📈 Price History

Ratio Health

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— Good

— Average

— Poor

By Category

📊 Sector Averages

About

Applied Digital Corporation designs, develops, and operates digital infrastructure solutions to high-performance computing (HPC) and artificial intelligence industries in North America.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q4 2025

Confident Specific

Management consistently provided specific numbers and timelines (e.g., $7B contracted revenue, 250 MW lease, 150 MW option, 12-14 month build time, Q4 2025 startup, mid-2026 second building), used forward-looking language like 'feel confident' and 'we are now in a position', and detailed financing progress ($270M raised, 4-10 weeks to close project financing).

Q1 2026

Confident Specific

Management led with precise numbers ($11B contract value, 400 MW, $5B facility, 700 MW under construction) and repeatedly cited execution milestones (CoreWeave option exercise, Polaris Forge 2 groundbreak, supply chain secured). No hedging or qualification on key growth metrics, suggesting high certainty in the narrative.

Q2 2026

Confident Specific

Management repeatedly used phrases like 'major milestones', 'durable competitive advantage', 'well positioned to scale rapidly' and provided concrete figures ($16B prospective revenue, 600 MW under contract, 900 MW in advanced discussions, $1B NOI target within 5 years) without hedging.

Q3 2026 latest

Confident Specific

Management uses specific metrics ($44M adjusted EBITDA, $126.6M revenue, 900 MW under construction, $16B contracted revenue) and detailed construction progress to convey confidence. They repeatedly state 'on time and on budget', highlight early-mover advantage, and express bullish demand outlook with phrases like 'clear acceleration in demand' and 'if we build it, they will continue to come.'

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears stronger after this call. The company delivered $44M adjusted EBITDA and $126.6M revenue, validating the operational model of its first 100 MW HPC facility. The pipeline is growing with 900 MW under construction and four additional sites being marketed. The lease restructuring with CoreWeave improves credit quality and should lower future financing costs. However, the lack of near-term new lease announcements remains a key risk. Investors should watch for lease signings at Delta Forge and the uncontracted PF2 capacity, as well as progress on the Base Electron power project. The cloud spin-off reduces complexity but also removes a revenue segment from the core. Overall, the company is on track to achieve its $1B NOI target, but timely execution on leasing and financing is critical.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Applied Digital Q3 2026: $126.6M revenue (+139%), $44.1M adjusted EBITDA, 1.2GW under construction.

Revenue & Profitability

Total revenues of $126.6M, up 139% from the prior quarter. HPC hosting operating profit $17.6M, data center hosting operating profit $13.9M. Net loss attributable to common stockholders $100.9M, adjusted net income $33.2M. Cash and cash equivalents $2.1B, debt $2.7B. Interest income $19.3M.

Outlook

Management sees accelerating demand for AI data center capacity from hyperscalers, with annual CapEx reported at nearly $700 billion for the largest U.S. hyperscalers. Grid power remains the preferred solution but is constrained, driving interest in well-located, low-cost sites. Applied Digital expects its high-quality grid-connected sites to remain in high demand.

Growth Drivers

Key growth levers include expanding existing campuses (Polaris Forge 1 and 2, Delta Forge 1) and marketing four development sites with ~1 GW total grid power. The company aims to diversify customers and reach 70% of contracted revenue from investment-grade tenants. Long-term goal is to exceed $1 billion of NOI within five years.

Balance Sheet & CapEx

Applied Digital has $4.1 billion in preferred equity commitments from Aquaria Asset Management for new sites subject to executed leases. The company is financing its projects through debt, with a $2.15 billion senior secured note issuance for the Polaris Forge 2 campus. Remaining financing for the final 150 MW building at Polaris Forge 1 is being placed with top institutions.

Margins

The HPC hosting segment reported an operating profit of $17.6M on $71M revenue (approx. 25% margin). The data center hosting business has the highest return on assets, generating $13.9M operating profit on $119.6M in assets. Management expects to refinance debt at lower rates as construction risk is removed, targeting 5-6x NOI leverage.

Key Risks

Risks flagged include delays in power plant construction, transmission lines, and regulatory approvals. The South Dakota site was delayed due to lack of a tax exemption. Other risks include the need to sign leases for remaining capacity, higher current cost of capital, and reliance on construction execution during winter conditions.

Generated by AI · Q3 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q4 2026 Q4 2026 2026-07-27

Contracted lease value surged to $36B with five campuses and robust AI infrastructure demand. Q4 revenue grew 407% year-over-year, with strong margins and conservative leverage. Expansion and higher pricing are expected as new capacity comes online.

Q3 2026 Q3 2026 2026-04-08

Revenue surged 139% year-over-year to $126.6 million, with adjusted EBITDA of $44.1 million and strong growth in HPC and data center segments. Construction and financing milestones were achieved, and demand for AI data centers remains robust, with significant expansion and refinancing plans underway.

Q2 2026 Q2 2026 2026-01-07

Achieved record revenue growth of 250% year-over-year, driven by major hyperscale leases and strong hosting segment performance. Advanced expansion plans position the company for significant capacity growth and robust financial flexibility.

Q1 2026 Q1 2026 2025-10-09

Revenue surged 84% year-over-year to $64.2 million, driven by tenant fit-out services and expanded hyperscaler contracts. Major financing from Macquarie supports rapid campus expansion, with a 4 GW pipeline and $1 billion NOI run rate targeted within five years.

Q4 2025 Q4 2025 2025-07-30

Secured $7B in long-term leases with CoreWeave, driving a 41% YoY revenue increase to $38M in Q4. Project financing is on track, with significant sequential revenue growth expected from Polaris Forge 1 fit-out, and a robust pipeline supported by strong hyperscaler demand.

📊 Analysis Methodology

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