HIGHOutside partyCustomer
100%
four customers 100% of revenue
“10-K Item 1A: 'this business segment was comprised of four customers accounting for 100% of our revenue from continuing operations'”
APLD · Concentration risk · 10-K extracted
Applied Digital (APLD) concentration risks
Updated
The most significant concentration Applied Digital discloses is four customers 100% of revenue, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Applied Digital’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 2 disclosed concentrations
HIGH2
MEDIUM0
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
HIGHOutside partyCustomer
93%
one customer 93% of revenue
“10-K Item 1A: 'One of such customers accounted for 93% of our revenue during fiscal year 2025'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-10-04Applied Digital's concentration is about as complete as a disclosure gets. Its business segment was comprised of four customers accounting for 100% of revenue from continuing operations, a high-share exposure that is a pure dependency. There is no diversified base behind the reported revenue line, so the health of a handful of counterparties is, in effect, the health of the company's top line. The concentration is sharper still within that group: one of those customers accounted for 93% of revenue, also a high-share exposure and also a dependency. This is an idiosyncratic risk rather than a structural feature of an industry. A change in that single customer's plans, a contract dispute, a delay in its demand, or a credit problem would register almost immediately in results, and the other customers in the group are too small to offset it. Netting the two together, they are not independent exposures but the same exposure viewed at two levels: a four-name customer base dominated by one. This is the item most likely to move the verdict, and the filing discloses it plainly. Investors should treat contract renewal and customer diversification as the key variables to watch.
For the engine’s reasoning on APLD’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Information Technology Services
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| APLD● | Applied Digital Corporation | 2 | 0 | 0 | 2 |
| BBAI | BigBear.ai, Inc. | 1 | 1 | 0 | 2 |
| CACI | CACI International, Inc. | 1 | 1 | 0 | 2 |
| ACN | Accenture plc | 0 | 0 | 0 | 0 |
| BR | Broadridge Financial Solutions, | 0 | 0 | 0 | 0 |
| CDW | CDW Corporation | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.