Cowry Tech News
Morning Brief

Applied Digital FQ1’27: $341.9M revenue, ~1.41 GW leased, new Base Electron PPA

Applied Digital (7 Oct release + 8-K) reported FQ1'27 (quarter to 31 Aug) revenue of $341.9M (+322% YoY), GAAP net loss to common $221.0M, adjusted EBITDA $64.4M; about 1.41 GW of critical IT load leased across five campuses and initial Polaris Forge 2 operations expected to lift North Dakota delivered load to 300 MW by end-2026. Subsequent to the quarter it signed a PPA with the ~1,200 MW gas plant Base Electron plans in North Dakota (announced March). On the call, CEO Wes Cummins said, per the Benzinga transcript, that it purchased its Finland site, with 100 MW available in 2028 ramping to 1 GW by 2031 and an exit before further payments.

By Nora Quinn · 8 Oct 2026 · 2 min

Applied Digital (7 Oct release + 8-K) reported FQ1’27 (quarter to 31 Aug) revenue of $341.9M (+322% YoY), GAAP net loss to common $221.0M, adjusted EBITDA $64.4M; about 1.41 GW of critical IT load leased across five campuses and initial Polaris Forge 2 operations expected to lift North Dakota delivered load to 300 MW by end-2026. Subsequent to the quarter it signed a PPA with the ~1,200 MW gas plant Base Electron plans in North Dakota (announced March). On the call, CEO Wes Cummins said, per the Benzinga transcript, that it purchased its Finland site, with 100 MW available in 2028 ramping to 1 GW by 2031 and an exit before further payments.

Applied Digital’s 7 Oct release and 8-K report fiscal Q1 2027 (quarter to 31 Aug) revenue of $341.9M, up 322% year on year, a GAAP net loss to common of $221.0M and adjusted EBITDA of $64.4M, with about 1.41 GW of critical IT load leased across five campuses. The company expects initial Polaris Forge 2 operations to lift delivered load across its North Dakota campuses to 300 MW by end-2026. After the quarter it signed a PPA with the roughly 1,200 MW gas plant Base Electron plans in North Dakota; related-party flag: Base Electron was formed by Applied Digital executives, directors and/or affiliates (March 8-K) and Applied holds about 10%. On the call, CEO Wes Cummins said, per the Benzinga transcript, that the company purchased its Finland site, with 100 MW available in 2028 ramping to the full gigawatt by 2031 and an exit before further payments. Soft hold: PPA term, price and MW allocation undisclosed; Finland detail is call-only; no site, municipality or hyperscaler neighbour named.

Read the full story: Applied Digital FQ1’27: $341.9M revenue and a related-party gas PPA (Cole Harlan)

Sources: GlobeNewswire — Applied Digital Reports Fiscal First Quarter 2027 Results (2026-10-07) · SEC EDGAR — 8-K / Ex. 99.1 earnings release (2026-10-07) · Benzinga — Q1 2027 earnings call transcript (secondary) · Soft hold: PPA term, price and MW allocation undisclosed; Finland detail is call-only; no site, municipality or hyperscaler neighbour named.