Applied Digital Corp Dossier
Outlook & Key Dates
Estimates, guidance, catalysts, and upcoming events
Analyst Estimates Learn more →
Analyst Coverage
11analysts covering
FY EPS (est.)
-$0.95next fiscal year
Reporting Calendar
| Event | Expected Date |
|---|---|
| Q1 Fiscal 2027 Earnings Release | 12 Oct 2026 |
Monitoring Framework
Key Performance Indicators
Contracted Capacity (GW) Quarterly1.4Target: 1.7 GW actively marketed
Contracted Base-Term Lease Revenue Backlog ($B) Quarterly36.0Target: Further expansion via pipeline conversion
Quarterly Revenue ($M) Quarterly126.6Target: Continued sequential growth from facility energization
Adjusted EBITDA ($M) Quarterly44.1Target: Expansion of high-margin HPC hosting contribution
Watch Items
- Polaris Forge 2 and Delta Forge 2 Construction ProgressTrigger: Delays in energization or construction milestones beyond mid-2026Action: Reassess capital expenditure projections, project-level debt service capabilities, and potential delay penalties under take-or-pay agreements.
- Customer Concentration RiskTrigger: CoreWeave or single hyperscaler representing >50% of operational revenueAction: Evaluate progress of marketing the remaining 1.0 GW of incremental critical IT load to diversify the tenant base.
- Debt Service and Leverage RatiosTrigger: Project-level debt service coverage ratio (DSCR) falling below 1.2xAction: Review cash flow allocations from operational subsidiaries and assess the need for parent-level liquidity support.
Research as of 2 Sep 2026