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Applied Digital (APLD) posted $64.2 million in Q1 revenue with 84% growth, while CoreWeave (CRWV) posted $1.36 billion in Q3 revenue with 134% growth.
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CoreWeave generated $51.9 million in operating income and doubled its backlog to $55 billion. Applied Digital lost $27.8 million operationally.
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Applied Digital trades on 50x sales despite negative margins of 141%. CoreWeave trades at 22 times sales with improved operating leverage.
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Applied Digital (Nasdaq: APLD) and Core tissue (Nasdaq: CRWV) reported earnings that show two companies attacking AI infrastructure from opposite ends. Applied Digital builds and rents massive data centers to hyperscalers. CoreWeave operates the cloud platform that runs AI workloads for developers and enterprises.
CoreWeave reported $1.36 billion in revenue in the third quarter, beating estimates by 9.6% and growing 134% year over year. The company generated positive operating income of $51.9 million and nearly doubled its revenue pipeline to more than $55 billion. CEO Michael Intrator said the company “delivered an exceptional third quarter, setting new revenue records” and highlighted expanded partnerships with Meta and OpenAI.
Applied Digital posted revenue of $64.2 million in the first quarter of 2026, beating estimates by 32% with year-over-year growth of 84%. Revenue included $26 million from tenant fit-out services in its HPC hosting business. The company secured a new 150 MW lease with CoreWeave at Polaris Forge 1, contributing to $11 billion in anticipated leasing revenue. Applied Digital lost $27.8 million on an operating basis compared to CoreWeave’s profits.
|
Metric |
Applied Digital |
Core tissue |
|
Third and first quarter income |
64.2 million dollars |
1.36 billion dollars |
|
Year-on-year growth |
84% |
134% |
|
Operating income |
-18.3 million dollars |
$51.9 million |
|
cash position |
$286.2 million |
1.89 billion dollars |
Applied Digital focuses on long-term leasing commitments with hyperscalers that need physical data center capacity. The CoreWeave lease validates this strategy. Management broke ground on Polaris Forge 2 with $50 million in financing secured. CEO Wes Cummins emphasized that the company is positioning itself “as a trusted strategic partner for the world’s largest technology companies.”
CoreWeave sells computing directly to AI labs, startups, and enterprises through a cloud platform. The $6.3 billion collaboration with NVIDIA deepens its access to hardware. The company launched CoreWeave Ventures to support AI innovation across its customer base. This creates recurring revenue streams tied to actual consumption of AI workloads rather than fixed lease payments.