DALLAS, April 6, 2026, 09:34 CDT.
- Applied Digital will release its fiscal third-quarter numbers after the bell on April 8.
- Options markets are betting on about a 16.5% swing in the shares once results drop.
- Investors are sizing up fresh lease revenue while also taking into account the March financing deal, which tacked on $2.15 billion in secured notes tied to the Polaris Forge 2 campus.
Shares of Applied Digital climbed roughly 3.6% to $25.45 on Monday morning, with traders gearing up ahead of the data-center operator’s April 8 earnings. In the options pit, contracts implied the stock could swing as much as 16.5% in either direction once results land.
This report is key for investors looking to gauge if lease revenue from Applied Digital’s North Dakota sites is finally keeping pace with the company’s rapid buildout. Roth MKM’s Darren Aftahi tagged the stock as a “top pick” before the numbers hit, noting this quarter will fully reflect lease revenue for the first time. TipRanks
Applied Digital plans to post its earnings for the quarter ended Feb. 28 after Wednesday’s closing bell, with a conference call scheduled for 5 p.m. Eastern. According to TipRanks, the focus for investors will be on what management has to say about leasing, trimming debt, and profitability.
The quarter kicked off with CoreWeave holding contracts for 400 megawatts of data-center capacity at Polaris Forge 1. Back in January, the company disclosed another 200 megawatts at Polaris Forge 2, secured by an investment-grade cloud client. Combined, those contracts could generate roughly $16 billion in lease revenue. A filing dated March 2 later named Oracle as the tenant at Polaris Forge 2.
Applied Digital’s most recent quarter underscored the importance of the ramp-up. Revenue jumped 250% to $126.6 million, while net loss slimmed down to $31.2 million. The company also pulled in $12 million in lease revenue from just part of the quarter, following the energizing of its first Polaris Forge 1 building. CEO Wes Cummins pointed to “meaningfully” higher inbound demand. Applied Digital Corporation
The financing challenge is becoming tougher to overlook. In March, Applied Digital sold $2.15 billion of 6.75% senior secured notes due 2031 to bankroll 200 megawatts at Polaris Forge 2. That comes on top of $2.6 billion in debt and $2.3 billion in cash and restricted cash as of Nov. 30. Interest expense for the second quarter jumped 292% year over year.
CoreWeave’s fresh $8.5 billion in financing, which just secured an A3 investment-grade nod from Moody’s last week, has the potential to ease Applied Digital’s borrowing costs, Aftahi noted. Still, back in March, Applied Digital flagged risks tied to possible data-center buildout delays, snags with customer execution, and trouble raising more capital on favorable terms—any of which could throw its plans off track.
Applied Digital isn’t the only firm chasing fresh capital. Just last week, Reuters said Related Digital was close to securing $16 billion for an Oracle data-center project in Michigan—evidence that more developers in the AI infrastructure space are turning to increasingly hefty funding deals.
All eyes on Wednesday’s report, with the key issue distilled to this: Is lease revenue coming in quickly enough to lighten the company’s balance sheet burden? Management needs to make the case for consistent cash flow and stronger commitments on capacity—otherwise, questions around debt and financing risks are only going to get louder.
