APLDApplied DigitalQ3 FY2026财报解读

Revenue Nearly Doubles Year-Over-Year

Revenue surged 139.3% YoY to $126.6M in Q3 FY2026 from $52.9M in the prior-year period, reflecting significant business expansion likely tied to data center and HPC infrastructure buildout.

来源: Source: 10-Q Income Statement

SG&A Costs Explode, Driving Wider Operating Losses

SG&A expenses jumped 250.8% YoY to $79.7M, far outpacing revenue growth, which pushed operating losses to -$85.7M (a -352.2% deterioration YoY), indicating heavy investment in organizational infrastructure and growth initiatives.

来源: Source: 10-Q Income Statement

Massive Balance Sheet Expansion via Financing

Total assets grew 265.9% YoY to $6.25B, driven by $3.62B in YTD financing cash inflows, which funded a dramatic increase in cash & equivalents from $68.7M to $1.73B — a 2,417% increase — signaling large-scale capital raises.

来源: Source: 10-Q Balance Sheet & Cash Flow Statement

Heavy Capital Investment in Infrastructure

YTD investing cash outflows reached -$1.59B (vs. -$465.7M prior year), a -242.2% change, reflecting aggressive capital expenditure on data center and computing infrastructure to support future revenue growth.

来源: Source: 10-Q Cash Flow Statement

Operating Cash Flow Improving Despite Losses

YTD operating cash flow improved to -$42.9M from -$122.3M in the prior-year period, a 64.9% improvement, suggesting better working capital management even as the company remains pre-profitability.

来源: Source: 10-Q Cash Flow Statement

Operating losses widened to -$85.7M in Q3 FY2026, with an operating margin of -67.6%, compared to -35.8% in the prior year. The 250.8% surge in SG&A suggests cost structures are scaling faster than revenue, raising concerns about the path to profitability.

来源: Source: 10-Q Income Statement

The debt-to-equity ratio stands at 2.33x, with total liabilities of $3.68B against stockholders' equity of $1.58B. While the current ratio of 2.38x provides near-term liquidity comfort, the overall leverage level creates financial risk if revenue growth slows or capital markets tighten.

来源: Source: 10-Q Balance Sheet

The company raised $3.62B in financing activities YTD to fund operations and capital expenditures of -$1.59B. This heavy reliance on external financing means the business model is not yet self-sustaining, and any disruption to capital market access could impair growth plans.

来源: Source: 10-Q Cash Flow Statement

Cost of revenue grew 48.2% YoY to $72.8M against revenue of $126.6M, implying a gross profit of approximately $53.8M and a gross margin of roughly 42.5%. While this is an improvement from the prior period, continued cost inflation in energy and infrastructure could compress margins further.

来源: Source: 10-Q Income Statement

Total assets grew 265.9% YoY to $6.25B, reflecting an aggressive expansion strategy. Rapid scaling of data center and HPC infrastructure introduces significant execution risk, including potential delays, cost overruns, and challenges in securing long-term customer contracts to justify the capital deployed.

来源: Source: 10-Q Balance Sheet