애널리스트들은 GPU 클라우드 호스팅 분야의 상이한 성장 궤도를 평가하기 위해 애플라이드 디지털와 IREN의 분기별 매출 추이를 비교한다.
Applied Digital (APLD +1.77%) primarily generates revenue by operating centralized digital infrastructure campuses and providing dedicated computing services designed for high-performance workloads across North America. The company recently signed an additional facility lease for a new campus and secured supplemental credit financing for ongoing construction, reporting an operating margin of -45% for the quarter ended May 31, 2026.
IREN (IREN +7.28%) earns the majority of its ongoing revenue by managing vertically integrated data center facilities and actively mining digital assets across its international infrastructure footprint. While integrating a newly acquired European data center developer and closing the purchase of cloud software provider Mirantis, it recorded an operating margin of -452% for the quarter ended June 30, 2026.
Revenue serves as a primary starting point for investors to evaluate a corporation’s ability to attract paying clients and generate gross business volume before standard operational expenses, local taxes, or daily administrative costs are finally subtracted. For neocloud operations such as Applied Digital and IREN, revenue growth is essential to understanding if their costly artificial intelligence infrastructure buildouts are paying off.
| Calendar Quarter | Applied Digital Revenue | IREN Revenue |
|---|---|---|
| Q3 2024 | $60.7 million (quarter ended Aug. 31, 2024) | $52.8 million (quarter ended Sept. 30, 2024) |
| Q4 2024 | $63.9 million (quarter ended Nov. 30, 2024) | $116.1 million (quarter ended Dec. 31, 2024) |
| Q1 2025 | $52.9 million (quarter ended Feb. 28, 2025) | $144.8 million (quarter ended March 31, 2025) |
| Q2 2025 | $38.0 million (quarter ended May 31, 2025) | $187.3 million (quarter ended June 30, 2025) |
| Q3 2025 | $64.2 million (quarter ended Aug. 31, 2025) | $240.3 million (quarter ended Sept. 30, 2025) |
| Q4 2025 | $126.6 million (quarter ended Nov. 30, 2025) | $184.7 million (quarter ended Dec. 31, 2025) |
| Q1 2026 | $126.6 million (quarter ended Feb. 28, 2026) | $144.8 million (quarter ended March 31, 2026) |
| Q2 2026 | $258.7 million (quarter ended May 31, 2026) | $137.2 million (quarter ended June 30, 2026) |
Data source: Company filings. Data as of Sept. 4, 2026.
When it comes to neocloud providers such as Applied Digital and IREN, understanding revenue trends is essential to investing in these companies. A neocloud's massive, debt-fueled costs to build AI data centers mean they must achieve top-line sales growth, or their business could collapse.
That's why it's important to unpack IREN's recent trend of declining quarterly revenue. The company decided to shift away from mining cryptocurrency and focus on the high-growth AI infrastructure market. This caused its crypto sales to fall. In IREN's 2026 fiscal fourth quarter ended June 30, its crypto mining revenue dropped to $66.7 million compared to $111.2 million in the previous year. That said, its fiscal Q4 AI cloud sales took off, hitting $70.5 million, up from $33.6 million in the year prior. So while overall revenue dropped from fiscal Q3, it's experiencing strong growth in AI. That's the trend investors want to see.
Applied Digital's situation is more straightforward. As a landlord to AI companies, it just needs to sign lease agreements that grant it long-term revenue predictability, while tenants bear the brunt of outfitting data centers with the AI hardware. The skyrocketing sales in its fiscal fourth quarter, ended May 31, demonstrates it is gaining traction in this arena.