The earnings call revealed robust revenue growth and significant financial support from major institutions, indicating positive business momentum. However, this was tempered by a net loss, challenges in the Cloud Services segment, increased interest expenses, and margin compression. While the construction progress and financial partnerships are promising, the financial losses and operational challenges present a balanced outlook.

Company Guidance -

Q4 2025

During Applied Digital's fiscal third quarter 2025 conference call, the company provided several key metrics and updates regarding its operations and strategic direction. The Data Center Hosting Business is currently operating 286 megawatts of fully contracted capacity across two locations in North Dakota, with Bitcoin prices remaining strong, positively impacting customer sentiment. In the HPC Hosting segment, significant milestones included a transaction with Macquarie Asset Management, allowing for a potential $5 billion investment in next-generation data centers, and a $375 million financing arrangement with Sumitomo Mitsui Bank Corporation. The Ellendale campus is expected to begin generating revenue in Q4 2025, with construction on subsequent buildings underway. The Cloud Services Business contributed $17.8 million in revenue, although it faced a sequential decline due to a shift to an on-demand model. Cost of revenues increased to $49.1 million, and SG&A expenses decreased to $22.7 million. Adjusted EBITDA saw a substantial increase of 878% to $10 million. The company ended the quarter with $261.2 million in cash and $689.1 million in debt. Additionally, the board is reviewing strategic options for the Cloud Services Business to potentially lower the cost of capital and align with future strategic goals.

Revenue Growth

Revenues for the fiscal third quarter of 2025 were $52.9 million, up 22% over the prior comparable period, driven by growth in the Cloud Services Business.

Significant Financial Partnerships

Secured a $5 billion potential investment from Macquarie Asset Management and a $375 million financing arrangement with Sumitomo Mitsui Bank Corporation.

Adjusted EBITDA Improvement

Adjusted EBITDA increased 878% to $10 million.

Construction Progress

Construction of the Ellendale campus remains on schedule, with the first building expected to be ready for service in Q4 2025.

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
Jul 30, 2025	2025 (Q4)	-0.15 / -	-0.52	―	―	―
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)	―
Apr 06, 2023	2023 (Q3)	-0.05 / -0.08	-0.05	-60.00% (-0.03)	―

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
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%
Aug 28, 2024	$4.41	$3.82	-13.38%

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.