Applied Digital Corporation ( (APLD) ) has released its Q1 earnings. Here is a breakdown of the information Applied Digital Corporation presented to its investors.
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Applied Digital Corporation, headquartered in Dallas, Texas, designs, builds, and operates high-performance, sustainably engineered data centers and colocation services for artificial intelligence, cloud, networking, and blockchain workloads. The company is recognized for its innovative waterless cooling technology and rapid deployment capabilities.
In its fiscal first quarter of 2026, Applied Digital reported a significant increase in revenue, reaching $64.2 million, marking an 84% rise compared to the same period last year. Despite the revenue growth, the company faced a net loss of $27.8 million attributable to common stockholders, reflecting a 275% decrease from the previous year.
Key highlights from the quarter include the finalization of a new lease agreement with CoreWeave, Inc. for an additional 150 megawatts at the Polaris Forge 1 campus, bringing the total anticipated contracted lease revenue to approximately $11 billion. The company also secured significant funding from Macquarie Asset Management and broke ground on a new campus, Polaris Forge 2, expected to begin operations in 2026.
Applied Digital’s financial performance was impacted by increased costs, including a 144% rise in the cost of revenues and a 165% increase in selling, general, and administrative expenses. The company continues to focus on expanding its data center capacity and securing long-term lease agreements with major technology companies.
Looking ahead, Applied Digital is poised to capitalize on the growing demand for AI infrastructure, with plans to scale rapidly and achieve a projected annualized NOI run rate of approximately $500 million once Polaris Forge 1 is fully operational. The company aims to become a leading force in AI infrastructure development, supported by its strategic partnerships and innovative technologies.