Applied Digital's contracted backlog has reached $31 billion ahead of October 8 earnings, a major infrastructure demand milestone.

Applied Digital Corporation will report fiscal first-quarter 2027 earnings on October 8 after the market closes. Consensus expectations are for a loss of 30 cents per share and revenue of $134.86 million. In the prior quarter, the company reported earnings per share of 4 cents—beating consensus of a 22-cent loss—alongside revenue of $258.75 million, well above the $94.84 million estimate.

For the upcoming earnings call, investors will focus on construction and energization progress across Applied Digital's four AI Factory campuses: Polaris Forge 1, 2, and 3, and Delta Forge 1. These facilities carry $31 billion in contracted lease revenue, with an additional $42 billion in potential value from renewal options, for a combined $73 billion.

The Polaris Forge 3 lease—a 300 megawatt agreement with a U.S. investment-grade hyperscaler valued at approximately $7.5 billion in base-term revenue—will likely command particular attention. Any updates on CoreWeave, Applied Digital's subsidiary, and its progress toward investment-grade credit status under the Building 3 assignment agreement will also be closely watched.

Additional metrics to monitor include progress on Base Electron, the company's independent power venture designed to add 1.2 gigawatts of grid capacity in the Dakotas, along with the pace of new lease signings and efforts to reduce project-level debt costs heading into fiscal 2027.

The stock trades with a Buy rating and an average analyst price target of $61.65. Recent initiations include UBS (Buy, $38.00 target, Sept. 23), Rothschild & Co (Neutral, $22.00 target, Sept. 21), and Wells Fargo (Overweight, $50.00 target, Sept. 17).

At the time of publication, Applied Digital shares were trading at $25.83, down 1.60% on the day.