Revenue (USD, thousands)

Related Party Revenue (USD, thousands)

Total Revenue (USD, thousands)

Cost of Revenues (USD, thousands)

Selling, General and Administrative Expenses (USD, thousands)

Loss/(Gain) on Classification of Held for Sale (USD, thousands)

Loss on Abandonment of Assets (USD, thousands)

Loss from Legal Settlement (USD, thousands)

Total Costs and Expenses (USD, thousands)

Operating Loss (USD, thousands)

Interest Expense, Net (USD, thousands)

Loss on Change in Fair Value of Debt (USD, thousands)

Loss on Change in Fair Value of Related Party Debt (USD, thousands)

Loss on Extinguishment of Debt (USD, thousands)

Net Loss Before Income Tax Expenses (USD, thousands)

Income Tax Expense (Benefit) (USD, thousands)

Net Loss (USD, thousands)

Net Loss Attributable to Noncontrolling Interest (USD, thousands)

Preferred Dividends (USD, thousands)

Net Loss Attributable to Common Stockholders (USD, thousands)

Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (USD)

Basic and Diluted Weighted Average Number of Shares Outstanding

83ef0b0644613cdae368a6d58bb1dc3028642e6113388d36177fb4865cd4b802

8851b2b8b3710ec1e128ec67f08089db60afe422c6be35ce42a174d32fa6ec82

The surge in **cash and cash equivalents** in Q2 2025 was driven primarily by significant financing inflows. The company raised a substantial amount through **convertible senior notes** (**$450,000 thousand**), **issuance of common stock** (**$191,590 thousand**), and **issuance of preferred stock** (**$67,085 thousand**), in addition to **long-term debt** financing (**$275,000 thousand**). These inflows more than offset the cash used in operating and investing activities, leading to a marked increase in cash on hand.  **[0001144879-25-000005_apldq225earningsrelease.htm:9]** 

What drove the surge in Cash and cash equivalents in Q2 2025?

The dramatic jump in **Total Assets** in Q2 2025 was primarily due to significant increases in several asset categories. **Cash and cash equivalents** rose sharply from **$3,339 thousand** to **$286,237 thousand**, reflecting improved liquidity through financing activities or operational cash inflows. Additionally, there was a substantial growth in **property and equipment, net** (from **$340,381 thousand** to **$772,664 thousand**), indicating major capital investments likely linked to the expansion of data center infrastructure. The increase in **finance lease right of use assets** (from **$218,683 thousand** to **$261,452 thousand**) and the rise in **other assets** (from **$19,930 thousand** to **$40,082 thousand**) also contributed to the overall jump in Total Assets.  **[0001144879-25-000005_apldq225earningsrelease.htm:7]** **[0001144879-25-000006_apld-20241130.htm:2]** 

Why did Total Assets jump so dramatically in Q2 2025?

The drastic increase in **long-term debt** in Q2 2025 was mainly driven by three factors: the **issuance of a $450 million, 2.75% convertible senior note due 2030** in November 2024, the addition of a **$166.5 million promissory note** from Macquarie Equipment Capital maturing in May 2026, and the **repayment of a senior credit facility with SemGroup** which restructured the company’s debt portfolio.  **[0001144879-25-000006_apld-20241130.htm:11]** **[APLD_3412424_2]** 

What factors contributed to the drastic increase in Long-term debt in Q2 2025?

The sharp decline in Treasury stock value in Q2 2025 was driven by a significant **share repurchase**, which resulted in the Treasury stock amount changing from **$(62) thousand** to **$(31,400) thousand**, a decrease of **$(31,338) thousand**.  **[0001144879-25-000006_apld-20241130.htm:4]** **[0001144879-25-000005_apldq225earningsrelease.htm:7]** 

What caused the sharp decline in Treasury stock value in Q2 2025?

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Cash and cash equivalents (USD, thousands)

Restricted cash (USD, thousands)

Accounts receivable (USD, thousands)

Prepaid expenses and other current assets (USD, thousands)

Current assets held for sale (USD, thousands)

Total current assets (USD, thousands)

Property and equipment, net (USD, thousands)

Operating lease right‐of‐use assets, net (USD, thousands)

Finance lease right‐of‐use assets, net (USD, thousands)

Other assets (USD, thousands)

TOTAL ASSETS (USD, thousands)

Accounts payable (USD, thousands)

Accrued liabilities (USD, thousands)

Current portion of operating lease liability (USD, thousands)

Current portion of finance lease liability (USD, thousands)

Current portion of debt (USD, thousands)

Current portion of debt, at fair value (USD, thousands)

Customer deposits (USD, thousands)

Related party customer deposits (USD, thousands)

Deferred revenue (USD, thousands)

Related party deferred revenue (USD, thousands)

Due to customer (USD, thousands)

Other current liabilities (USD, thousands)

Total current liabilities (USD, thousands)

Long-term portion of operating lease liability (USD, thousands)

Long-term portion of finance lease liability (USD, thousands)

Long-term debt (USD, thousands)

Total liabilities (USD, thousands)

Series E preferred stock (USD, thousands)

Series E-1 preferred stock (USD, thousands)

Common stock (USD, thousands)

Treasury stock (USD, thousands)

Additional paid in capital (USD, thousands)

Accumulated deficit (USD, thousands)

Total stockholders’ equity attributable to Applied Digital Corporation (USD, thousands)

TOTAL LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY (USD, thousands)

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Adjustments for Non-Cash Items (USD, thousands)

Stock-Based Compensation (USD, thousands)

Changes in Working Capital (USD, thousands)

Capital Expenditures (CapEx) (USD, thousands)

Proceeds from / Repayments of Debt (USD, thousands)

Share Repurchases (USD, thousands)

Dividend Payments (USD, thousands)

Net Change in Cash (USD, thousands)

e4820e80bc0771a9e50d3dac6f6fc905400cc4f63772845c15b99f63ca09efe3

Cost of Goods Sold (COGS) (USD, thousands)

Selling, General, and Administrative Expenses (USD, thousands)

Research and Development (R&D) (USD, thousands)

Depreciation and Amortization (D&A) (USD, thousands)

Interest Expense (USD, thousands)

Operating Income (EBIT) (USD, thousands)

Net Income (USD, thousands)

Earnings Per Share (EPS) - Basic (USD)

Earnings Per Share (EPS) - Diluted (USD)

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Current Assets (USD, thousands)

Cash and Cash Equivalents (USD, thousands)

Accounts Receivable (USD, thousands)

Inventory (USD, thousands)

Non-Current Assets (USD, thousands)

Property, Plant, and Equipment (PP&E) (USD, thousands)

Goodwill (USD, thousands)

Intangible Assets (USD, thousands)

Current Liabilities (USD, thousands)

Accounts Payable (USD, thousands)

Short-term Debt (USD, thousands)

Accrued Expenses (USD, thousands)

Non-Current Liabilities (USD, thousands)

Long-term Debt (USD, thousands)

Lease Liabilities (USD, thousands)

Deferred Tax Liabilities (USD, thousands)

Shareholders' Equity (USD, thousands)

Retained Earnings (USD, thousands)

Common Stock (USD, thousands)

Additional Paid-in Capital (USD, thousands)

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Applied Digital (APLD)

Financials