Applied Digital Corporation (NASDAQ:APLD) looks to win back investors as it reports first-quarter financial results Wednesday after market close.
Here are the earnings estimates, analyst ratings and key items to watch.
Applied Digital Q1 Earnings Estimates
Analysts expect the data center and digital infrastructure company to report first-quarter revenue of $132.16 million. That’s up from $64.22 million year over year, according to data from Benzinga Pro.
The company has beaten analyst revenue estimates in four straight quarters and in seven of the last 10 quarters overall.
Analysts expect Applied Digital to report a loss of 30 cents per share in the first quarter. That’s down from a loss of 3 cents per share in last year’s first quarter.
The company has beaten analyst estimates for earnings per share in eight straight quarters.
What Analysts are Saying
Wells Fargo was among the analyst firms that initiated coverage on Applied Digital stock in September. The firm assigned an Overweight rating and $50 price target and named Applied Digital as a Top Idea.
Analysts at Wells Fargo said Applied Digital has structural competitive advantages, a strong backlog, and trades at a discount to its contracted net asset value.
With a backlog of $36 billion in long-term, take-or-pay lease agreements with top customers, Wells Fargo said this value is $30 per share alone. Applied Digital’s backlog is worth up to $86 billion depending on the exercising of renewal options.
Here are other recent analyst ratings on Applied Digital stock and their price targets:
- UBS: Initiated with Buy rating, price target of $38
- Rothschild: Initiated with Neutral rating, price target of $22
- Morgan Stanley: Maintained Equal-Weight rating, raised price target from $37 to $38
Key Items to Watch
Ahead of Wednesday’s earnings report, Applied Digital announced a new 1 gigawatt deal in Finland on Tuesday, marking the company’s first development opportunity outside America.
The AI factory campus in Finland is expected to have initial power availability in 2028.
Applied Digital has been consistently beating analyst financial projections in recent quarters, but the stock price has stalled. After hitting a multi-year high of $50.70 in May, the stock is down about 50% from those highs.
Investors and analysts will be looking for strong revenue growth, after fourth-quarter revenue growth was up 407% year-over-year.
The company’s pivot from cryptocurrency mining to AI factories continues to payoff in terms of growth and backlog. The company’s backlog and deal pipeline will be key to watch, along with any previously unnamed partner announcements.
Applied Digital is currently working with the major hyperscalers. Any additional well-known names or repeat customer wins could continue to create a bullish case for the stock.
Investors will be looking for updates on the company’s campuses, which are in various stages of construction and will help power future growth.
Price Action
Applied Digital stock is up 2% to $25.20 on Tuesday versus a 52-week trading range of $19.00 to $50.70. Applied Digital stock is down 10.4% year-to-date in 2026.
Photo: jackpress from Shutterstock
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