As of Q2'26 (2025-11-30), APLD reported a gross margin of 20.6%, an operating margin of -24.5%, and a net profit margin of -13.8%. This marks a significant improvement in profitability metrics compared to previous quarters, especially in gross margin, which has rebounded to its highest level since Q4'25. Over the period from Q3'23 to Q2'26, the chart shows considerable volatility across all margin metrics. Gross margin initially trended upward, peaking at 32.8% in Q1'24, before experiencing a sharp decline into negative territory in 2024, then recovering steadily through 2025. Operating and net profit margins remained negative throughout, with the net margin hitting a low of -218.2% in Q2'25, but both have shown gradual recovery since. The data suggests that while APLD has faced significant operational and profitability challenges, recent quarters indicate a positive turnaround, particularly in gross margin performance.