Applied Digital Reports Financial Results for Fiscal Year 2025

DALLAS, July 30, 2025 — Applied Digital Corporation (Nasdaq: APLD) announced its financial results for the fiscal fourth quarter and year ended May 31, 2025. The company reported a revenue increase of 41% year-over-year for the fourth quarter, totaling $38 million, while net losses decreased by 25% to $26.6 million.

The fiscal year saw revenues rise to $144.2 million, a 6% increase from the previous year. However, the net loss attributable to common stockholders grew to $161 million, a significant increase of 118% from fiscal year 2024. The adjusted net loss for the year was reported at $12.5 million.

In a significant business shift, Applied Digital announced that its Cloud Services Business has been classified as discontinued operations. Consequently, all related revenues and losses have been adjusted from current and prior period financial statements.

During this period, the company signed a transformative 15-year lease with CoreWeave for 250 megawatts of critical IT load at its data center campus in Ellendale, North Dakota. This deal is expected to generate around $7 billion in contracted revenue. Following this, CoreWeave exercised an option for an additional 150 megawatts, which could increase the total revenue from the leases to $11 billion.

“These long-term leases mark a defining moment for our Polaris Forge 1 project,” said Wes Cummins, Chairman and CEO of Applied Digital. “This campus is built for artificial intelligence and HPC, with a capacity designed to scale up to 1 gigawatt.”

The company’s adjusted EBITDA for the fourth quarter was $1 million, a turnaround from the adjusted loss of $200,000 in the previous year. With plans for two more facilities coming online in the next two years, Applied Digital looks to solidify its position in the growing AI infrastructure market.

Management is optimistic about the future, believing that their strategic decisions in location and design will continue to drive growth. They mentioned the advantages of Dakota’s energy resources and the innovative design of their data centers as key to achieving operational efficiency and sustainability.

In a conference call set for later today, leaders will delve further into the company’s performance and future directions.