Crypto mining customer base
Company: Applied Digital
The claim, verbatim
Company serves 7 crypto mining customers with 3-5 year contracts, generating 83% of revenue
Source (primary)
Applied Digital 10-K filed 2024-08-30 (SEC EDGAR, sec_filing)
View cached copy (2026-08-31)Live source ↗
Quote: “We currently serve seven crypto mining customers, all of which have entered into contracts with us ranging from three to five years. This business segment accounts for the majority of the revenue we generate from our operations (approximately 83% for the fiscal year ended May 31, 2024).”
How we checked this
Checked on September 18, 2026. The cited source supports every part of this claim.
The 10-K states the seven customers, their 3–5 year contracts, and that this segment produced about 83% of fiscal 2024 revenue.
Confirmed in the source:
- The company serves seven crypto mining customers
- Those customers have three-to-five-year contracts
- The crypto hosting segment accounted for approximately 83% of revenue in the fiscal year ended May 31, 2024
What we did: Read our cached copy of SEC EDGAR (https://www.sec.gov/Archives/edgar/data/1144879/000114487924000216/apld-20240531.htm) in full (481,620 characters, retrieved August 31, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Applied Digital 10-K filed 2024-08-30
Quote: “We currently serve seven crypto mining customers, all of which have entered into contracts with us ranging from three to five years. This business segment accounts for the majority of the revenue we generate from our operations (approximately 83% for the fiscal year ended May 31, 2024).”