Overview

• Revenue rose 84% year over year to $64.2 million, with an adjusted loss of $0.03 per share that was narrower than expected.
• The added 150 MW lease with CoreWeave brings Polaris Forge 1 to 400 MW under contract, securing roughly $11 billion in prospective revenue over 15 years.
• Quarterly revenue included about $26.3 million from tenant fit-out services and $37.9 million from hosting, while cost of revenues jumped 144% as roughly $25 million went to facility build-outs.
• Applied Digital ended the quarter with $114.1 million in cash and $687.3 million in total debt, and later completed $362.5 million of financings including Macquarie draws and an expanded Series G preferred offering.
• Shares climbed about 16.8% in after-hours trading following the release, and the company has broken ground on Polaris Forge 2 with initial capacity targeted for 2026–2027.