All three tenses have at least two readings, so the archetype blend applies as printed.
Of the nine metrics, 6 read as filed from the record and 3 are SI estimates, each with its reasoning, its confidence and what would change it on its card.
What did they actually do?
Has it survived what it has been through?
2 warning events since 2017; the latest 2025-06-20.
From the record
Applied Digital Corporation's filings since 2017 show 2 warning events of 2 kinds: an auditor change (8-K item 4.01, the latest 2025-06-20); a late-report notice (Form NT 10-K or NT 10-Q, the latest 2024-08-30) (its current reports).
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
What has it actually done, year after year?
+92.2% a year over 3 filed years; profitable in 0 of 3.
From the record
Applied Digital Corporation's 3 filed years say what it did: revenue went from $166 million in fiscal 2024 to $611 million in fiscal 2026, up 92.2% a year; it rose in 2 of 2 years; it never fell from a peak; net income was positive in 0 of 3 of those years (its annual reports).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
How has it treated the people who own it?
SI estimate 1.6/10, confidence 35 of 100 (one part).
SI estimate Inferred, not read as filed
From the record
SI estimate, not a filed reading: Applied Digital Corporation's shareholder treatment is put at 1.6 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the bottom 16% of 69 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.
What are they doing right now?
Is it financially healthy right now?
ROE -11%: lost 11¢ per shareholder dollar. Leverage 83%: owes 83¢ per asset dollar.
From the record
Return on equity: in the fiscal year ended 2026-05-31, Applied Digital Corporation lost about 11 cents for every dollar of shareholders' money, and gross profitability: its products earned about 2 cents per dollar of everything the company owns (revenue less the cost of revenue). Leverage: it owed about 83 cents per dollar of assets, and net share issuance: its share count grew 36.8% over the year (the filed statements).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
How strong is its position in its industry?
top 41% of 68 in its family; net margin -30.2%.
From the record
Applied Digital Corporation's standing among 68 graded names in its industry family: revenue of $611 million in fiscal 2026 ranks in the top 47% by size; a net margin of -30.2% ranks in the bottom 29%; revenue growth of 92.2% a year over the last 2 filed years ranks in the top 5% (its annual reports).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
What are the people in charge doing?
SI estimate 0.3/10, confidence 35 of 100 (one part).
SI estimate Inferred, not read as filed
From the record
SI estimate, not a filed reading: Applied Digital Corporation's leadership is put at 0.3 of 10 with a confidence of 35 of 100, because read from one part only, officer and director changes on Form 8-K over three years, against the people in charge, which ranks in the bottom 3% of 55 in its family; the record of its people begins on 2022-04-12 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 4.6 years and cannot see past it; a floor under five years is not read as years in charge. A filing that carries the missing parts replaces this estimate with the filed reading.
What are they set up to do next?
How much room does it have to grow?
bottom 25% of 68 in its family for room to expand.
From the record
Applied Digital Corporation's room to grow, from the newest filed statements (fiscal 2026): cash of $1.6 billion against no long-term debt tagged leaves 16% of its assets as net cash, bottom 49% of its family; cash from operations less capital spending is -454.1% of revenue (bottom 10%); a gross margin of 35.1% (bottom 18%) (its annual report).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
What could actually drive growth from here?
top 15% of 64 in its family for growth drivers.
From the record
Applied Digital Corporation's growth drivers, from the filed years to fiscal 2026: revenue grew 92.2% a year over the last three filed years against 92.2% over all 3, speeding up (top 31% of its family); the newest year grew 167.6% (top 10%); capital spending grew 179.4% a year (top 5%) (its annual reports). Applied Digital Corporation reported 2 lines of business in fiscal 2025: Data Center Hosting Business at $144 million, HPC Hosting Business at $0 thousand. Their growth is not matched year over year yet, and the largest line is 100% of revenue (its annual report).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
Did its newest year beat what its own record pointed to?
SI estimate 5.1/10, confidence 20 of 100 (family median).
SI estimate Inferred, not read as filed
From the record
SI estimate, not a filed reading: Applied Digital Corporation's expectations vs reality is put at 5.1 of 10 with a confidence of 20 of 100, because the record does not carry four filed years of revenue and two of the three parts: revenue against the prior pace, earnings against the prior average, the margin change, so the desk assumes the typical reading of its industry family, the median of 56 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.
The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made