Applied Digital Corp. 8-K
PositiveEarnings
New HPC take-or-pay leases expanded the contracted buildout; tenant fit-outs and rental launches drove revenue growth.
Filed 2026-07-27 17:04 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q4 and FY2026 results, alongside HPC lease and financing updates. Revenue growth reflected tenant fit-out services and the launch of HPC data-center rentals, while the company reported wider GAAP losses. Applied Digital signed three 15-year take-or-pay leases for 810 MW, representing ≈$20B of base-term contracted revenue; its total contracted portfolio reached ≈1.41 GW and ≈$36B over base terms, or ≈$86B with renewal options. It also completed the separation of its cloud services business and held approximately 96% of ChronoScale at fiscal year-end.
Key Figures
| Metric | Q4 FY2026 | Q4 FY2025 | Y/Y |
|---|---|---|---|
| Revenue | $259M | $51.1M | 407% |
| Adjusted revenue, non-GAAP | $240M | $38.0M | 532% |
| Operating loss | $(125)M | $(44.1)M | 183% wider loss |
| Net loss attributable to common stockholders from continuing operations | $(111)M | $(53.1)M | 108% wider loss |
| Adjusted net income, non-GAAP | $12.9M | $(7.6)M | n/m |
| Adjusted EBITDA, non-GAAP | $42.4M | $0.98M | 4,220% |
| Diluted EPS | $(0.39) | $(0.24) | 63% wider loss |
| Adjusted diluted EPS, non-GAAP | $0.04 | $(0.03) | n/m |
| Metric | FY2026 | FY2025 | Y/Y |
|---|---|---|---|
| Revenue | $611M | $229M | 167% |
| Adjusted revenue, non-GAAP | $540M | $144M | 274% |
| Operating loss | $(236)M | $(72.2)M | 228% wider loss |
| Net loss attributable to common stockholders from continuing operations | $(249)M | $(234)M | 6.7% wider loss |
| Adjusted net income, non-GAAP | $36.1M | $(12.5)M | n/m |
| Adjusted EBITDA, non-GAAP | $107M | $19.6M | 447% |
| Diluted EPS | $(0.91) | $(1.16) | 22% narrower loss |
| Adjusted diluted EPS, non-GAAP | $0.11 | $(0.06) | n/m |
| Operating cash flow | $89.7M | $(115)M | n/m |
- Q4 HPC Hosting revenue was $203M, including $152.4M from tenant fit-out services, and segment operating profit was $26.2M. Data Center Hosting revenue was $37.3M vs $38.0M a year earlier, with $12.5M of segment operating profit.
- FY-end cash, cash equivalents and restricted cash were $4.2B, and debt was $5.0B. FY property and equipment purchases and other asset purchases were $2.87B.
- The company issued $2.15B principal of 6.750% senior secured notes due 2031 at 98% of par to fund 200 MW at Polaris Forge 2. Subsequent to quarter-end, it issued $1.59B of 7.000% senior secured notes due 2031 at par to repay a $300M bridge facility and fund a 150 MW building at Polaris Forge 1. Its revolving facility was subsequently upsized to $430M committed plus a $120M accordion.
Guidance
No guidance in this filing.
Investor Takeaways
- Watch construction and commissioning against the stated initial operations timelines: calendar 2027 for Delta Forge 1 and Polaris Forge 3, and the first half of 2028 for Delta Forge 2.
- Phase 1 of Polaris Forge 1’s second building (75 MW) reached Ready for Service on 6/30/2026, bringing live campus capacity to 175 MW; future delivery progress will test the company’s ability to execute its contracted buildout.
The summary is written by an AI model reading the filing.
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