Applied Digital Corp. (NASDAQ:APLD) is set to report fiscal fourth-quarter results after Monday’s close. The AI data center builder enters the print with roughly $36 billion in contracted lease revenue spread across five AI Factory campuses, a backlog that could swell to $86 billion if every hyperscaler tenant exercises its renewal options.
That kind of contracted visibility is rare for a company still years away from full buildout, and it explains why Wall Street has stayed largely bullish even as the stock has struggled.
- APLD stock is down heading into earnings. See the chart and price action here.
The other side of the ledger looks far less comfortable. Total debt stood near $2.7 billion as of the fiscal third quarter, and Applied Digital kept raising capital to fund construction across its North Dakota and other campus sites.
Adjusted EBITDA reached $44.1 million last quarter, a big jump from a year earlier but still nowhere near covering the pace of capital spending required to bring gigawatts of new capacity online.
For the fourth quarter, analysts expect the company to report losses of 22 cents per share on GAAP revenue of $94.84 million, according to estimates from Benzinga Pro.
Tonight’s call will likely focus less on the top-line beat-or-miss and more on financing: what debt tranches remain unplaced, how construction costs are trending and whether management sees a path to funding the pipeline without diluting shareholders further.
Sentiment around the name has swung hard in recent weeks. Jim Cramer told viewers on CNBC’s “Mad Money" that he likes Applied Digital. With the stock pulling back, he was quick to add a caveat: “Start it small, don’t start it big because it is losing money."
Shares still fell nearly 6% the day after that comment aired, a sign that the profitability concern is outweighing buy-the-dip enthusiasm for now.
That tension sets up Monday’s report as a real test. Analysts widely favor the stock, with an average price target near $73 against shares trading in the mid-$20s, yet the balance sheet risk Cramer flagged has not gone away.
A clear funding update alongside strong contract momentum could reset the narrative; another vague answer on cash needs probably keeps the stock stuck between backlog optimism and balance sheet anxiety.
APLD Stock Price Activity: Applied Digital shares were down 3.11% at $26.35 at the time of publication Monday, according to data from Benzinga Pro.
Over the past month, Applied Digital has declined about 34.1% versus a 0.2% rise in the S&P 500 and is up roughly 4% year-to-date compared to the index’s 7.6% gain.
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