Applied Digital Corporation Reports $611.3 Million Revenue Growth for Fiscal Year Ended May 31, 2026

Applied Digital Corporation reported significant revenue growth for the fiscal year ended May 31, 2026, with total revenue reaching $611.3 million, a substantial increase from $228.6 million in the prior fiscal year. This growth was primarily driven by the commencement of operations in its High-Performance Computing (HPC) Hosting Business, which generated $385.3 million in revenue, including $270.6 million from tenant fit-out services and $114.7 million from data center rentals. The company's legacy Data Center Hosting Business also saw an increase in revenue, contributing $154.4 million. Despite the revenue surge, the company recorded a net loss of $184.3 million for the fiscal year, compared to a net loss of $231.1 million in the prior year.

The fiscal year ended May 31, 2026, marked a pivotal period of strategic expansion and operational development for Applied Digital. The company commenced operations at its first HPC data center at the Polaris Forge 1 campus and continued construction on additional facilities across multiple campuses, including Polaris Forge 2 and Delta Forge 1. Significant lease agreements were executed with CoreWeave and investment-grade hyperscalers, totaling approximately 1.4 gigawatts of contracted critical IT load and representing an estimated $36.2 billion in total contracted revenue over their initial 15-year terms. The company also completed the separation of its cloud business into ChronoScale Corporation, which began trading on the Nasdaq Capital Market.

Operationally, Applied Digital is focused on scaling its HPC Hosting Business, which is designed to support high-density GPU deployments for artificial intelligence and other accelerated computing applications. The company has secured a pipeline of over 3 gigawatts of utility power for future development and is actively pursuing additional capacity. The Data Center Hosting Business, serving a single crypto mining customer, is expected to decline in relative significance as the HPC segment grows. As of May 31, 2026, the company employed approximately 256 full-time employees.

Looking ahead, Applied Digital anticipates continued investment in property and equipment throughout fiscal year 2027 to support the ongoing construction of its HPC hosting facilities. The company believes it has sufficient liquidity, including cash on hand, customer payments, and access to debt and capital markets, to support ongoing operations and meet its working capital needs for at least the next 12 months. However, the company acknowledges the potential need for additional financing on favorable terms to execute its growth strategy and meet future requirements.