Applied Digital Q1 2027 Results And Finland Expansion

Applied Digital (APLD) reported fiscal first-quarter 2027 revenue of $341.9 million for the three months ended August 31, 2026, a 322% increase from the prior year. The company also posted a continuing-operations net loss attributable to common stockholders of $221.0 million, or $0.76 per diluted share. On October 6, Applied Digital announced an agreement securing access to up to 1 gigawatt (GW) of potential power capacity in Finland for an AI-focused campus, marking its first development opportunity outside the United States.

Quarterly Results and Profitability

Applied Digital’s services revenue rose 225% to $262.8 million. The company reported adjusted revenue of $300.4 million and an adjusted net loss of $4.1 million, or $0.01 per diluted share. Adjusted EBITDA was $64.4 million, with net operating income of $58.8 million.

Earnings-call materials indicated the business mix was weighted toward high-performance-computing (HPC) hosting, generating roughly $262.6 million, and bitcoin-mining hosting, which contributed about $37.8 million. These figures align closely with the reported services revenue. The large difference between the GAAP continuing-operations loss and the adjusted net loss reflects Applied Digital’s use of non-GAAP adjustments, though the company’s release did not provide a full reconciliation of these items. Third-party consensus estimates cited significantly lower revenue and earnings-per-share expectations than the company’s adjusted results.

Finland Power Agreement and Expansion Plans

Applied Digital said the Finland agreement provides access to up to 1 GW of potential power capacity, with initial availability expected to begin in 2028. The company plans to develop an AI Factory campus capable of scaling to that capacity and has started marketing the site to global hyperscale customers.

Further investment will depend on customer demand, commercial milestones, and required regulatory and development approvals. The project remains at the agreement and site-marketing stage, without identified construction or operating commitments. Applied Digital’s ability to convert its rapid revenue growth into sustained profitability will depend on securing firm customer contracts and advancing these development milestones.