Applied Digital (APLD) Q1 2027 earnings summary

Executive summary

• Leased critical IT load reached 1,410 MW across five campuses, representing $36B of base-term contracted revenue; renewal options could raise contracted revenue to $86B.

• More than 600 MW is expected to enter service over the next 12 months, versus 250 MW in the prior 12 months.

• Long-term target is 3.5–4 GW of operating portfolio by end-CY2030, conditional on demand and execution.

Financial highlights

• Q1 FY2027 revenue was $341.9M, up 322% YoY from $80.9M.

• Net loss from continuing operations attributable to common stockholders was $221.0M, or $0.76/share; consolidated net loss attributable to common stockholders was $237.1M, or $0.82/diluted share.

• Adjusted revenue excluding ChronoScale was $300.4M; adjusted EBITDA was $64.4M versus $0.5M YoY, and adjusted net loss was $4.1M, or $0.01/diluted share.

• Operating cash flow was $63.9M; investing cash outflow was $2.08B, primarily for construction, and financing cash inflow was $1.54B.

Outlook and guidance

• Approximately 250 MW of expansion leases are expected by calendar year-end at materially higher pricing; targeted lease-rate increases are north of 15%, potentially with longer terms.

• North Dakota critical IT capacity is expected to reach 300 MW by end-CY2026; Louisiana and Alabama revenue contributions are expected in H1 CY2027.

• Polaris Forge 2 targets initial service in H2 2026 and full capacity in early 2027; Polaris Forge 3 targets initial service in H2 2027 and full capacity in H2 2028; Delta Forge 1 targets initial service in H1 2027 and full capacity in early 2028.

• ChronoScale is on track to reach $1B ARR in 2027 and could secure multiple hundreds of MW outside core campuses in 2027–2028.

• Reaching the high end of the 2030 portfolio target would require delivery of ~1 GW annually in 2029 and 2030; construction and delivery capacity are key constraints.