Overview
- Applied Digital reported on Wednesday that fiscal Q1 revenue rose 322% to $341.9 million, driven primarily by its HPC Hosting business, which generated $262.6 million.
- Adjusted EBITDA improved to $64.4 million from $0.5 million a year earlier, but GAAP net loss widened to $221.0 million as higher interest, stock-based compensation and build costs weighed on results.
- The company held $3.7 billion in cash and restricted cash and carried $6.4 billion of total debt, which pushed interest expense to about $77.4 million for the quarter.
- Applied Digital now has roughly 1.41 gigawatts of contracted critical IT load across five campuses—about $36 billion in base-term revenue—and Polaris Forge 1 reached 250 megawatts live with Polaris Forge 2 expected to add capacity by year-end.
- Management is expanding geographically and commercially with access to up to 1 gigawatt of potential power in Finland and a ChronoScale deal to deploy 50 megawatts for Microsoft using Nvidia GB300 NVL72 systems, moves that increase future revenue visibility while keeping the business capital intensive.