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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Applied Digital
Applied Digital (APLD) investor relations material
Applied Digital Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary7 Jan, 2026
Executive summary
Revenue for fiscal Q2 2026 reached $126.6 million, a 250% year-over-year increase, driven by HPC and data center hosting growth and improved performance.
Net loss attributable to common stockholders narrowed to $19.1 million, with adjusted net income of $0.1 million and adjusted EBITDA of $20.2 million.
Achieved major milestones with 100 MW at Polaris Forge 1 energized, three contracted buildings completed, and a 15-year, 200 MW lease at Polaris Forge 2 signed.
Announced plans to spin out the cloud business and merge it with EKSO Bionics to form Chronoscale, with over 80% initial ownership retained.
Total of 600 MW of lease capacity and $16B in prospective lease revenue secured across North Dakota campuses, with advanced discussions for further expansion.
Financial highlights
Quarterly revenue rose to $126.6 million from $36.2 million year-over-year; six-month revenue reached $190.8 million.
Adjusted EBITDA for the quarter was $20.2 million (16% margin), up from $6.1 million in the prior year.
Net loss was $31.2 million ($0.11/share); adjusted net income was $0.1 million.
Cost of revenues rose to $100.6 million, mainly due to tenant fit-out services and increased hosting capacity.
SG&A increased to $57 million, primarily from $23.8 million in accelerated stock-based compensation and higher legal and personnel expenses.
Outlook and guidance
Lease revenues expected to ramp in the next quarter, with meaningful revenue growth anticipated over the next 18–24 months as 600 MW of capacity comes online.
Expectation to surpass $1B in NOI within five years, with a clear path to 5 GW of capacity by 2032 if current expansion plans are realized.
Management expects continued investment in property and equipment through fiscal 2026 as construction of HPC hosting facilities progresses.
Robust pipeline with advanced discussions on three sites totaling 900 MW, and ongoing efforts to diversify by customer and location.
Liquidity is expected to be sufficient for at least the next 12 months, supported by cash on hand, customer payments, and access to capital markets.
ChronoScale spin-out: capital flexibility benefits?
How does financing retain >85% common equity?
What portion of NOI will be recurring revenue?
How does B&W partnership accelerate power delivery?
How does ChronoScale leverage AD's data centers?
How will project debt rates be optimized?
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Next Applied Digital earnings date
Q3 202613 Apr, 2026
Applied Digital
Next Applied Digital earnings date
Q3 202613 Apr, 2026
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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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