The earnings call highlighted significant achievements, such as transformative lease agreements with CoreWeave, strong revenue growth, and strategic financial positioning. However, increased costs and ongoing uncertainties regarding the Cloud Services business present challenges. Overall, the positive developments, particularly in the AI infrastructure space, outweigh the negatives.

Company Guidance -

Q1 2026

During the Applied Digital Fiscal Fourth Quarter 2025 Conference Call, Chairman and CEO Wes Cummins announced significant developments in their business, including a transformative 15-year lease agreement with CoreWeave for 250 megawatts of critical IT load at the Polaris Forge 1 campus in Ellendale, North Dakota, expected to generate approximately $7 billion in contracted revenue. Additionally, CoreWeave exercised an option for an extra 150 megawatts, underscoring the campus's scalability for AI workloads. The first 100-megawatt facility is set to be operational in Q4 2025, with subsequent facilities planned for mid-2026 and 2027. CFO Saidal Mohmand reported fiscal fourth-quarter revenues of $38 million, up 41% year-over-year, and discussed a strong financial position following a $270 million capital raise. The company expects significant revenue growth in the upcoming quarter due to the technical fit-out of Polaris Forge 1, with lease revenue to follow.

Transformative Lease Agreements with CoreWeave

Applied Digital signed 15-year lease agreements with CoreWeave to deliver 250 megawatts of critical IT load, expected to generate approximately $7 billion in contracted revenue.

Expansion and Scalability at Polaris Forge 1

CoreWeave exercised an option for an additional 150 megawatts at Polaris Forge 1, emphasizing its potential as a scalable hub for AI workloads, with plans to scale up to 1 gigawatt.

Revenue Growth

Revenues for the fiscal fourth quarter of 2025 were $38 million, up 41% year-over-year, driven by an increase in capacity online in the Data Center Hosting Business.

Strong Financial Position

Since the end of the quarter, Applied Digital raised approximately $270 million, positioning the company strongly for future project financing.

Reduced Build Times and Cost Efficiency

Projected build times were reduced from 24 months to 12-14 months, and a 100-megawatt data center customer could save up to $2.7 billion over 30 years due to strategic location and design.

Applied Digital Corporation (APLD) Earnings, Revenues Date & History

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APLD Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 14, 2025	2026 (Q1)	-0.14 / -	-0.03	―	―	―
Jul 30, 2025	2025 (Q4)	-0.15 / -0.03	-0.52	94.23% (+0.49)	―
Apr 14, 2025	2025 (Q3)	-0.10 / -0.08	-0.52	84.62% (+0.44)	―
Jan 14, 2025	2025 (Q2)	-0.14 / -0.06	-0.1	40.00% (+0.04)	―
Oct 09, 2024	2025 (Q1)	-0.27 / -0.03	-0.1	70.00% (+0.07)	―
Aug 28, 2024	2024 (Q4)	-0.22 / -0.52	-0.07	-642.86% (-0.45)	―
Apr 11, 2024	2024 (Q3)	-0.07 / -0.52	-0.08	-550.00% (-0.44)	―
Jan 16, 2024	2024 (Q2)	0.07 / -0.10	-0.29	65.52% (+0.19)	―
Oct 09, 2023	2024 (Q1)	-0.04 / -0.10	-0.05	-100.00% (-0.05)	―
Jul 24, 2023	2023 (Q4)	-0.05 / -0.07	-0.06	-16.67% (-0.01)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

APLD Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 30, 2025	$10.03	$13.14	+31.01%
Apr 14, 2025	$5.37	$3.44	-35.94%
Jan 14, 2025	$8.54	$8.37	-1.99%
Oct 09, 2024	$7.40	$6.89	-6.89%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.