Applied Digital Q1 Revenue $341.9M (+322% YoY); Net Loss $221M
Applied Digital reported a substantial increase in revenue to $341.9 million for its fiscal first quarter ended August 31, 2026, up 322% year-over-year. Despite the revenue growth, the company posted a net loss of $221.0 million. Non-GAAP measures showed adjusted revenue of $300.4 million and an adjusted net loss of $4.1 million, with Adjusted EBITDA reaching $64.4 million. Key developments include a significant 15-year lease agreement valued at $5.2 billion and the successful closure of $1.59 billion in Senior Secured Notes. The company also announced progress on its data center capacity and strategic expansion into the European market with potential power capacity in Finland.
Key Highlights
- Revenues reached $341.9 million, a 322% increase year-over-year.
- Net loss attributable to common stockholders was $221.0 million, or $0.76 per share.
- Adjusted revenue was $300.4 million, with an adjusted net loss of $4.1 million ($0.01 per share).
- Adjusted EBITDA was $64.4 million, a significant increase from $0.5 million in the prior year.
- Signed a 210 MW, 15-year lease for Delta Forge 2, representing approximately $5.2 billion in contracted revenue.
- Closed $1.59 billion in Senior Secured Notes to fund construction and repay a bridge facility.
- Delivered Phase 1 of Building 2 at Polaris Forge 1, bringing total live capacity to 175 MW.
- Secured up to approximately 1 GW of potential power capacity in Finland for European market expansion.
Price Impact
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