Applied Digital reported fiscal 2027 first-quarter revenue of $341.9 million, up 322% from the prior-year period as the company continued scaling its AI and high-performance computing data center platform.
Adjusted revenue totaled $300.4 million.
Adjusted EBITDA increased to $64.4 million from $0.5 million a year earlier.
Net operating income reached $58.8 million.
The company reported a GAAP net loss attributable to common shareholders of $221 million, or $0.76 per share.
Adjusted net loss was $4.1 million, or $0.01 per diluted share.
Applied Digital ended August with approximately $3.7 billion in cash, cash equivalents, and restricted cash, along with $6.4 billion of debt.
During the quarter, the company signed a 210-megawatt, 15-year lease at Delta Forge 2 with an investment-grade hyperscaler.
The agreement represents approximately $5.2 billion of contracted base-term revenue.
Applied Digital also brought the first 75-megawatt phase of Building 2 at Polaris Forge 1 into service, increasing live capacity at the campus to 175 megawatts.
After quarter-end, the second 75-megawatt phase became operational, bringing total live capacity to 250 megawatts.
The company closed $1.59 billion of 7% senior secured notes due 2031 to support development of another 150-megawatt building at Polaris Forge 1 and refinance a $300 million bridge facility.
Applied Digital subsequently secured up to approximately 1 gigawatt of potential power capacity in Finland.
It also entered into a power purchase agreement associated with an approximately 1,200-megawatt natural gas generation project planned in North Dakota.
KEY QUOTE:
“Our goal is to establish Applied Digital as the category leader in the design, construction, deployment, and operation of purpose-built AI factories.”
Wes Cummins, Chairman and CEO of Applied Digital
