The latest data point for APLD's Operating ROA metrics in Q3'26 shows ROE at -6.58%, ROA at -1.67%, and ROIC at -1.15%, indicating a modest deterioration from the prior quarter's improvements, particularly for ROE and ROA, while remaining in negative territory across all indicators. Over the period from Q4'23 to Q3'26, the chart reveals volatile negative trends for ROE, ROA, and ROIC, with notable lows in Q3'24 (ROE -53.03%, ROA -9.77%, ROIC -14.16%) followed by partial recoveries, such as ROIC briefly turning positive at 0.46% in Q1'25 and ROA improving to -0.33% in Q2'26; overall, the metrics exhibit persistent inefficiency in asset utilization and returns, with no sustained positivity and frequent fluctuations exceeding 5% quarter-over-quarter.