Q4 25 EPS
$-0.12
BEAT +26.15%
Est. $-0.16
Q4 25 Revenue
$38.0M
BEAT +2.40%
Est. $37.1M
vs S&P Since Q4 25
+185.9%
BEATING MARKET
APLD +203.8% vs S&P +18.0%
Full Year 2025 Results
FY 25 EPS
$-0.80
MISS 21.82%
Est. $-0.66
FY 25 Revenue
$144.2M
MISS 32.81%
Est. $214.6M
Market Reaction
Did APLD Beat Earnings? Q4 2025 Results
Applied Digital posted a stronger-than-expected fiscal Q4 2025, with revenue climbing 157.8% year-over-year to $38.01 million against a $37.13 million consensus estimate, while an adjusted loss of $0.12 per share came in ahead of the $0.14 loss analy… Read more Applied Digital posted a stronger-than-expected fiscal Q4 2025, with revenue climbing 157.8% year-over-year to $38.01 million against a $37.13 million consensus estimate, while an adjusted loss of $0.12 per share came in ahead of the $0.14 loss analysts had anticipated, a 14.29% beat on the bottom line. Investors watching closely saw a company in the middle of a meaningful strategic transformation, as Applied Digital pivots away from crypto mining hosting toward large-scale AI and HPC data center leasing. The quarter's defining development was a pair of 15-year lease agreements with CoreWeave covering 250MW of critical IT load, representing roughly $7 billion in contracted revenue, a figure that could grow to approximately $11 billion after CoreWeave exercised an option for an additional 150MW post-quarter. Looking ahead, the company's first 100MW HPC facility at its Ellendale, North Dakota campus is expected to come online in the second half of calendar 2025, with additional capacity scheduled through 2027.
Key Takeaways
- • Increased capacity online across Data Center Hosting facilities driving 41% Q4 revenue growth
- • Full capacity operations at 106MW Jamestown and 180MW Ellendale facilities
- • Bitcoin prices hitting all-time highs supporting robust demand for hosting services
- • More favorable energy pricing reducing cost of revenues for the full year
APLD YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
APLD Revenue by Segment
With YoY comparisons, source: SEC Filings
“These long-term leases mark a defining moment for Polaris Forge 1, one of North America's most ambitious data center projects. Purpose-built for artificial intelligence and high-performance computing, the campus combines massive power capacity with rapid deployment and is designed to scale up to 1 gigawatt. With the first 100 MW facility scheduled to be operational in Q4 2025, a second 150 MW facility scheduled to come online in mid-2026, and a third 150 MW facility planned for 2027, we believe Polaris Forge 1 will serve as a launchpad for the future of AI infrastructure.”
— Wes Cummins, Q4 2025 Earnings Press Release
APLD Earnings Trends
APLD vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
APLD EPS Trend
Earnings per share: estimate vs actual
APLD Revenue Trend
Quarterly revenue: estimate vs actual
APLD Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q3 26 BEAT | $-0.21 | $0.09 | +142.86% | $126.6M | +61.37% |
| Q2 26 BEAT | $-0.21 | $-0.11 | +46.78% | $126.6M | +55.88% |
| Q1 26 BEAT | $-0.16 | $-0.11 | +29.03% | $64.2M | +41.24% |
| Q4 25 BEAT FY | $-0.16 | $-0.12 | +26.15% | $38.0M | +2.40% |
| FY Full Year | $-0.66 | $-0.80 | -21.82% | $144.2M | -32.81% |
| Q3 25 BEAT | $-0.10 | $-0.08 | +21.95% | $52.9M | -15.88% |