Aug 2026 (Q1 FY27) — Oct 7, 2026
Applied Digital Q1 FY27
Read the full callApplied Digital (APLD) earnings
- Aug 2026
- Aug 2026 (Q1 FY27)
- May 2026
Applied Digital earnings: last reported Wed, 7 Oct 2026, for the quarter ended Aug 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 342 | +322.4% YoY | Quarterly, as filed | Quarter to Aug 2026 | Revenue from operations as filed. |
| Operating margin | -18.3 | −6.2 pts YoY | Operating profit / revenue | Quarter to Aug 2026 | For the quarter; a change is in percentage points. |
| Net profit | -184 | Quarterly, as filed | Quarter to Aug 2026 | Profit after tax as filed. The year-earlier figure was zero or a loss, so no percentage is shown. |
Guidance
What management said, and what became of it
14 of 16 judged targets kept · 19 open · verdicts reflect calls analysed to Aug 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| ChronoScale ARR | $1 billion | Aug 2026 | With recent new contracts, ChronoScale is on track to reach $1 billion of ARR in 2027 and momentum for additional contracts continues to build. | New |
| ChronoScale (Applied Digital Cloud spin-off) transaction closing | close transaction | Nov 2025 | During the quarter, we completed the separation of our cloud business, which began trading on NASDAQ under the ticker CHRN in early May. | Achieved |
| Net Operating Income (NOI) run rate | $1 billion | Aug 2025 | you can do the math and kind of walk through that we have about $2-plus billion of net operating income contracted on an annual basis at this point. | Revised Up |
2 of Applied Digital Corp.'s 35 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 32 more targets are in the full ledger.
Claimed
- Total revenue $341.9M, up 322% from $80.9M; HPC hosting $262.6M
- Adjusted EBITDA $64.4M vs $500,000 in prior-year quarter; HPC NOI $58.8M at 89% margin
- Closed $1.59B 7% senior secured notes due 2031 at par (vs 9.25% coupon on earlier PF1 notes); PF1 (400 MW) and PF2 (200 MW contracted) fully funded
- 250 MW critical IT delivered at Polaris Forge 1 (+150%); ~$36B contracted revenue across 5 campuses
- Data center hosting (Bitcoin) segment operating profit $13.3M, more than double prior quarter's $6M
Qualified
- GAAP net loss from continuing operations attributable to common $221M ($0.76/share), driven by $67.5M non-cash B&W warrant/stock fair-value loss and $41.3M one-time PSU stock comp
- SG&A $114.7M including $65.4M stock-based comp and $16M transaction-related professional services
- Debt ~$6.4B versus ~$1.6B stockholders' equity; Polaris Forge 3, Delta Forge 1 and 2 still need financing
- Revenue heavily weighted to low-margin tenant fit-out pass-through ($183.5M of $262.6M HPC revenue); base rent only $65.8M
- Industry headwinds: local moratoriums, longer permitting, tight supply chain; Europe expansion carries execution/exposure risk
Price
$19.25 +6.65% · +$1.2
Performance −43.8% 1Y
1Y: $34.24 on 17 Oct 2025 → $19.25. High $49.65 (28 May 2026), low $18.05 (16 Oct 2026).
- Previous close
- $18.05
- 52-week range
- $18.05 – $49.65
- One year
- −46.38%
Overview
- Symbol
- APLD
- Sector
- Information Technology
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
14 of 16 judged targets kept · 19 open · verdicts reflect calls analysed to Aug 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| ChronoScale ARR | $1 billion | Aug 2026 | With recent new contracts, ChronoScale is on track to reach $1 billion of ARR in 2027 and momentum for additional contracts continues to build. | New |
| ChronoScale (Applied Digital Cloud spin-off) transaction closing | close transaction | Nov 2025 | During the quarter, we completed the separation of our cloud business, which began trading on NASDAQ under the ticker CHRN in early May. | Achieved |
| Net Operating Income (NOI) run rate | $1 billion | Aug 2025 | you can do the math and kind of walk through that we have about $2-plus billion of net operating income contracted on an annual basis at this point. | Revised Up |
Claimed
- Total revenue $341.9M, up 322% from $80.9M; HPC hosting $262.6M
- Adjusted EBITDA $64.4M vs $500,000 in prior-year quarter; HPC NOI $58.8M at 89% margin
- Closed $1.59B 7% senior secured notes due 2031 at par (vs 9.25% coupon on earlier PF1 notes); PF1 (400 MW) and PF2 (200 MW contracted) fully funded
- 250 MW critical IT delivered at Polaris Forge 1 (+150%); ~$36B contracted revenue across 5 campuses
- Data center hosting (Bitcoin) segment operating profit $13.3M, more than double prior quarter's $6M
Qualified
- GAAP net loss from continuing operations attributable to common $221M ($0.76/share), driven by $67.5M non-cash B&W warrant/stock fair-value loss and $41.3M one-time PSU stock comp
- SG&A $114.7M including $65.4M stock-based comp and $16M transaction-related professional services
- Debt ~$6.4B versus ~$1.6B stockholders' equity; Polaris Forge 3, Delta Forge 1 and 2 still need financing
- Revenue heavily weighted to low-margin tenant fit-out pass-through ($183.5M of $262.6M HPC revenue); base rent only $65.8M
- Industry headwinds: local moratoriums, longer permitting, tight supply chain; Europe expansion carries execution/exposure risk
The full ledger
Open Applied Digital Corp.’s full ledger
A free account opens 5 company ledgers a month. All 35 tracked commitments, with each call’s wording and source.
Call summaries
May 2026 (Q4 FY26) — Jul 27, 2026
Applied Digital Q4 FY26 — Record Contracted Lease Value and Accelerated AI Infrastructure Build-out
Read the full callFeb 2026 (Q3 FY26) — Apr 8, 2026
Applied Digital Q3 FY26 — AI Data Center Expansion and Strategic Financing
Read the full callNews
Latest news
From the news desk, item by item, hours after each call.
Every analysed call
Applied Digital earnings calls (APLD)
Financials
What the filings say
Net profit, year on year: −987% (quarter to aug 2026 against aug 2025).
| Line item | Nov 2024 | Feb 2025 | May 2025 | Aug 2025 | Nov 2025 | Feb 2026 | May 2026 | Aug 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 36 | 53 | 105 | 81 | 127 | 127 | 294 | 342 |
| Expenses | 49 | 72 | 170 | 91 | 158 | 212 | 391 | 404 |
| Operating profit | -13 | -19 | -66 | -10 | -31 | -86 | -98 | -62 |
| Operating margin | −35.4% | −35.8% | −62.8% | −12.1% | −24.4% | −67.7% | −33.2% | −18.3% |
| Interest | 3 | 9 | 17 | 8 | 11 | -2 | 16 | 77 |
| Profit before tax | -128 | -35 | -83 | -17 | -27 | -71 | -58 | -166 |
| Tax rate | 0.0% | −0.3% | 0.0% | −0.1% | −0.1% | 0.0% | −3.0% | −1.1% |
| Net profit | -139 | — | — | -17 | -14 | — | — | -184 |
| EPS ($ per share) | -0.66 | -0.16 | — | -0.07 | -0.07 | -0.36 | — | -0.82 |
| Line item | May 2021 | May 2022 | May 2023 | May 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 0 | 0 | 0 | 0 | 0 | 0 |
| Reserves | -22 | -56 | -101 | -250 | -481 | -662 |
| Total liabilities | 3 | 41 | 194 | 638 | 1,236 | 6,186 |
| Fixed assets | 0 | 64 | 198 | 329 | 1,252 | 4,236 |
| Total assets | 15 | 120 | 264 | 763 | 1,870 | 9,929 |
| Line item | May 2021 | May 2022 | May 2023 | May 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | -0 | -1 | 59 | 14 | -115 | 90 |
| Cash from investing | -3 | -46 | -132 | -172 | -668 | -2,936 |
| Cash from financing | 15 | 81 | 71 | 147 | 875 | 6,877 |
| Net cash flow | 12 | 35 | -3 | -12 | 92 | 4,030 |
| Capital expenditure | -0 | -58 | -131 | -142 | -682 | -2,866 |
| Free cash flow | -0 | -59 | -73 | -128 | -797 | -2,776 |
APLD revenue by segment
| Segment | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | Q4 FY2026 | Q1 FY2027 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| HPC Hosting Business | — | — | 0% | 41% | 67% | 56% | 69% | 77% | +898.8% |
| Data Center Hosting Business | — | — | — | 59% | 33% | 30% | 13% | 11% | -0.4% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
APLD operating KPIs by quarter
| KPI | Feb 2026 Q3 FY26 | May 2026 Q4 FY26 | Aug 2026 Q1 FY27 | Change vs prior quarter |
|---|---|---|---|---|
| Operating capacity High-Performance Computing (HPC) | 100 megawattsFirst, we now operate one of the only 100-megawatt direct-to-chip liquid cooled data centers in the world online today.Source: earnings call transcript | 100 megawattsAs you evaluate these results, keep in mind that our current financials on the HPC data center side primarily reflect only the initial 100 megawatts that are online and contributing during the quarter.Source: earnings call transcript | 250 megawattsThe operational buildings encompass 10 data halls and are supported by 250 megawatts of critical IT load.Source: earnings call transcript | +150% |
| Operating sites Data Center Hosting | 2Turning to our data center hosting business, where we host 2 sites for Bitcoin mining.Source: earnings call transcript | 2This segment provides energized space for Bitcoin mining across our 2 sites in North Dakota.Source: earnings call transcript | 2Our 286 megawatts of capacity for Bitcoin mining across our 2 North Dakota sites continues to operate efficiently and provide steady high-margin revenue with minimal ongoing capital investment.Source: earnings call transcript | 0% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
67 filings between Oct 24, 2025 and Oct 13, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$25.00M
21 sales by 7 insiders
5% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 17
- Award — granted as compensation
- 6
- Option exercise — converted options into shares
- 19
- Tax withheld — shares kept back by the company to cover tax
Also filed: 3 other filings, 1 gift.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Nottenburg Richard N | — | $6.34M | Oct 13, 2026 |
| Cummins Wes | — | $6.01M | Jan 16, 2026 |
| Mohmand Mohammad Saidal LaVanway | — | $4.78M | Oct 28, 2025 |
| HASTINGS CHUCK | — | $4.41M | Jan 29, 2026 |
| Benson Ella G. | — | $1.70M | Nov 24, 2025 |
| MILLER DOUGLAS S | — | $951.0K | Apr 27, 2026 |
| Lee Rachel H. | — | $803.9K | Oct 24, 2025 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 13, 2026 | Nottenburg Richard N Director | Sale | 31,250 | $682.5K |
| Oct 10, 2026 | Cummins Wes CEO; Chairman | Option exercise | 100,000 | — |
| Oct 10, 2026 | Cummins Wes CEO; Chairman | Tax withheld | 39,350 | $931.8K |
| Oct 4, 2026 | Mohmand Mohammad Saidal LaVanway Chief Financial Officer | Tax withheld | 32,136 | $815.6K |
| Oct 4, 2026 | Mohmand Mohammad Saidal LaVanway Chief Financial Officer | Option exercise | 81,666 | — |
| Sep 12, 2026 | Zhang Jason Gechen President | Tax withheld | 49,188 | $1.30M |
| Aug 4, 2026 | Nottenburg Richard N Director | Sale | 75,000 | $2.34M |
| Aug 4, 2026 | Mohmand Mohammad Saidal LaVanway Chief Financial Officer | Other | 13,408 | — |
| Aug 4, 2026 | Cummins Wes CEO; Chairman | Other | 714,685 | — |
| Jul 31, 2026 | Cummins Wes CEO; Chairman | Award | 1,600,000 | — |
| Jul 31, 2026 | Mohmand Mohammad Saidal LaVanway Chief Financial Officer | Tax withheld | 96,408 | $2.64M |
| Jul 31, 2026 | Cummins Wes CEO; Chairman | Tax withheld | 629,600 | $17.24M |
| Jul 31, 2026 | Laltrello Laura Chief Operating Officer | Tax withheld | 260,640 | $7.14M |
| Jul 31, 2026 | Laltrello Laura Chief Operating Officer | Award | 600,000 | — |
| Jul 31, 2026 | Zhang Jason Gechen President | Tax withheld | 236,100 | $6.47M |
| Jul 31, 2026 | Zhang Jason Gechen President | Award | 600,000 | — |
| Jul 31, 2026 | Mohmand Mohammad Saidal LaVanway Chief Financial Officer | Award | 245,000 | — |
| Jul 6, 2026 | Laltrello Laura Chief Operating Officer | Tax withheld | 43,440 | $1.46M |
| Jul 1, 2026 | Zhang Jason Gechen President | Award | 375,000 | — |
| Jul 1, 2026 | Zhang Jason Gechen President | Tax withheld | 118,050 | $4.19M |
| Jul 1, 2026 | Zhang Jason Gechen President | Tax withheld | 147,563 | $5.24M |
| Jul 1, 2026 | Zhang Jason Gechen President | Award | 300,000 | — |
| Jun 22, 2026 | Mohmand Mohammad Saidal LaVanway Chief Financial Officer | Tax withheld | 192,815 | $8.72M |
| Jun 22, 2026 | Mohmand Mohammad Saidal LaVanway Chief Financial Officer | Award | 490,000 | — |
| Jun 22, 2026 | Cummins Wes CEO; Chairman | Tax withheld | 314,800 | $14.23M |
| Jun 22, 2026 | Cummins Wes CEO; Chairman | Award | 800,000 | — |
| Apr 30, 2026 | Nottenburg Richard N Director | Sale | 12,500 | $432.4K |
| Apr 28, 2026 | Nottenburg Richard N Director | Sale | 12,500 | $400.0K |
| Apr 27, 2026 | MILLER DOUGLAS S Director | Sale | 10,000 | $349.8K |
| Apr 10, 2026 | Cummins Wes CEO; Chairman | Tax withheld | 39,350 | $1.03M |
| Apr 10, 2026 | Cummins Wes CEO; Chairman | Option exercise | 100,000 | — |
| Apr 4, 2026 | Cummins Wes CEO; Chairman | Tax withheld | 34,579 | $849.3K |
| Apr 4, 2026 | Cummins Wes CEO; Chairman | Option exercise | 100,000 | — |
| Apr 4, 2026 | Mohmand Mohammad Saidal LaVanway Chief Financial Officer | Tax withheld | 32,136 | $789.3K |
| Apr 4, 2026 | Mohmand Mohammad Saidal LaVanway Chief Financial Officer | Option exercise | 81,667 | — |
| Apr 4, 2026 | Mohmand Mohammad Saidal LaVanway Chief Financial Officer | Tax withheld | 4,194 | $103.0K |
| Apr 4, 2026 | Mohmand Mohammad Saidal LaVanway Chief Financial Officer | Option exercise | 12,500 | — |
| Mar 12, 2026 | Zhang Jason Gechen President | Tax withheld | 93,037 | $2.56M |
| Feb 6, 2026 | Mohmand Mohammad Saidal LaVanway Chief Financial Officer | Award | 250,000 | $0 |
| Feb 6, 2026 | Zhang Jason Gechen President | Award | 500,000 | $0 |
| Jan 29, 2026 | HASTINGS CHUCK Director | Sale | 45,987 | $1.77M |
| Jan 22, 2026 | MILLER DOUGLAS S Director | Gift | 6,000 | $0 |
| Jan 16, 2026 | Cummins Wes CEO; Chairman | Sale | 165,000 | $6.01M |
| Jan 15, 2026 | Nottenburg Richard N Director | Sale | 12,000 | $425.4K |
| Jan 14, 2026 | Nottenburg Richard N Director | Sale | 11,606 | $409.5K |
| Jan 12, 2026 | MILLER DOUGLAS S Director | Sale | 10,000 | $385.4K |
| Jan 6, 2026 | Laltrello Laura Chief Operating Officer | Tax withheld | 82,764 | $2.51M |
| Jan 6, 2026 | Cummins Wes CEO; Chairman | Award | 1,500,000 | $0 |
| Nov 28, 2025 | MILLER DOUGLAS S Director | Sale | 8,000 | $215.8K |
| Nov 25, 2025 | Zhang Jason Gechen Chief Strategy Officer | Tax withheld | 60,881 | $1.52M |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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