Focus on adjusted EBITDA ($44.1M) and adjusted net income ($33.2M) as true indicators of operating momentum; however, monitor upcoming capital raises and execution risk on multi-billion-dollar buildouts as potential overhangs.
Price Chart
Executive Summary
Applied Digital (APLD) reported a significant revenue beat with $126.6M vs. $78.5M expected, driven by 139% YoY growth in HPC hosting, though GAAP EPS remained deeply negative at $-0.36. Strong non-GAAP profitability (adjusted net income $33.2M, $0.09/share) and a $2.15B debt financing for Polaris Forge 2 signal scaling execution, but the stock may react negatively to heavy losses and dilutive capital raises.
Key Financial Metrics
Key Facts
- Reported revenue of $126.6M, a 139% YoY increase and 61% above $78.5M consensus
- GAAP net loss of $100.9M ($0.36/share), worse than $-0.21 consensus, but improved from $-0.16 in prior year
- Adjusted net income of $33.2M ($0.09/share) vs. $-2.6M in prior year, showing core business profitability
- Broke ground on Delta Forge 1 (300 MW) and secured $2.15B in senior secured notes for Polaris Forge 2
- Reclassified Cloud Services as continuing ops, distorting GAAP results with $59.7M loss on reclassification
Financial Impact
Revenue 61% above consensus ($126.6M vs. $78.5M), but GAAP loss widened to $0.36/share from $-0.21 estimate
Risk Factors
- High GAAP losses despite strong revenue growth may concern investors
- Significant future capex requirements for Delta Forge and Polaris campuses could lead to further dilution
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3270506 |
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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