Applied Digital — 2026Q4 earnings

“Revenues: $341.9 million, up 322% from the prior year comparable period”

“Net loss attributable to common stockholders: $221.0 million • Net loss attributable to common stockholders per basic and diluted share: $0.76 • Adjusted revenue: $300.4 million • Adjusted net loss: $4.1 million • Adjusted net loss per diluted share: $0.01”

“ChronoScale Holdings Corporation ("ChronoScale"), the Company’s majority-owned accelerated-compute platform, is a public company which owns and operates our historic cloud services business and its results are consolidated into our financial statements, but excluded in the non-GAAP financial measures set forth below.”

“Adjusted EBITDA: $64.4 million • Net Operating Income: $58.8 million”

“As previously announced on June 8, 2026, signed a 210 MW, 15-year lease at Delta Forge 2 with the Company’s tier-one investment grade hyperscaler customer, representing approximately $5.2 billion of base-term contracted revenue.”

“On October 1, 2026, the Company achieved Ready for Service for the second 75 MW phase of Building 2 at Polaris Forge 1, bringing fully operational critical IT load at the campus to 250 MW across two buildings and 10 data halls. The Company expects initial operations at Polaris Forge 2 in Harwood to increase delivered critical IT load across our North Dakota campuses to 300 MW by the end of calendar 2026”

“Closed $1.59 billion of 7.000% Senior Secured Notes due 2031, issued at par through subsidiary APLD ComputeCo 3 LLC, to fund construction of the third HPC building (150 MW) at Polaris Forge 1 and to repay the $300 million bridge facility.”

“Secured up to approximately 1 GW of potential power capacity in Finland, establishing a strategic foothold in an emerging European AI market. • Entered into a Power Purchase Agreement with Base Electron, for the purchase of capacity and energy from an approximately 1,200 MW natural gas-fired generation facility to be developed by Base Electron in North Dakota.”

“ChronoScale announced plans with Microsoft for a 50 MW AI compute deployment in North America featuring NVIDIA GB300 NVL72 systems and liquid cooling.”

“Today, we have approximately $36 billion in contracted revenue across 5 campuses, 3 states and 2 very different geographic regions of the country.”

“Over the next 12 months, we expect to place over 600 megawatts into service versus the 250 megawatts over the past 12 months.”

“Our HPC hosting business generated $262.6 million of revenue, consisting of $65.8 million of base rent, $183.5 million of tenant fit-out services and $13.3 million of tenant recoveries.”

“Services and other cost of revenues was $245.7 million, primarily consisting of $176.1 million in tenant fit-out services performed within our HPC hosting business”

“We also recorded $67.5 million of a noncash loss from the change in fair value of our Babcock & Wilcox warrants and the common stock investment. Both are marked-to-market every quarter as B&W stock price changes. Net loss from continuing operations attributable to common stockholders was $221 million or $0.76 per share. Adjusted net loss was $4.1 million or $0.01 per diluted share.”

“Our first Polaris Forge 1 related notes placed last year carry a 9.25% coupon. This tranche placed -- priced at 7%. We believe the pricing reflects the credit enhancements we secured for CoreWeave earlier this year and growing investor confidence in our platform.”

“Looking ahead, the next campuses we need to finance are Polaris Forge 3, Delta Forge 1 and Delta Forge 2. All of these are leased to the same Tier 1 investment-grade hyperscaler under 15-year take-or-pay leases.”

“We ended the quarter with approximately $2.9 billion in cash and cash equivalents plus $0.7 billion of restricted cash and approximately -- against approximately $6.4 billion of debt. Note, more than 80% of that principal does not come due until fiscal 2031 or later.”

“We currently expect approximately 250 megawatts of expansion leases to be executed by calendar year-end at materially higher pricing compared to prior leases.”

“I don't want to pin that, but you can think of definitely north of 15% plus increases on the lease rate, but also could include longer duration on the leases.”

“it was 3.5 to 4 gigawatts that we talked about by the end of 2030. So that's really from a power perspective, we have power in the power pipeline. Some of that includes the additional capacity from Base Electron that comes on in 2030. But from a power perspective, we believe we have that in the pipeline. This was really an exercise around how much more can we ramp up our build and delivery.”