Applied Digital Corp. Q4 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Applied Digital Fiscal Q4 2026 Earnings Summary

Period: Quarter ended May 31, 2026. All comparisons to the prior quarter unless otherwise noted.

Key Highlights

  • Signed leases for 5 campuses total, including 3 new campuses (Delta Forge 1, Polaris Forge 3, Delta Forge 2) with one high investment-grade hyperscaler, adding ~$20B in contracted lease value.
  • Total contracted long-term lease value reached $36B (up 125% from prior levels), underpinned by 1.41 GW of contracted critical IT load.
  • Delivered 100 MW at Polaris Forge 1 on time and on budget earlier in the year; followed by an additional 75 MW delivered on schedule.
  • Currently constructing 5 multibillion-dollar AI factory campuses for 3 hyperscalers.
  • Separated cloud business into ChronoScale (NASDAQ: CHRN); Applied Digital retains 96% ownership.
  • Data center hosting (Bitcoin mining) segment remained strong with stable operations and highest return on assets in the portfolio.
  • Advanced negotiations underway for 100 MW and 150 MW expansions at existing sites with investment-grade customers at materially higher lease rates.
  • Marketing additional 1.7 GW of capacity; pipeline supports potential growth to 1.66 GW total and over $6B additional contracted revenue (at current rates).
  • Targeting $1B NOI run rate within 1 year (3 years ahead of original 5-year goal).

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Operator : Good afternoon, and welcome to Applied Digital's Fiscal Fourth Quarter 2026 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 fourth quarter ended May 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 questions. Before we begin, Matt Glover from Gateway Group will make a brief introductory statement. Mr. Glover, you may begin. Matt Glover : Thank you, operator. Hello, everyone, and welcome to Applied Digital's Fiscal Fourth Quarter 2026 Conference Call. Before management begins formal remarks, we'd like to remind everyone that some statements we are making today may be considered forward-looking statements under the 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, uncertainties and assumptions relating to our forward-looking statements, please see the disclosures in our

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