Applied Digital is executing an aggressive, debt-funded build-out of AI data center capacity, with revenue surging 139% sequentially in 2026Q3 and doubling to $258.7M in 2026Q4. However, the company remains deeply unprofitable, posting a net loss of -$110.0M i...
Price trend, volume and key moving averages
Start with the evidence for owning the stock and the risks that can break the thesis.
Revenue growth is accelerating (139% sequential growth in 2026Q3 and 5.8% in 2026Q4 to $258.7M), but gross margin fell to 15.7% in 2026Q4 from 42.5% in 2026Q3, and operating margin worsened to -45.2%, reflecting negative operating leverage.
The company's strategic shift towards AI-focused initiatives has been a key driver of its stock appreciation.
Applied Digital's rapid expansion of high-performance computing infrastructure supports scalable growth in AI and data services.
With a $35 consensus price target and high conviction from analysts, the company is viewed favorably on Wall Street.
Trailing total returns as of 9/24/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).
Check whether operating performance supports the current valuation.
Recent results and news deserve attention only when they alter the forward view.
| Quarter | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|
Q3 2026Latest Jul 27, 2026 | -$0.39-242.1% vs -$0.11 | $259M+167.2% vs $97M |
Q2 2026 Apr 8, 2026 | -$0.36-260.0% vs -$0.10 | $127M+67.7% vs $76M |
Q1 2026 Jan 7, 2026 | -$0.11-22.2% vs -$0.09 | $127M+48.3% vs $85M |
Q4 2025 Oct 9, 2025 | -$0.11+14.7% vs -$0.13 | $64M+28.5% vs $50M |
The sale involved 49,188 shares worth ~$1.3 million on September 12, 2026. The transaction size represented 2% of the insider's direct equity stake held before the filing.
I reiterate Applied Digital Corporation with a Strong Buy and a revised of $70. APLD now boasts 1,410MW of contracted IT load across five campuses, equating to $36 billion in initial 15-year lease revenue. Q4 2026 results confirmed APLD's ability to convert AI data center leases into EBITDA, with $42.4 million adjusted EBITDA and $12.9 million adjusted net income.
Shares of Applied Digital Corp. (NASDAQ:APLD) are trading higher Thursday afternoon as a broader equity market rebound propelled AI infrastructure and digital hosting providers.
Shares of Applied Digital (NASDAQ:APLD) and TeraWulf (NASDAQ:WULF) are rebounding Thursday morning as the oversold AI capacity trade catches a bid, with the sector fund and the broad tape also higher. Applied Digital stock is up 5% to $25.
Benchmark APLD against direct peers instead of judging its metrics in isolation.
Key metrics vs top competitors for Applied Digital Corp. (APLD)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $28.54 | $8.16B | -31.36 | 183.66% | -39.91% | -11.15% | 0.08% | |
| $1.86 | $651.03M | -6.00 | -32.54% | -5.6% | -38.19% | — | |
| $19.09 | $7.81B | -8.88 | 25.29% | -3663.46% | -151.95% | — | |
| $48.55 | $17.33B | 124.49 | 161.89% | -104.62% | -20.13% | — | |
| $18.79 | $6.04B | -21.35 | -37.53% | -325.91% | — | — | |
| $106.61 | $12B | -49.82 | -111.31% | — | -35.34% | — |
Applied Digital Corp. (APLD) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Verify the primary filings, follow material updates, and answer the remaining questions.
Applied Digital Corp. (APLD) SEC filings — annual & quarterly reports (10-K, 10-Q)
Jul 27, 2026·SEC
Jun 26, 2026·SEC
Jun 16, 2026·SEC
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Applied Digital Corp. (APLD) stock FAQ — growth, dividends, profitability & financials explained
Applied Digital Corp. (APLD) reported $576.2M in revenue for fiscal year 2026. This represents a 117482% increase from $0.5M in 2002.
Applied Digital Corp. (APLD) grew revenue by 183.7% over the past year. This is strong growth.
Applied Digital Corp. (APLD) reported a net loss of $243.8M for fiscal year 2026.
Applied Digital Corp. (APLD) does not currently pay a meaningful dividend. The company may be reinvesting profits for growth.
Applied Digital Corp. (APLD) has a return on equity (ROE) of -11.1%. Negative ROE indicates the company is unprofitable.
Applied Digital Corp. (APLD) had negative free cash flow of $2.78B in fiscal year 2026, likely due to heavy capital investments.
