Applied Digital's fiscal 2026 revenue rises 167% to $611.3 million, with a net loss of $249.2 million

On 27 July 2026 Applied Digital reported fiscal fourth-quarter revenue of $258.7 million, up 407%, and fiscal 2026 revenue of $611.3 million, up 167%, with a fiscal 2026 net loss attributable to common stockholders of $249.2 million. Its release lists completing a $2.15 billion offering of 6.750% senior secured notes due 2031 during the quarter and closing $1.59 billion of 7.000% senior secured notes due 2031 afterwards. It also recaps three 15-year take-or-pay leases with the same hyperscaler, announced earlier: 300 MW at Delta Forge 1, which the release calls a new AI Factory campus, and 300 MW at Polaris Forge 3, each for about $7.5 billion of base-term contracted revenue, and 210 MW at Delta Forge 2 for about $5.2 billion. We file this because it is a company-reported result with hard figures and the company calls its campuses AI factories. How we read it: the data center builder is growing fast and is borrowing heavily to build, but it is still loss-making and the leases start in 2027 and 2028. What would change this: a lease delay or a funding problem. Why it matters to you: it shows how a newer data center builder is paying to build for one big cloud customer.