Data center firm Applied Digital Q1 revenue beats estimates

Overview * Applied Digital fiscal Q1 revenue up 84% yr/yr, beating analyst expectations * Adjusted EPS for fiscal Q1 beats consensus * Company finalized new lease with CoreWeave for 150 MW at Polaris Forge 1 Outlook * Company expects Polaris Forge 1 to generate $11 bln in revenue over 15 years * Applied Digital aims for $500 mln annualized NOI once Polaris Forge 1 is operational * Company targets $1 bln NOI within five years Result Drivers * LEASE AGREEMENT – Finalized a new lease with CoreWeave for an additional 150 MW at Polaris Forge 1, securing $11 bln in prospective lease revenue * HPC HOSTING – Revenue increase primarily driven by $26.3 mln from tenant fit-out services in HPC Hosting Business Key Details Metric Beat/Mis Actual Consensu s s Estimate Q1 Beat $64.20 $51 mln Revenue mln (9 Analysts ) Q1 Beat -$0.03 -$0.15 Adjusted (9 EPS Analysts ) Q1 EPS -$0.11 Q1 -$7.60 Adjusted mln Net Income Q1 Net -$27.80 Income mln Analyst Coverage * The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", no "hold" and no "sell" or "strong sell" * The average consensus recommendation for the blockchain & cryptocurrency peer group is "buy" * Wall Street's median 12-month price target for Applied Digital Corp is $23.00, about 21.5% below its October 8 closing price of $27.94 Press Release: For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact . (This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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