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FollowingApplied Digital's quarterly revenue surged 322%, revealing the huge costs behind the AI infrastructure boom
As demand for artificial intelligence data centers accelerated, Applied Digital reported a 322% surge in quarterly revenue to $341.9 million, exceeding Wall Street expectations. However, the company also recorded a loss of $221 million (attributable to common shareholders) from continuing operations, revealing the huge cost pressures behind the AI infrastructure boom.
The company's revenue exceeded analysts 'estimates of approximately $116.3 million. Applied Digital's share price initially rose more than 3% after the earnings report. According to its quarterly earnings announcement, as of August 31, the company held $6.4 billion in debt and $3.7 billion in cash, cash equivalents and restricted cash.
These numbers highlight a key question that AI investors are increasingly concerned about: How much revenue growth will it take to justify billions of dollars in infrastructure spending?
Revenue soared but losses widened
In the first quarter of fiscal 2027, Applied Digital's revenue was US$341.9 million, compared with only US$80.9 million in the same period last year. Its high-performance computing hosting business contributed $262.6 million, including $183.5 million in tenant renovation services revenue and $65.8 million in basic rental income.
This distinction is critical because renovation services involve preparing facilities for customers, while recurring rents provide a more predictable long-term income stream.
该公司报告称，归属于普通股股东的持续经营亏损为2.21亿美元，而去年同期的亏损为1850万美元。包括终止经营在内，总亏损达到2.371亿美元。与此同时，调整后EBITDA（息税折旧摊销前利润）达到6440万美元，而去年同期仅为50万美元。
64亿美元债务凸显AI基础设施成本
为了满足主要云计算客户的需求，Applied Digital正在积极扩张。其Polaris Forge 1园区在10月份达到了250兆瓦的运行关键IT容量，而其他设施仍在建设中。
此外，该公司还签订了一份为期15年、容量为210兆瓦的租约，代表了约52亿美元的合同基础期收入。然而，合同收入并不等同于已收取的现金。
这种扩张反映了更广泛的AI融资热潮，即基础设施提供商在新设施产生足够的运营收入之前就大量举债。Applied Digital高达64亿美元的债务余额也引发了人们对AI基础设施股票的担忧。
Applied Digital能将AI需求转化为利润吗？
管理层预计，到2026年底，其在北达科他州园区的运行关键IT容量将达到300兆瓦。该公司还在探索国际扩张的可能性，此前已在芬兰获得高达1吉瓦的潜在电力容量协议。
对于投资者而言，这一挑战类似于整个AI行业面临的数据中心债务风险。
