Total Revenue (USD, thousands)

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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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)

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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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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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Applied Digital Corp (APLD)

Financials