How Applied Digital makes money

Period

FY2026

How does Applied Digital make money? This Sankey traces every dollar of revenue through the income statement — into cost of revenue, R&D, SG&A, and taxes — and shows what's left as profit. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

Applied Digital Corporation · FY2026 · year ended 2026-05-31

Revenue$611MNet loss$183M · 30%Cost of revenue$397M · 65%Gross profit$214M · 35%Operating expenses$451M · 74%Other income$54M · 9%SG&A$332M · 54%Other opex$119M · 19%

Each fiscal year from SEC filings. Percentages are share of revenue, so the green profit nodes read directly as gross / operating / net margin. Line items a company doesn't break out are derived from their siblings so the flows balance; small residuals show as “Other.” For informational purposes only.