Applied Digital (APLD) just delivered a quarter that makes the word "beat" feel like an understatement. The digital infrastructure company reported fiscal fourth-quarter results after Monday's close that blew past analyst expectations on both the top and bottom lines.
Revenue came in at $258.75 million, crushing the consensus estimate of $94.84 million. Adjusted earnings were $0.04 per share, compared to the expected loss of $0.22 per share. That's a 407% year-over-year revenue increase, with services revenue hitting $208.2 million (up 308%) and data center revenue contributing $50.6 million.
The company ended the quarter with about $4.2 billion in cash, cash equivalents, and restricted cash, against $5 billion in total debt.
CEO Wes Cummins framed the results as validation of a long-term strategy. "Nearly three years ago, we made a deliberate decision to build a company that scales, not just a company that builds data centers," he said. "Combined with our proven supply chain and design approvals from every major hyperscaler, we believe this repeatable, differentiated platform is why we have emerged as one of the clear leaders in AI infrastructure."
As of May 31, Applied Digital has executed long-term leases representing roughly 1,410 megawatts of contracted critical IT load across five campuses. Live capacity at Polaris Forge 1 has reached 175 MW, with additional buildings at that site and others—Polaris Forge 2, Polaris Forge 3, Delta Forge 1, and Delta Forge 2—in various stages of construction.
Investors liked what they saw. APLD shares rose 3.17% in after-hours trading to $27.24. The company will discuss the results further on its earnings call at 5 p.m. ET.
