Short answer
Applied Digital Corp. (APLD) filed its fiscal 2025 10-K annual report with the SEC on Jul 30, 2025. It reported revenue of $229M (+38.0% year over year) and net income of −$234M.
- Top risk flagged: Regulatory risk from SEC inquiries on trading and short selling activities affecting stock liquidity and compliance costs
FY2025 key financial metrics · XBRL
- Revenue
- $229M
- +38.0% YoY
- Net income
- −$234M
- −56.5% YoY
- Operating margin
- -7.4%
- +52.4 pp YoY
- EPS (diluted)
- −$1.16
- +11.5% YoY
- ROE
- -47.0%
- +72.6 pp YoY
- Operating cash flow
- −$115M
- −936.6% YoY
Source: XBRL data from the Applied Digital Corp. (APLD) FY2025 10-K on SEC EDGAR. USD.
Applied Digital Corp. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Designer, developer, and operator of next-generation data centers for HPC, AI, and blockchain hosting in North America
- Strategic shift: Cloud Services Business classified as held for sale, excluded from continuing operations and segment results starting FY2025
- New HPC campus Polaris Forge 1 under construction in Ellendale with 400 MW capacity, first AI-focused data centers, leases signed for 250 MW
- Employee count increased to approximately 205 full-time as of May 31, 2025, with expanded workforce and long-term incentive programs
- Focus on vertical integration of power assets and targeting renewable energy to support environmentally conscious and scalable operations
Management Discussion & Analysis
- Revenue from continuing operations $0; Data Center Hosting Business only; Cloud Services Business discontinued with $84.4M revenue FY25
- Operating results: HPC Hosting Business pre-revenue; Data Center Hosting at full capacity (286 MW total) but no specific margin data disclosed
- Best segment: Data Center Hosting (100% continuing ops revenue); Worst: Cloud Services Business discontinued with $84.4M revenue but classified as discontinued ops
- Capital raised: $160M from private placement, $62.5M Series E-1 Preferred, $75M Series G Preferred, $14.6M ATM sales, $16.4M July 2024 ATM sales; Debt includes $450M Convertible Notes, $150M Macquarie Note repaid, $375M SMBC loan
- Forward outlook: HPC Hosting to generate meaningful revenue CY2025 with CoreWeave leases; $900M MAM investment pending closing conditions; key risks include closing conditions and market demand for HPC infrastructure
Risk Factors
- Regulatory risk from SEC inquiries on trading and short selling activities affecting stock liquidity and compliance costs
- Geopolitical threat from U.S. tariffs on construction materials and specialized electricity equipment delaying HPC and AI projects
- Operational risk from reliance on third-party power suppliers exposing to service failures and price volatility in power markets
- Market disruption risk from major competitor customers exerting pricing pressure amid concentrated customer base (93% revenue from one customer)
- Financial risk from high debt with multiple loans subject to restrictive covenants and potential refinancing at higher interest rates
Generated from the filing text; verify against the original. How to read a 10-K
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