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Sentiment · FY2026 Q4
As of FY2026 Q3, the Tellvest earnings-call sentiment score for Applied Digital Corp. (APLD) is 8/10, unchanged from the prior quarter.
Applied Digital delivered record total revenue of $126.6 million, up 139% year-over-year, as it recognized a full quarter of lease revenue from its first 100-megawatt CoreWeave building -- the HPC hosting segment contributed $71 million of revenue and $17.6 million of operating profit, and the crypto Data Center segment added $37.5 million at the company's highest return on assets. Adjusted EBITDA reached $44.1 million, though the GAAP net loss attributable to common stockholders widened to $100.9 million, or $0.36 per share, driven by a $59.7 million noncash write-down on the cloud business being spun into ChronoScale and $39.3 million of stock-based compensation. A March 30 restructuring lifted CoreWeave's SPV to an investment-grade A3 rating from BB, derisking the existing 250 megawatts of lease capacity and positioning the remaining 150-megawatt debt tranche for a lower cost of capital. With two 150-megawatt buildings set to energize over the next year, roughly $16 billion in contracted lease revenue, and a long-term target to exceed $1 billion of NOI within five years, management framed the quarter as an early proof point of the platform's earnings power.
Scored from Applied Digital Corp.’s FY2026 Q3 earnings call. The newest quarter is available with Tellvest Pro.
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2025 Q1 | $61M | +67.1% | $-0.03 | +73.8% | -24.2% | -7.0% | $-131M |
| FY2025 Q2 | $64M | +51.3% | $-0.66 | -587.5% | -28.6% | -217.2% | $-223M |
| FY2025 Q3 | $53M | +22.1% | $-0.16 | +69.2% | -35.8% | -67.2% | $-252M |
| FY2025 Q4 | $38M | +157.8% | $-0.24 | +58.6% | -53.5% | -138.2% | $-191M |
| FY2026 Q1 | $64M | +5.8% | $-0.07 | -143.1% | -32.0% | -26.4% | $-331M |
| FY2026 Q2 | $127M | +98.2% | $-0.07 | +89.4% | -24.5% | -13.8% | $-568M |
| FY2026 Q3 | $127M | +139.3% | $-0.36 | -125.0% | -20.5% | -78.4% | $-720M |
| FY2026 Q4 | $259M | +580.7% | $-0.39 | -62.5% | -45.2% | -42.5% | $-1.16B |
| Year | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 | $137M | — | $-1.31 | — | -11.0% | -109.3% | $-128M |
| FY2025 | $216M | +57.7% | $-1.09 | +16.6% | -33.5% | -107.2% | $-797M |
| FY2026 | $576M | +167.4% | $-0.89 | +18.3% | -33.7% | -42.3% | $-2.78B |