Analysts forecast Applied Digital's Q1FY27 revenue at $134.86 million, reflecting strong enterprise demand for independent GPU cloud capacity.

Applied Digital Corporation (NASDAQ: APLD) will hold a conference call on October 7, 2026, at 5:00 pm Eastern Time to discuss first-quarter fiscal 2027 results. A press release detailing the results will follow after market close the same day.

Analysts project a loss of $0.30 per share for the quarter, with revenue expected to reach $134.86 million. This marks a sharp contrast to the prior quarter, when Applied Digital reported earnings per share of $0.04, beating consensus estimates of a loss of $0.22, and delivered revenue of $258.75 million, significantly exceeding the consensus estimate of $94.84 million.

Investors will focus on construction and energization progress across four AI Factory campuses: Polaris Forge 1, 2, and 3, and Delta Forge 1. These facilities carry $31 billion in contracted lease revenue, with potential upside to $73 billion including renewal options.

Particular attention will center on the Polaris Forge 3 lease, a 300 MW agreement with a U.S.-based investment-grade hyperscaler representing approximately $7.5 billion in base-term revenue. Investors will also monitor updates on CoreWeave, Applied Digital's subsidiary, regarding its progress toward achieving investment-grade credit status under the Building 3 assignment agreement.

Applied Digital is developing Base Electron, an independent power venture designed to add 1.2 gigawatts of grid capacity in the Dakotas. The company's pace on new lease signings and efforts to reduce project-level debt costs will provide key indicators of execution heading into fiscal 2027.

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

The projected Q1FY27 revenue of $134.86 million represents a significant sequential decline from the prior quarter's $258.75 million, suggesting a normalization or timing shift in revenue recognition. While the previous quarter substantially exceeded consensus, current estimates reflect a return to lower baseline expectations, underscoring the revenue volatility inherent in early-stage infrastructure cycles.

At publication, Applied Digital shares traded at $25.83, down 1.60%.