APLD - Applied Digital Reports Fiscal Second Quarter 2026 Results

BULLISHHHHH!!

**APLD Q2 2026 Results - Quick Take**

* **Revenue:** $126.6M vs $36.2M YoY (+250%). Likely above expectations due to HPC hosting (Polaris Forge 1) and CoreWeave fit-outs. Bullish.
* **Net Loss / EPS:** $31.2M loss ($0.11/share) vs $129M loss last year. Loss significantly smaller than expected. Bullish.
* **Adjusted EBITDA:** $20.2M vs $6.1M last year. Strong operational improvement. Bullish.
* **Polaris Forge / HPC:** 100 MW online at Polaris Forge 1; first hyperscaler lease generated \~$12M plus $73M fit-out revenue. Polaris Forge 2 secured a 200 MW lease (\~$5B potential). Bullish.
* **Cash & Debt:** $2.3B cash vs $2.6B debt, financing framework solid. Bullish.
* **Risks:** Net loss continues, high CapEx, dependence on a few hyperscalers, cloud spinout execution risk. Neutral-to-minor bear.

**Bottom line:** Revenue, EBITDA, and operational milestones exceeded expectations. Strong liquidity and long-term hyperscaler leases make this a clearly bullish quarter, despite the ongoing net loss.