Applied Digital Reports $36 Billion in Contracted Lease Revenues Across 1.41 Gigawatts

Earnings Impact 4
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Summary · why it matters

Applied Digital Corporation used its fiscal fourth-quarter 2026 earnings call to highlight 1.41 gigawatts of contracted critical IT load across five campuses, supporting approximately $36 billion of base-term lease revenues. Chairman and CEO Wes Cummins said three recent leases with a single high investment-grade hyperscaler cover 810 megawatts and roughly $20 billion of that total, reflecting a shift toward durable agreements with financially stronger customers. The company is also marketing another 1.7 gigawatts and negotiating expansions with two existing customers that could add 250 megawatts and more than $6 billion in contracted revenue. CFO Saidal Mohmand detailed financing progress, including $2.15 billion of 6.75% senior secured notes and $1.59 billion of 7% senior secured notes, the latter pricing 225 basis points below the company's first project bond placement. Fiscal fourth-quarter adjusted revenues were $240.4 million, beating the Zacks Consensus Estimate of $99.3 million, while the loss of 39 cents per share was wider than the expected loss of 18 cents. Management expects to reach a $1 billion annual net operating income run rate within one year, three years ahead of its original target.

Impact on stocks 1

Artificial Intelligence▲ · 1 stocks
Applied Digital Corporation
APLD
▲ PositiveDemandrelevance

Company reports $36B in contracted lease revenues across 1.41 GW, with 810 MW from a single hyperscaler, indicating strong end-customer demand for its data center services.

Theme Impact 6

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