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How Applied Digital (APLD) makes money

Applied Digital (APLD) made $342M of revenue in the first quarter fiscal 2027 (Q1 FY27), +322% from a year earlier.

Drawing the Sankey…

Applied Digital: revenue by line, Q1 FY26 to Q3 FY26Applied Digital: revenue by line, Q1 FY26 to Q3 FY26HPC Hosting BusinessData Center Hosting B…Cloud Services Busine…Other revenuesHPC Hosting Business: $71.0M latest$71.0MData Center Hosting Business: $37.5M latest$37.5MCloud Services Business: $18.1M latest$18.1MOther revenues: $0 latestQ1 FY26Q2 FY26Q3 FY26
HPC Hosting Business went from 32% of revenue in Q1 FY26 to 56% in Q3 FY26, the largest shift in the mix.
Applied Digital revenue by quarterApplied Digital revenue by quarter$63.9MQ2 FY25$52.9MQ3 FY25$80.9MQ1 FY26$127MQ2 FY26$127MQ3 FY26$342MQ1 FY27
Applied Digital: where each dollar of revenue goesApplied Digital: where each dollar of revenue goesIncome tax1¢Operating cash flow19¢

Where each dollar of revenue goes

LineQ1 FY27% of revenue
Revenue$342M100.0%
Income tax$1.9M0.6%
Operating cash flow$63.9M18.7%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q1 FY27$342M+322%
Q3 FY26$127M+139%
Q2 FY26$127M+250%
Q1 FY26$80.9M+132%
Q3 FY25$52.9M+22%
Q2 FY25$63.9M+51%

From Applied Digital's 10-Q filed Oct 7, 2026 (on EDGAR).

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How does Applied Digital make money?

Applied Digital (APLD) made $342M of revenue in the first quarter fiscal 2027 (Q1 FY27), +322% from a year earlier.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.