Applied Digital is set to release its second-quarter results on Wednesday after the market close. Analysts project revenue of $87.51 million, reflecting continued strength in its high-performance compute hosting business. Investors will be watching the company’s progress on its recently secured $16 billion in long-term lease commitments, which underpin its strategy to support AI and machine-learning workloads, as well as any updates on margins as scale ramps across its Polaris Forge data center campus.

In a third-quarter filing, Hood River Capital Management disclosed it sold 812,377 shares of Applied Digital, trimming its position to 21,046,654 shares as of September 30. That remaining stake represents 5.7% of the fund’s reported 13F assets, with a valuation of $482.8 million. Despite the reduction, Applied Digital remains Hood River’s largest disclosed equity holding, suggesting continued confidence in the company’s long-term data center real estate model.

For the fiscal third quarter, Applied Digital reported revenue of $64.2 million, an 84.3% year-over-year increase, and an adjusted net loss of $0.03 per share compared with a $0.01 loss in the prior-year period. The company’s trailing-twelve-month revenue stands at $219.02 million against a net loss of $225.71 million. Looking ahead, Applied Digital is constructing 700 megawatts of additional capacity across its campuses, a build-out expected to drive revenue growth in 2026 and 2027 as long-term crypto-mining and AI hosting contracts begin to contribute more meaningfully to top-line results.