Applied Digital reported first quarter 2027 revenue of $341.9 million, a 322% increase year-over-year, significantly outperforming the analyst estimate of $116.29 million. While the company recorded a GAAP net loss of $221.0 million ($0.76 per share) due to performance-based stock compensation and higher interest costs, its adjusted net loss of $0.01 per share beat the expected $0.25 loss.
Key Highlights
- HPC Hosting revenue reached $262.6 million, largely driven by $183.5 million in one-time tenant fit-out services as the company scales its AI infrastructure.
- Total live capacity at the Polaris Forge 1 campus increased to 250 MW following the delivery of Building 2, with the company targeting 300 MW across its North Dakota campuses by calendar year-end.
- Liquidity position strengthened to $3.7 billion in cash and cash equivalents after closing a $1.59 billion senior secured note offering to fund further high-performance computing (HPC) development.