Applied Digital has brought its Polaris Forge 1 data center campus online and has secured more than $16 billion in long-term lease commitments over the next 15 years. The company is expanding capacity by roughly 700 MW of critical power under construction, with plans to more than double Polaris Forge 1 to accommodate growing demand from hyperscalers and high-performance computing clients. Management expects this capacity ramp to drive fill-rate improvements and higher utilization over 2026 and 2027.

Analysts project Applied Digital’s fiscal 2026 revenue to increase 38% year-over-year to approximately $297 million, while net losses are expected to narrow from around $225 million on a trailing-12-month basis to about $91 million for the full year. Key execution milestones include completing the Polaris Forge 1 expansion, maintaining high lease-up velocity and completing the planned spin-off of the cloud computing subsidiary, ChronoScale, without disrupting core data center operations.

Applied Digital is scheduled to report second-quarter results on Wednesday after market close, with consensus revenue estimates of $87.51 million. Investors will focus on sequential revenue growth, changes in utilization at Polaris Forge 1 and any updates on lease commencements for newly completed phases. Commentary on power capacity additions and signed lease durations will be scrutinized for indications of sustaining high growth in the second half of 2026.

In its latest SEC Form 13F filing, Hood River Capital Management disclosed a sale of 812,377 shares during the third quarter, reducing its Applied Digital stake to 21,046,654 shares, which represents a 5.7% weighting of its reported assets under management and a position valued at $482.8 million as of September 30. Applied Digital reported $64.2 million in revenue for its fiscal third quarter – up 84.3% year-over-year – and an adjusted net loss of $0.03 per share compared with $0.01 per share in the prior-year period.