Overview
- In fiscal Q2 2026, revenue rose about 250% to $126.6 million as losses narrowed, though the company still posted a non-GAAP diluted loss of $0.07 per share.
- An 8-K detailed a $50 million senior secured promissory note to fund Polaris Forge 2 site work, carrying 8% accrued interest for 12 months with a minimum 1.10x lender return.
- The note is secured by PF2 assets, matures on February 1, 2026 unless prepaid, and requires mandatory prepayment if 200 MW or more of PF2 leases are signed.
- Applied Digital is pushing ahead with its Delta Forge Dallas campus after a January groundbreaking, with management discussing campus capacity targets around 900 MW.
- Shares are up roughly 375% over the past year as investors weigh long-term leasing with CoreWeave and access to Nvidia GPUs against continued unprofitability and elevated valuation.