Applied Digital posts triple-digit revenue growth as AI infrastructure demand scales

Applied Digital (NASDAQ:APLD), a designer and operator of next-generation digital infrastructure for high-performance computing (HPC) and artificial intelligence, reported a 139% year-over-year revenue increase for its third fiscal quarter of 2026 on April 8, 2026.

The company achieved total revenues of $126.6 million for the quarter, compared to $52.9 million in the same period last year.

This growth was largely driven by the company’s HPC Hosting segment, which contributed $71 million to the top line as demand for AI-ready data center capacity continues to outpace available supply.

While Applied Digital reported a statutory net loss of $100.9 million, primarily due to non-cash charges and expansion-related expenses, its underlying profitability remained strong.

The company delivered an adjusted net income of $33.2 million and an adjusted EBITDA of $44.1 million, reflecting the healthy margins associated with its core hosting and cloud services.

Operational milestones for the quarter were headlined by the groundbreaking of Delta Forge 1, a massive 430-megawatt (MW) facility designed to support large-scale AI and HPC workloads.

The project is a cornerstone of the company’s plan to significantly expand its total power capacity over the next 24 months.

The company also dramatically strengthened its balance sheet during the period, completing a $2.15 billion senior secured note offering.

Additionally, Applied Digital secured a $100 million DevCo facility to further support its project pipeline.