Applied Digital is scheduled to report second-quarter results on Wednesday after market close, with analysts projecting revenue of $87.51 million. Investors will watch closely for any updates to guidance and margins as the company continues to transition its core business toward high-performance computing and AI workloads. Last quarter, Applied Digital delivered $64.2 million in revenue, marking an 84.3% year-over-year increase, and narrowed its adjusted net loss from continuing operations to $0.03 per share versus $0.01 a year earlier.

Hood River Capital Management trimmed its position in Applied Digital by 812,377 shares during the third quarter, according to its Nov. 14 SEC Form 13F filing. Post-trade, the fund holds 21,046,654 shares valued at $482.8 million as of Sept. 30, representing 5.7% of its assets under management. Despite the sale, Applied Digital remains Hood River’s largest disclosed equity holding, underlining continued confidence in the company’s long-term growth trajectory.

Applied Digital has secured $16 billion in long-term lease commitments for its data center campuses, with 700 megawatts of capacity under construction to support GPU-driven AI and HPC workloads. The company’s Polaris Forge 1 facility, anchored by a major AI customer, will more than double in capacity over the next two years, while management targets a transition to a REIT structure once operating metrics permit. For fiscal 2026, analysts forecast 38% revenue growth to $297 million and expect the net loss to narrow to $91 million as new leases contribute recurring income.