Applied Digital reported fiscal fourth-quarter revenue of $258.7 million and a GAAP net loss attributable to common stockholders of $110.6 million for the quarter ended May 31, 2026; adjusted net income for the quarter was $12.9 million, or $0.04 per diluted share. For fiscal year 2026, Applied Digital recorded revenue of $611.3 million and a GAAP net loss attributable to common stockholders of $249.2 million, with adjusted net income of $36.1 million, or $0.11 per diluted share. The company completed the separation of its cloud services business into ChronoScale (of which it owns ~96%) and continued to advance multiple large hyperscaler AI Factory campus developments.

Financial Highlights

  • Revenue (Q4 FY26): $258.7 million (up 407% year-over-year)
  • Net loss attributable to common stockholders (Q4 FY26, GAAP): $110.6 million; per share (basic and diluted): $0.39
  • Adjusted net income (Q4 FY26, non-GAAP): $12.9 million; adjusted net income per diluted share: $0.04
  • Revenue (FY26): $611.3 million (up 167% year-over-year) and GAAP net loss attributable to common stockholders (FY26): $249.2 million; adjusted net income (FY26, non-GAAP): $36.1 million; adjusted net income per diluted share: $0.11
  • Adjusted EBITDA (Q4 FY26): $42.4 million; Adjusted EBITDA (FY26): $107.2 million; Net Operating Income (Q4 FY26): $39.9 million; Net Operating Income (FY26): $90.4 million

Business Highlights

  • Completed separation of cloud services business into ChronoScale, with Applied Digital owning approximately 96% of the public company; ChronoScale is consolidated in GAAP results but excluded from the company’s non-GAAP metrics.
  • Executed long-term, take-or-pay hyperscaler leases totaling approximately 1.4 GW of contracted critical IT load across five campuses (Polaris Forge 1–3 in North Dakota and Delta Forge 1–2 in Louisiana and another southern state), representing roughly $36 billion in base-term contracted lease revenue and ~ $86 billion including renewal options.
  • Signed three 15-year take-or-pay leases in the quarter and subsequent period with a high investment-grade hyperscaler: 300 MW at Delta Forge 1, 300 MW at Polaris Forge 3 (each ~ $7.5 billion base-term revenue) and 210 MW at Delta Forge 2 (~ $5.2 billion base-term revenue).
  • Advanced construction and capacity milestones: Polaris Forge 1 first 100 MW operational in Oct 2025; Phase 1 of Building 2 (75 MW) achieved Ready for Service on June 30, 2026, bringing live capacity at the campus to 175 MW; additional buildings and campuses are in various stages of construction.
  • Completed multiple financings and credit enhancements to support development, including $2.15 billion senior secured notes, $1.59 billion senior secured notes, a revolving credit facility (up to $550 million, later upsized to $430 million committed), and other bridge and project financings; also restructured credit support on CoreWeave leases and advanced a strategic power initiative via investment in Base Electron.

Original SEC Filing:

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