Applied Digital reported fiscal Q4 2026 revenue of $258.7 million, a 407% year-over-year increase. Full-year revenue hit $611.3 million, up 167% from the prior fiscal year. The company has locked in approximately $20 billion in new multi-year leases with a single investment-grade hyperscaler across 810 megawatts of capacity, with $36 billion in 15-year base-term revenue across its pipeline. CoreWeave, which went public earlier this year, serves as one of the key anchor tenants. Adjusted EBITDA for fiscal year 2026 reached $107.2 million, though concentration of the pipeline with a single hyperscaler creates tenant concentration risk.
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