Applied Digital Corporation (APLD) Earnings
Applied Digital Corporation is expected to report next earnings on July 29, 2026 (in NaN days), with a consensus EPS estimate of $-0.24. APLD has beaten EPS estimates in 2 of its last 12 reported quarters (average surprise -36.5% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 8, 2026 | $-0.15 | $-0.36 | -138.4% | $127M | +67.7% |
| Jan 7, 2026 | $-0.09 | $-0.11 | -22.2% | $127M | +61.3% |
| Oct 9, 2025 | $-0.13 | $-0.11 | +14.7% | $64M | +28.5% |
| Jul 30, 2025 | $-0.12 | $-0.12 | +0.0% | $38M | +5.9% |
| Apr 14, 2025 | $-0.11 | $-0.16 | -45.5% | $53M | +13.5% |
| Jan 14, 2025 | $-0.14 | $-0.66 | -371.4% | $64M | +2.7% |
| Oct 9, 2024 | $-0.27 | $-0.03 | +89.0% | $61M | +10.7% |
| Aug 28, 2024 | $-0.23 | $-0.52 | -126.1% | $44M | +16.2% |
| Apr 11, 2024 | $-0.12 | $-0.52 | -333.3% | $43M | -16.5% |
| Jan 16, 2024 | $-0.01 | $-0.10 | -1500.0% | $42M | -26.4% |
| Oct 9, 2023 | $-0.04 | $-0.10 | -169.3% | $36M | +7.5% |
| Jul 24, 2023 | $-0.05 | $-0.07 | -40.0% | $22M | -37.7% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q3 FY2026 · April 8, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
Wes Cummins mentioned the company recognized the surging demand for large-scale high-power density AI data centers over two years ago and has one of the only 100 megawatt direct-to-chip liquid-cooled data centers online. PF1 and PF2 buildings under construction are progressing on time and on budget. Broke ground on Delta Forge One. Delayed South Dakota site and now actively marketing four development sites with total grid power capacity of approximately one gigawatt. Seidel Momand noted total revenues of $126.6 million, a 139% increase from the prior quarter. HPC hosting business expects significant revenue ramp over next 12 months as 250 megawatt buildings come online. Completed majority of equity and debt financing for first two campuses. Balance sheet is strong with $2.1 billion in cash and cash equivalents against $2.7 billion in debt. Wes also mentioned surging capital expenditures from U.S. hyperscalers, supported Base Electron to build power plant in Dakotas region, and invested in communities through Applied Digital Cares.
Guidance
Expects significant revenue ramp for HPC hosting business over next 12 months as 250 megawatt buildings come online. Believes lease restructuring with CoreWeave positions to lower borrowing costs towards investment-grade tenant levels. Goal is to achieve $1 billion of NOI within five years and has implemented internal targets for leadership team at $1 billion and $2 billion NOI levels. Expects to sign lease for Delta Forge One in near term to hit operational goal in mid-2027.
Segment performance
HPC hosting business generated $71 million in revenue in the quarter, consisting of $44.1 million related to base rents, $18.9 million related to tenant fit-out services, and $8.1 million related to power pass-through arrangements and other ancillary revenue streams, with segment operating profit of $17.6 million. The data center segment, which operates crypto data centers, had $37.5 million in revenue, up 7% year-over-year, generating $13.9 million in operating profit on $119.6 million reported assets. The cloud business had $18.1 million in revenue for the quarter but recorded a $59.7 million non-cash write-down due to reclassification from held for sale, reporting a loss of $52.2 million.
Risks & headwinds
Statements may be forward-looking with risks and uncertainties beyond control. Developing large-scale power infrastructure involves many variables and uncertainties. Lease signing subject to various factors and details. Base Electron project progress subject to financing and other factors, Applied Digital's guarantee may terminate if Base Electron raises sufficient financing or completes IPO.
Analyst Q&A
Q: Mike Grondahl asked about details of PF1 restructured leases and cost savings estimate on refinance and demand environment change.
A: Seidel mentioned lease restructuring has significant improvement with CoreWeave's high investment-grade offtake, lockbox structure, parent guarantee, etc., and expects borrowing costs to move towards investment-grade; Wes noted still see target hyperscalers engaged, focus on customer diversification and getting 70% of total contracted revenue as investment-grade.
Q: Darren Aftahi asked about implication of Delta Forge One's potential 2027 mid-operation on lease signing and exclusivity with hyperscaler.
A: Wes said expects to sign lease for Delta Forge One in near term to hit goal, still has three sites in exclusivity with hyperscaler and will sign proper leases.
Q: George Sutton asked about spread differential from double B to single A on refinance and impact of time on property value.
A: Seidel said single A spreads are mid-200s basis points, double Bs are 350 - 450 basis points; Wes said trend is property value ultimately higher, company has operational site in North Dakota with cost savings for rate payers.
Q: Nick Giles asked about reason for southern location and contrast with Dakota sites.
A: Wes said site selection driven by power availability first, then fiber, market crowding, business friendliness, etc., southern region selected based on these factors and hyperscalers prefer grid power.
Q: Rob Brown asked about power availability constraints in North Dakota market and base electron strategy timing.
A: Wes said North Dakota has three sites under construction through 2028, base electrons will be commissioned towards end of 2028 to add grid power for data center expansion.
Q: John Todaro asked about difficulties in lease signing and fit-out service revenue cadence.
A: Wes said each lease has different details and nuances; Seidel said majority of fit-out revenue for ELN02 has been recognized, there will be small remaining and ramp on ELN03 or PF1 second building, revenue rhythm may be lumpy.
Q: Michael Donovan asked about what's needed for PF2 financing escrow release by June 30 and base electron structure strategic rationale.
A: Seidel said need to finalize ESA between utility and counterparties; Wes said power generation business has different risk-return profile from data center business, so set as separate company.
Q: Paul Meeks asked about whether 100 megawatts at PF2 is still uncontracted, site NOI margins, and capital structure in five years.
A: Confirmed 100 megawatts at PF2 is still uncontracted, site NOI margins are high 80s to 90s on cash basis; Wes said capital structure in five years expected to be 5 - 6 times NOI leverage based on investment-grade credits.