Applied Digital Corporation reported financial results for the fiscal first quarter of 2026, with revenues at $64.2 million, up 84% from the previous year. Net loss attributable to common stockholders was $27.8 million, down 275%, with an adjusted net loss of $7.6 million. Adjusted EBITDA was $0.5 million.

The company finalized a lease agreement with CoreWeave for an additional 150 MW at the Polaris Forge 1 campus, bringing total contracted lease revenue to $11 billion. Applied Digital also drew $112.5 million from a preferred equity facility and secured $50 million in funding for the Polaris Forge 2 campus.

CEO Wes Cummins stated that the company is positioned to serve as a strategic partner to tech giants, with plans for significant expansion. Applied Digital broke ground on the Polaris Forge 2 campus, with potential capacity of 1 GW. The company is in discussions with an investment-grade hyperscaler for leasing agreements.

Applied Digital’s HPC Hosting Business is progressing rapidly, with the first 100 MW facility on track for operation in Q4 2025. The Data Center Hosting Business is operating at full capacity, generating $37.9 million in revenue. The Cloud Services Business is under strategic review.

In the fiscal first quarter of 2026, total revenues were $64.2 million, up 84% from the previous year. Cost of revenues was $55.6 million, while SG&A expenses were $29.2 million. Net loss attributable to common stockholders was $27.8 million, with an adjusted net loss of $7.6 million and adjusted EBITDA of $0.5 million.

The company’s balance sheet as of August 31, 2025, showed $114.1 million in cash and equivalents, with $687.3 million in debt. Non-GAAP measures like Adjusted EBITDA and Adjusted net loss from continuing operations were provided to supplement GAAP financial measures.

Applied Digital Corporation is making significant progress in expanding its operations and securing funding for future developments. The company’s focus on sustainability and innovation positions it well for future growth in the AI infrastructure sector.

Read more at GlobeNewswire: Applied Digital Reports Fiscal First Quarter 2026 Results