- Revenue of $64.2 million (vs. $50 million expected), up 84% year-over-year.
- New agreement with CoreWeave brings the campus’s 400 MW capacity to full utilization.
- Revenue of $64.2 million (vs. $50 million expected), up 84% year-over-year.
- New agreement with CoreWeave brings the campus’s 400 MW capacity to full utilization.
Applied Digital Corp significantly exceeded analysts’ expectations in the first quarter of its fiscal year, reporting revenue of $64.2 million — an 84% increase year over year. The primary source of income was data center compute capacity leasing, which accounted for nearly 60% of total revenue. The company also surprised the market with news of a new agreement with CoreWeave, which brings the Polaris Forge 1 campus to full utilization of its 400 MW capacity.
A key driver of future growth is the construction of the new Polaris Forge 2 campus, which will add another 300 MW and has the potential to scale up to 1 GW of compute power. The site is expected to go online in 2026 and reach full capacity by 2027. This indicates that the company still has significant room to grow, countering earlier concerns that it had reached its capacity limits.
While the company continues to operate at a loss and bears high capital expenditures, it has secured $5 billion in funding to support the expansion. Management believes that with growing global investment in artificial intelligence, Applied Digital is well-positioned to win additional contracts and increase revenue.
The company’s stock is currently in a strong upward trend. Since the beginning of the year, the share price has surged by approximately 350%, with the latest earnings results further boosting investor interest
Source: xStation5
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