) | ($99.0M) | ($44.1M) |
| Interest expense, net | $29.5M | $14.7M | $26.8M | — |
| Gain on change in fair value of derivatives | ($75.8M) | — | — | — |
| Gain on change in fair value of investments | ($10.8M) | — | — | — |
| Loss on conversion of debt | $0 | $33.6M | — | — |
| Loss on change in fair value of debt | $0 | $85.4M | $7.4M | — |
| Loss on change in fair value of related party debt | $0 | $0 | $13.8M | — |
| Loss on extinguishment of debt | $0 | $1.2M | $2.5M | ($94.0K) |
| Loss on change in fair value of warrants | $2.2M | $6.4M | — | — |
| Net loss from continuing operations before income tax expenses | ($181.5M) | ($158.2M) | ($149.6M) | ($46.1M) |
| Income tax expense | ($1.8M) | $102.0K | $96.0K | $523.0K |
| Net loss from continuing operations | ($183.3M) | ($158.3M) | — | ($45.6M) |
| Net loss from discontinued operations | ($1.0M) | ($72.7M) | — | $0 |
| Net loss | ($184.3M) | ($231.1M) | ($149.7M) | ($45.6M) |
| Net loss attributable to noncontrolling interest and redeemable noncontrolling interest | ($59.7M) | — | — | — |
| Preferred dividends | ($6.3M) | ($2.6M) | — | — |
| Continuing operations | ($249.2M) | ($160.9M) | — | — |
| Discontinued operations | ($1.0M) | ($72.7M) | — | — |
| Net loss attributable to common stockholders | ($250.3M) | ($233.7M) | — | — |
| Continuing operations, basic (in dollars per share) | -$0.91 | -$0.80 | — | -$0.49 |
| Continuing operations, diluted (in dollars per share) | -$0.91 | -$0.80 | — | -$0.49 |
| Discontinued operations, basic (in dollars per share) | $0.00 | -$0.36 | — | $0.00 |
| Discontinued operations, diluted (in dollars per share) | $0.00 | -$0.36 | — | $0.00 |
| Basic net loss per share attributable to common stockholders (in dollars per share) | -$0.91 | -$1.16 | -$1.31 | -$0.49 |
| Diluted net loss per share attributable to common stockholders (in dollars per share) | -$0.91 | -$1.16 | -$1.31 | -$0.49 |
| Basic weighted average number of shares outstanding (in shares) | 275.2M | 201.2M | 114.1M | 94.0M |
| Diluted weighted average number of shares outstanding (in shares) | 275.2M | 201.2M | 114.1M | 94.0M |
| Line item | Aug 31, 2026 · Q1 | Feb 28, 2026 · Q3 | Nov 30, 2025 · Q2 | Aug 31, 2025 · Q1 |
|---|---|---|---|---|
| Services and other revenue | $262.8M | $126.6M | $126.6M | $64.2M |
| Data center rental and other revenue | $79.1M | — | — | — |
| Total revenue | $341.9M | — | — | — |
| Services and other cost of revenue | $245.7M | $72.8M | $100.6M | $55.6M |
| Data center rental and other cost of revenue | $43.9M | — | — | — |
| Selling, general and administrative | $114.7M | $79.7M | $57.0M | $29.2M |
| Loss on abandonment of assets | $0 | $99.0K | $0 | $1.8M |
| Total costs and expenses | $404.3M | $212.3M | $157.5M | $86.5M |
| Operating loss | ($62.4M) | ($85.7M) | ($31.0M) | ($22.3M) |
| Interest expense | $77.4M | ($2.4M) | $11.5M | $3.9M |
| Interest income | ($35.8M) | — | — | — |
| Loss on change in fair value of derivatives | $49.5M | ($9.4M) | ($13.1M) | — |
| Loss on change in fair value of investment | $11.4M | $3.3M | ($2.8M) | — |
| Other expense, net | $1.3M | — | — | — |
| Net loss before income tax expense | ($166.1M) | ($70.6M) | ($26.5M) | ($26.2M) |
| Income tax expense | $1.9M | ($2.0K) | $15.0K | $8.0K |
| Net loss from continuing operations | ($168.0M) | — | ($26.6M) | ($27.8M) |
| Net loss from discontinued operations | ($16.1M) | — | $12.1M | $9.3M |
| Net loss | ($184.1M) | ($70.6M) | ($14.4M) | ($16.9M) |
| Net loss attributable to noncontrolling interest and redeemable noncontrolling interest | ($51.5M) | ($28.7M) | ($3.1M) | — |
| Preferred dividends | ($1.5M) | ($1.6M) | ($1.6M) | ($1.6M) |
| Continuing operations, basic | ($221.0M) | — | — | — |
| Discontinued operations, basic | ($16.1M) | — | — | — |
| Continuing operations, diluted | ($221.0M) | — | — | — |
| Discontinued operations, diluted | ($16.1M) | — | — | — |
| Net loss attributable to common stockholders | ($237.1M) | ($100.9M) | ($19.1M) | ($18.5M) |
| Continuing operations, basic (in dollars per share) | -$0.76 | — | -$0.11 | -$0.11 |
| Continuing operations, diluted (in dollars per share) | -$0.76 | — | -$0.11 | -$0.11 |
| Discontinued operations, basic (in dollars per share) | -$0.06 | — | $0.04 | $0.04 |
| Discontinued operations, diluted (in dollars per share) | -$0.06 | — | $0.04 | $0.04 |
| Basic net loss per share attributable to common stockholders (in dollars per share) | -$0.82 | -$0.36 | -$0.07 | -$0.07 |
| Diluted net loss per share attributable to common stockholders (in dollars per share) | -$0.82 | -$0.36 | -$0.07 | -$0.07 |
| Basic weighted average number of shares outstanding (in shares) | 291.6M | 282.0M | 277.4M | 255.9M |
| Diluted weighted average number of shares outstanding (in shares) | 291.6M | 282.0M | 277.4M | 255.9M |
| Line item | May 31, 2026 · FY | May 31, 2025 · FY | May 31, 2024 · FY | May 31, 2023 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $1.6B | $41.6M | $3.3M | $29.0M |
| Restricted cash | $2.4B | — | $21.3M | — |
| Accounts receivable | $56.3M | $3.0M | $3.8M | $82.0K |
| Prepaid expenses and other current assets | $613.7M | $9.4M | $1.3M | $16.7M |
| Current assets held for sale | $19.8M | $304.2M | $384.0K | — |
| Total current assets | $4.7B | $430.6M | $30.3M | $45.8M |
| Property and equipment, net | $4.2B | $1.3B | $340.4M | $195.6M |
| Operating lease right of use assets, net | $76.9M | $960.0K | $153.6M | $1.3M |
| Finance lease right of use assets, net | $122.5M | $17.8M | $218.7M | $14.3M |
| Other assets | $830.7M | $144.9M | $19.9M | $7.0M |
| TOTAL ASSETS | $9.9B | $1.9B | $762.9M | $264.0M |
| Accounts payable | $395.5M | $247.5M | $116.1M | — |
| Accrued liabilities | $548.5M | $29.5M | $26.3M | — |
| Current portion of operating lease liability | $18.5M | $692.0K | $21.7M | $320.0K |
| Current portion of finance lease liability | $47.6M | $13.6M | $107.7M | $5.7M |
| Current portion of debt | $16.4M | $10.3M | $10.1M | $8.0M |
| Customer deposits | $16.8M | $16.1M | $15.4M | $36.4M |
| Deferred revenue | $4.7M | $0 | $39.4M | $48.7M |
| Current liabilities held for sale | $7.4M | $216.0M | — | — |
| Due to customer | $10.1M | $4.8M | $13.0M | — |
| Other current liabilities | $97.5M | $19.4M | $96.0K | — |
| Total current liabilities | $1.2B | $558.1M | $385.5M | $115.5M |
| Long-term portion of operating lease liability | $47.2M | $381.0K | $109.7M | $1.0M |
| Long-term portion of finance lease liability | $10.7M | $15.0K | $63.3M | $8.3M |
| Long-term debt | $5.0B | $677.8M | $79.5M | $68.5M |
| Other long-term liabilities | $5.5M | — | $0 | $1.0M |
| Total liabilities | $6.2B | $1.2B | $638.0M | $194.3M |
| Preferred stock | $62.8M | $136.0M | — | — |
| Redeemable noncontrolling interest | $2.0B | — | — | — |
| Common stock, $0.001 par value, 600,000,000 shares authorized, 295,048,903 shares issued and 287,883,603 shares outstanding at May 31, 2026, and 234,200,868 shares issued and 224,909,669 shares outstanding at May 31, 2025 | 296.0K | 230.0K | 144.0K | 101.0K |
| Treasury stock, 7,165,300 shares at May 31, 2026 and 9,291,199 shares at May 31, 2025, at cost | -52.7M | -31.4M | -62.0K | — |
| Additional paid in capital | $2.4B | $1.0B | $374.7M | $160.2M |
| Accumulated deficit | ($662.3M) | ($481.1M) | ($250.0M) | ($100.7M) |
| Total stockholders’ equity attributable to Applied Digital Corporation | $1.7B | $497.7M | $124.8M | $59.5M |
| Noncontrolling interest | $7.0M | — | $0 | $10.2M |
| Total stockholders' equity including noncontrolling interest | $1.7B | — | $124.8M | $69.7M |
| TOTAL LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY | $9.9B | $1.9B | $762.9M | $264.0M |
| Line item | Aug 31, 2026 | Feb 28, 2026 | Nov 30, 2025 | Aug 31, 2025 |
|---|---|---|---|---|
| Cash and cash equivalents | $2.9B | $1.7B | $1.9B | $73.9M |
| Restricted cash | $313.4M | $198.4M | $205.1M | — |
| Accounts receivable | $114.1M | $20.8M | $13.3M | $29.1M |
| Prepaid expenses and other current assets | $685.6M | $478.7M | $272.0M | $188.5M |
| Current assets held for sale | $19.4M | — | $313.4M | $310.0M |
| Total current assets | $4.1B | $2.4B | $2.7B | $641.7M |
| Property and equipment, net | $6.3B | $3.0B | $2.0B | $1.5B |
| Operating lease right of use assets, net | $72.3M | $77.5M | $656.0K | $810.0K |
| Finance lease right of use assets, net | $109.9M | $135.6M | $1.5M | $16.9M |
| Other assets | $1.1B | $593.7M | $508.4M | $277.8M |
| TOTAL ASSETS | $11.7B | $6.2B | $5.2B | $2.4B |
| Accounts payable | $336.9M | $377.4M | $92.9M | $172.8M |
| Accrued liabilities | $850.4M | $377.0M | $207.5M | $182.9M |
| Current portion of operating lease liability | $19.2M | $18.1M | $632.0K | $688.0K |
| Current portion of finance lease liability | $43.5M | $51.2M | $1.4M | $12.0M |
| Current portion of debt | $112.6M | $98.2M | $12.6M | $382.1M |
| Customer deposits | $16.8M | $16.8M | $16.8M | $16.8M |
| Deferred revenue | $39.2M | $12.6M | $29.4M | $626.0K |
| Due to customer | $11.4M | $2.7M | $2.7M | $3.1M |
| Current liabilities held-for-sale | $5.0M | — | $161.3M | $188.2M |
| Other current liabilities | $158.3M | $65.5M | $38.3M | $26.4M |
| Total current liabilities | $1.6B | $1.0B | $563.4M | $985.5M |
| Long-term deferred revenue | $107.0K | — | — | — |
| Long-term portion of operating lease liability | $41.7M | $45.1M | $105.0K | $220.0K |
| Long-term portion of finance lease liability | $2.5M | $20.5M | $8.0K | $11.0K |
| Long-term debt | $6.3B | $2.6B | $2.6B | $305.3M |
| Other long-term liabilities | $5.4M | — | — | — |
| Total liabilities | $7.9B | $3.7B | $3.2B | $1.3B |
| Temporary equity | $181.3M | $63.2M | $105.2M | $63.7M |
| Redeemable noncontrolling interest | $2.0B | $923.1M | $517.0M | — |
| Common stock, $0.001 par value, 600,000,000 shares authorized, 304,232,295 shares issued and 297,066,995 shares outstanding at August 31, 2026, and 295,048,903 shares issued and 287,883,603 shares outstanding at May 31, 2026 | 305.0K | 293.0K | 287.0K | 274.0K |
| Treasury stock, 7,165,300 shares at August 31, 2026 and 7,165,300 shares at May 31, 2026, at cost | -52.7M | -52.7M | -52.7M | -31.4M |
| Additional paid in capital | $2.5B | $2.2B | $2.0B | $1.6B |
| Accumulated deficit | ($837.8M) | ($583.1M) | ($512.4M) | ($498.0M) |
| Total stockholders’ equity attributable to Applied Digital Corporation | $1.6B | $1.6B | $1.4B | $1.0B |
| Noncontrolling interest | $5.7M | — | — | — |
| Total stockholders’ equity including noncontrolling interest | $1.6B | — | — | — |
| TOTAL LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY | $11.7B | $6.2B | $5.2B | $2.4B |
| Line item | May 31, 2026 · FY | May 31, 2025 · FY | May 31, 2024 · FY | May 31, 2023 · FY |
|---|---|---|---|---|
| Net loss | ($184.3M) | ($231.1M) | ($149.7M) | — |
| Depreciation and amortization | $67.4M | $97.9M | $79.4M | $7.3M |
| Stock-based compensation | $220.1M | $22.7M | $17.4M | $32.1M |
| Lease expense | $10.1M | $31.7M | $13.9M | $347.0K |
| Gain on change in fair value of derivatives | ($75.8M) | — | — | — |
| Gain on change in fair value of investments | ($10.8M) | — | — | — |
| Loss on extinguishment of debt | $0 | $1.2M | $2.5M | $94.0K |
| Amortization of debt issuance costs | $6.3M | $9.6M | — | — |
| Loss (gain) on classification of held for sale | $59.6M | ($24.6M) | $15.4M | — |
| Loss on conversion of debt | $0 | $33.6M | — | — |
| Loss on change in fair value of debt | $0 | $85.4M | $7.4M | — |
| Loss on change in fair value of related party debt | $0 | $0 | $13.8M | — |
| Loss on change in fair value of warrants | $2.2M | $6.4M | — | — |
| Loss on abandonment of assets | $2.4M | $1.1M | — | — |
| Accounts receivable | ($49.3M) | ($2.9M) | ($3.8M) | $145.0K |
| Prepaid expenses and other current assets | ($36.2M) | ($8.3M) | $899.0K | ($766.0K) |
| Other assets | ($51.5M) | $3.0M | $327.0K | $364.0K |
| Customer deposits | $627.0K | $757.0K | ($11.0M) | $26.8M |
| Deferred revenue | $947.0K | ($35.8M) | ($9.3M) | $44.8M |
| Accounts payable | ($1.2M) | ($78.3M) | $41.8M | — |
| Accrued liabilities | $106.2M | ($12.1M) | $21.6M | — |
| Due to customer | $5.3M | ($8.2M) | $13.0M | — |
| Lease assets and liabilities | $17.5M | ($7.5M) | ($47.5M) | ($118.0K) |
| CASH FLOW PROVIDED BY (USED IN) OPERATING ACTIVITIES | $89.7M | ($115.4M) | $13.8M | $58.7M |
| Purchases of property and equipment and other assets | ($2.9B) | ($681.6M) | ($141.8M) | ($128.7M) |
| Proceeds from sale of investments | $5.0M | — | $0 | — |
| Proceeds from sale of assets | $0 | $25.0M | $19.9M | — |
| Finance lease prepayments | $0 | ($6.2M) | ($50.1M) | — |
| Loans to related parties | ($58.6M) | — | — | — |
| Purchases of investments | ($17.0M) | ($4.9M) | ($390.0K) | ($810.0K) |
| CASH FLOW USED IN INVESTING ACTIVITIES | ($2.9B) | ($667.7M) | ($172.4M) | — |
| Repayment of finance leases | ($99.5M) | ($125.1M) | ($60.0M) | ($3.4M) |
| Borrowings of long-term debt | $5.0B | $650.1M | $116.6M | $45.6M |
| Borrowings of related party debt | $0 | $0 | $28.0M | $36.5M |
| Repayment of long-term debt | ($521.5M) | ($293.0M) | ($21.7M) | — |
| Repayment of related party debt | $0 | $0 | ($45.5M) | — |
| Payment of deferred financing costs | ($171.9M) | ($42.4M) | ($320.0K) | — |
| Tax payments for restricted stock upon vesting | ($36.3M) | ($4.1M) | ($861.0K) | ($168.0K) |
| Proceeds from issuance of common stock | $196.4M | $191.6M | $130.8M | — |
| Common stock issuance costs | ($6.0M) | ($10.3M) | ($284.0K) | $0 |
| Proceeds from issuance of preferred stock | $815.0M | $198.2M | — | $0 |
| Preferred stock issuance costs | ($11.9M) | ($13.8M) | — | — |
| Redemption of preferred stock | ($1.2M) | — | — | — |
| Dividends issued on preferred stock | ($6.3M) | ($2.6M) | — | — |
| Issuance of warrants, at fair value | ($8.3M) | — | — | — |
| Line item | Aug 31, 2026 · Q1 | Feb 28, 2026 · YTD | Nov 30, 2025 · YTD | Aug 31, 2025 · Q1 |
|---|---|---|---|---|
| Net loss | ($184.1M) | ($101.9M) | ($31.4M) | ($16.9M) |
| Depreciation and amortization | $41.9M | $33.6M | $12.7M | $4.2M |
| Stock-based compensation | $66.5M | $94.7M | $44.6M | $15.5M |
| Lease expense | $6.5M | $16.3M | $10.8M | $5.4M |
| Loss on change in fair value of derivatives | $49.5M | ($22.5M) | ($13.1M) | — |
| Loss on change in fair value of investment | $11.4M | ($6.1M) | ($2.8M) | — |
| Amortization of debt issuance costs | $5.9M | — | $11.7M | $4.9M |
| Loss on classification of held for sale | $14.1M | $59.6M | $0 | $0 |
| Loss on abandonment of assets | $0 | $2.3M | $2.2M | $1.8M |
| Gain on change in fair value of warrants | ($22.0K) | $0 | — | — |
| Accounts receivable | ($57.0M) | ($13.9M) | ($15.5M) | ($29.5M) |
| Prepaid expenses and other current assets | ($47.8M) | ($88.2M) | ($6.2M) | ($7.0M) |
| Customer deposits | $107.0K | $627.0K | $627.0K | $627.0K |
| Deferred revenue | $34.5M | $9.0M | $26.0M | ($2.3M) |
| Accounts payable | ($8.0M) | ($171.6M) | ($159.0M) | ($77.8M) |
| Accrued liabilities | $106.7M | $64.6M | $21.0M | $28.7M |
| Due to customer | $1.4M | ($2.1M) | ($2.1M) | ($1.8M) |
| Lease assets and liabilities | $5.9M | $14.8M | $5.2M | ($9.6M) |
| Other current liabilities | $1.9M | — | — | — |
| Other assets | $14.5M | ($7.0M) | ($2.6M) | $1.9M |
| CASH FLOW PROVIDED BY (USED IN) OPERATING ACTIVITIES | $63.9M | ($42.9M) | ($97.9M) | ($82.0M) |
| Purchases of property and equipment and other assets | ($2.1B) | ($1.6B) | ($801.5M) | ($249.4M) |
| Investment in companies | ($8.2M) | ($17.0M) | ($17.0M) | — |
| CASH FLOW USED IN INVESTING ACTIVITIES | ($2.1B) | ($1.6B) | ($818.5M) | ($249.4M) |
| Repayment of finance leases | ($14.3M) | ($94.5M) | ($70.0M) | ($29.9M) |
| Borrowings of long-term debt | $1.6B | $2.5B | $2.4B | $65.0K |
| Draw on revolver | $82.4M | — | — | — |
| Repayments of long-term debt | ($315.9M) | ($432.5M) | ($430.3M) | ($2.4M) |
| Payment of deferred financing costs | ($28.9M) | ($81.2M) | ($78.7M) | ($1.0K) |
| Tax payments for restricted stock upon vesting | ($99.4M) | ($24.8M) | ($15.5M) | ($4.5M) |
| Noncontrolling interest issuance contributions | $1.3M | $900.0M | $562.5M | — |
| Proceeds from issuance of common stock | $0 | $196.4M | $196.4M | $196.4M |
| Common stock issuance costs | $0 | ($5.9M) | ($5.9M) | ($5.9M) |
| Proceeds from issuance of preferred stock | $275.0M | $740.0M | $590.0M | $175.0M |
| Preferred stock issuance costs | ($149.0K) | ($11.9M) | ($11.8M) | ($4.6M) |
| Redemption of preferred stock | ($7.0M) | ($793.0K) | ($725.0K) | ($225.0K) |
| Dividends issued on preferred stock | ($1.5M) | ($4.7M) | ($3.1M) | ($1.6M) |
| Exercise of warrants | $0 | $6.3M | $6.3M | $1.0K |
| Issuance of equity by subsidiary, net of costs | $3.4M | — | — | — |
| CASH FLOW PROVIDED BY FINANCING ACTIVITIES | $1.5B | $3.6B | $3.1B | $322.2M |
| NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | ($475.5M) | $2.0B | $2.2B | ($9.2M) |
| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD, INCLUDING CASH FROM DISCONTINUED OPERATIONS | $4.2B | $123.3M | $123.3M | $123.3M |
| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD, INCLUDING CASH FROM DISCONTINUED OPERATIONS | $3.7B | — | $2.3B | $114.1M |
| Less: CASH, CASH EQUIVALENTS, AND RESTRICTED CASH FROM DISCONTINUED OPERATIONS | $2.0K | — | $2.0K | $7.0K |
| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH FROM CONTINUED OPERATIONS | $3.7B | — | $2.3B | $114.1M |
Applied Digital Corporation score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.