Applied Digital Corporation reported significant financial growth in its latest quarterly filing, with total revenue reaching $126.6 million for the three months ended November 30, 2025, a 250% increase from $36.2 million in the same period last year. For the six months, revenue surged to $190.8 million, up from $69.1 million. The growth was primarily driven by the high-performance compute (HPC) hosting business, which contributed approximately $85 million in revenue, largely from tenant fit-out services and rental revenues as the company’s facilities became fully operational.
Despite the revenue increase, the company reported an operating loss of $30.9 million for the quarter, compared to a loss of $12.8 million in the prior year. Total costs and expenses rose to $157.5 million, up from $49 million, largely due to increased costs associated with tenant fit-out services and higher energy expenses. Selling, general, and administrative expenses also increased significantly, reflecting a rise in stock-based compensation and professional service costs. The net loss attributable to common stockholders was $19.1 million, or $(0.07) per share, compared to a loss of $139.4 million, or $(0.66) per share, in the previous year.
Strategically, Applied Digital has made notable advancements, including the completion of a $2.35 billion offering of senior secured notes due in 2030, which will fund the construction of new data centers. The company also entered into a revolving credit facility agreement for up to $65 million. Additionally, the company is in the process of selling its Cloud Services Business, which has been classified as discontinued operations, and announced a proposed business combination with EKSO Bionics Holdings, Inc. This move is expected to enhance its capabilities in AI workloads.
Operationally, the company has expanded its data center hosting capabilities, with its facilities in North Dakota operating at full capacity. As of November 30, 2025, the company reported total assets of $5.23 billion, a significant increase from $1.87 billion at the end of the previous fiscal year. The company’s cash and cash equivalents rose to $1.91 billion, up from $41.6 million, reflecting strong financing activities. Looking ahead, Applied Digital anticipates continued growth driven by its HPC hosting business and ongoing investments in infrastructure, while also navigating the evolving regulatory landscape surrounding AI and blockchain technologies.
About Applied Digital Corp.
Applied Digital Corporation designs, develops, and operates next-generation data center infrastructure in North America, specializing in high-performance computing (HPC) and blockchain hosting. Its core offerings include custom data centers tailored for AI workloads, HPC applications, and crypto mining customers, primarily located in North Dakota. The company’s business model focuses on leasing energized space with scalable power capacity, emphasizing sustainability, long-term contracts, and specialized facilities for high power density computing.
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