Applied Digital Corp (NASDAQ:APLD) shares are in focus on Thursday. The company reported third-quarter financial results after the closing bell on Wednesday.

While the company beat the analyst expectations, the stock faced downward pressure in early premarket action.

Nasdaq futures are down 0.26% while S&P 500 futures have shed 0.32%.

Massive Revenue Growth Drives Q3 Beat

Applied Digital posted third-quarter revenue of $126.6 million. This figure easily cleared the $76.56 million estimate. Total revenue surged 139% year-over-year.

The company reported adjusted earnings of nine cents per share. Analysts had expected a loss of 10 cents per share. Growth in the HPC hosting business fueled these gains.

Management On Liquid-Cooled Data Centers

The company now operates a 100 MW direct-to-chip liquid-cooled data center. CEO Wes Cummins emphasized the importance of operational speed.

"We believe that's what matters to our customers — turning power into live AI capacity," Cummins stated. He noted the company is seeing the "earnings power" of the platform come through.

North Dakota Campus Construction Updates

Construction remains on schedule at North Dakota sites. The company confirmed ELN-2 at Polaris Forge 1 is fully operational. Two additional 150 megawatt facilities continue to advance.

Cummins highlighted a "clear acceleration" in demand for AI capacity. He noted that "hyperscalers" are behaving as aggressively as the company has ever seen.

Short Interest Dynamics

Short interest in Applied Digital has decreased. Data shows a drop from 79.02 million to 78.75 million shares. Approximately 30.63% of the float remains short. Based on average volume, shorts would need 4.77 days to cover positions.

APLD Stock Price Activity: Applied Digital shares were down 5.36% at $26.30 during premarket trading on Thursday, according to Benzinga Pro data.

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