Applied Digital Corporation reported its financial results for the fiscal fourth quarter and full year ended May 31, 2025, with its Cloud Services Business now classified as discontinued operations. For Q4 FY25, total revenues from continuing operations were $38.0 million, a 41% increase year-over-year, topping Wall Street estimates.
The company significantly improved its profitability metrics, reporting a Q4 FY25 net loss attributable to common stockholders of $26.6 million, or $0.12 per basic and diluted share, and an adjusted net loss of $7.6 million, or $0.03 per diluted share. Adjusted EBITDA for the quarter was $1.0 million, up from a loss of $0.2 million in Q4 FY24.
A major highlight was the confirmation of two 15-year lease agreements with CoreWeave for 250 megawatts (MW) at the Ellendale (Polaris Forge 1) campus, expected to generate $7 billion in contracted revenue. Furthermore, CoreWeave exercised its option for an additional 150 MW, which would add approximately $4 billion in contracted revenue, bringing the total anticipated contracted revenue to approximately $11 billion.
The first 100 MW facility is scheduled to be operational in Q4 calendar 2025, with a second 150 MW facility coming online in mid-2026, and a third 150 MW facility planned for 2027. Applied Digital has also reduced projected build times from 24 months to 12-14 months. The Ellendale design features a closed-loop, direct-to-chip cooling system, achieving a PUE of 1.18 and near-zero water consumption, which could save a 100 MW customer up to $2.7 billion over 30 years in the Dakotas compared to other regions.
For the full fiscal year 2025, total revenues from continuing operations increased 6% to $144.2 million. The full-year net loss attributable to common stockholders was $161.0 million, or $0.80 per share, while adjusted net loss was $12.5 million, or $0.06 per share. The Data Center Hosting business generated $38.0 million in Q4 FY25 revenue, up 41% year-over-year, with its Jamestown (106 MW) and Ellendale (180 MW) facilities operating at full capacity.
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