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7h ago

Applied Digital Beats Q1, Locks 400 MW CoreWeave Deal With $11 Billion in Prospective Revenue

Rising build costs and heavy debt sharpen the company's push for cheaper capital.

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Overview

  • Fiscal Q1 revenue reached $64.2 million with an adjusted loss of $0.03 per share, topping consensus.
  • An added 150 MW lease at the Polaris Forge 1 campus brought CoreWeave’s contracted load to 400 MW and about $11 billion of 15-year lease revenue.
  • Results were driven by $26.3 million from tenant fit-out services and $37.9 million from data center hosting.
  • Cost of revenues jumped 144% to $55.6 million, including roughly $25 million tied to building and preparing HPC facilities.
  • The company ended the quarter with $114.1 million in cash and $687.3 million in total debt as shares swung in volatile after-hours trading and options implied a roughly 17.6% move.