Loading...
•
Nov 30, 2025
Applied Digital Q2 2026 Earnings Report
Estimated Revenue:$80M
+31.2% YoY
Estimated EPS:-$0.17
24.5% YoY
Key Takeaways
The company saw 250% YoY revenue growth, mainly due to tenant fit-out and lease revenues at its Polaris Forge 1 site. However, it posted a net loss of $31.2M, with adjusted EBITDA at $20.2M.
Revenue grew 250% YoY to $126.6M, driven by the HPC Hosting business.
Net loss narrowed to $31.2M from $129.0M the year prior.
Achieved Ready-for-Service status at Polaris Forge 1, energizing 100MW.
Signed a 15-year lease for Polaris Forge 2 with a hyperscaler, contributing to $16B in total prospective lease revenue.
Revenue by Segment
Forward Guidance
Management expects continued momentum in hyperscaler demand and lease execution, with expectations to exceed $1B NOI within five years.
Positive Outlook
- 600MW total capacity leased across two campuses.
- ~$16B total prospective lease revenue secured.
- Strong financing structure in place with $2.3B in liquidity.
- Polaris Forge 1 is operational with 100MW energized.
- Cloud business to be spun off to form ChronoScale, with APLD retaining >80%.
Challenges Ahead
- Company remains unprofitable on a GAAP basis.
- Increased operating expenses due to stock-based compensation and legal services.
- Interest expense rose significantly to $11.5M due to debt financing.
- Free cash flow not reported; operating cash flow was negative.
Loading...
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...