Applied Digital (APLD) Earnings Date & Reports

For the fiscal third quarter ended February 28, 2026, Applied Digital reported total revenue of $126.6 million, a 139% increase from $52.9 million in the prior-year quarter. This significantly exceeded consensus estimates of $75-78 million. Adjusted revenue, a non-GAAP measure excluding certain items, reached $108.6 million, up from $35.2 million year-over-year.

GAAP net loss attributable to common stockholders was $100.9 million, or $0.36 per basic and diluted share, wider than the prior year's $36.1 million or $0.16 per share loss. This missed analyst expectations of -$0.10 to -$0.13 per share, largely due to a $59.7 million impairment on cloud assets. On an adjusted basis, the company posted net income of $33.2 million or $0.09 per diluted share, versus an adjusted net loss of $2.6 million or $0.01 per share a year ago. Adjusted EBITDA improved to $44.1 million from $6.3 million.

Key metrics included HPC hosting revenue of $71 million, comprising $44.1 million in base rent, $18.9 million in tenant fit-outs, and $8.1 million in power and other. Data center hosting operated at full 286 MW capacity across North Dakota sites. No formal quarterly guidance was issued, but management reaffirmed confidence in achieving $1 billion NOI run-rate within five years.

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Market Reaction and Investor Sentiment

APLD shares fell over 4.5% in after-hours trading following the April 8 release and declined nearly 8% the next day, despite the revenue beat. By May 6, 2026, the stock traded around $39-41, reflecting mixed sentiment. Investors highlighted the wider GAAP loss and post-quarter $2.15 billion senior secured notes offering for Polaris Forge 2, raising debt load concerns to about $2.7 billion. Analysts maintained positive views on AI-driven growth, with an average price target of $53.91.

Forward Outlook and Key Factors to Monitor

Applied Digital reiterated its long-term goal of $1 billion in net operating income (NOI) within five years, supported by a robust pipeline. Polaris Forge 1 (100 MW) is operational, with a second 150 MW facility under construction for late 2026 and a third in 2027. Polaris Forge 2 secured a 15-year, 200 MW lease with an investment-grade hyperscaler, funded partly by the recent $2.15 billion notes and a $100 million Macquarie facility.

Investors should track construction progress at these sites and Delta Forge 1 (300 MW, mid-2027 start), alongside four development sites totaling 1 GW power capacity. Lease enhancements with CoreWeave, including guarantees and a $50 million letter of credit, aim to bolster security for existing notes. A proposed spin-off of the mining business via merger with EKSO Bionics, forming ChronoScale (APLD owning ~97%), is expected in Q4 fiscal 2026.

Key risks include execution on expansions, debt servicing amid high interest rates, and power procurement. Opportunities lie in hyperscaler capex (~$700 billion annually) driving demand for APLD's sustainable, high-density facilities. Monitor Q4 results (expected late July 2026) for updated NOI trajectory and financing updates.

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