# Applied Digital (APLD.US)

Canonical: https://gigainvestors.com/s/APLD

Analysis as of: 2026-10-16T07:26:33.068Z. 

Listing currency: USD. Reporting currency: USD.

## Verdict

Not enough history yet

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $20.39 per share; close as of 2026-10-15.

## Checklist

### understandable: na

### moat: na

### economics: na

### management: na

### accounting: na

## Holders

- [Chase Coleman](https://gigainvestors.com/TGM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Dan Davidowitz](https://gigainvestors.com/pcm): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Daniel Loeb](https://gigainvestors.com/tp): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 57% since May 2026 · "Do Rising Costs Raise Red Flag Despite APLD's Revenue Growth?" (finance.yahoo.com, Jul 2025)

Story as of 2026-10-16T09:58:19.091Z; price observation 2026-10-15.

- 2025-06-02: Applied Digital expects $7B in revenue from new lease deal with CoreWeave ([seekingalpha.com](https://seekingalpha.com/news/4454254-applied-digital-expects-7b-in-revenue-from-new-lease-deal-with-coreweave?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-09-03: APLD Rides on Accelerating AI Infrastructure Demand: What's Ahead? ([finance.yahoo.com](https://finance.yahoo.com/news/apld-rides-accelerating-ai-infrastructure-163300826.html))

- 2025-10-22: Applied Digital announces $5B AI factory lease with hyperscaler at Polaris Forge 2 campus ([seekingalpha.com](https://seekingalpha.com/news/4506602-applied-digital-announces-5b-ai-factory-lease-with-hyperscaler-at-polaris-forge-2-campus?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-01-08: Applied Digital Targets $1B NOI as Hyperscale Lease Pipeline Reaches $16B ([finance.yahoo.com](https://finance.yahoo.com/news/applied-digital-targets-1b-noi-145621815.html))

- 2026-04-23: Applied Digital signs $7.5B AI data center lease with hyperscaler ([finance.yahoo.com](https://finance.yahoo.com/sectors/technology/articles/applied-digital-signs-7-5b-135744725.html))

- 2026-05-27: Applied Digital shares climb after $3.6B 'Delta Forge 1' AI factory plan ([seekingalpha.com](https://seekingalpha.com/news/4597466-applied-digital-shares-climb-after-36b-delta-forge-1-ai-factory-plan?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in information technology services; annual sales are USD 611.3 million.

- Source: https://www.sec.gov/Archives/edgar/data/1144879/000114487926000048/apld-20260531.htm (filed 2026-07-29); FY2026: revenue 611311000; grossProfit 157682000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); APLD.US: 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, and HPC Hosting Business. The company provides energized infrastructure services to crypto mining customers; and cloud services to customers, such as AI and machine learning developers. It also engages in the designing, constructing, and operating of data centers to provide computing power and 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 is based in Dallas, Texas.

### Why customers stay

Margins ranged from 5.2% to 25.8% during 2024–26.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-29); FY2024: grossProfit / revenue = 21.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-29); FY2025: grossProfit / revenue = 5.2%.

- Source: https://www.sec.gov/Archives/edgar/data/1144879/000114487926000048/apld-20260531.htm (filed 2026-07-29); FY2026: grossProfit / revenue = 25.8%.

### Where the cash goes

Paid dividends in 3 of 5 years; bought back USD 1.2 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-29); Dividend observations: [[2022,11042000],[2023,0],[2024,0],[2025,2615000],[2026,6259000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1144879/000114487926000048/apld-20260531.htm (filed 2026-07-29); FY2026: cash repurchases 1187000 USD.

### What the price says

The price is 9.2 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-07-29); Closing price 20.39 USD; reporting-to-trading FX 1; FY2026 annual sales per share 2.221375912487867; price multiple 9.178995723044407. FY2026 cash earnings/share -3.410668159963524. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $0.02 per share

- 2016-11: $0.01 per share

- 2016-12: $0.01 per share

- 2017-01: $0.01 per share

- 2017-02: $0.01 per share

- 2017-03: $0.01 per share

- 2017-04: $0.01 per share

- 2017-05: $0.01 per share

- 2017-06: $0.01 per share

- 2017-07: $0.01 per share

- 2017-08: $0.01 per share

- 2017-09: $0.01 per share

- 2017-10: $0.01 per share

- 2017-11: $0.01 per share

- 2017-12: $0.01 per share

- 2018-01: $0.01 per share

- 2018-02: $0.01 per share

- 2018-03: $0.00 per share

- 2018-04: $0.01 per share

- 2018-05: $0.05 per share

- 2018-06: $0.02 per share

- 2018-07: $0.02 per share

- 2018-08: $0.02 per share

- 2018-09: $0.01 per share

- 2018-10: $0.01 per share

- 2018-11: $0.01 per share

- 2018-12: $0.01 per share

- 2019-01: $0.01 per share

- 2019-02: $0.01 per share

- 2019-03: $0.01 per share

- 2019-04: $0.01 per share

- 2019-05: $0.01 per share

- 2019-06: $0.01 per share

- 2019-07: $0.01 per share

- 2019-08: $0.01 per share

- 2019-09: $0.01 per share

- 2019-10: $0.01 per share

- 2019-11: $0.01 per share

- 2019-12: $0.01 per share

- 2020-01: $0.01 per share

- 2020-02: $0.01 per share

- 2020-03: $0.01 per share

- 2020-04: $0.01 per share

- 2020-05: $0.01 per share

- 2020-06: $0.02 per share

- 2020-07: $0.02 per share

- 2020-08: $0.01 per share

- 2020-09: $0.01 per share

- 2020-10: $0.01 per share

- 2020-11: $0.02 per share

- 2020-12: $0.04 per share

- 2021-01: $0.10 per share

- 2021-02: $0.20 per share

- 2021-03: $0.21 per share

- 2021-04: $1.05 per share

- 2021-05: $0.99 per share

- 2021-06: $1.76 per share

- 2021-07: $1.28 per share

- 2021-08: $1.51 per share

- 2021-09: $2.00 per share

- 2021-10: $4.69 per share

- 2021-11: $3.10 per share

- 2021-12: $4.19 per share

- 2022-01: $1.50 per share

- 2022-02: $1.88 per share

- 2022-03: $2.61 per share

- 2022-04: $3.36 per share

- 2022-05: $4.83 per share

- 2022-06: $1.05 per share

- 2022-07: $2.12 per share

- 2022-08: $2.37 per share

- 2022-09: $1.70 per share

- 2022-10: $2.25 per share

- 2022-11: $1.95 per share

- 2022-12: $1.84 per share

- 2023-01: $3.10 per share

- 2023-02: $2.65 per share

- 2023-03: $2.24 per share

- 2023-04: $3.20 per share

- 2023-05: $8.37 per share

- 2023-06: $9.35 per share

- 2023-07: $9.58 per share

- 2023-08: $6.04 per share

- 2023-09: $6.24 per share

- 2023-10: $4.88 per share

- 2023-11: $4.67 per share

- 2023-12: $6.74 per share

- 2024-01: $5.14 per share

- 2024-02: $4.15 per share

- 2024-03: $4.28 per share

- 2024-04: $2.71 per share

- 2024-05: $4.23 per share

- 2024-06: $5.95 per share

- 2024-07: $4.86 per share

- 2024-08: $3.65 per share

- 2024-09: $8.25 per share

- 2024-10: $6.76 per share

- 2024-11: $10.10 per share

- 2024-12: $7.64 per share

- 2025-01: $7.12 per share

- 2025-02: $8.00 per share

- 2025-03: $5.62 per share

- 2025-04: $4.54 per share

- 2025-05: $6.83 per share

- 2025-06: $10.07 per share

- 2025-07: $13.14 per share

- 2025-08: $15.98 per share

- 2025-09: $22.94 per share

- 2025-10: $34.66 per share

- 2025-11: $27.10 per share

- 2025-12: $24.52 per share

- 2026-01: $33.88 per share

- 2026-02: $27.27 per share

- 2026-03: $23.74 per share

- 2026-04: $34.25 per share

- 2026-05: $47.28 per share

- 2026-06: $37.30 per share

- 2026-07: $27.39 per share

- 2026-08: $25.41 per share

- 2026-09: $24.37 per share

- 2026-10: $20.39 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1144879/000114487926000048/apld-20260531.htm); period 2026-05-31, filed 2026-07-29.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.