Recent Insider Transactions • May 03
Independent Director recently sold €710k worth of stock On the 30th of April, Richard Nottenburg sold around 25k shares on-market at roughly €28.38 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €27m more than they bought in the last 12 months. Breakeven Date Change • Apr 24
No longer forecast to breakeven The 8 analysts covering Applied Digital no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of US$144.5m in 2028. New consensus forecast suggests the company will make a loss of US$27.5m in 2028. New Risk • Apr 13
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: US$120m Forecast net loss in 2 years: US$42m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$1.8b free cash flow). Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (US$42m net loss in 2 years). Shareholders have been diluted in the past year (28% increase in shares outstanding). Significant insider selling over the past 3 months (€7.4m sold). New Risk • Apr 10
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$1.8b This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$1.8b free cash flow). Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risks Shareholders have been diluted in the past year (28% increase in shares outstanding). Significant insider selling over the past 3 months (€7.7m sold). Reported Earnings • Apr 09
Third quarter 2026 earnings released: US$0.36 loss per share (vs US$0.16 loss in 3Q 2025) Third quarter 2026 results: US$0.36 loss per share (further deteriorated from US$0.16 loss in 3Q 2025). Revenue: US$126.6m (up 139% from 3Q 2025). Net loss: US$100.9m (loss widened 179% from 3Q 2025). Revenue is forecast to grow 45% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the IT industry in Italy. Breakeven Date Change • Apr 09
No longer forecast to breakeven The 8 analysts covering Applied Digital no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of US$363.2m in 2028. New consensus forecast suggests the company will make a loss of US$144.5m in 2028. Duyuru • Mar 20
Applied Digital Corporation to Report Q3, 2026 Results on Apr 08, 2026 Applied Digital Corporation announced that they will report Q3, 2026 results After-Market on Apr 08, 2026 Recent Insider Transactions • Feb 01
Independent Director recently sold €1.5m worth of stock On the 29th of January, Charles Hastings sold around 46k shares on-market at roughly €32.33 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €5.2m. Insiders have been net sellers, collectively disposing of €26m more than they bought in the last 12 months. Recent Insider Transactions • Jan 17
Chairman recently sold €5.2m worth of stock On the 16th of January, Wesley Cummins sold around 165k shares on-market at roughly €31.40 per share. This transaction amounted to 7.0% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Wesley has been a net seller over the last 12 months, reducing personal holdings by €10m. Duyuru • Jan 15
Applied Digital Appoints Co Jason Zhang as President Applied Digital announced the appointment of its co-founder and current Chief Strategy Officer, Jason Zhang, as the company’s President. As one of the founders of Applied Digital, Mr. Zhang has been instrumental in fueling the company’s innovation, working closely with co-founder Wes Cummins. The appointment reflects the role Mr. Zhang has long played in shaping the company’s strategy and long-term growth trajectory. As President, Mr. Zhang will continue to partner with Mr. Cummins (who will remain Chairman and CEO of the company) to define and steer the company's strategic course as Applied Digital advances through its next phase of AI infrastructure growth. Mr. Zhang most recently served as the company’s Chief Strategy Officer since August 2025. A seasoned technology investor, he founded Valuefinder in 2019, an investment and advisory firm focused on technology companies. Prior to that, he was on the investment team at Sequoia Capital, where he focused on AI, blockchain, digital infrastructure, enterprise software, consumer internet, and hardware investments. He was previously on the investment team at MSD Capital, where he focused on both private and public investments. Mr. Zhang holds a bachelor’s degree in economics from Harvard University. Reported Earnings • Jan 08
Second quarter 2026 earnings released: US$0.11 loss per share (vs US$0.67 loss in 2Q 2025) Second quarter 2026 results: US$0.11 loss per share (improved from US$0.67 loss in 2Q 2025). Revenue: US$126.6m (up 98% from 2Q 2025). Net loss: US$31.2m (loss narrowed 78% from 2Q 2025). Revenue is forecast to grow 42% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the IT industry in Italy. Breakeven Date Change • Jan 02
Forecast breakeven date pushed back to 2028 The 9 analysts covering Applied Digital previously expected the company to break even in 2027. New consensus forecast suggests the company will make a profit of US$363.2m in 2028. Average annual earnings growth of 101% is required to achieve expected profit on schedule. Duyuru • Dec 19
Applied Digital Corporation to Report Q2, 2026 Results on Jan 07, 2026 Applied Digital Corporation announced that they will report Q2, 2026 results After-Market on Jan 07, 2026 New Risk • Nov 14
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 33% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (15% average weekly change). Shareholders have been substantially diluted in the past year (33% increase in shares outstanding). Minor Risk Significant insider selling over the past 3 months (€16m sold). Recent Insider Transactions • Oct 29
Chief Financial Officer recently sold €4.1m worth of stock On the 28th of October, Mohammad Saidal Mohmand sold around 138k shares on-market at roughly €29.79 per share. This transaction amounted to 53% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €5.2m. Mohammad Saidal has been a net seller over the last 12 months, reducing personal holdings by €5.1m. Breakeven Date Change • Oct 23
Forecast breakeven date pushed back to 2028 The 9 analysts covering Applied Digital previously expected the company to break even in 2027. New consensus forecast suggests losses will reduce by 64% per year to 2027. The company is expected to make a profit of US$246.9m in 2028. Average annual earnings growth of 97% is required to achieve expected profit on schedule. Duyuru • Oct 19
Applied Digital Corporation announced that it expects to receive $5 billion in funding from Macquarie Asset Management Credit Advisers US, LLC Applied Digital Corporation announced a preferred equity facility for gross proceeds of $5,000,000,000 on October 17, 2025. The transaction includes participation from returning investor, Macquarie Asset Management Credit Advisers US, LLC. Reported Earnings • Oct 10
First quarter 2026 earnings released: US$0.11 loss per share (vs US$0.029 loss in 1Q 2025) First quarter 2026 results: US$0.11 loss per share (further deteriorated from US$0.029 loss in 1Q 2025). Revenue: US$64.2m (up 5.8% from 1Q 2025). Net loss: US$27.8m (loss widened US$23.5m from 1Q 2025). Revenue is forecast to grow 53% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the IT industry in Italy. Breakeven Date Change • Oct 10
Forecast breakeven date moved forward to 2027 The 7 analysts covering Applied Digital previously expected the company to break even in 2028. New consensus forecast suggests losses will reduce by 35% to 2026. The company is expected to make a profit of US$1.29m in 2027. Average annual earnings growth of 108% is required to achieve expected profit on schedule. Duyuru • Sep 24
Applied Digital Corporation to Report Q1, 2026 Results on Oct 09, 2025 Applied Digital Corporation announced that they will report Q1, 2026 results After-Market on Oct 09, 2025 Duyuru • Sep 15
Applied Digital Corporation, Annual General Meeting, Nov 05, 2025 Applied Digital Corporation, Annual General Meeting, Nov 05, 2025. Recent Insider Transactions • Sep 08
Chairman recently sold €5.2m worth of stock On the 3rd of September, Wesley Cummins sold around 400k shares on-market at roughly €13.07 per share. This transaction amounted to 13% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Wesley's only on-market trade for the last 12 months. Recent Insider Transactions • Aug 16
Independent Director recently sold €379k worth of stock On the 12th of August, Charles Hastings sold around 30k shares on-market at roughly €12.62 per share. This transaction amounted to 6.0% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth €1.2m. Insiders have been net sellers, collectively disposing of €3.3m more than they bought in the last 12 months. Recent Insider Transactions • Aug 07
Independent Director recently sold €1.2m worth of stock On the 4th of August, Charles Hastings sold around 100k shares on-market at roughly €11.52 per share. This transaction amounted to 17% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €2.6m more than they bought in the last 12 months. Reported Earnings • Aug 01
Full year 2025 earnings released: US$0.81 loss per share (vs US$0.65 loss in FY 2024) Full year 2025 results: US$0.81 loss per share (further deteriorated from US$0.65 loss in FY 2024). Revenue: US$144.2m (up 5.5% from FY 2024). Net loss: US$163.6m (loss widened 121% from FY 2024). Revenue is forecast to grow 47% p.a. on average during the next 3 years, compared to a 9.0% growth forecast for the IT industry in Italy. Breakeven Date Change • Jul 15
Forecast to breakeven in 2028 The 6 analysts covering Applied Digital expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$122.2m in 2028. Average annual earnings growth of 72% is required to achieve expected profit on schedule. Duyuru • Jul 14
Applied Digital Corporation to Report Q4, 2025 Results on Jul 30, 2025 Applied Digital Corporation announced that they will report Q4, 2025 results After-Market on Jul 30, 2025 Duyuru • Jun 03
Applied Digital Corporation has filed a Follow-on Equity Offering in the amount of $200 million. Applied Digital Corporation has filed a Follow-on Equity Offering in the amount of $200 million.
Security Name: Common Stock
Security Type: Common Stock
Transaction Features: At the Market Offering Breakeven Date Change • Jun 03
Forecast to breakeven in 2028 The 7 analysts covering Applied Digital expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$114.7m in 2028. Average annual earnings growth of 74% is required to achieve expected profit on schedule. Duyuru • May 01
Applied Digital Corporation announced that it expects to receive $150 million in funding Applied Digital Corporation announced that it has entered into a private financing arrangement to issue 150,000 convertible preferred stock at a price of $1,000 per share for the gross proceeds of $150,000,000 on April 30, 2025. The Facility has a term of 36 months, over which the Company can draw up to $150 million at its discretion, in increments of $25 million, as long as certain conditions are met.