Applied Digital Reports Tonight — Backlog Booms While Balance Sheet Bleeds

Applied Digital Reports Tonight — Backlog Booms, Balance Sheet Bleeds That kind of contracted visibility is rare for a company still years away from full buildout, and it explains why Wall Street has stayed largely bullish even as the stock has struggled. APLD stock is down heading into earnings. See the chart and price action here. The other side of the ledger looks far less comfortable. Total debt stood near $2.7 billion as of the fiscal third quarter, and Applied Digital kept raising capital to fund construction across its North Dakota and other campus sites. Adjusted EBITDA reached $44.1 million last quarter, a big jump from a year earlier but still nowhere near covering the pace of capital spending required to bring gigawatts of new capacity online. For the fourth quarter, analysts expect the company to report losses of 22 cents per share on GAAP revenu...