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Applied Digital's revenue quadrupled, driven by strong AI data center demand and new hyperscaler leases
Applied Digital Corp (NASDAQ:APLD) reported a 407% year-over-year revenue increase to $258.7 million in its fourth quarter. This surge was fueled by strong demand for AI data centers, as the company accelerates its shift to an AI infrastructure developer. The company also posted adjusted earnings of $0.04 per share, significantly beating analyst estimates of a $0.22 loss. Applied Digital secured approximately $20 billion in new hyperscaler leases, including an $11 billion contract with CoreWeave and a $5 billion lease with another hyperscaler. CEO Wes Cummins stated that demand for high-power-density, purpose-built AI data centers remains "extremely robust."
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