Applied Digital (APLD) investor relations material

Executive summary

• Revenue for fiscal Q1 2026 was $64.2 million, increasing up to 95% year-over-year, driven by tenant fit-out services and improved data center performance.

• Net loss attributable to common stockholders ranged from $18.5 million to $27.8 million, with adjusted net loss at $7.6 million; net loss per share was $(0.11).

• Expanded long-term lease agreements with CoreWeave at Polaris Forge 1 to 400 MW, raising total contract value to ~$11 billion over 15 years.

• Broke ground on Polaris Forge 2, with initial 200–300 MW under construction and full capacity expected by 2027; initial funding secured.

• Cloud Services Business classified as held for sale and reported as discontinued operations, generating $16.7 million in revenue and $9.3 million in net income.

Financial highlights

• Cost of revenues rose 144% to $55.6 million, mainly due to tenant fit-out services and higher energy costs.

• SG&A expenses increased to $29.2 million, largely from stock-based compensation and personnel costs.

• Adjusted EBITDA was $0.5 million, down from $6.3 million a year ago.

• Ended the quarter with $114.1 million in cash and $687.3 million in debt, excluding $362.5 million in post-quarter financing proceeds.

• Net cash provided by financing activities was $322.2 million, offsetting $82.0 million used in operations and $249.4 million in investing.

Outlook and guidance

• Targeting $1 billion NOI run rate within five years, supported by multi-billion dollar contracts and rapid campus expansion.

• Construction timelines reduced to 12–14 months, enabling parallel development of multiple campuses.

• Management believes liquidity is sufficient for at least the next 12 months, supported by cash, operations, and access to capital markets.

• Meaningful revenue from HPC Hosting leases expected as new facilities become operational in 2025.