Applied Digital first-quarter revenue climbs to $342 million

Applied Digital Corporation (APLD) said Tuesday that its revenue for the fiscal first quarter reached $342 million, up 322% from a year earlier.

Here's how the company did:

• Revenue: $341.9 million vs. $80.9 million a year earlier
• Net loss attributable to common stockholders: $221.0 million vs. $18.5 million a year earlier
• Net loss per basic and diluted share: $0.76 vs. $0.07 a year earlier
• Adjusted revenue: $300.4 million vs. $64.2 million a year earlier
• Adjusted net loss: $4.1 million vs. $7.6 million a year earlier
• Adjusted net loss per diluted share: $0.01 vs. $0.03 a year earlier
• Adjusted EBITDA: $64.4 million vs. $0.5 million a year earlier
• Net Operating Income: $58.8 million vs. no comparable figure a year earlier

The company said in a regulatory filing that services revenue rose to $262.8 million from $80.9 million a year earlier, driven by tenant fit-out services and GPU hardware sales. Data center rental and other revenue was $79.1 million, as rental operations commenced in the second quarter of fiscal 2026.

Services cost of revenue rose to $245.7 million from $58.8 million a year earlier. Selling, general and administrative expenses were $114.7 million, compared with $29.5 million a year earlier.

Interest expense increased to $77.4 million from $8.0 million a year earlier due to additional debt arrangements. Interest income rose to $35.8 million from $0.9 million a year earlier.

As of Aug. 31, 2026, the company held $3.7 billion in cash, cash equivalents, and restricted cash, alongside $6.4 billion in total debt.