On October 9, 2025, Applied Digital held its fiscal first‑quarter 2026 earnings call, announcing revenue of $64.2 million—an 84 % increase from the $34.8 million reported in the same quarter of 2025. The company posted a net loss of $27.8 million, or $0.11 per share, and an adjusted net loss of $7.6 million, or $0.03 per share. Adjusted EBITDA for the quarter was $0.5 million, down from $6.3 million in the prior year quarter.
Management highlighted a 400‑MW lease with CoreWeave that brings the total Polaris Forge 1 campus under contract to $11 billion in long‑term revenue. The first 100‑MW building at Polaris Forge 1 is expected to be operational in Q4 2025, while the second 150‑MW building is slated for mid‑2026. A second campus, Polaris Forge 2, is under construction in Harwood, North Dakota, with an initial 300‑MW footprint. The company also confirmed a $5 billion preferred‑equity facility from Macquarie Asset Management and a $375 million financing from Sumitomo Mitsui Banking Corporation to support the Ellendale build.
CFO Saidal Mohmand said revenue is expected to rise significantly in the next quarter, driven by the completion of the Polaris Forge 1 fit‑out and the start of lease revenue from CoreWeave. The company reiterated its focus on securing additional power and financing to accelerate the 1.4‑GW pipeline and to position the business for a potential REIT structure.
The earnings call underscores Applied Digital’s transition from a crypto‑focused host to a high‑performance computing and AI infrastructure provider. The 84 % revenue growth, the $11 billion CoreWeave lease, and the secured financing give the company a stronger balance sheet and a clear path to scale its 400‑MW Ellendale campus and the upcoming Polaris Forge 2. These developments are expected to improve operating margins and provide a foundation for long‑term value creation in the rapidly expanding AI data‑center market.
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