Applied Digital (NASDAQ:APLD) surged by 14% during post-market action Thursday after its first quarter fiscal 2026 crushed expectations on rocketing revenue growth.
First quarter revenue increased 84% year over year to total $64.2M, which dwarfed the consensus estimate of $45.46M. It also reported adjusted losses per share of $0.03, which was much better than the estimate calling for losses per share of $0.16.
During the quarter that ended August 31, Applied Digital also signed an additional 150 MW lease for its Polaris Forge 1 campus, bringing the full 400 MW of critical IT load under contract with CoreWeave (CRWV) and securing approximately $11B in prospective lease revenue over the approximately 15-year terms.
“We feel this third lease validates our platform and execution, positioning Applied Digital as a trusted strategic partner to the world’s largest technology companies,” said Wes Cummins, Chairman and CEO of Applied Digital. “With hyperscalers expected to invest approximately $350B into AI deployment this year, we believe we are in a prime position to serve as the modern-day picks and shovels of the intelligence era.”