Applied Digital Stock Earnings Reports

Applied Digital reported strong execution in Q1 FY2026 driven by accelerated data center development for AI/hyperscale customers. Key operational highlights include CoreWeave exercising its option to expand leases to the full 400 MW at Polaris Forge One (increasing contracted revenue to ~ $11 billion) and Applied Digital breaking ground on Polaris Forge Two (initial 300 MW, scalable to 1 GW). The company has 700 MW under construction, a multi-gigawatt active pipeline, and is shortening build timelines to ~12–14 months. Financially, the company drew $112.5 million from a $5 billion preferred equity facility with Macquarie Asset Management and expects Macquarie financing + project finance to fund major campus builds. Q1 revenue was $64.2M (up 84% YoY), driven materially by $26.3M of CoreWeave tenant fit-out revenue; GAAP net loss was $27.8M, adjusted net loss $7.6M, and adjusted EBITDA $5M. Cash and equivalents were $114.1M and debt was $687.3M at quarter end (not including $362.5M in subsequent proceeds). Management emphasized continued focus on scaling development, repeatable financing structures, supply-chain readiness, community impact, and a target of $1 billion NOI run rate within five years.