Applied Science Products, Inc.

Applied Science Products, Inc. Earnings Recaps

APLD Industrials 3 recaps
Q3 2026 Apr 9, 2026

Applied Digital delivered a robust quarter with over $44 million in adjusted EBITDA, driven by operational progress in large-scale AI data centers and strategic pipeline expansion, positioning the company for substantial future growth.

Key takeaways
  • Operates one of the world's only 100MW direct-to-chip liquid-cooled AI data centers, demonstrating execution capability and technological leadership.
  • Progress on multiple high-capacity data center projects, including Polaris Forge and Delta Forge, with some facilities now operational and others advancing on schedule.
  • Expanded development pipeline to four sites with approximately 1 gigawatt of total grid power capacity, subject to approvals and negotiations.
  • Data center hosting segment remains highly profitable, with lease revenue fully realized from the flagship 100MW facility, with revenues expected to accelerate as new buildings begin operations.
  • The planned spin-off of the cloud business into ChronoScale aims to capitalize on surging GPU demand, reflecting strategic focus on high-growth AI infrastructure markets.
Full recap
Q2 2026 Jan 8, 2026

Applied Digital's Fiscal Q2 2026 results reflect a pivotal shift with substantial lease revenue generation from its first data center, alongside significant new contracts that promise strong growth.

Key takeaways
  • Achieved readiness for service of the 100 MW Polaris Forge 1 data center, securing $11 billion in potential lease revenue over 15 years.
  • Secured a $5 billion lease with a hyperscaler for the upcoming Polaris Forge 2, advancing on schedule with 200 MW expected to begin operations in 2026.
  • In total, the company is on track to offer 600 MW across its North Dakota campuses, representing approximately $16 billion in projected lease revenue.
  • Strong inbound demand from hyperscalers, leading to advanced discussions for additional sites, driven by a pressing need for AI infrastructure.
  • Ongoing financial support through a $100 million development loan facility with Macquarie Equipment Capital enables efficient capital utilization for future expansions.
Full recap
Q4 2025 Aug 1, 2025

Applied Digital delivered a strong performance in Q4 2025, highlighted by transformative long-term leases with CoreWeave that secure $7 billion in revenue and position the company as a leader in AI and high-performance computing infrastructure.

Key takeaways
  • Secured a 15-year lease agreement with CoreWeave for 250 megawatts at Polaris Forge 1, projecting $7 billion in revenue.
  • Additional 150 megawatt expansion option exercised, showcasing the site’s scalability for AI workloads.
  • Reduced projected build times for data center projects from 24 months to 12-14 months through process refinement and supplier consolidation.
  • Achieved significant sustainability advancements with an innovative cooling system, targeting a PUE of 1.18 and near-zero water usage.
  • Engaging with multiple investment-grade hyperscalers for future large-scale projects, enhancing competitive positioning in the market.
Full recap