APLD Q4 Earnings Call Highlights Contracted AI Expansion

Applied Digital’s fiscal Q4 2026 call highlighted accelerating AI data center buildout, strong contracted demand, and progress on financing despite operational constraints. Management said the company now has 1.41 GW of contracted IT load across five campuses, implying about $36 billion in base-term lease revenue, and noted 810 MW of recent leases with a high investment-grade hyperscaler worth about $20 billion. The company also has 1.7 GW of additional capacity being marketed, with potential customer expansions that could add 250 MW and more than $6 billion in revenue. Q4 adjusted revenue was $240.4 million, well above estimates, but the company reported a 39-cent per share loss, wider than expected. The main near-term bottlenecks are power availability and supply-chain capacity, not customer demand. Management expects to reach a $1 billion annual NOI run rate within a year, underscoring a strong growth outlook even as investors remain focused on execution and capital intensity.