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Applied Digital Powers Ahead with $341.9M Revenue
7 Oct
Summary
- Revenue reached $341.9 million, a 322% increase year-over-year.
- Secured a 210 MW lease representing $5.2 billion in contracted revenue.
- Expanded into Finland, securing up to 1 GW of potential power capacity.
Applied Digital announced strong fiscal first quarter 2027 results, with revenues soaring to $341.9 million, marking a substantial 322% increase compared to the prior year. The company's performance was bolstered by a significant 15-year lease agreement for 210 MW at Delta Forge 2, valued at approximately $5.2 billion in base-term contracted revenue.
Continuing its expansion, Applied Digital has taken a strategic step into the European market. The company secured up to approximately 1 GW of potential power capacity in Finland, establishing a foothold in an emerging AI market and leveraging characteristics similar to North Dakota.
Key operational advancements include delivering Phase 1 of Building 2 at Polaris Forge 1, bringing its total live capacity to 175 MW. The company also closed $1.59 billion in Senior Secured Notes to fund further construction and repay existing facilities.
In a notable development, Applied Digital's ChronoScale subsidiary announced a 50 MW AI compute deployment with Microsoft. Furthermore, the company entered a Power Purchase Agreement for a 1,200 MW natural gas-fired generation facility in North Dakota.
