APPLIED DIGITAL CORPORATION
Cash Flow Statement
| Line Item | Feb 2026 | Nov 2025 | Aug 2025 | Feb 2025 | Nov 2024 | Aug 2024 | Feb 2024 | Nov 2023 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $-70.6M | $-14.5M | $-16.9M | $-35.6M | $-138.7M | $-4.2M | $-62.8M | $-10.5M |
| Depreciation & Amortization | $20.8M | $8.6M | $4.2M | $18.8M | $4.7M | $4.1M | $26.2M | $13.4M |
| Depreciation | $17.6M | $7.4M | $2.7M | $3.2M | $2.6M | $2.6M | $7.9M | $2.6M |
| Amortization | — | — | — | — | — | — | — | — |
| Stock-Based Compensation | — | — | $15.5M | — | — | $-2.9M | — | — |
| Net Cash from Operating Activities | $55.0M | $-15.8M | $-82.0M | $5.9M | $-52.3M | $-75.9M | $36.3M | $4.5M |
| Investing Activities | ||||||||
| Capital Expenditures | $775.2M | $552.1M | $249.4M | $257.5M | $171.0M | $54.8M | $38.6M | $-29.8M |
| Business Acquisitions | — | — | — | — | — | — | — | — |
| Net Cash from Investing Activities | — | — | $-249.4M | — | — | $-32.6M | — | — |
| Financing Activities | ||||||||
| Dividends Paid | — | — | — | — | — | — | — | — |
| Stock Repurchases | — | — | — | — | — | — | — | — |
| Net Cash from Financing Activities | — | — | $322.2M | — | — | $163.4M | — | — |
| Net Change in Cash | — | — | $-9.2M | — | — | $54.9M | — | — |
| Free Cash Flow | $-720.2M | $-567.9M | $-331.4M | $-251.6M | $-223.3M | $-130.7M | $-2.3M | $34.4M |