Applied Digital Corp (NASDAQ:APLD) reported financial results for the third quarter of fiscal 2026 after the market close on Wednesday. Here’s a look at the key details from the print.

Applied Digital Q3 Highlights

Applied Digital posted third-quarter revenue of $126.6 million, beating analyst estimates of $76.56 million, according to Benzinga Pro. The digital infrastructure provider reported adjusted earnings of nine cents per share for the quarter, beating estimates for a loss of 10 cents per share.

Total revenue was up 139% on a year-over-year basis, primarily driven by growth in the company’s HPC hosting business combined with performance improvements in other segments.

“We now operate one of the only 100 MW direct-to-chip liquid-cooled data centers online today, and more importantly, it is fully operational,” said Wes Cummins, chairman and CEO of Applied Digital.

“We believe that’s what matters to our customers — turning power into live AI capacity, delivered on time and performing as expected. We are also starting to see the earnings power of our platform come through, with a full quarter of revenue from our first building now recognized.”

Applied Digital ended the quarter with approximately $2.1 billion in cash, cash equivalents and restricted cash, and $2.7 billion of total debt.

What’s Next For Applied Digital?

Construction remains on schedule across Applied Digital’s North Dakota campuses. ELN-2 at Polaris Forge 1 is now fully operational and the next two 150 megawatt facilities are continuing to advance. At Polaris Forge 2, the company said both buildings are progressing well with foundations largely complete.

Applied Digital also broke ground on Delta Forge 1 during the quarter. The company expects initial operations to begin at that location in mid-2027.

“We are seeing a clear acceleration in demand for high-performance AI data center capacity, with hyperscalers as aggressive as we have ever seen them,” Cummins said.

Applied Digital executives will further discuss the quarter on an earnings call scheduled for 5 p.m. ET.

APLD Shares Rise After The Bell

APLD Price Action: Applied Digital shares were up 2.37% in after-hours, trading at $28.45 at the time of publication on Wednesday, according to Benzinga Pro.

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