Start 30 days free, no card. Full Pro access for a month, then decide. Start free
Loading
Start 30 days free, no card. Full Pro access for a month, then decide. Start free
No 8-K events recorded for this window.
Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Rob Brown | Lake Street Capital Markets | 16 questions · 0% challenging |
| Mike Grondahl | Northland Capital Markets | 15 questions · 13% challenging |
| George Sutton | Craig-Hallum | 15 questions · 13% challenging |
| Nick Giles | B. Riley Securities | 15 questions · 0% challenging |
| John Todaro | Needham | 11 questions · 9% challenging |
| Darren Aftahi | Lucid Capital Markets | 11 questions · 0% challenging |
| Mike Donovan | Compass Point Research and Trading | 9 questions · 0% challenging |
| Derrick Whitfield | Texas Capital Securities | 4 questions · 0% challenging |
| Brett Knoblauch | Cantor Fitzgerald | 4 questions · 0% challenging |
| Mike Randolph | Northland Capital Markets | 2 questions · 0% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Northland Capital Markets | 2 analysts | 17 questions · 12% challenging |
| B. Riley Securities | 2 analysts | 16 questions · 0% challenging |
| Lake Street Capital Markets | 1 analyst | 16 questions · 0% challenging |
| Craig-Hallum | 1 analyst | 15 questions · 13% challenging |
| Needham | 2 analysts | 12 questions · 8% challenging |
| Lucid Capital Markets | 1 analyst | 11 questions · 0% challenging |
| Compass Point Research and Trading | 1 analyst | 9 questions · 0% challenging |
| Texas Capital Securities | 1 analyst | 4 questions · 0% challenging |
Applied Digital's fiscal Q4 2026 capped a transformational year: total revenues jumped 407% year-over-year to $258.7 million, led by $203 million from the ramping HPC hosting business and a steady $37.3 million from Bitcoin data-center hosting. Management grew total contracted long-term lease value to roughly $36 billion, with about $20 billion of it signed last quarter across three new campuses for a single investment-grade hyperscaler, underpinned by 1.41 gigawatts of contracted critical IT load. Adjusted EBITDA reached $42.4 million (versus $1 million a year earlier) and NOI hit $39.9 million at a 91% margin, though the GAAP net loss widened to $111.6 million, or $0.39 per share, on $116.8 million of largely one-time stock-based compensation tied to the ChronoScale separation. The company also lowered its cost of capital, placing $1.59 billion of notes at 7% (225 basis points inside its first placement), and now expects to reach its $1 billion NOI run-rate goal three years ahead of schedule.
Demand | Capex Investment | Capital Allocation | Competitive Dynamics | Credit | Pricing | Geographic Expansion | Cloud & AI | |
|---|---|---|---|---|---|---|---|---|
| 2025Q1 | 5 | 6 | 1 | 1 | 1 | 1 | ||
| 2025Q2 | 4 | 2 | 7 | 4 | 2 | |||
| 2025Q3 | 4 | 3 | 7 | 3 | 2 | 2 | ||
| 2025Q4 | 2 | 3 | 2 | 2 | 2 | 1 | ||
| 2026Q1 | 3 | 2 | 4 | 3 | 4 | |||
| 2026Q2 | 6 | 4 | 1 | 3 | 1 | 3 | 2 | |
| 2026Q3 | 3 | 3 | 3 | 2 | 2 | |||
| 2026Q4 | 4 | 6 | 2 | 2 | 1 | 2 | 2 | 1 |
| '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | '26Q3 | '26Q4 | |
|---|---|---|---|---|---|---|---|---|
| Demand | 5 | 4 | 4 | 2 | 3 | 6 | 3 | 4 |
| Capex Investment | 6 | 2 | 3 | 3 | 2 | 4 | 3 | 6 |
| Capital Allocation | 1 | 7 | 7 | 2 | 4 | 1 | 3 | 2 |
| Competitive Dynamics | 4 | 3 | 2 | 3 | 3 | 2 | 2 | |
| Credit | 2 | 4 | 2 | 1 | ||||
| Pricing | 1 | 2 | 2 | 1 | 2 | |||
| Geographic Expansion | 1 | 1 | 3 | 2 | ||||
| Cloud & AI | 1 | 2 | 2 | 1 |
Calendar quarter Q2 2026Earnings call Jul 27, 2026
FY2026 Q4 in brief
Applied Digital's fiscal Q4 2026 capped a transformational year: total revenues jumped 407% year-over-year to $258.7 million, led by $203 million from the ramping HPC hosting business and a steady $37.3 million from Bitcoin data-center hosting.
Newest quarter FY2027 Q1 is part of Pro · see what Pro adds →
Sources. Tellvest earnings-call sentiment score for Applied Digital Corp. (APLD), FY2026 Q4: 8/10. Scores: Applied Digital Corp.’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: APLD daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
The table scrolls sideways. Swipe it, or select it and use the arrow keys.
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| 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 Q4Selected | $259M | +580.7% | $-0.39 | -62.5% | -45.2% | -42.5% | $-1.16B |
| FY2027 Q1 | $342M | +432.4% | $-0.82 | -1071.4% | -18.2% | -68.9% | $64M |
| 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 |
| FY2026Selected | $576M | +167.4% | $-0.89 | +18.3% | -33.7% | -42.3% | $-2.78B |
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).
GAAP revenue YoY +580.7% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
What APLD and other companies said about each other on FY2026 Q4 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“So Macquarie funds through their $5 billion JV with us, 3/4 of the equity that's required.”
Macquarie Asset Management funds three-quarters of the equity for Applied's data-center campuses through a $5 billion joint venture, the core of Applied's repeatable financing flywheel.
“A key driver of that progress has been our work with CoreWeave at Polaris Forge 1. By restructuring the leases at that campus through a special purpose vehicle and by establishing a memorandum of understanding around the credit supporting our debt financing, we were able to place our recent $1.5 billion notes at 7%”
CoreWeave is Applied Digital's anchor tenant at the Polaris Forge 1 campus; restructuring those leases through an SPV and a credit-support MOU let Applied place notes 225bps tighter, underscoring CoreWeave's role as a credit-supporting customer.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
APLD Applied Digital Corp. | 8 | +580.7% | |
| ACN Accenture | 6 | +5.6% | |
| BBAI BigBear.ai Holdings, Inc. | 7 | +13.2% | |
| BR Broadridge Financial Solutions | 7 | +7.6% | |
| CDW CDW | 7 | +10.0% | |
| CTSH Cognizant | 6 | +4.5% | |
| EPAM EPAM Systems | 6 | +4.5% | |
| FIS Fidelity National Information Services | 5 | +29.1% | |
| FISV Fiserv, Inc. | 1 | -4.1% | |
| IBM International Business Machines Corporation | 4 | +1.1% | |
| IREN IREN Limited | 2 | -26.8% | |
| IT Gartner | 9 | -0.6% | |
| JKHY Jack Henry & Associates | 6 | +4.7% | |
| LDOS Leidos | 6 | +7.2% |