Why Is APPLIED DIGITAL CORP (APLD) Stock Moving Today?

APLD stock is moving higher after hours as Q4 revenue surged 407% year-over-year to $258.7 million, well above the $95.32 million analyst consensus. The company also reported a non-GAAP EPS of $0.04, surpassing expectations by $0.23. The stock opened with a 4.1% gap up at $28.30 and reached a high of $29.00 before retreating to $28.16 in after-hours trading. The report highlighted a $20 billion AI infrastructure backlog and a contracted capacity of 1.4 gigawatts, signaling strong demand for the company’s services.

What Happened

Applied Digital Corp. filed an 8-K on July 27, 2026, disclosing its Q4 results, which included a significant jump in revenue driven by surging demand for AI infrastructure. The company’s Q4 revenue of $258.7 million beat estimates by $163.38 million, while adjusted EPS of $0.04 exceeded expectations by $0.23. The report also noted a $20 billion backlog of AI leases, which has pushed contracted capacity to 1.4 gigawatts. These results were cited by multiple sources as the catalyst for the after-hours rally. The stock’s intraday session showed a volatile pattern, with a high of $29.00 and a low of $25.77, before settling near $28.16.

What The Data Shows

The stock has traded between $25.77 and $29.00 in the session, with volume reaching 19.5 million shares, or 0.9 times the 3-month average. Over the past 8 trading sessions, the stock has declined 6.3% from $29.03 to $27.19. Options activity has been skewed toward calls, with a total call premium of $762,000 and the largest single print at $434,000. The company remains unprofitable with a trailing 12-month net margin of -59.5% and an EPS of -0.46, despite a 66.1% year-to-date revenue increase.

What To Watch

Investors should monitor the company’s Q1 revenue guidance and any further updates on its $20 billion AI backlog. No earnings date is provided, but coverage breadth is expanding, with 10 stories from six sources in the last 36 hours.