Applied Digital Corp. Q1 FY2027 Earnings Call

· Earnings call transcript and AI-powered summary

Date: Fiscal first quarter ended August 31, 2026

Key Highlights

  • Approximately $36 billion in contracted revenue across 5 campuses in 3 states and 2 U.S. regions.
  • Strategy focuses on executing existing contracts, expanding campuses, and selectively adding new sites with long-term (15+ year) take-or-pay leases to Tier 1 investment-grade hyperscalers.
  • Expect to place over 600 MW into service in the next 12 months (compared to 250 MW in the prior 12 months).
  • Building purpose-built AI factories with 30+ year design life for long-term adaptability vs. typical 5-6 year GPU cycles.
  • North Dakota remains core market due to low power costs, abundant energy, and favorable regulations; 300 MW total critical IT load expected online across ND campuses by end of calendar 2026.
  • Polaris Forge 1: 250 MW operational (150% increase from prior period), supporting 10 data halls and over 40,000 liquid-cooled NVIDIA GB300s.
  • New long-term PPA with Base Electron (~10% equity stake) for 1,200 MW natural gas facility adjacent to Polaris Forge 3, deliveries starting 2030.
  • Louisiana and Alabama campuses advancing; revenue contribution expected in H1 calendar 2027.
  • Entered Finland with agreement for up to 1 GW power capacity (first 100 MW in 2028, ramping to full GW by 2031); minimal initial exposure with off-ramps.

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Operator: Good afternoon, and welcome to Applied Digital's Fiscal First Quarter 2027 Conference Call. My name is Pascal Berman, and I will be your operator today. Before this call, Applied Digital issued its financial results for the fiscal first quarter ended August 31, 2026, in a press release, a copy of which has been furnished in a report on Form 8-K filed with the Securities and Exchange Commission, or SEC, and will be available in the Investor Relations section of the company's website. Joining us on today's call are Applied Digital's Chairman and CEO, Wes Cummins; and CFO, Saidal Mohmand. Following their remarks, we will open the call for discussions. Before we begin, Matt Glover from Gateway Group will make a brief introductory statement. Mr. Glover, you may begin. Matt Glover: Thank you, Pascal. Hello, everyone, and welcome to Applied Digital's Fiscal First Quarter 2027 Conference Call. Before management begins formal remarks, we would like to remind everyone that some statements we're making today may be considered forward-looking statements under securities laws and involve a number of risks and uncertainties. As a result, we caution you that there are a number of factors, many of which are beyond our control, which could cause actual results and events to differ materially from those described in the forward-looking statements. For more detailed risks and uncertainties and assumptions relating to our forward-looking statements, please see the disclosures in our ea

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