Companies /Technology

Applied Digital Corporation

NASDAQ: APLD Information Technology Services
$24.91
▲ $0.62 (+2.55%) today
Markets open · 3:52pm ET

Q4 2025 Earnings

Reported Jul 30, 2025, 4:02pm ET · SEC source
$-0.12
Beat +26.15%
EPS · est. $-0.16
$38.0M
Beat +2.40%
Revenue · est. $37.1M
+14.8%
Beating market
APLD vs S&P since report
5 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
0+20%+40%Jul 30Jul 31report 4:02pm ETearnings−0.8%+27.1%
0+20%+40%Jul 30Jul 31earnings−0.8%+27.1%
APLD +27.1%S&P 500 −0.8%
0+20%+40%Jul 30Jul 31report 4:02pm ETearnings−1.2%+27.1%
0+20%+40%Jul 30Jul 31earnings−1.2%+27.1%
APLD +27.1%NASDAQ −1.2%
0+20%+40%Jul 29Aug 7report 4:02pm ETearnings−0.7%+31.9%
0+20%+40%Jul 29Aug 7earnings−0.7%+31.9%
APLD +31.9%S&P 500 −0.7%
0+20%+40%Jul 29Aug 7report 4:02pm ETearnings−0.5%+31.9%
0+20%+40%Jul 29Aug 7earnings−0.5%+31.9%
APLD +31.9%NASDAQ −0.5%
+31.01%
Day of report
−4.72%
Next session
+8.37%
One week
+16.13%
30 days

S&P 500 over the same 30 days: +1.30%.

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 analysts had anticipated — a 14.29% beat on the bottom line. <a href="https://247wallst.com/ai-portfolio/2025/10/09/live-earnings-coverage-applied-digital-reports-earnings-after-the-bell/">investors watching closely</a> 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

“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.”

Applied Digital CEO, on the earnings call

Forward Guidance & Outlook

Applied Digital is actively marketing its multi-gigawatt pipeline to a diverse group of hyperscaler customers. The first 100MW HPC facility at Polaris Forge 1 is expected to be operational in Q4 2025, a second 150MW facility is scheduled for mid-2026, and a third 150MW facility is planned for 2027. CoreWeave has exercised its option for an additional 150MW, which would bring total leased capacity to 400MW and total contracted revenue to approximately $11 billion. The company is advancing toward finalizing project financing for the campus. Post fiscal year-end, the company raised $268.9 million through equity issuances. The strategic review of the Cloud Services Business remains ongoing.

APLD YoY Financials

Q4 2025 vs Q4 2024 · SEC filings Q4 2024 Q4 2025
$-20,000,000$0$20.0M$40.0M$14.7M$38.0MRevenue$8.8M$7.8MGross Profit$-16,743,512$-26,582,000Net Income
$-20,000,000$0$20.0M$40.0MRevenueGross ProfitNet Income

APLD Revenue by Segment

HPC Hosting
Data Center Hosting$38.0M+41.0%
Data Center Hosting (Bitcoin/Crypto Mining)
Cloud Services

Figures from SEC filings and company reports. Not investment advice.