For the fiscal fourth quarter ending May 31, 2026, analysts expect Applied Digital to report revenue of $95.32 million and an EPS loss of $0.20, while the stock currently trades at $30.06, well below the consensus target of $41.92.
The primary focus for investors remains the ramp-up of high-performance computing (HPC) hosting revenue as the company transitions its fleet toward AI-focused infrastructure.
Recent multi-billion dollar contracts with hyperscalers have bolstered the long-term outlook, though heavy capital expenditures for the Polaris Forge campuses continue to impact short-term profitability. Shareholders are also seeking clarity on business relationship stability following Nvidia's reported liquidation of its stake in the company earlier this fiscal year.