Applied Digital Corporation released its financial results for the fiscal first quarter ended August 31, 2026, reporting a significant increase in revenue alongside a substantial net loss. The company reported total revenues of $341.9 million, representing a 322% increase compared to the prior year's comparable period.
Despite the revenue growth, the company recorded a net loss attributable to common stockholders of $221.0 million, or $0.76 per basic and diluted share. The filing notes that this loss is primarily driven by the growth of the HPC Hosting business and increased interest expenses related to new debt arrangements.
Key operational metrics for the quarter included:
- HPC Hosting Revenue: $262.6 million, up 225% year-over-year.
- Data Center Hosting Revenue: $37.8 million, consistent with the prior year.
- Adjusted EBITDA: $64.4 million.
- Net Operating Income: $58.8 million.
Applied Digital highlighted that it has signed a 210 MW, 15-year lease with a tier-one investment grade hyperscaler at Delta Forge 2, representing approximately $5.2 billion of base-term contracted revenue. Additionally, the company delivered the second 75 MW phase of Building 2 at Polaris Forge 1, bringing total live capacity at the campus to 250 MW.
On the balance sheet, Applied Digital closed a $1.59 billion offering of 7.000% Senior Secured Notes due 2031 to fund construction and repay a bridge facility. The company also announced plans for a 50 MW AI compute deployment with Microsoft featuring NVIDIA GB300 NVL72 systems.
Subsequent to the quarter, Applied Digital took its first step outside the United States, securing up to approximately 1 GW of potential power capacity in Finland. The company also entered into a Power Purchase Agreement with Base Electron for an approximately 1,200 MW natural gas-fired generation facility in North Dakota.
