# APLD earnings call intelligence LOPJLB CallCard / temporal rollup · freemium · [stock page](https://www.lopjlb.com/stock/APLD) · [Earnings tab](https://www.lopjlb.com/stock/APLD?tab=earnings) Updated: 2026-08-31T02:53:44 Quarters analyzed: 8 ## Cross-quarter narrative Across 8 calls for APLD, management tone moved from +0.00 (2025 Q1) to +0.80 (2026 Q4). Latest guidance stance: vague. Latest desk line: Applied Digital reported a transformational Q4 with $36B of contracted lease value, on‑time delivery of multiple campuses, lowered cost of capital and a strong pipeline of 1.7 GW of new capacity, while noting ongoing power and labor constraints. ## Latest CallCard · Q4 Applied Digital reported a transformational Q4 with $36B of contracted lease value, on‑time delivery of multiple campuses, lowered cost of capital and a strong pipeline of 1.7 GW of new capacity, while noting ongoing power and labor constraints. **Guidance:** vague — Management highlighted continued capacity ramp and straightforward financing but gave limited quantitative guidance for future quarters. **Tone:** mgmt 0.8 · Q&A pressure 0.6 · divergence 0.2 Prepared remarks emphasized record lease signings, on‑time project delivery and a robust pipeline, reflecting an optimistic outlook. ### Demand visibility Robust demand with 1.7 GW marketed and expansion leases for ~250 MW, supported by higher pricing and new campus signings. The company is actively marketing 1.7 GW across multiple states, expects materially higher pricing on expansions, and has signed leases for Delta Forge 1, Polaris Forge 3 and Delta Forge 2 totaling about $20 B of revenue. ### Margins / costs NOI margin at 91% and cost of capital reduced via lower‑cost notes and equity partnership. Adjusted NOI margin stands at 91%; financing activities secured $2.15 B of 6.75% notes, a $300 M bridge, a $550 M revolver and equity via Macquarie, lowering overall cost of capital. ### Capital allocation Secured $2.15 B notes, $300 M bridge, $550 M revolver, and equity via Macquarie to fund current and upcoming campuses. Financing includes senior secured notes, a bridge facility, a revolving credit facility and a 3/4 equity contribution from Macquarie, supporting construction of Polaris Forge 1, 2 and new AI factory campuses. ### Milestones - **Delta Forge 1** [delivered]: Delivered 100 MW on time and on budget. - **Polaris Forge 1** [delivered]: Delivered initial 100 MW and additional 75 MW on schedule. - **Polaris Forge 2** [on_track]: Financing secured for 200 MW capacity. - **Delta Forge 2** [new]: Signed lease for approx $5.2 B base‑term revenue. - **Polaris Forge 3** [new]: Signed lease approx $7.5 B base‑term revenue. - **Base Electron Generation** [at_risk]: Planning 1.2 GW front‑of‑the‑meter generation, expected 2029‑30. - **ChronoScale Separation** [delivered]: Cloud business separated and began trading as CHRN. - **AI Factory Campuses** [on_track]: Building 5 multibillion‑dollar AI factory campuses for 3 hyperscalers. ### Fears / risks - **Cost of Capital Volatility**: Potential increase in financing costs if market conditions tighten. - **Labor Constraints**: Labor shortages could affect construction timelines in competitive markets. - **Power Availability**: Reliance on Base Electron and regional utilities for additional gigawatts may delay capacity. - **Demand Sensitivity**: Uncertainty if inflationary pressures could dampen hyperscaler demand. - **Supply Chain Disruptions**: Potential supply‑chain issues could impact project costs and schedules. - **Lease Yield Comparison**: Analysts question whether lease yields are competitive with peers. - **Restricted Cash Clarity**: Uncertainty around composition and release timing of restricted cash balances. - **Execution Capacity Limits**: Risk of overextending beyond the current limit of 7 simultaneous campus builds. ### Key quotes > “We signed leases for 5 campuses, including 3 in just the past 4 months. We created $36 billion of total contracted long-term lease value and approximately $20 billion of that in the last quarter.” > “All of our construction projects are on time and on budget.” > “We closed our $2.15 billion of 6.75% senior secured notes to fund our Polaris Forge 2 campus.” > “We have about $2-plus billion of net operating income contracted on an annual basis at this point.” > “Labor is a big issue that we have been solving and I expect us to continue to solve in almost every region.” ## Quarter one-liners - **2026 Q4:** Applied Digital reported a transformational Q4 with $36B of contracted lease value, on‑time delivery of multiple campuses, lowered cost of capital and a strong pipeline of 1.7 GW of new capacity, while noting ongoing power and labor constraints. - **2026 Q3:** APLD reports Q3 FY26 with $126.6M revenue, $44.1M adj. EBITDA; 100MW HPC site live, 900MW under construction, $16B contracted lease revenue, Delta Forge 1 groundbreaking, Base Electron power JV, cloud spin-off with EKSO. - **2026 Q2:** Applied Digital reported strong Q2 revenue growth, on‑schedule data‑center builds and new hyperscaler leases, while highlighting robust demand, financing flexibility and a planned spin‑off of its cloud unit. - **2026 Q1:** — - **2025 Q4:** APLD signed 15-year CoreWeave lease for 250MW at Polaris Forge 1 (ND), targeting $7B revenue; advancing financing, additional hyperscaler talks, and multi-campus pipeline. - **2025 Q3:** Applied Digital sees data‑center build‑out on schedule with new Macquarie and SMBC financing, but faces cloud‑business sale uncertainty and modest revenue dip. - **2025 Q2:** Applied Digital reported 51% revenue growth, announced a $5 billion Macquarie preferred‑equity partnership and progress on its Ellendale HPC campus, but hyperscaler lease timing remains uncertain. - **2025 Q1:** — ## Theme arcs - **Management tone** (improving): Δ mgmt=+0.80 ## Fear persistence - **power supply risk** [resolved]: 2025 Q2 - **hyperscaler lease timing** [resolved]: 2025 Q2 - **cost structure pressure** [resolved]: 2025 Q2 - **debt load** [resolved]: 2025 Q2 - **depreciation expense** [resolved]: 2025 Q2 - **first‑time supplier risk** [resolved]: 2025 Q2 - **regulatory/approval delays** [resolved]: 2025 Q2 - **financing dependence** [resolved]: 2025 Q2 - **cloud business sale uncertainty** [resolved]: 2025 Q3 - **lease renewal risk** [resolved]: 2025 Q3 ## Guidance path 2025 Q1:vague → 2025 Q2:maintained → 2025 Q3:maintained → 2025 Q4:vague → 2026 Q1:vague → 2026 Q2:maintained → 2026 Q3:vague → 2026 Q4:vague --- Research context only. Not personalized investment advice. API: `GET /bff/api/bigfive/earnings-intel/APLD`