Revenue $126.6M Q1-2026 | SEC structured data Source detail Hide detail Capital expenditures $1.3B Q2-2026 | SEC structured data Source detail Hide detail Net income -$14.5M Q4-2025 | SEC structured data Source detail Hide detail Source-reviewed points 23 Latest: Customer concentration (>10% customers) Source detail Hide detail Customer concentration (>10% customers) | FY2026: 12%
Customer concentration (>10% customers) | FY2026: 25%
Customer concentration (>10% customers) | FY2026: 59%
Hyperscaler bookings and backlog | FY2026: $36.2B
Hyperscaler bookings and backlog | 2026-05-20: $7.5B
Hyperscaler bookings and backlog | 2026-04-23: $7.5B
Customer concentration (>10% customers) | Q3-FY2026: 14%
Customer concentration (>10% customers) | Q3-FY2026: 30%
Customer concentration (>10% customers) | Q3-FY2026: 56%
Customer concentration (>10% customers) | Q2-FY2026: 33%
SEC structured data
SEC Structured Data Trend Charts Points render directly from data.sec.gov company-facts provenance and carry the filing tag used for extraction.
Revenue Applied Digital Revenue $126.6M $0 Q1-2023 Q1-2026 $126.6M Source trail for rendered points Revenue · Q1-2023: $14.1M
Revenue · Q3-2023: $36.3M
Revenue · Q4-2023: $42.2M
Revenue · Q1-2024: $43.3M
Revenue · Q3-2024: $34.8M
Revenue · Q4-2024: $36.2M
Revenue · Q1-2025: $52.9M
Revenue · Q2-2025: $22.3M
Revenue · Q3-2025: $64.2M
Revenue · Q4-2025: $126.6M
Revenue · Q1-2026: $126.6M
Capital expenditures Applied Digital Capital expenditures $1.3B $0 Q3-2022 Q2-2026 $1.3B Source trail for rendered points Capital expenditures · Q3-2022: $31.7M
Capital expenditures · Q3-2023: $32.6M
Capital expenditures · Q3-2024: $54.8M
Capital expenditures · Q1-2025: $257.5M
Capital expenditures · Q3-2025: $249.4M
Capital expenditures · Q4-2025: $552.1M
Capital expenditures · Q1-2026: $775.2M
Capital expenditures · Q2-2026: $1.3B
Net income Applied Digital Net income $40.2M -$138.7M Q2-2022 Q4-2025 -$14.5M Source trail for rendered points Net income · Q2-2022: -$2.8M
Net income · Q3-2022: -$4.5M
Net income · Q4-2022: -$26.6M
Net income · Q1-2023: -$7M
Net income · Q2-2023: $40.2M
Net income · Q3-2023: -$11.5M
Net income · Q4-2023: -$10.5M
Net income · Q1-2024: -$62.8M
Net income · Q3-2024: -$4.2M
Net income · Q4-2024: -$138.7M
Net income · Q3-2025: -$16.9M
Net income · Q4-2025: -$14.5M
Source-reviewed history
Source-Reviewed Operating Series
Hyperscaler bookings and backlog Master AI-infrastructure-demand headline metric and leading indicator of future revenue.
Applied Digital Hyperscaler bookings and backlog $36.2B $0 FY2025 FY2026 $15.6B $7.5B $36.2B
Period Measure Value FY2025 Minimum Contracted Payments $6.8B Q1-FY2026 Minimum Contracted Payments $10.9B Q2-FY2026 Minimum Contracted Payments $15.6B 2026-04-23 Signed Lease Contracted Revenue $7.5B 2026-05-20 Signed Lease Contracted Revenue $7.5B FY2026 Total Contracted Hpc Lease Revenue Base Terms $36.2B
Source trail for rendered points Minimum Contracted Payments · FY2025: $6.8B
Quote “Minimum Contracted Payments FY26 $ 81,156 FY27 326,340 FY28 372,130 FY29 383,294 FY30 394,793 Thereafter 5,206,486 Total $ 6,764,199” Minimum Contracted Payments · Q1-FY2026: $10.9B
Quote “Minimum Contracted Payments FY26 $ 81,000 FY27 356,340 FY28 586,030 FY29 606,611 FY30 624,809 Thereafter 8,596,727 Total $ 10,851,517” Minimum Contracted Payments · Q2-FY2026: $15.6B
Quote “Minimum Contracted Payments FY26 $ 72,000 FY27 479,540 FY28 855,950 FY29 883,279 FY30 908,393 Thereafter 12,351,943 Total $ 15,551,105” Signed Lease Contracted Revenue · 2026-04-23: $7.5B
Quote “On April 23, 2026, we entered into two approximately 15-year leases with a second U.S.-based investment-grade hyperscaler for an aggregate 300 MW of critical IT load at the campus.” Signed Lease Contracted Revenue · 2026-05-20: $7.5B
Quote “The aggregate 300 MW of critical IT load is contracted under two approximately 15-year leases (with three five-year renewal options) with a high investment-grade hyperscaler, representing approximately $7.5 billion of contracted revenue over the base term” Total Contracted Hpc Lease Revenue Base Terms · FY2026: $36.2B
Quote “As of May 31, 2026, we had executed long-term leases representing approximately 1,410 MW of contracted critical IT load across five campuses, representing approximately $36.2 billion of total contracted revenue over the initial 15-year base lease terms.”
Customer concentration (>10% customers) The neocloud dependency story (e.g., single-customer risk).
Applied Digital Customer concentration (>10% customers) 93% 0% FY2024 FY2026 12%
Period Measure Value FY2024 Customer Concentration Pct 62% FY2024 Customer Concentration Pct 12% Q1-FY2025 Customer Concentration Pct 48% Q2-FY2025 Customer Concentration Pct 90% Q3-FY2025 Customer Concentration Pct 66% Q3-FY2025 Customer Concentration Pct 34% FY2025 Customer Concentration Pct 93% Q1-FY2026 Customer Concentration Pct 59% Q1-FY2026 Customer Concentration Pct 41% Q2-FY2026 Customer Concentration Pct 67% Q2-FY2026 Customer Concentration Pct 33% Q3-FY2026 Customer Concentration Pct 56% Q3-FY2026 Customer Concentration Pct 30% Q3-FY2026 Customer Concentration Pct 14% FY2026 Customer Concentration Pct 59% FY2026 Customer Concentration Pct 25% FY2026 Customer Concentration Pct 12%
Source trail for rendered points Customer Concentration Pct · FY2024: 62%
Quote “Below is a summary of the Company’s revenue concentration by major customer for the fiscal years ended May 31, 2024 and 2023: Customer A 62 %” Customer Concentration Pct · FY2024: 12%
Quote “Customer A 62 % Customer B — % Customer C — % Customer D — % Customer E — % Customer F — % Customer G 12 %” Customer Concentration Pct · Q1-FY2025: 48%
Quote “Customer A 59 % — % Customer B 41 % 48 %” Customer Concentration Pct · Q2-FY2025: 90%
Quote “Customer A 67 % — % 58 % — % Customer B 33 % 90 % 42 % 87 %” Customer Concentration Pct · Q3-FY2025: 66%
Quote “Below is a summary of the Company’s revenue concentration by major customers for the three and nine months ended February 28, 2025 and February 29, 2024, respectively. Customer A 66 %” Customer Concentration Pct · Q3-FY2025: 34%
Quote “Customer A 66 % Customer F — % Customer G 34 %” Customer Concentration Pct · FY2025: 93%
Quote “Below is a summary of the Company’s revenue concentration by major customer for the fiscal years ended May 31, 2025 and 2024: Customer A 93 %” Customer Concentration Pct · Q1-FY2026: 59%
Quote “Below is a summary of the Company’s revenue concentration by major customers for the three months ended August 31, 2025 and August 31, 2024, respectively. Customer A 59 %” Customer Concentration Pct · Q1-FY2026: 41%
Quote “Customer A 59 % Customer B 41 %” Customer Concentration Pct · Q2-FY2026: 67%
Quote “Below is a summary of the Company’s revenue concentration by major customers for the three and six months ended November 30, 2025 and November 30, 2024, respectively. Customer A 67 %” Customer Concentration Pct · Q2-FY2026: 33%
Quote “Customer A 67 % Customer B 33 %” Customer Concentration Pct · Q3-FY2026: 56%
Quote “Below is a summary of the Company’s revenue concentration by major customers for the three and nine months ended February 28, 2026 and February 28, 2025, respectively. Customer A 56 %” Customer Concentration Pct · Q3-FY2026: 30%
Quote “Customer A 56 % Customer B 30 % Customer C 14 %” Customer Concentration Pct · Q3-FY2026: 14%
Quote “Customer A 56 % Customer B 30 % Customer C 14 %” Customer Concentration Pct · FY2026: 59%
Quote “Below is a summary of the Company’s total revenue concentration by major customer for the fiscal years ended May 31, 2026, 2025, and 2024: Customer A 59 %” Customer Concentration Pct · FY2026: 25%
Quote “Customer A 59 % Customer B 25 % Customer C 12 %” Customer Concentration Pct · FY2026: 12%
Quote “Customer A 59 % Customer B 25 % Customer C 12 %” Current source layer
Current Source-Backed Data No current-period source-backed data for this entity.
Source-backed timeline
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Honest gaps
Excluded and Undisclosed Items Rejected items exist in the audited workflow when source, quote, or period checks fail; they are excluded from every displayed chart and table.
