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Sentiment · FY2026 Q4
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Rob Brown | Lake Street Capital Markets | 14 (0%) |
| George Sutton | Craig-Hallum | 13 (15%) |
| Nick Giles | B. Riley Securities | 13 (0%) |
| Mike Grondahl | Northland Capital Markets | 13 (15%) |
| Darren Aftahi | Lucid Capital Markets | 10 (0%) |
| John Todaro | Needham | 9 (11%) |
| Mike Donovan | Compass Point Research and Trading | 6 (0%) |
| Brett Knoblauch | Cantor Fitzgerald | 4 (0%) |
| Kevin Dede | H.C. Wainwright | 2 (0%) |
| Derrick Whitfield | Texas Capital Securities | 2 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Northland Capital Markets | 2 | 15 (13%) |
| B. Riley Securities | 2 | 14 (0%) |
| Lake Street Capital Markets | 1 | 14 (0%) |
| Craig-Hallum |
| 1 |
| 13 (15%) |
| Lucid Capital Markets | 1 | 10 (0%) |
| Needham | 2 | 10 (10%) |
| Compass Point Research and Trading | 1 | 6 (0%) |
| Cantor Fitzgerald | 1 | 4 (0%) |
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.
Demand | Capital Allocation | Capex Investment | Competitive Dynamics | Credit | Pricing | Guidance Reliability | Geographic Expansion | |
|---|---|---|---|---|---|---|---|---|
| 2025Q1 | 5 | 1 | 6 | 1 | 3 | 1 | ||
| 2025Q2 | 4 | 7 | 2 | 4 | 2 | |||
| 2025Q3 | 4 | 7 | 3 | 3 | 2 | |||
| 2025Q4 | 2 | 2 | 3 | 2 | 2 | 1 | ||
| 2026Q1 | 3 | 4 | 2 | 3 | 4 | |||
| 2026Q2 | 6 | 1 | 4 | 3 | 1 | 1 | 3 | |
| 2026Q3 | 3 | 3 | 3 | 2 | 2 | 1 |
| '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | '26Q3 | |
|---|---|---|---|---|---|---|---|
| Demand | 5 | 4 | 4 | 2 | 3 | 6 | 3 |
| Capital Allocation | 1 | 7 | 7 | 2 | 4 | 1 | 3 |
| Capex Investment | 6 | 2 | 3 | 3 | 2 | 4 | 3 |
| Competitive Dynamics | 4 | 3 | 2 | 3 | 3 | 2 | |
| Credit | 2 | 4 | 2 | ||||
| Pricing | 1 | 2 | 2 | 1 | |||
| Guidance Reliability | 3 | 1 | 1 | ||||
| Geographic Expansion | 1 | 1 | 3 |
What APLD and other companies said about each other on FY2026 Q3 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“we've seen that CoreWeave through their DTL, they've been able to lower their financing costs significantly.”
Applied's CFO noted CoreWeave has significantly lowered its own financing costs through its debt facility, an indicator of improving credit access for the GPU-cloud provider.
“we have $16 billion of total contracted revenue, and that splits $11 billion of CoreWeave and $5 billion to an investment-grade hyperscaler.”
CoreWeave accounts for $11 billion of Applied's $16 billion in total contracted lease revenue, its single largest customer, though Applied is targeting a more diversified, 70% investment-grade contracted mix.
“These enhancements were supported by CoreWeave's SPV receiving an investment-grade A3 rating, a meaningful improvement from its previous BB rating.”
Applied's largest tenant, CoreWeave, had its lease SPV upgraded to investment-grade A3 from BB after a March 30 restructuring — a meaningful improvement in CoreWeave's credit standing that also derisks Applied's 250MW lease capacity.
| 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 |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
APLD Applied Digital Corp. | 8 | +139.3% | |
| ACN Accenture | 8 | +8.3% | |
| BBAI BigBear.ai Holdings, Inc. | 4 | -0.9% | |
| BR Broadridge Financial Solutions | 8 | +7.8% | |
| CDW CDW | 8 | +9.3% | |
| CTSH Cognizant | 8 | +5.8% | |
| EPAM EPAM Systems | 8 | +7.6% | |
| FIS Fidelity National Information Services | 7 | +30.1% | |
| FISV Fiserv, Inc. | 3 | -2.0% | |
| IBM International Business Machines Corporation | 8 | +9.5% | |
| IREN IREN Limited | 6 | -0.0% | |
| IT Gartner | 8 | +2.0% | |
| JKHY Jack Henry & Associates | 8 | +8.7% | |
| LDOS Leidos | 7 | +3.6% |