Applied Digital Reports Strong Q3 Revenue Growth, Positive Adjusted EPS, and Major Project Financing
APLD has more than doubled off its 52-week low of $3.31.
Summary
Applied Digital reported robust Q3 2026 financial results, including 139% revenue growth and positive adjusted EPS, alongside securing over $2 billion in new financing for its expanding AI data center operations.
Key Events · Earnings and Guidance · APLD
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Strong Q3 Financial Performance
Revenues surged 139% year-over-year to $126.6 million, with Adjusted EBITDA reaching $44.1 million and Adjusted Net Income per diluted share at $0.09, driven by the HPC Hosting Business.
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Significant Project Financing Secured
Completed a $2.15 billion private offering of 6.750% Senior Secured Notes due 2031 to fund the Polaris Forge 2 AI Factory campus and entered into a $100 million DevCo Facility for new data center projects.
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Enhanced Lease Credit Quality
Restructured CoreWeave leases at Polaris Forge 1 through a creditworthy SPV, backed by unconditional springing guarantees from CoreWeave, Inc. and a $50 million letter of credit, providing additional security.
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AI Data Center Expansion
Broke ground on Delta Forge 1, a new 430 MW AI Factory campus with 300 MW critical IT load, and reported continued construction progress on Polaris Forge 1 and 2, expanding high-performance computing capacity.
Analysis · APLD · Technology
Applied Digital's third-quarter results demonstrate significant operational momentum, particularly in its HPC Hosting segment, with substantial revenue growth and positive adjusted profitability. The company's ability to secure over $2 billion in new financing and enhance credit quality for existing leases underscores its strong position to fund ongoing and future AI data center developments. The strategic spin-off of the Cloud Services business aims to streamline operations and unlock further value. Investors should monitor the execution of these large-scale projects and the successful closing of the ChronoScale business combination.
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At the time of this filing, APLD was trading at $26.88 on NASDAQ in the Technology sector, with a market capitalization of approximately $7.8B. The 52-week trading range was $3.31 to $42.27. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.