Applied Digital Corporation (NASDAQ: APLD) was actively trading on Friday.
On Wednesday, APLD shares jumped 16.76%, reaching $34.20 in after-hours trading after closing the regular session at $29.29. This surge occurred following the company’s fiscal 2026 first-quarter earnings report released on Thursday.
Revenue increased 84% year over year
Based in Dallas, Applied Digital reported revenues of $64.2 million for its fiscal first quarter, ending on August 31, which shows a substantial rise from the $34.8 million during the same timeframe last year.
Despite this revenue growth, the company experienced a net loss of $27.8 million, equating to $0.11 per share.
On an adjusted basis, the loss was $0.03 per share, with adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) amounting to $500,000.
CoreWeave leases bring total contracted revenue to $11 billion
Applied Digital also finalized new lease agreements, including with Coreweave Co., Ltd. (NASDAQ: CRWV), which will add 150 megawatts to its Polaris Forge 1 campus in Ellendale, North Dakota. This deal will fully lease the 400-megawatt facility.
The company anticipates about $11 billion in lease revenue over the next 15 years from the fully contracted Polaris Forge 1 facility, which incorporates around $7 billion from the first two lease agreements made in May.
The Chairman and CEO of Applied Digital, Wes Cummins, mentioned that this lease agreement underscores their platform and execution capabilities, positioning the company as a reliable partner for major technology firms.
Total funding after quarter is $362.5 million
Following the end of its fiscal first quarter on August 31, Applied Digital tapped into $112.5 million from its $5 billion preference share facility with Macquarie Asset Management, located in Australia.
The company also raised $50 million in funding from Macquarie Equipment Capital Ltd. to aid in developing the approximately $3 billion, 300-megawatt Polaris Forge 2 campus near Harwood, North Dakota.
Additionally, Applied Digital obtained $200 million through an expansion of its Series G preferred stock.
Ground has been broken for the Polaris Forge 2 campus, with the initial 200 MW set to be operational by 2026 and full capacity expected by 2027, according to a press release from the company.
The balance sheet shows a cash position of $114.1 million.
As of August 31, Applied Digital reported having $114.1 million in cash, cash equivalents, and restricted cash, alongside $687.3 million in debt. These figures do not reflect the $362.5 million raised in financing completed after the quarter’s end. The company targets an annual net operating income run rate of around $500 million once Polaris Forge 1 is fully operational.
Market presence
The stock of Applied Digital has experienced notable increases over various periods. It has surged by 325.11% over the past year. In 2025 alone, the stock has risen by 283.38%, including a remarkable gain of 470.96% in the last six months.
Over the past year, its shares have traded between $3.31 and $29.98. The company now holds a market capitalization of $7.89 billion, with daily trading averaging 27.49 million shares.
APLD’s performance is noteworthy, placing it in the 98th percentile for momentum in its segment.
