Applied Digital (APLD) will report first-quarter fiscal 2027 results on Oct. 7, and the headline numbers could look worse than they actually are. Analysts expect revenue of around $135 million, roughly half the $258.7 million the company posted last quarter.
That drop is mostly about timing. Much of last quarter’s revenue came from what the company calls tenant fit-out services. That’s when Applied Digital customizes a data center for a tenant’s needs and the tenant pays for the work. Those payments come in lumps.