APLDApplied Digital Corp.
Services-Computer Processing & Data Preparation
- Revenue
- $611M
- 324% YoY
- Operating margin
- -38.7%
- 23% YoY
- EBITDA
- −$169M
- 370% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- —
- −$2.9B net debt
- AI in 10-K
- —
Red flags 1 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear—Cash flow under 80% of net income
- Dilutive SBCFired36% of revenueOver 10% of revenue
- Payouts exceed cash flowClear0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear0% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $9M | $55M | $137M | $144M | $611M | 324% |
| Operating income | −$21M | −$43M | −$98M | −$72M | −$236M | 228% |
| Net income | −$24M | −$45M | −$149M | −$234M | −$250M | 7.1% |
| Operating cash flow | −$872K | $59M | $14M | −$115M | $90M | 178% |
| Capex | $58M | $131M | $142M | $682M | $2.9B | 320% |
| Stock-based comp | $12M | $32M | $17M | $23M | $220M | 870% |
| Buybacks | — | $0 | $0 | $31M | $0 | 100% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $7M · 2
- Open-market sells, 12 mo
- $683K · 1
- Net
- $6M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | $189M | $459M | 979 | 461 |
| FY2025 | $28M | $30M | 141 | 128 |
| FY2024 | $1M | −$3M | 88 | 126 |
| FY2023 | $6M | $19M | 173 | 82 |