Applied Digital Corp (NASDAQ:APLD) reported financial results for the first quarter of fiscal 2026 after the market close on Thursday. Here’s a look at the key details from the report.
• APLD is demonstrating bullish strength. Check the fundamentals here.
Q1 Highlights: Applied Digital reported first-quarter revenue of $64.22 million, beating analyst estimates of $49.99 million, according to Benzinga Pro. The digital infrastructure provider reported a first-quarter adjusted loss of three cents per share, beating analyst estimates for a loss of 13 cents per share.
Total revenue was up 84% on a year-over-year basis, primarily driven by $26.3 million of revenue related to tenant fit-out services associated with the company’s high performance computing (HPC) hosting business. The rest of the growth was largely due to performance improvements in Applied Digital’s data center business.
Applied Digital highlighted the signing of an additional 150 MW lease for its Polaris Forge 1 campus during the quarter, bringing the full 400 MW of critical IT load under contract with CoreWeave Inc (NASDAQ:CRWV). The deal secures approximately $11 billion in prospective lease revenue over the 15-year term.
“We feel this third lease validates our platform and execution, positioning Applied Digital as a trusted strategic partner to the world’s largest technology companies,” said Wes Cummins, chairman and CEO of Applied Digital.
“With hyperscalers expected to invest approximately $350 billion into AI deployment this year, we believe we are in a prime position to serve as the modern-day picks and shovels of the intelligence era.”
Applied Digital said it believes its Polaris Forge 1 campus has the potential to expand significantly, with additional power allocations expected to push capacity beyond 1 gigawatt starting between 2028 and 2030.
Applied Digital ended the quarter with approximately $114.1 million of cash, cash equivalents and restricted cash, and $687.3 million of total debt.
“Our team remains focused on securing capital at the lowest possible cost, building repeatable financing structures, and positioning the Company to scale development across the U.S.,” the company said.
Executives from Applied Digital will further discuss the quarter on an earnings call scheduled for 5 p.m. ET.
APLD Price Action: Applied Digital shares were up approximately 280% year-to-date heading into the print. The stock was up 1.60% in after-hours Thursday, trading at $29.29 at the time of publication, according to Benzinga Pro.
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