Applied Digital Corp. (NASDAQ:APLD) is scheduled to report its fiscal second-quarter 2026 financial results on Wednesday after the closing bell. 

Here's a look at what investors will be watching in the report and commentary from executives. 

• APLD stock is climbing. See the chart and price action here. 

Key Estimates & Financials

Wall Street is looking for significant top-line growth as Dallas-based Applied Digital begins to recognize more revenue from its AI-focused data centers and tenant fit-out services.

Analysts expect the company to report a loss of ten cents per share and quarterly revenue of $89.76 million, according to data from Benzinga Pro. 

Revenue Growth: Analysts expect a more than 40% year-over-year increase in revenue, driven by the ramp-up of the Polaris Forge 1 campus and services provided to CoreWeave Corp. (NASDAQ:CRWV).

Path to Profitability: While a net loss is still expected, Applied Digital is benefiting from operating leverage as its massive fixed-cost infrastructure begins to generate recurring cash flow.

3 Key Themes to Watch

CoreWeave Partnership & Lease Expansion

A major highlight of 2025 was CoreWeave exercising its option to expand its lease at the Ellendale, ND campus to a full 400 MW. 

This increased the total contract value to approximately $11 billion over 15 years. Any updates on the timeline for when these megawatts go live and start generating lease revenue (expected late 2025/early 2026) will be critical.

ChronoScale Cloud Spinoff

Last week, Applied Digital announced it would spin off its cloud business and merge it with Ekso Bionics Holdings, Inc. (NASDAQ:EKSO) to form a new entity, ChronoScale. 

Investors will be looking for:

• Timeline for completion.
• How this strategic separation will help APLD focus strictly on its “AI Factory” data center business.

Financing and Liquidity

Applied Digital recently secured a development loan facility with Macquarie Group to support its new AI campuses. 

Given the capital-intensive nature of building hyperscale data centers, management’s commentary on the cost of capital and future funding needs for Polaris Forge 2 will be a primary focus for analysts.

Market Sentiment

Applied Digital stock has climbed heading into the report, rising more than 25% in the first week of January. 

While the growth story is compelling, skeptics remain focused on the company’s debt levels and the execution risks associated with such a large-scale construction pipeline.

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