Applied Digital Corporation (NASDAQ:APLD) shares are in the spotlight with earnings on deck Wednesday. Revenue, a new Finland agreement and a wide split in recent analyst activity are all drawing attention.

APLD Q1 Earnings Preview

Applied Digital is scheduled to report fiscal first-quarter 2027 earnings on Wednesday after the market closes. Analysts estimate a loss of 30 cents per share along with revenue of $132.16 million. In the prior quarter, Applied Digital reported EPS of 4 cents, beating the consensus estimate for a loss of 22 cents. The company also posted revenue of $258.75 million, beating the consensus estimate of $94.84 million.

Investors will be closely tracking revenue, since consensus calls for about half of last quarter’s number. Most of that total came from $152.4 million of one-time tenant fit-out services, while data center rental revenue was $50.6 million. Rental growth is the cleaner read, with Polaris Forge 1 now at 250 MW operational after another 75 MW came online on Oct. 2.

Updates on the contracted portfolio will also be in focus. As of May 31, Applied Digital had about 1,410 MW of contracted critical IT load across five campuses, representing about $36 billion in base-term lease revenue, or about $86 billion including renewal options.

Commentary on Tuesday’s agreement for up to 1 gigawatt of potential power in Finland should also draw attention. It’s the company’s first development outside the U.S., with initial power expected in 2028 and no customer announced yet.

Analyst Consensus & Recent Actions

Heading into the report, the stock carries a consensus Buy rating with an average price forecast of $61.65. Recent analyst moves include:

  • UBS: Initiated with Buy (Target $38.00) (Sept. 23)
  • Rothschild & Co: Initiated with Neutral (Target $22.00) (Sept. 21)
  • Wells Fargo: Initiated with Overweight (Target $50.00) (Sept. 17)

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Applied Digital Shares Trend Lower

APLD Price Action: At the time of writing, Applied Digital shares are trading 4.74% lower at $24.15, according to data from Benzinga Pro.

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