APLDApplied Digital Corp.

Services-Computer Processing & Data Preparation

Revenue: $611M; 324% YoY
Operating margin: -38.7%; 23% YoY
EBITDA: −$169M; 370% YoY
Market cap: $5.3B
Employees: 256; $2M revenue each
Net debt / EBITDA: —; −$2.9B net debt
AI in 10-K: 10.2; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 2 of 7

TSR below peersNo
1 of 4 years
3+ of last 5 years
High CEO pay despite TSRNo
$17M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
36% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentYes
53% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$2M · 95th pct
Bottom quartile of its SIC industry
Quiet on AINo
10.2 per 10K words · 93rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$5.3B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$7M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
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

Filed	Filer	Form	Stake	Intent
Jul 8, 2026	Cummins Wes	SCHEDULE 13D/A	7.6%	Passive
Jan 8, 2026	Cummins Wes	SCHEDULE 13D/A	7.6%	Passive
Nov 4, 2025	Cummins Wes	SCHEDULE 13D/A	7.4%	Passive
Sep 5, 2025	Cummins Wes	SCHEDULE 13D/A	8.5%	Passive
Mar 28, 2025	Cummins Wes	SCHEDULE 13D/A	10.0%	Passive
Nov 29, 2024	Cummins Wes	SC 13D/A	10.9%	Active
Oct 11, 2024	ZHANG JASON	SC 13D/A	2.7%	Passive
Jul 16, 2024	Oasis Management Co Ltd.	SC 13D/A	14.2%	Passive
May 7, 2024	Oasis Management Co Ltd.	SC 13D	5.8%	Passive
Nov 17, 2023	ZHANG JASON	SC 13D	6.8%	Passive

Insider trading

Open-market buys, 12 mo: $7M · 2
Open-market sells, 12 mo: $14M · 12
Net: −$7M

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