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Applied Digital (APLD) investor relations material

Applied Digital Q1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q1 2026 earnings summary9 Oct, 2025

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.

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Frequently asked questions

Applied Digital Corp. (APLD), formerly known as Applied Blockchain, Inc., is a technology company based in the United States that operates in the digital infrastructure sector. With a focus on developing and operating next-generation digital infrastructure, Applied Digital specializes in high-performance computing (HPC) and artificial intelligence (AI) solutions. The company is committed to delivering ultra-low-cost digital infrastructure designed specifically for HPC applications. In addition to its core offerings, Applied Digital provides artificial intelligence cloud services, high performance computing datacenter hosting, and crypto datacenter hosting services, catering to a wide range of computing needs. Applied Digital Corporation is headquartered in Dallas, Texas, and its shares are listed on the Nasdaq.

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