Risk factors
Applied Digital (APLD) risk factors
Item 1A of every Applied Digital Corp. 10-K on file, and what changed from one year to the next. Readings are automated and can be wrong; check the filing for the exact wording.
- FY2026 10-K risk factors64 risks10 new31 dropped16 reworded
AI data-center construction, lease commencement, and campus cost overruns now drive execution risk.
Filed Jul 29, 2026 - FY2025 10-K risk factors85 risks
The company relies heavily on a single customer for 93 percent of revenue in fiscal year 2025 and is concentrated in North Dakota data centers. Massive capital needs, debt agreements like the SMBC Credit Agreement, and the construction of Polaris Forge 1 dominate risk exposure. Operations depend entirely on continuous high-voltage power availability and vulnerability to third-party outages.
Filed Jul 30, 2025