Applied Digital (APLD) is trading higher as investors digest the company’s fiscal third-quarter 2026 update released April 8, 2026, which paired a major year-over-year revenue surge with a profitable adjusted earnings print and upbeat AI infrastructure demand commentary. The move follows a volatile post-earnings tape, with traders now leaning into the operational update that expands the company’s AI data-center pipeline.

For the quarter ended February 28, 2026, Applied Digital reported revenue of $126.6 million, up 139% from the prior-year period, and adjusted EBITDA of $44.1 million. The company also reported adjusted net income of $33.2 million, or $0.09 per diluted share, while noting a GAAP net loss attributable to common stockholders of $100.9 million, or $0.36 per share.

Applied Digital said it broke ground on Delta Forge 1, described as a 430 MW “AI Factory” campus designed to deliver up to 300 MW of critical IT load for high-density AI workloads, with initial operations expected to begin in mid-calendar 2027. The company also disclosed entering into a $100 million DevCo facility with Macquarie Equipment Capital to fund early-stage costs tied to a new data center project and other potential projects.

Investors will be focused on whether Applied Digital can translate the stated acceleration in hyperscaler demand into additional long-term leases and project-level financing, particularly as new campuses move from planning into construction. The next catalyst is likely additional lease announcements, updated timelines for powering and commissioning new capacity, and clarity on how expansion spending and financing terms affect per-share economics.