Applied Digital reports fiscal Q1 2027 results
Key points
- Fiscal Q1 2027 (quarter ended August 31, 2026) revenue of $341.9 million, up 322% year over year; adjusted revenue excluding ChronoScale of $300.4 million.
- Net loss attributable to common stockholders from continuing operations of $221.0 million ($0.76 per share); adjusted net loss of $4.1 million.
- Adjusted EBITDA of $64.4 million versus $0.5 million a year ago; HPC Hosting net operating income of $58.8 million at an 89% margin.
- HPC Hosting revenue of $262.6 million ($65.8 million base rent, $183.5 million tenant fit-out, $13.3 million recoveries); Data Center Hosting revenue flat at $37.8 million.
- Leases cover approximately 1.41 GW of critical IT load across five campuses, about $36 billion of contracted base-term revenue (about $86 billion if all renewals are exercised).
- Polaris Forge 1 reached 250 MW live after the second 75 MW phase of Building 2 on October 1; Building 3 (150 MW) and the other four campuses are under construction.
- Expects initial operations at Polaris Forge 2 to lift delivered critical IT load across the North Dakota campuses to 300 MW by the end of calendar 2026.
- Closed $1.59 billion of 7% senior secured notes due 2031 in the quarter; subsequently agreed up to ~1 GW of potential power capacity in Finland and a PPA with Base Electron for a ~1,200 MW gas-fired plant in North Dakota.
- Quarter-end cash and restricted cash of $3.7 billion against $6.4 billion of debt; capital expenditures of $2.07 billion in the quarter.
Site updates (5)
| Site | Status | Active | In build | Theoretical |
|---|---|---|---|---|
JamestownJamestown, ND Data Center Hosting (crypto mining hosting): 106 MW facility in Jamestown, ND operating at full capacity as of August 31, 2026 per the fiscal Q1 2027 earnings release. | Active | 106 MWgross | 0 MW | 106 MWgross |
Polaris Forge 2Harwood, ND Fiscal Q1 2027 release: Polaris Forge 2 (Harwood, ND) in construction; initial operations expected to raise delivered critical IT load across the North Dakota campuses to 300 MW by end of calendar 2026. Leased to an investment-grade hyperscaler. | Under construction | — | — | — |
Polaris Forge 3Center, ND Fiscal Q1 2027 release: Polaris Forge 3 in construction; located in Center (Oliver County), North Dakota; leased to a tier-one investment-grade hyperscaler. | Under construction | — | — | — |
Delta Forge 1Boyce, LA Fiscal Q1 2027 release: Delta Forge 1 (Louisiana) in construction; leased to a tier-one investment-grade hyperscaler. | Under construction | — | — | — |
Delta Forge 2Alabama Fiscal Q1 2027 release: Delta Forge 2 in construction; release discloses the campus is in Alabama; 210 MW leased to a tier-one investment-grade hyperscaler. | Under construction | — | — | — |