Core Insights - Applied Digital Corporation reported a fiscal first quarter revenue of $64.2 million, an increase of 84% compared to the same period last year, driven by growth in its HPC Hosting Business and Data Center Hosting Business [6][22] - The company signed a new lease agreement for an additional 150 MW at its Polaris Forge 1 campus, bringing total anticipated lease revenue to approximately $11 billion over 15 years [5][7] - The net loss attributable to common stockholders was $27.8 million, a significant increase from a net income of $15.9 million in the prior year [27][28] Financial Performance - Total revenues for the fiscal first quarter 2026 were $64.2 million, up from $34.8 million in the prior year [22] - Cost of revenues increased to $55.6 million, a 144% rise from $22.7 million in the previous year [23] - Selling, general and administrative expenses rose to $29.2 million, up 165% from $11.0 million in the prior year [24] Operational Updates - The company is nearing completion of its 100 MW building at Polaris Forge 1, with construction on an additional 150 MW building already initiated [7][8] - The Polaris Forge 2 campus is under construction, expected to have an initial capacity of 200 MW, with plans for future expansion to 1 GW [8][9] - The HPC Hosting Business generated approximately $26 million in revenue this quarter, with expectations for significant growth as facilities become operational [15][22] Strategic Positioning - The company is positioned to benefit from the anticipated $350 billion investment by hyperscalers in AI deployment this year, establishing itself as a key player in AI infrastructure [6][13] - Applied Digital aims to achieve a projected annualized NOI run rate of approximately $500 million once Polaris Forge 1 is fully operational, with a target of reaching $1 billion NOI within five years [14] - The company is focused on securing capital at low costs and expanding its development across the U.S. [10][12]