Applied Digital Corporation reported financial results for the fiscal second quarter ended November 30, 2025. Revenues were $126.6 million, up 250% from the prior year, with a net loss of $31.2 million. Recent highlights include achieving Ready‑for‑Service at Polaris Forge 1 and announcing leases with hyperscalers for AI and HPC capacity. Adjusted EBITDA was $20.2 million.
The Company has signed leases with two hyperscalers, totaling 600 MW and prospective lease revenue of approximately $16 billion. Polaris Forge 1 reached Ready-for-Service, marking a milestone in the 400 MW AI Factory buildout. The Company also made strategic investments in power and thermal infrastructure and advanced cooling technology.
Applied Digital’s Data Center Hosting Business generated $41.6 million in revenue during the quarter. The HPC Hosting Business commenced operations at Polaris Forge 1 with 100 MW of capacity. The Company also broke ground on Polaris Forge 2, a $3 billion, 200 MW data center campus.
Adjusted net income from continuing operations for the quarter was $0.1 million, with adjusted EBITDA of $20.2 million. The Company had $2.3 billion in cash, cash equivalents, and restricted cash, along with $2.6 billion in debt as of November 30, 2025. The Company continues to focus on responsible development and grid management.
Applied Digital announced a proposed business combination to spin out Applied Digital Cloud and merge it with EKSO Bionics Holdings to form ChronoScale, a dedicated accelerated-compute platform for GPU-optimized AI infrastructure. The proposed Business Combination is subject to regulatory and shareholder approvals.
In summary, Applied Digital positioned itself in the AI infrastructure market early, with strong demand across its campuses and expectations to exceed a $1 billion NOI target within the next five years. The Company continues to prioritize growth and partnerships in the rapidly expanding hyperscaler market.
Read more at GlobeNewswire: Applied Digital Reports Fiscal Second Quarter 2026 Results