What happened
Results published October 7, 2026; quarter ended August 31.
The company reported $341.9 million of quarterly revenue. Its high-performance computing hosting segment contributed $262.6 million: $65.8 million of base rent, $183.5 million of tenant fit-out services and $13.3 million of tenant recoveries. At August 31, cash, cash equivalents and restricted cash totaled $3.7 billion, alongside $6.4 billion of debt.
Why it matters
A fast-growing top line can combine revenue streams with very different margins and durability. Owners preparing a financing or sale should present recurring rent, project services and reimbursed costs separately, with the cash needed to complete each contracted phase.
The pace of rent growth, remaining project funding and cash available after restrictions and commitments. The combined cash figure does not establish unrestricted liquidity.
- 01
How much revenue recurs after construction finishes?
- 02
What cash must fund delivery before rent begins?
- 03
How sensitive are returns to delays or refinancing costs?
What to watch next
Rental collections, construction spending, financing terms and tenant concentration in subsequent filings.
- Applied Digital quarterly results, October 7 ↗Applied Digital