NASDAQ$APLD
Applied Digital Corporation · Q4 2025 earnings
Q4 2025 earnings · · After market close · Investor relations
Briefing
Applied Digital Corporation reported fiscal Q4 2026 results with revenue surging 407% year-over-year driven by HPC hosting growth.
Applied Digital posted Q4 revenue of $258.7 million, up sharply from the prior year due to new HPC tenant fit-out services and operational data centers. The company recorded a net loss of $110.6 million but achieved positive adjusted net income of $12.9 million and adjusted EBITDA of $42.4 million. Significant lease signings and debt financings position the company for major future capacity expansion.
- Q4 revenue reached $258.7 million, a 407% increase year-over-year, primarily from $152.4 million in HPC tenant fit-out services.
- Adjusted EBITDA rose to $42.4 million from $1.0 million in the prior-year quarter, with adjusted net income of $12.9 million ($0.04 per diluted share).
- Signed three major 15-year leases with a hyperscaler totaling 810 MW and approximately $20.2 billion in contracted revenue.
- Completed separation of cloud services business into ChronoScale while securing over $4 billion in new debt financing for AI factory development.
Headline financials
Revenue & EPS history
Applied Digital · Revenue · Quarterly
$259M
Revenue by segment
Applied Digital · $240M total across 2 segments · Q4 2025
- HPC Hosting$203M—84.5%
- Data Center Hosting$37.3M—15.5%
Forward guidance
Company expects continued robust demand for AI infrastructure with 1.4 GW contracted and additional 1.7 GW under marketing across multiple campuses.
Tailwinds
- Three new hyperscaler leases representing ~$20 billion in contracted revenue.
- Total contracted critical IT load of 1.4 GW with ~$36 billion base-term revenue.
- Polaris Forge 1 live capacity reached 175 MW on schedule.
- Secured over $4 billion in new senior secured notes and credit facilities.
- Strategic power development initiative with 1.2 GW natural gas generation.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 17 quarterly earnings reports
+5.3%
Avg return
Earnings day
+11.0%
Avg return
5 days after
+21.6%
Avg return
30 days after
75%
15 / 20 earnings
Positive
+32.6%
Q4 2023
Best reaction
-35.9%
Q3 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2025 | — | — | — | |
| Q3 2026 | +14.1% | +13.2% | +48.4% | |
| Q2 2026 | +7.8% | +13.0% | +9.4% | |
| Q1 2026 | +16.0% | +28.9% | +5.8% | |
| Q3 2025 | -35.9% | -26.4% | +4.1% | |
| Q2 2025 | +7.7% | +14.6% | +1.9% | |
| Q1 2025 | -12.2% | -3.8% | -3.7% | |
| Q4 2024 | -19.2% | -22.8% | +73.2% | |
| Q3 2024 | -9.4% | -18.1% | +10.7% | |
| Q2 2024 | -31.5% | -35.1% | -34.0% | |
| Q1 2024 | +4.8% | -0.8% | -5.4% | |
| Q4 2023 | +32.6% | +21.8% | -12.2% | |
| Q3 2023 | +22.8% | +40.9% | +57.7% | |
| Q2 2023 | +16.7% | +15.1% | +83.3% | |
| Q1 2022 | +14.9% | +21.4% | +39.3% | |
| Q1 2023 | +8.7% | +20.6% | +31.2% | |
| Q2 2022 | +1.0% | +8.7% | -15.5% | |
| Q4 2022 | +4.0% | +5.1% | -19.7% | |
| Q3 2021 | +21.1% | +41.1% | +52.2% | |
| Q4 2021 | +21.1% | +41.1% | +52.2% | |
| Q3 2022 | +21.1% | +41.1% | +52.2% | |
| Q2 2021 | — | — | — | |
| Q1 2021 | — | — | — |
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