Applied Digital Corp. — Form 8-K
Filed July 27, 2026 · analyzed by the 8-K Agent
8-K
▲ Likely positive
significance 78/100
What the filing says
Applied Digital reported FY2026 revenues of $611.3M (up 167% YoY) with adjusted net income of $36.1M ($0.11/share). The company signed three major 15-year take-or-pay leases with a single investment-grade hyperscaler: Delta Forge 1 (300 MW, ~$7.5B), Polaris Forge 3 (300 MW, ~$7.5B), and Delta Forge 2 (210 MW, ~$5.2B). Total contracted portfolio now stands at 1.4 GW representing ~$36B in lease revenue (~$86B with renewals). Company raised $2.15B and $1.59B in senior secured notes; completed separation of cloud services business into ChronoScale (96% owned); holds $4.2B cash vs. $5.0B debt.
Why this rating
Three massive long-term customer leases (~$20B revenue) and strong operational execution (1.4 GW contracted) are transformational for a $1.9B company. Revenue growth trajectory and 2-year cash runway offset GAAP losses driven by growth capex and stock compensation.
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