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Where the tokens are
Standardised from the company’s filings, newest period first, labelled with the company’s own fiscal calendar. A line the company does not report is left off rather than shown as zero; margins and free cash flow are worked out here, and only where every input is present.
| Line item | Q4 FY262026-05-31 | Q3 FY262026-02-28 | Q2 FY262025-11-30 | Q1 FY262025-08-31 | Q4 FY252025-05-31 | Q3 FY252025-02-28 | Q2 FY252024-11-30 | Q1 FY252024-08-31 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $258.75M | $126.64M | $126.59M | $64.22M | $51.08M | $52.92M | $36.16M | $34.85M |
| Cost of revenue | $218.23M | $72.83M | $100.55M | $55.61M | $54.20M | $49.14M | $22.66M | $22.74M |
| Gross profit | $40.52M | $53.81M | $26.04M | $8.61M | −$3.12M | $3.78M | $13.50M | $12.11M |
| Gross margin | 15.7% | 42.5% | 20.6% | 13.4% | -6.1% | 7.1% | 37.3% | 34.7% |
| Selling, general and administrative | $165.28M | $79.72M | $56.99M | $29.15M | $41.03M | $22.72M | $25.97M | $10.99M |
| Operating expenses | $165.28M | $79.72M | $56.99M | $30.90M | $41.03M | $22.72M | $26.31M | $11.62M |
| Operating income | −$124.76M | −$25.92M | −$30.96M | −$22.29M | −$44.15M | −$18.94M | −$12.81M | $485.00K |
| Operating margin | -48.2% | -20.5% | -24.5% | -34.7% | -86.4% | -35.8% | -35.4% | 1.4% |
| EBITDA | −$90.93M | −$5.11M | −$22.37M | −$16.39M | −$25.74M | −$164.00K | $13.97M | $35.43M |
| Interest income | $55.74M | $0 | $0 | — | $3.12M | $0 | $0 | — |
| Interest expense | −$66.38M | $2.39M | −$11.48M | −$3.95M | −$11.57M | −$8.90M | −$2.93M | −$2.96M |
| Income before taxes | −$79.62M | −$70.56M | −$26.55M | −$26.24M | −$52.55M | −$35.44M | −$128.36M | $15.91M |
| Income taxes | $1.77M | −$2.00K | $15.00K | $8.00K | −$16.00K | $117.00K | $1.00K | — |
| Net income | −$82.41M | −$70.56M | −$14.45M | −$16.93M | −$52.54M | −$35.56M | −$138.73M | −$4.25M |
| Net margin | -31.8% | -55.7% | -11.4% | -26.4% | -102.9% | -67.2% | -383.6% | -12.2% |
| EPS, basic | −$0.39 | −$0.36 | −$0.07 | −$0.07 | −$0.24 | −$0.16 | −$0.66 | −$0.03 |
| EPS, diluted | −$0.39 | −$0.36 | −$0.07 | −$0.07 | −$0.24 | −$0.16 | −$0.66 | −$0.03 |
| Diluted shares | 285.48M | 281.98M | 277.42M | 255.89M | 223.66M | 222.45M | 209.56M | 149.10M |
Figures describe Applied Digital Corporation shares, not any token. As of Jul 29, 2026, from Massive's standardised financials. The company reports these figures; a token's issuer holds the shares and reports nothing of its own here.