Q3 26 EPS
$0.09
BEAT +142.86%
Est. $-0.21
Q3 26 Revenue
$126.6M
BEAT +61.37%
Est. $78.5M
vs S&P Since Q3 26
+11.4%
BEATING MARKET
APLD +20.9% vs S&P +9.5%
Market Reaction
Did APLD Beat Earnings? Q3 2026 Results
Applied Digital Corp. Delivered a standout fiscal Q3 2026, posting adjusted EPS of $0.09 against a consensus estimate of negative $0.21, a 142.86% beat that marked the company's fourth consecutive quarter of topping Wall Street's EPS expectations. Re… Read more Applied Digital Corp. Delivered a standout fiscal Q3 2026, posting adjusted EPS of $0.09 against a consensus estimate of negative $0.21, a 142.86% beat that marked the company's fourth consecutive quarter of topping Wall Street's EPS expectations. Revenue surged 139.3% year over year to $126.64 million, well ahead of the $78.48 million analysts had anticipated, with the single biggest driver being the full-quarter contribution from Polaris Forge 1, the company's first 100 MW direct-to-chip liquid-cooled data center, which alone generated $71.00 million in HPC Hosting revenue. For investors watching the quarter closely, the results validated the company's capital-intensive buildout strategy, with adjusted EBITDA reaching $44.14 million compared to just $6.26 million a year ago. Looking ahead, management reiterated confidence in exceeding $1.00 billion in NOI within five years, pointing to a development pipeline spanning roughly 1 GW of total grid power capacity and hyperscaler annual capex reportedly approaching $700 billion as the demand backdrop remains robust.
Key Takeaways
- • Full quarter of revenue recognized from first 100 MW HPC data center at Polaris Forge 1
- • HPC Hosting revenue of $71.0 million including $44.1 million in base rent
- • Data Center Hosting operating at full capacity across 286 MW generating $13.9 million in segment operating profit
- • Performance improvements across data center hosting facilities driving 7% YoY revenue growth in that segment
- • Net interest income of $2.4 million due to increased funds in interest-bearing accounts
APLD Forward Guidance & Outlook
Applied Digital remains confident in exceeding its long-term goal of $1 billion in NOI within five years. The company has contracted only approximately one-sixth of its long-term power potential, with roughly 1 GW of total grid power capacity across four development sites in various stages of negotiation. Management expects continued acceleration in demand for high-performance AI data center capacity, citing hyperscaler annual capex reportedly approaching $700 billion. The planned Cloud Services Business spin-off via the ChronoScale/EKSO business combination is expected to close in Q4 fiscal 2026. Additional capacity coming online includes a 150 MW facility at Polaris Forge 1 expected in calendar 2026, a 200 MW Polaris Forge 2 campus with initial capacity in calendar 2026, and Delta Forge 1 with initial operations in mid-calendar 2027. Management expects to further reduce overall cost of debt as data centers become stabilized, cash-flowing assets.
APLD YoY Financials
Q3 2026 vs Q3 2025, source: SEC Filings
APLD Revenue by Segment
With YoY comparisons, source: SEC Filings
“We now operate one of the only 100 MW direct-to-chip liquid-cooled data centers online today, and more importantly, it is fully operational. We believe that's what matters to our customers - turning power into live AI capacity, delivered on time and performing as expected. We are also starting to see the earnings power of our platform come through, with a full quarter of revenue from our first building now recognized. That initial 100 MW represents approximately one-sixth of our contracted capacity and one-tenth of what is operating or under construction, but we believe it begins to show what's possible from here as we continue to bring additional capacity online in the coming quarters.”
— Wes Cummins, Q3 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% |