Overview
- Forbes/Trefis finds Applied Digital up 538.6% over the past year, outpacing comparable data-center and crypto infrastructure names.
- The company posted 63.0% revenue growth but recorded an operating margin of -28.0%, reflecting heavy AI/HPC build-out costs.
- Analysis flags severely negative operating and free cash flow margins, underscoring ongoing cash burn.
- Valuation screens elevated with a price-to-earnings ratio of -93.6, driven by the absence of profits.
- Peer contrasts include Hut 8 with a 60.3% margin, highlighting the gap between APLD’s spending profile and more established operators’ efficiency.