$APLD
Key Notes
In FQ2 2026, revenue came in at $126.6M, +$45.39M above the $81.21M consensus. Non-GAAP EPS was $0.00, above consensus.
Adjusted EBITDA $20.2M. Adjusted operating margin 9%.
The operational story is hyperscale data center scaling in North Dakota: Polaris Forge 1 ready-for-service (100 MW energized), and a 200 MW, 15-year lease announcement for Polaris Forge 2.
Management provided a framework of 600 MW lease capacity and about $16B prospective lease revenue for the North Dakota campuses. They also shared “advanced discussions” for 3 sites and 900 MW.
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