Applied Digital Corp (NASDAQ:APLD) reported fourth-quarter revenue of $258.7 million, up 407% from a year earlier, as the company accelerates its shift into a pure-play AI infrastructure developer.
The company posted adjusted earnings of $0.04 per share for the quarter, compared with analyst estimates of a loss of $0.22 per share.
Applied Digital said it is building five multibillion-dollar AI Factory campuses for two hyperscalers and CoreWeave.
The company has secured roughly $20 billion in newly contracted hyperscaler leases, including an $11 billion contracted revenue lease with CoreWeave for Polaris Forge 1 and a $5 billion hyperscaler lease for Polaris Forge 2.
Adjusted EBITDA came in at $42.4 million. The bulk of quarterly revenue, $152.4 million, came from one-time tenant fit-out services rather than recurring lease income.
GAAP net loss nearly doubled year-over-year to $110.6 million, driven in part by a $127.8 million stock-based compensation charge.
"We are still in the early innings of what we believe will likely be the largest buildout of critical infrastructure in modern economic history,” CEO Wes Cummins said. “We see demand for high-power-density, purpose-built AI data centers remaining extremely robust."
Shares were up 3.4% in premarket trading.