The stock is likely to react positively to the strong adjusted earnings beat and new project announcements, despite the GAAP net loss. Monitor the sustainability of tenant fit-out revenue and progress on new data center developments.
Price Chart
Executive Summary
Applied Digital reported fiscal Q3 2026 revenue of $126.6 million (139% YoY growth) but a net loss of $100.9 million. Non-GAAP adjusted net income was $33.2 million, a strong beat versus a loss estimate of $2.6 million. The company also broke ground on a new 300 MW data center campus and secured credit enhancements on key leases.
Key Financial Metrics
Key Facts
- Revenue: $126.6 million (139% YoY growth)
- Net loss: $100.9 million (vs $36.1 million loss YoY)
- Adjusted net income: $33.2 million (beat vs $2.6 million loss estimate)
- Adjusted EBITDA: $44.1 million
- Broke ground on Delta Forge 1, a 300 MW AI data center campus
- Secured credit enhancements on CoreWeave leases including $50M letter of credit
Financial Impact
Revenue grew 139% YoY to $126.6M, adjusted net income swung from a $2.6M loss to $33.2M profit
Risk Factors
- GAAP net loss widened significantly to $100.9 million
- High stock-based compensation ($39.3M) impacting SG&A
- Dependence on large hyperscaler customers
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001144879-26-000029 |
| Document: apld-20260408.htm | 0001144879-26-000029 |
| Document: 0001144879-26-000029-index-headers.html | 0001144879-26-000029 |
| Document: 0001144879-26-000029-index.html | 0001144879-26-000029 |
| Document: 0001144879-26-000029.txt | 0001144879-26-000029 |
| 8-K Data (Synthetic) | 0001144879-26-000029 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 27, 2026 9w ago | 8-K | $26.62 $28.85 | ▲ +8.38% | ▲ +5.00% | $25.38 (−4.66%) |
Jun 26, 2026 13w ago | 8-K | $37.77 $27.19 | ▼ −28.01% | ▼ −27.73% | $25.38 (−32.80%) |
Jun 16, 2026 15w ago | 8-K | $45.57 $26.44 | ▼ −41.98% | ▼ −43.30% | $25.38 (−44.31%) |
Jun 12, 2026 16w ago | Institutional Cluster | $42.70 $31.15 | ▼ −27.05% | ▼ −28.83% | $25.38 (−40.56%) |
Jun 11, 2026 16w ago | Institutional Cluster | $41.47 $32.29 | ▼ −22.14% | ▼ −24.03% | $25.38 (−38.80%) |
Jun 9, 2026 16w ago | 8-K | $41.91 $30.71 | ▼ −26.72% | ▼ −28.17% | $25.38 (−39.44%) |
May 5, 2026 21w ago | 8-K | $44.24 $44.71 | ▲ +1.06% | ▼ −1.72% | $25.38 (−42.63%) |
Apr 27, 2026 22w ago | Insider Cluster | $33.67 $45.14 | ▲ +34.07% | ▲ +29.11% | $25.38 (−24.62%) |
Apr 23, 2026 23w ago | 8-K | $36.35 $39.52 | ▲ +8.72% | ▲ +4.09% | $25.38 (−30.18%) |
Apr 23, 2026 23w ago | Press Release | $36.35 $39.52 | ▲ +8.72% | ▲ +4.09% | $25.38 (−30.18%) |
US Market Status
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