Applied Digital revenue quadruples on AI data center demand
Applied Digital Corp (NASDAQ:APLD) reported fourth-quarter revenue of $258.7 million, a 407% increase year-over-year, driven by surging demand for AI data center infrastructure. The company posted adjusted earnings of $0.04 per share, beating analyst estimates of a $0.22 loss. Applied Digital is building five multibillion-dollar AI Factory campuses for two hyperscalers and CoreWeave, securing roughly $20 billion in newly contracted hyperscaler leases, including an $11 billion lease with CoreWeave for Polaris Forge 1 and a $5 billion lease for Polaris Forge 2. Adjusted EBITDA reached $42.4 million, though most quarterly revenue came from one-time tenant fit-out services. GAAP net loss nearly doubled to $110.6 million, partly due to a $127.8 million stock-based compensation charge. CEO Wes Cummins described the buildout as likely the largest in modern economic history, with demand for high-power-density AI data centers remaining extremely robust. Shares rose 3.4% in premarket trading.
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