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Earnings transcript
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APLD
Applied Digital Corp.
$20.96
-1.49
(-6.62%)
| Exchange: | NASDAQ |
| Market Cap: | 6.033B |
| Shares Outstanding: | 1.056M |
Delayed data
About The Company
| Sector: | TechnologyView sector performance | |||||
| Industry: | Information Technology ServicesView industry performance | |||||
| CEO: | Wes Cummins | |||||
| Full Time Employees: | 256 | |||||
| Address: |
| |||||
| Website: | https://applieddigital.com |
Applied Digital Corporation designs, develops, and operates digital infrastructure solutions to high-performance computing (HPC) and artificial intelligence industries in North America. It operates through: Data Center Hosting Business, and HPC Hosting Business. The company offers infrastructure services to crypto mining customers; and GPU computing solutions for critical workloads related to AI, machine learning, and other HPC tasks. It also engages in the designing, constructing, and managing of data centers to support HPC applications. The company was formerly known as Applied Blockchain, Inc. and changed its name to Applied Digital Corporation in November 2022. Applied Digital Corporation has an lease agreement with CoreWeave for an additional 150MW at its Polaris Forge 1 Campus in Ellendale, North Dakota. Applied Digital Corporation is based in Dallas, Texas.
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Revenue Segmentation
APLD full analysis
Hey everyone, welcome back to MarketSnap. Applied Digital just posted a quarter that more than quadrupled revenue year over year — and the stock is still down double digits over the past month. So before you chase the headline or panic on the chart, we're running this through the full framework, including our fair value model. Is the market mispricing a hypergrowth story, or is the model telling us something the crowd is missing? Let's dig in. If you're new…
Industry Peers
| TICKER | COMPANY | MKT CAP | P/E | FWD P/E | ROIC |
|---|---|---|---|---|---|
| APLD | Applied Digital Corp. | 6.0B | — | — | -2.3% |
 EPAM | EPAM Systems, Inc. | 6.0B | 15.3 | 8.8 | 11.1% |
 G | Genpact Limited | 6.0B | 10.1 | 8.5 | 13.7% |
 INGM | Ingram Micro Holding Corporation | 6.4B | 15.1 | 8.0 | 7.6% |
 EXLS | ExlService Holdings, Inc. | 5.7B | 23.1 | 16.3 | 17.7% |
 SAIC | Science Applications International Cor… | 5.5B | 15.6 | 12.9 | 10.9% |
EPS
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Earnings Call
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Key takeaways
Short, structured highlights from the call so you can focus on what matters.
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Login — it's freeIncome Statement
| Year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 136,618 | 228,569 | 611,311 |
| Gross Profit | 29,965 | 11,810 | 157,682 |
| EBITDA | 23,719 | -97,757 | -84,629 |
| Operating Income | -15,055 | -72,175 | -236,362 |
| Net Income | -149,274 | -231,065 | -244,004 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Total Assets | 762,867 | 1,870,090 | 9,929,312 |
| Total Liabilities | 638,037 | 1,236,365 | 6,185,735 |
| Total Stockholders Equity | 124,830 | 633,725 | 1,780,242 |
| Total Debt | 427,806 | 702,877 | 5,099,916 |
| Cash and Cash Equivalents | 3,339 | 113,920 | 1,591,988 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Operating Cash Flow | 13,794 | -115,402 | 89,685 |
| Capital Expenditure | -141,809 | 0 | 0 |
| Free Cash Flow | -128,015 | -115,402 | 89,685 |
| Net Income | -149,274 | -231,065 | -184,339 |
| Net Change in Cash | -11,885 | 0 | 0 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2031 | Research Access | Research Access | Research Access | Research Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 4,115,803.682 | Research Access | Research Access | Research Access | Research Access |
| Estimated Revenue (High) | 7,379,681.487 | Research Access | Research Access | Research Access | Research Access |
| Estimated Revenue (Avg) | 5,543,600 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (Low) | 2,157,422.210 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (High) | 2,372,266.756 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (Avg) | 2,278,282.243 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (Low) | -401,558.684 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (High) | -186,714.138 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (Avg) | -280,698.651 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (Low) | 2,652,609.450 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (High) | 4,756,158.060 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (Avg) | 3,572,815.150 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (Avg) | -1.020 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (High) | -0.680 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (Low) | -1.460 | Research Access | Research Access | Research Access | Research Access |
| Number of Analysts (Estimated Revenue) | 1 | Research Access | Research Access | Research Access | Research Access |
| Number of Analysts (Estimated EPS) | 2 | Research Access | Research Access | Research Access | Research Access |
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Current Key Metrics
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Login — it's freeSWOT Analysis
Strengths (preview)
- Strategic Positioning in High-Growth AI Infrastructure: The company operates within the technology sector, specifically focusing on data center hosting and digital infrastructure. This positioning aligns with the secular tailwinds driving demand for high-performance computing (HPC) and AI workloads, providing a favorable industry backdrop for revenue expansion.
- Revenue Growth Trajectory: Analysis of the income statement data indicates a focus on scaling operations, with revenue growth being a primary metric of interest. The company’s ability to generate top-line growth is critical as it transitions from a cryptocurrency mining focus to a broader HPC hosting model.
- Asset Base Expansion: The balance sheet reflects significant investments in property, plant, and equipment (PP&E), evidenced by the "investmentsInPropertyPlantAndEquipment" line in the cash flow statement. This capex is directed toward building out data center capacity, which serves as the foundational asset for future revenue generation.
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At what price to buy it? -
Intrinsic Value Calculator
Based on current fundamentals and analyst forecasts, MarketSnap estimates APLD intrinsic value between $0.03 – $0.03 per share. This depends on revenue growth, margins, and discount rate.
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
Common questions about APLD valuation
Is Applied Digital Corp. (APLD) overvalued or undervalued right now?
MarketSnap estimates intrinsic value for Applied Digital Corp. (APLD) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is APLD a buy, hold, or sell for long-term investors?
MarketSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether APLD trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is APLD’s P/E ratio?
You can see APLD’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for APLD?
MarketSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MarketSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is APLD a good long-term investment?
Whether APLD fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MarketSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
APLD
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Daily snapshot
-6.62
Trading Metrics:
| Open: | 21.66 | Previous Close: | 22.44 | |
| Day Low: | 20.45 | Day High: | 21.78 | |
| Year Low: | 19.01 | Year High: | 50.73 | |
| Price Avg 50: | 26.79 | Price Avg 200: | 32.06 | |
| Volume: | 10.662M | Average Volume: | 19.283M |
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