Shares of Applied Digital Corp (APLD) surged 5.40% in post-market trading after the company reported fiscal fourth-quarter 2026 financial results that dramatically exceeded Wall Street expectations.

The company announced adjusted earnings of $0.04 per share, swinging from a loss of $0.03 a year ago and crushing analyst estimates for a loss of $0.22 per share. Revenue skyrocketed 407% year-over-year to $258.7 million, compared to the consensus estimate of just $94.84 million. This massive beat was driven by a 308% increase in services revenue to $208.2 million, fueled by tenant fit-out services for its HPC Hosting Business.

Management highlighted a defining quarter, securing three new 15-year take-or-pay leases with a high investment-grade hyperscaler for a combined 810 MW, representing roughly $20 billion in base-term contracted revenue. Adjusted EBITDA turned positive at $42.4 million, compared to just $1 million in the prior year period, underscoring the company's transition to scaled, operational AI infrastructure.