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As of Q2'26 (2025-11-30), APLD's EV/EBITDA ratio has sharply declined to -1,268.29, marking the lowest point in the observed period. This represents a significant deterioration from the previous quarter's value of -58.39, highlighting a dramatic negative shift in the company's valuation relative to its EBITDA. Over the period from Q3'23 to Q2'26, the EV/EBITDA ratio for APLD has exhibited high volatility, with several pronounced negative spikes, most notably in Q2'24 (-195.59), Q1'25 (-474.41), and the most recent Q2'26 (-1,268.29). While there were intermittent recoveries toward less negative values, the overall trend is one of increasing negative values, suggesting mounting operational or financial challenges impacting the company's earnings and enterprise value.