Applied Digital Corporation (APLD) Releases Q2 2026 Earnings: Revenue Nearly Doubles, Loss Narrows

Applied Digital Corporation (APLD) — Q2 2026 Results

Revenue rose 98.2% year‑over‑year to $126.6 million, beating the consensus revenue estimate of $89.3 million.

Gross profit improved to $26.0 million (+126.3% YoY) with cost of sales of $100.6 million.

Operating loss was $31.0 million, improving 66.3% year‑over‑year.

Net loss attributable to common shareholders was $19.1 million, with diluted loss per share of $0.07 (consensus EPS estimate was a $0.10 loss).

Ending cash and equivalents stood at $1.91 billion, while the company invested $552.1 million in property and equipment and reported total liabilities of $3.16 billion.

Applied Digital reported strong top-line expansion, with revenue nearly doubling year over year and materially exceeding estimates. Gross profit more than doubled, supporting margin recovery even as cost of sales increased.

On profitability, the company recorded an operating loss of $31.0 million and a net loss attributable to common shareholders of $19.1 million. Diluted loss per share was $0.07, which was less negative than the consensus estimate.

Cash flow and balance sheet activity were notable: the company used $15.8 million in operating activities during the quarter and spent $552.1 million on property, plant and equipment. Liquidity improved to $1.91 billion in cash and equivalents, while total liabilities increased to $3.16 billion.

Note: This financials data is sourced from a third-party provider and has not been independently verified by Quiver.

Applied Digital Corporation Insider Trading Activity

Applied Digital Corporation insiders have traded $APLD stock on the open market 20 times in the past 6 months. Of those trades, 0 have been purchases and 20 have been sales.

Here’s a breakdown of recent trading of $APLD stock by insiders over the last 6 months:

WES CUMMINS (CEO; Chairman) sold 400,000 shares for an estimated $6,104,000
MOHAMMAD SAIDAL LAVANWAY MOHMAND (Chief Financial Officer) has made 0 purchases and 3 sales selling 212,503 shares for an estimated $5,920,234.
CHUCK HASTINGS has made 0 purchases and 4 sales selling 205,000 shares for an estimated $4,416,150.
RICHARD N NOTTENBURG has made 0 purchases and 6 sales selling 93,686 shares for an estimated $2,289,187.
ELLA G. BENSON has made 0 purchases and 2 sales selling 51,150 shares for an estimated $1,701,936.
RACHEL H. LEE sold 24,213 shares for an estimated $803,871
DOUGLAS S MILLER has made 0 purchases and 3 sales selling 28,000 shares for an estimated $502,140.

To track insider transactions, check out Quiver Quantitative's insider trading dashboard.

Applied Digital Corporation Hedge Fund Activity

We have seen 243 institutional investors add shares of Applied Digital Corporation stock to their portfolio, and 117 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

D. E. SHAW & CO., INC. added 10,905,830 shares (+inf%) to their portfolio in Q3 2025, for an estimated $250,179,740
JANE STREET GROUP, LLC added 7,198,999 shares (+inf%) to their portfolio in Q3 2025, for an estimated $165,145,037
PRICE T ROWE ASSOCIATES INC /MD/ added 3,976,151 shares (+3110.7%) to their portfolio in Q3 2025, for an estimated $91,212,903
BLACKROCK, INC. added 3,762,543 shares (+25.5%) to their portfolio in Q3 2025, for an estimated $86,312,736
VANGUARD GROUP INC added 3,339,062 shares (+23.2%) to their portfolio in Q3 2025, for an estimated $76,598,082
TWO SIGMA INVESTMENTS, LP added 3,031,154 shares (+inf%) to their portfolio in Q3 2025, for an estimated $69,534,672
GOLDMAN SACHS GROUP INC removed 2,816,695 shares (-65.3%) from their portfolio in Q3 2025, for an estimated $64,614,983

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

Applied Digital Corporation Analyst Ratings

Wall Street analysts have issued reports on $APLD in the last several months. We have seen 9 firms issue buy ratings on the stock, and 0 firms issue sell ratings.

Here are some recent analyst ratings:

Freedom Capital Markets issued a "Buy" rating on 01/07/2026
Lake Street issued a "Buy" rating on 12/30/2025
Northland Capital Markets issued a "Outperform" rating on 12/30/2025
Needham issued a "Buy" rating on 10/29/2025
Craig-Hallum issued a "Buy" rating on 10/23/2025
HC Wainwright & Co. issued a "Buy" rating on 10/10/2025
JMP Securities issued a "Market Outperform" rating on 10/09/2025

To track analyst ratings and price targets for Applied Digital Corporation, check out Quiver Quantitative's $APLD forecast page.

Applied Digital Corporation Price Targets

Multiple analysts have issued price targets for $APLD recently. We have seen 10 analysts offer price targets for $APLD in the last 6 months, with a median target of $39.5.

Here are some recent targets:

Paul Meeks from Freedom Capital Markets set a target price of $36.0 on 01/07/2026
Rob Brown from Lake Street set a target price of $45.0 on 12/30/2025
Mike Grondahl from Northland Capital Markets set a target price of $40.0 on 12/30/2025
John Todaro from Needham set a target price of $41.0 on 10/29/2025
George Sutton from Craig-Hallum set a target price of $39.0 on 10/23/2025
Kevin Dede from HC Wainwright & Co. set a target price of $40.0 on 10/10/2025
Greg Miller from JMP Securities set a target price of $35.0 on 10/09/2025