Applied Digital Corp.

Applied Digital Corp. reported a substantial increase in revenue to $341.88 million for the three months ended August 31, 2026, up from $80.93 million in the prior year. However, the company's net loss attributable to common stockholders widened significantly to $237.08 million, or $0.82 per share, compared to a loss of $18.50 million, or $0.07 per share, in the same period last year. This widening loss was accompanied by a sharp rise in operating loss to $62.38 million and a significant increase in interest expense to $77.38 million. The company's balance sheet shows a strong increase in cash and equivalents and property and equipment, alongside a notable rise in long-term debt.

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.

Applied Digital Corp. reported securing approximately $36.2 billion in total contracted revenue from long-term leases for 1,410 MW of critical IT load across five high-performance computing (HPC) data center campuses as of May 31, 2026. The company has successfully pivoted its core business from blockchain hosting to purpose-built AI factories, with significant expansion plans including over 1.5 GW of critical IT load under construction or secured. Additionally, Applied Digital completed the separation of its cloud services business, ChronoScale, in May 2026, retaining approximately 97% ownership.

Applied Digital reported fiscal Q4 2026 revenue of $258.7 million, a 407% increase year-over-year, with a net loss of $110.6 million. For the full fiscal year, revenue reached $611.3 million, up 167%, and net loss was $249.2 million. The company secured three new 15-year take-or-pay leases with a hyperscaler, adding approximately $20 billion in contracted revenue and bringing total contracted critical IT load to 1.4 GW, valued at $36 billion. Applied Digital also completed a $2.15 billion senior secured notes offering and separated its cloud services business into ChronoScale.

Applied Digital Corporation announced it will host a conference call on Monday, July 27, 2026, at 5:00 p.m. Eastern Time. The call will cover its operations and financial results for the fiscal fourth quarter and full year ended May 31, 2026. A press release detailing these results will be issued after market close on the same day, followed by management remarks and a Q&A session.

Applied Digital announced it has achieved "Ready for Service" for Phase 1 of Building 2 at its Polaris Forge 1 campus, delivering 75 MW of operational AI capacity to its customer on schedule. This milestone brings the total live capacity at the campus to 175 MW. The company highlighted its execution model and ability to bring critical AI infrastructure online in alignment with customer timelines, with Polaris Forge 1 ultimately contracted for 400 MW.

Applied Digital Corp. announced an increase in its preferred equity commitment and expanded its revolving credit facility. The company amended its Preferred Equity Purchase Agreement, raising the aggregate commitment for Series G Convertible Preferred Stock issuance from $1.59 billion to $2.0 billion. Concurrently, its subsidiary, APLD Intermediate HoldCo LLC, modified its Credit Agreement, increasing the revolving credit commitments to $430.0 million, with a potential for an additional $120.0 million, bringing the total facility to $550.0 million. These actions enhance the company's financial flexibility and access to capital.

Applied Digital Corp.'s subsidiary, APLD ComputeCo 2 LLC, announced the satisfaction of the Escrow Agreement condition related to its previously reported private offering of notes. As a result, the funds held in the Escrow Account, representing the gross proceeds from the offering, have been released to the Issuer. These funds will now be applied as per the terms of the Escrow Agreement and Indenture.

Applied Digital Corporation's subsidiary, APLD ComputeCo 3 LLC, completed a private offering of $1.59 billion in 7.000% Senior Secured Notes due 2031. The notes, issued at 100% of their principal amount, will fund the construction of 150 megawatts of IT load at the Polaris Forge 1 AI Factory campus in North Dakota. Additionally, proceeds will be used to repay a bridge loan facility from Goldman Sachs Bank USA, fund debt service reserves, and cover transaction expenses. Applied Digital Corp. has provided a completion guarantee for the related projects.

Applied Digital Corp. announced a long-term lease agreement for 210 MW of critical IT load at its Delta Forge 2 AI Factory campus. The 15-year take-or-pay lease with a U.S. hyperscaler is valued at approximately $5.2 billion in base-term revenue, potentially reaching $12.7 billion with renewal options. This expansion brings the company's total contracted portfolio to roughly $36 billion across five campuses. Additionally, Applied Digital updated its investor presentation, which is now available on its website.