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Applied Digital Corporation reported rapid growth but remained loss-making for fiscal 2026. Revenue from continuing operations reached $258.7 million in the fourth quarter and $611.3 million for the year, up 407% and 167% from prior-year periods, driven mainly by tenant fit-out and rental income from new HPC hosting facilities.
Net loss attributable to common stockholders from continuing operations was $110.6 million in Q4 and $249.2 million for the year, or $0.39 and $0.91 per share. Excluding ChronoScale and other adjustments, adjusted revenue was $240.4 million in Q4 and $539.7 million for the year, with adjusted net income of $12.9 million and $36.1 million and adjusted EBITDA of $42.4 million and $107.2 million.
The HPC Hosting Business had 1,410 MW of contracted critical IT load across five campuses, representing approximately $36 billion of base-term lease revenue, and generated fourth-quarter segment operating profit of $26.2 million. The company ended May 31, 2026 with $4.2 billion in cash, cash equivalents and restricted cash and $5.0 billion of debt.
BlackRock, Inc. reports beneficial ownership of 12,199,793 shares of APPLIED DIGITAL CORP common stock on an amended Schedule 13G, representing 4.3% of the class as of the reporting date. These shares are held by certain BlackRock business units grouped as the “Reporting Business Units.”
BlackRock has sole voting power over 11,664,055 shares and sole dispositive power over 12,199,793 shares, with no shared voting or dispositive power. Various underlying clients have rights to dividends or sale proceeds, but no single person is entitled to more than five percent of the company’s outstanding common shares.
Wesley Cummins filed an amended ownership report for Applied Digital Corp. (APLD), stating beneficial ownership of 22,042,487 shares of common stock, or about 7.6% of the company’s outstanding shares as of July 7, 2026. Most of these shares are held through affiliated entities and accounts, including Cummins Family Limited Partnership and an individual retirement account.
The filing explains that part of this position supports a new secured margin line of credit with JPMorgan Chase Bank. Cummins Family Limited Partnership pledged 17,590,238 shares as collateral, and the loan is guaranteed by Cummins and related parties. The report also details recent equity awards, including vested PSUs that delivered 800,000 shares, with some shares withheld for taxes, and RSUs that vest over several future dates.
Applied Digital Corp. Chief Operating Officer Laura Laltrello reported a tax-related share disposition tied to restricted stock units. On this Form 4, 43,440 shares of common stock were withheld at $33.50 per share to cover tax obligations upon RSU vesting, which the filing clarifies is not an open-market sale. Following this withholding, she directly holds 473,796 shares of Applied Digital common stock. The filing also notes a 600,000-share RSU grant from January 6, 2025, with portions vesting on specified dates through January 6, 2028, contingent on continued employment.
Applied Digital Corp. president Jason Gechen Zhang reported compensation-related stock activity, not open-market trading. On July 1, 2026, he received common shares from the vesting of previously granted performance stock units and had shares withheld to cover tax obligations at $35.52 per share.
The filing shows two stock grants of 375,000 and 300,000 shares at a stated price of $0.00 per share, reflecting PSU vesting, and tax-withholding dispositions totaling 265,613 shares. After these entries, he directly holds about 2,224,515 common shares.
Footnotes highlight additional equity incentives, including 500,000 restricted stock units granted on February 6, 2026 and 500,000 RSUs granted on August 8, 2025, each convertible into common stock on a one-for-one basis subject to multi-year vesting and continued employment conditions.
Applied Digital Corporation entered into an incremental assumption agreement that modifies its existing credit agreement to provide a secured revolving credit facility of up to $430.0 million. The facility, which includes a matching letter of credit sub-facility that reduces borrowing availability, matures on May 28, 2029.
Borrowings can be increased by up to $120.0 million in additional revolver or term loan commitments, for total potential capacity of $550.0 million. Loans bear interest at Term SOFR plus an applicable margin of 2.25% or a base rate plus 1.25%, and are fully guaranteed by the company and its restricted subsidiaries.
Applied Digital also executed a sixth amendment to its Preferred Equity Purchase Agreement, raising the aggregate commitment for Series G Convertible Preferred Stock from $1,590,000,000 to $2,000,000,000. These preferred shares, and the common stock issuable upon conversion, are offered in private transactions relying on the Section 4(a)(2) exemption from Securities Act registration.
Applied Digital Corp. CEO and Chairman Wes Cummins reported equity compensation activity and related tax withholding. He received 800,000 shares of common stock upon the vesting of performance stock units granted on November 15, 2024, at a price of $0.00 per share. To cover taxes on this vesting, 314,800 shares were withheld by the company, which the filing notes is not an open-market sale. After these transactions, Cummins directly holds 4,787,600 shares of common stock. The filing also notes indirect holdings, including 742,166 shares in his IRA and additional shares held through entities such as Cummins Family Ltd. and 272 Capital, as well as 1,500,000 restricted stock units granted on January 6, 2026 that vest over five years.
Applied Digital Corp. Chief Financial Officer Mohammad Saidal LaVanway reported equity compensation changes. He received 490,000 shares of common stock upon vesting of previously granted performance stock units, while 192,815 shares were withheld to cover taxes, which the filing states is not an open market sale. Following these entries, he directly owns 726,431 common shares and also holds 250,000 restricted stock units that vest over five years starting February 6, 2027.
Applied Digital Corporation reports that its subsidiary APLD ComputeCo 2 LLC has satisfied the ESA Condition tied to its 6.75% Senior Secured Notes due 2031. These notes were issued in a private offering completed on March 10, 2026 and their gross proceeds had been held in an escrow account under an Escrow Agreement. On June 17, 2026, after the condition was met, the issuer delivered an Escrow Release Certificate, directing the escrow agent to release the escrowed cash to the issuer. The released funds will be applied in line with the Escrow Agreement and the Indenture, giving the subsidiary access to the note offering proceeds for their intended uses.
Applied Digital Corporation, through subsidiary APLD ComputeCo 3 LLC, completed a private offering of $1.59 billion of 7.000% Senior Secured Notes due 2031. The notes were issued at 100% of principal and sold to institutional investors under Rule 144A and Regulation S.
The notes bear 7.000% annual interest, payable semi-annually each June 15 and December 15 starting December 15, 2026, and amortize semi-annually after all relevant datacenter leases reach their final commencement dates. On or after June 15, 2028, the issuer may redeem the notes at specified prices, with earlier redemptions subject to a make-whole premium, and up to 40% may be redeemed with proceeds of certain equity offerings.
Net proceeds are intended to fund 150 megawatts of critical IT load at the Polaris Forge 1 AI Factory campus in Ellendale, North Dakota, repay a Goldman Sachs bridge loan, fund debt service reserves, and pay transaction expenses. The Indenture includes restrictive covenants, a 101% change-of-control repurchase offer, and customary events of default, and Applied Digital has provided a completion guarantee for the related projects.