Particle.news
Download on the App Store
11 ARTICLES
·
8h ago

Applied Digital Stock Leaps on Q1 Beat as $11 Billion CoreWeave Deal Fully Leases 400 MW Site

The company raised $362.5 million after the quarter to fund ongoing builds, including the Polaris Forge expansion.

Image
Image
(Applied Digital)
Image

Overview

  • Revenue rose 84% to $64.22 million with an adjusted loss of $0.03 per share, beating estimates, driven by $26.3 million in HPC tenant fit-out work and $37.9 million from data-center hosting.
  • The added 150 MW lease at Polaris Forge 1 brings all 400 MW under contract with CoreWeave, securing about $11 billion of prospective lease revenue over 15 years.
  • Applied Digital has broken ground on Polaris Forge 2 near Harwood, North Dakota, with the first 200 MW targeted for 2026 and full capacity in 2027.
  • Post-quarter financings totaled $362.5 million, including a $112.5 million draw from a Macquarie preferred equity facility, $50 million from Macquarie Equipment Capital, and $200 million via an expanded Series G preferred stock offering.
  • The company reported $114.1 million in cash and $687.3 million in debt as of Aug. 31, and shares jumped in after-hours and premarket trading following the results and lease disclosure.