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Q1 26 EPS
$-0.11
BEAT +29.03%
Est. $-0.16
Q1 26 Revenue
$64.2M
BEAT +41.24%
Est. $45.5M
vs S&P Since Q1 26
-7.4%
TRAILING MARKET
APLD +7.0% vs S&P +14.4%
Market Reaction
Did APLD Beat Earnings? Q1 2026 Results
Applied Digital delivered a decisive beat across the board in its fiscal first quarter, reporting a loss of $0.11 per share against a consensus estimate of $0.16, a 29.03% positive surprise, while revenue of $64.22 million cleared Wall Street's $45.4… Read more Applied Digital delivered a decisive beat across the board in its fiscal first quarter, reporting a loss of $0.11 per share against a consensus estimate of $0.16, a 29.03% positive surprise, while revenue of $64.22 million cleared Wall Street's $45.46 million expectation by 41.24%, rising 5.8% year over year. The headline driver was a surge in HPC Hosting Business activity, including $26.30 million in one-time tenant fit-out services for CoreWeave at the fully contracted 400 MW Polaris Forge 1 campus, which carries roughly $11 billion in anticipated lease revenue over approximately 15-year terms. Those installation revenues came with thin margins, keeping Adjusted EBITDA at a slim $537,000, but management is focused on the ramp ahead: the first 100 MW building at Polaris Forge 1 is on track for Q4 2025 operational readiness, with lease revenues expected to follow. Post-quarter, Applied Digital also announced a $5 billion lease agreement with an investment-grade hyperscaler at its planned Polaris Forge 2 campus, underscoring a buildout trajectory management believes can deliver a $1 billion NOI run rate within five years.
Key Takeaways
- • $26.3 million in one-time tenant fit-out revenue from HPC Hosting Business drove majority of revenue growth
- • Data Center Hosting revenue grew 9% YoY driven by increased capacity online
- • Bitcoin prices hitting all-time highs supporting demand for hosting services
- • $16.6 million increase in stock-based compensation from accelerated vesting drove SG&A surge
APLD YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
APLD Revenue by Segment
With YoY comparisons, source: SEC Filings
“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.”
— Wes Cummins, Q1 2026 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% |