Applied Digital reported fiscal Q1 2027 revenue of $341.9 million, marking a 322% increase from $80.9 million in the same period last year. The high-performance computing segment, which supports AI workloads, accounted for $262.6 million of this total. Despite the revenue growth, the company recorded a GAAP net loss of $221 million, or $0.76 per share.
The company holds a contracted backlog of approximately $36 billion, linked to 1.41 GW of leased critical IT load across five data center campuses. This figure could reach $86 billion if clients exercise renewal options. Management aims to expand its operating portfolio to between 3.5 GW and 4 GW by the end of 2030, supported by long-term power purchase agreements.
Applied Digital plans to deploy over 600 MW of capacity within the next 12 months. As of October 1, 2026, the Polaris Forge 1 facility reached 250 MW of live capacity, with the North Dakota site expected to hit 300 MW by the end of 2026. Future projects include a 1.2 GW natural gas facility in North Dakota and a potential 1 GW expansion in Finland.
