Applied Digital Corporation (NASDAQ: APLD) Q1 2026 Earnings Call | 10/10/2025

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Applied Digital Corporation (NASDAQ: APLD) delivered Q1 2026 results that outperformed analyst expectations, with revenue surging 84% year-over-year to $64.2 million. This growth was driven by increased demand for high-performance AI data center services and a major expansion in lease agreements, especially with CoreWeave, elevating contracted lease revenue at the flagship Polaris Forge 1 campus to approximately $11 billion.​ GAAP net loss for the quarter was $27.8 million ($0.11 per share), impacted by accelerated stock-based compensation, higher personnel expenses, and a rise in interest expense. Adjusted net loss improved to $7.6 million ($0.03 per share), better than the expected $0.13 loss. Adjusted EBITDA stood at $0.5 million, while large-scale tenant fit-out services drove incremental top-line gains. Cash and cash equivalents reached $114.1 million and debt was $687.3 million at quarter-end, before subsequent facilities and funding draws.​ Operational highlights included the completion and full leasing of the first 100 MW building at Polaris Forge 1, the start of construction on an additional 150 MW building, and initial funding for expansion at Polaris Forge 2, targeting a capacity of 1 gigawatt. The cloud services segment is under strategic review and may be divested. Applied Digital also raised $362.5 million in post-quarter financings and continued scaling its multi-gigawatt project pipeline.​ Management reaffirmed its optimistic long-term outlook, citing strong customer demand for AI and cloud infrastructure, planned margin improvement, and aggressive expansion to meet industry growth. Risks include cost escalation from rapid scaling, elevated SG&A, strategic review uncertainty, and competition for AI infrastructure sites.​ About Inside Ticker: Inside Ticker provides clear, timely, and professional coverage of earnings reports, market updates, and financial insights. Stay informed with in-depth analysis at https://www.insideticker.com/. #AppliedDigital #apld #q12026 #earnings #financialresults #revenue #netloss #eps #adjustedeps #AIDataCenters #cloudcomputing #coreweave #PolarisForge #expansion #LeaseRevenue #adjustedebitda #TenantFitOut #infrastructure #growth #investorupdate #guidance #stockmarket #insideticker #quarterlyresults #techstocks #highperformancecomputing #artificialintelligence #DataCenterExpansion #StrategicReview #shareholderreturns #techindustry