Applied Digital财报会将10亿美元NOI目标提前至一年内，长期租赁合同价值达360亿美元

Earnings Call Insights: Applied Digital Corporation (APLD) Q4 fiscal 2026
Management View
- Chairman and CEO Wesley Cummins said, “This was a defining quarter for Applied Digital, capping a transformational year for the company,” adding that the company “signed leases for 5 campuses” and “created $36 billion of total contracted long-term lease value and approximately $20 billion of that in the last quarter,” representing “1.41 gigawatts of contracted critical IT load for all campuses.”
- CEO Cummins said the company “recently signed 3 new campuses, Delta Forge 1, Polaris Forge 3 and Delta Forge 2 with the same high investment-grade hyperscaler,” and that “Delta Forge 1 and Polaris Forge 3 are each approximately $7.5 billion in base term contracted lease revenue” while “Delta Forge 2 adds approximately $5.2 billion.”
- CEO Cummins said, “We are actively marketing an additional 1.7 gigawatts across multiple states and expect this new capacity to command higher pricing,” and added the company is in “advanced negotiations with 2 existing investment-grade customers” for expansion options of “approximately 100 megawatts and 150 megawatts,” potentially at “materially higher lease rates than the existing leases and possibly longer duration.”
- CEO Cummins highlighted the power strategy, saying, “I’m especially excited about our strategy and our work with Base Electron,” describing “roughly 1.2 gigawatts of front-of-the-meter natural gas-fired generation in the Dakotas,” and noting, “we currently own approximately 10% of the company.”
- Chief Financial Officer Mohammad Saidal Mohmand said, “During and shortly after the quarter, we closed our $2.15 billion of 6.75% senior secured notes to fund our Polaris Forge 2 campus,” and added, “we were able to place our recent $1.5 billion notes at 7%, 225 basis points inside our first placement, which priced at roughly 9.25%.”
Outlook
- CEO Cummins said, “We are currently constructing 5 multibillion-dollar AI factory campuses for 3 separate hyperscalers,” and added, “rental rates have moved higher over the past 6 months,” with expected “higher pricing” on new marketed capacity.
- CEO Cummins said, “We expect these expansion leases to be executed on substantially the same terms... but at materially higher lease rates,” and if executed, “would bring our total capacity to 1.66 gigawatts and over $6 billion of additional contracted revenue based on existing rates and duration.”
- CFO Mohmand guided near-term investment cadence, saying, “you should expect it around $600-ish million for the upcoming quarter” for CapEx.
- CEO Cummins set a revised timing expectation on profitability scale, saying, “a year ago, we set a goal for $1 billion of net operating income within 5 years,” and “We now expect to achieve that run rate goal a year from now or 3 years ahead of schedule.”
Financial Results
- CFO Mohmand reported, “In the fourth quarter, total revenues were $258.7 million,” including “$208.2 million of services revenue and $50.6 million of data center rental and other revenue,” and said total revenues “increased 407% from the comparative prior quarter.”
- CFO Mohmand said the HPC hosting business generated “$203 million in revenue,” consisting of “$152.4 million related to tenant fit-out services, $44.1 million related to base rent and $6.5 million related to tenant recoveries.”
- CFO Mohmand said the crypto data center hosting segment produced “$37.3 million in revenue” and “$12.5 million in segment operating profit in just 1 quarter on $113.8 million in reported assets.”
- CFO Mohmand said, “SG&A expense increased $124.3 million to $165.3 million,” primarily driven by “$116.8 million in stock-based compensation,” and called out “$47.9 million tied to onetime awards connected to the ChronoScale transaction.”
- CFO Mohmand reported, “Net loss attributable to common shareholders was $111.6 million or $0.39 per share,” while “Adjusted net income was $12.9 million or $0.04 per diluted share,” and “Adjusted EBITDA was $42.4 million, up from $1 million in the comparative prior quarter.”
Q&A
- Michael Grondahl, Northland Securities: asked about “lower yields or yield to development cost” on the “3 recent leases for 810 megawatts”; Chairman and CEO Cummins replied, “we made a commitment to get to 70% of our contracted lease revenue to investment-grade hyperscalers,” adding, “we’re fairly conservative” on costs and “we’ll be able to drive our financing costs significantly lower.”
- Michael Grondahl, Northland Securities: asked about cost of capital strategy; CFO Mohmand said the “flywheel really has 3 components,” including Macquarie funding “3/4 of the equity,” and added, “we try to do [it] in a conservative programmatic stable manner.”
- Nick Giles, B. Riley Securities: asked CapEx cadence; CFO Mohmand said, “you should expect it around $600-ish million for the upcoming quarter,” with a “step up as we enter more advanced stages of construction.”
- Robert Brown, Lake Street: asked about the 100 MW and 150 MW expansions and pricing; CEO Cummins said the 100 MW is expected at Polaris Forge 2 and the 150 MW relates to “a third building,” adding, “we do expect materially higher pricing.”
- George Sutton, Craig-Hallum: asked about growth “governors”; CEO Cummins said “power is available and the timing” is a key constraint, adding, “Supply chain is another.”
- Darren Aftahi, Lucid: asked Base Electron timing and mix of marketed demand; CEO Cummins said Base Electron’s “initial capacity” timing is “’29 and ’30,” and on marketing, “I would expect that to be new customers.”
Sentiment Analysis
- Analysts were slightly negative to pressing on returns, constraints, and AI-cycle concerns, reflected in questions about “lower yields,” “governors,” and “the market... gotten very cautious relative to AI” (George Sutton, Craig-Hallum Capital Group LLC).
- Management tone was confident and execution-focused in prepared remarks and largely steady in Q&A, using language such as “Today, all of our construction projects are on time and on budget” (Chairman and CEO Wesley Cummins) and “we were able to place our recent $1.5 billion notes at 7%” (CFO Mohammad Saidal Mohmand).
- Versus the prior quarter, the current call’s confidence centered more on signed scale and faster NOI timing, moving from “we remain confident... within 5 years” (Chairman and CEO Wesley Cummins, Q3) to “a year from now” for the $1 billion NOI run-rate goal (Chairman and CEO Cummins, Q4).
Quarter-over-Quarter Comparison
- Contracting scale increased materially quarter-over-quarter, shifting from “approximately $16 billion in contracted lease revenue” (Chairman and CEO Wesley Cummins, Q3) to “$36 billion of total contracted long-term lease value” (Chairman and CEO Cummins, Q4).
- The ChronoScale status moved from an announced plan to separate (Q3) to completion, with CEO Cummins saying, “we completed the separation of our cloud business... trading... under the ticker CHRN,” and that Applied Digital “currently holds 96% ownership.”
- Financing commentary advanced from “we disclosed a $2.15 billion private offering” and “only one remaining tranche of debt to place” (CFO Mohammad Saidal Mohmand, Q3) to “we have now secured the financing needs for the full 400 megawatts at Polaris Forge I and the 200 megawatts of Polaris Forge 2” (CFO Mohmand, Q4).
- Analyst focus shifted from escrow release mechanics and lease timing (Q3) toward lease economics/yields and scaling constraints (Q4), while management repeatedly pointed to investment-grade counterparties and cost-of-capital improvement.
Risks and Concerns
- CEO Cummins cited operational constraints, saying, “Managing supply chain and power are probably the 2 biggest constraints at the moment,” and added that labor is “a big issue that we have been solving.”
- CEO Cummins tied expansion in the Dakotas to additional grid and generation projects, saying Base Electron timing is “’29 and ’30” and that “additional power projects... and transmission projects” are also needed.
- Analysts raised concerns around returns and market skepticism on AI, including “lower yields” (Michael Grondahl, Northland Securities) and a “cautious relative to AI” backdrop (George Sutton, Craig-Hallum).
Final Takeaway
Management framed Q4 fiscal 2026 as a step-change in scale, emphasizing $36B of contracted long-term lease value backed by 1.41 GW of contracted critical IT load, multiple newly signed campuses with a high investment-grade hyperscaler, and an expectation to reach a $1B NOI run rate a year from now. Executives also highlighted continued cost-of-capital work, near-term CapEx of about $600M for the upcoming quarter, and key execution dependencies—especially power availability and supply chain—while positioning expansion options and higher lease rates as the next leg of contracted growth.
Read the full Earnings Call Transcript