Applied Digital Q1 FY2027: Revenue Up 322% to $341.9M, $1.59B New Notes, $2.0B Preferred Commitment
APLD sits 28% above its 52-week low of $19.005 on elevated volume (2.5× avg).
Summary
Applied Digital's Q1 FY2027 10-Q confirms 322% revenue growth to $341.9M and adjusted EBITDA of $64.4M, while revealing $1.59B in new debt, a $2.0B preferred stock commitment, and a 1,200 MW power agreement with related party Base Electron.
Key Events · Earnings and Guidance · APLD
-
Revenue Surges 322% to $341.9M
Total revenue reached $341.9M in Q1 FY2027, up from $80.9M a year ago, driven by HPC hosting revenue of $262.6M and data center rental revenue of $79.1M.
-
Adjusted EBITDA Swings to $64.4M
Adjusted EBITDA was $64.4M versus $0.5M in the prior-year quarter. Adjusted net loss narrowed to $4.1M ($0.01/share) from $7.6M ($0.03/share).
-
GAAP Loss Driven by Non-Cash Items
The $221.0M GAAP net loss from continuing operations includes a $49.5M non-cash loss on derivative fair value (B&W warrant) and $11.4M investment fair-value decline — not operational weakness.
-
Balance Sheet: $2.95B Cash, $6.26B Debt
Unrestricted cash of $2.95B and restricted cash of $728.0M against long-term debt of $6.26B. Capex was $2.07B for the quarter as data center construction accelerates.
Analysis · APLD · Technology
Applied Digital's Q1 FY2027 10-Q confirms the explosive revenue growth first reported in today's 8-K — $341.9M total revenue, up 322% year-over-year, with adjusted EBITDA of $64.4M versus just $0.5M a year ago. The GAAP net loss of $0.82/share is driven almost entirely by non-cash items: a $49.5M loss on the B&W warrant fair-value remeasurement (the underlying B&W stock fell from $18.45 to $7.54 during the quarter) and an $11.4M investment fair-value decline. The balance sheet shows $2.95B in unrestricted cash against $6.26B in long-term debt, with the company aggressively financing its data center buildout — $2.07B in capex this quarter alone. The filing also reveals a new $1.59B senior secured notes offering, a $58.5M Texas Capital loan with a $2.0B market-cap covenant, and a 1,200 MW power purchase agreement with related party Base Electron. The core HPC business is now profitable at the segment level ($33.4M segment profit), but the company remains heavily dependent on a single customer representing 56% of revenue.
How filings like this one have moved
In the 30 days to Oct 7, 2026, 36.1% of the 1056 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.59%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, APLD was trading at $24.30 on NASDAQ in the Technology sector, with a market capitalization of approximately $7.1B. The 52-week trading range was $19.01 to $50.73. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.