Applied Digital Q1 FY2027: Revenue Up 322% to $341.9M, Adjusted Loss Narrows to $0.01/Share
APLD sits 27% above its 52-week low of $19.005 on elevated volume (2.4× avg).
Summary
Applied Digital reported Q1 FY2027 revenue of $341.9 million, up 322% year-over-year, with adjusted EBITDA of $64.4 million and adjusted net loss of just $0.01 per share. The company now has 250 MW of live HPC capacity and $36 billion in contracted lease backlog.
Key Events · Earnings and Guidance · APLD
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Revenue Surges 322% to $341.9M
Total revenue reached $341.9 million in Q1 FY2027, up from $80.9 million a year ago, driven by HPC hosting revenue of $262.6 million and data center rental revenue of $79.1 million.
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Adjusted EBITDA Swings to $64.4M
Adjusted EBITDA was $64.4 million versus $0.5 million in the prior-year quarter. Adjusted net loss narrowed to $4.1 million ($0.01/share) from $7.6 million ($0.03/share).
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GAAP Loss Driven by Non-Cash Items
The $221.0 million GAAP net loss from continuing operations includes a $49.5 million non-cash loss on derivative fair value (B&W warrant) and $11.4 million investment fair-value decline — not operational weakness.
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Balance Sheet: $3.7B Cash, $6.4B Debt
As of August 31, 2026, the company held $3.7 billion in cash, cash equivalents, and restricted cash, with $6.4 billion in total debt. Capital expenditures for the quarter were $2.07 billion.
Analysis · APLD · Technology
A transformational quarter for Applied Digital, with revenue surging 322% year-over-year to $341.9 million, driven by its HPC hosting business ramping to 250 MW of live capacity. The headline GAAP loss of $0.76 per share masks the underlying economics: adjusted net loss was just $0.01 per share, and adjusted EBITDA swung to $64.4 million from $0.5 million a year ago. The company holds $3.7 billion in cash against $6.4 billion in debt, with $36 billion in contracted lease backlog providing long-term revenue visibility. The large GAAP loss stems primarily from non-cash items — a $49.5 million mark-to-market loss on a B&W warrant and $11.4 million investment fair-value decline — not operational deterioration. This is the first quarter where the HPC business model's profitability is clearly visible, validating the company's pivot from cloud services to AI infrastructure.
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At the time of this filing, APLD was trading at $24.06 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.