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Shares of Applied Digital (APLD) rose 0.2% on October 8, 2026, the trading session after the company released its fiscal Q1 2027 report. The broader S&P 500 fell 0.5% during that same period. Three peers, MARA, Riot Platforms, and CleanSpark, posted declines of between 4.3% and 9.2% that day. The stock held steady, yet investors still need to examine the underlying components of the reported revenue. Applied Digital builds AI data centers for tenants and holds about $36 billion of revenue under contract. How much of the quarter's revenue was rent? How Much Of Applied Digital's Revenue Was Rent? The company reported $341.9 million of revenue for the quarter, an increase from $80.9 million a year earlier. Most of that total was not rent. The segment hosting AI computing for tenants generated $262.6 million. Within that segment, base rent accounted for $65.8 million. Tenant fit-out services contributed another $183.5 million to that segment's revenue. Management targets take-or-pay contracts lasting at least 15 years. Rent is the number to judge those long-term contracts by. Applied Digital still recorded a net loss from continuing operations attributable to common stockholders of $221.0 million, or $0.76 per share, for fiscal Q1 2027. That loss included a $67.5 million non-cash charge on an investment alongside $41.3 million of one-time stock compensation. Is Applied Digital's Growth Likely To Continue? Executives say the growth will continue. Revenue has more than doubled from a year earlier in each of the last four quarters. The operating loss has also narrowed, dropping from 52% of revenue three years ago to 29% over the latest twelve months. The company plans to accelerate construction. Executives noted on the October 7, 2026 call that they expect to place over 600 megawatts into service over the next twelve months. Applied Digital placed 250 megawatts into service over the past twelve months. Management also anticipates securing about 250 megawatts of expansion leases by the end of calendar 2026 at materially higher prices than earlier agreements. When asked to define those rates on the call, executives stated that lease rates could be more than 15% higher. They declined to name a precise figure. Applied Digital is borrowing to build. The company ended the quarter with about $6.4 billion of debt and roughly $2.9 billion of cash. More than 80% of that principal does not mature until fiscal 2031 or later. Applied Digital Is Still Adding Capacity In North Dakota Applied Digital operates 250 megawatts online at its Polaris Forge 1 campus in North Dakota. Executives anticipate reaching 300 megawatts across the state by the end of calendar 2026. The actual number of megawatts online in North Dakota, measured against the 300 megawatts management anticipates, remains the key figure to watch in the company's next quarterly report. Does This Mean You Should Act On APLD? Our purpose is to inform you with unique data so you can make the right investment decisions. That said, betting on a single stock is always risky, no matter which direction you choose. There is a smarter approach. Since its inception, the Trefis High Quality (HQ) Portfolio has returned 105%, beating the benchmark that combines the three major indices - the S&P 500, S&P Mid-cap, and Russell 2000. And it did so without taking the concentrated risk that comes with do-it-yourself stock picking. If that is how you want to invest, the HQ Portfolio is the place to start.

- Interested in Applied Digital Corporation? Here are five stocks we like better. - Strong quarterly growth: Fiscal Q1 revenue surged 322% year over year to $341.9 million, while adjusted EBITDA increased to $64.4 million from $500,000. Results benefited from expanding HPC hosting operations and ChronoScale's GPU-related business. - Large contracted expansion pipeline: Applied Digital has approximately $36 billion in contracted revenue across five campuses and expects to bring more than 600 MW of capacity online over the next 12 months. It is targeting 3.5–4 GW of operating capacity by the end of 2030. - Funding and geographic expansion: The company raised $1.59 billion through 7% senior secured notes to fund Polaris Forge development and repay a bridge facility, while advancing new campuses in Louisiana, Alabama and Finland. Applied Digital also secured a long-term agreement for power from a planned 1,200-MW North Dakota natural-gas facility. - Riot Platforms Re-Wires the Ledger for a $9B AI Power Play Applied Digital (NASDAQ:APLD) reported fiscal first-quarter revenue of $341.9 million, up 322% from $80.9 million a year earlier, as the company continued to expand its high-performance computing hosting operations and advance development of AI-focused data center campuses. Chairman and CEO Wes Cummins said the company has approximately $36 billion in contracted revenue across five campuses in three states. Applied Digital's near-term focus is converting that contracted portfolio into operating capacity while selectively pursuing new development opportunities. → 5 Oversold Corners of the Market That Could Bounce If Breadth Finally Improves - AI Data Centers Are Splitting Winners From Pretenders in Infrastructure Stocks The company expects to place more than 600 megawatts of capacity into service during the next 12 months, compared with 250 MW placed into service over the prior 12 months. Cummins said Applied Digital expects roughly 250 MW of expansion leases to be executed by the end of calendar 2026 at "materially higher pricing" than prior leases. North Dakota remains Applied Digital's largest operating region. The company said its first two buildings at the Polaris Forge 1 campus have reached full ready-for-service status, while a third building is progressing on schedule. The two operational buildings include 10 data halls supported by 250 MW of critical IT load, representing a 150% increase in delivered capacity, according to Cummins. → First Citizens BancShares vs MP Materials: A Tale of 2 Regulation Bets - Applied Digital Is Building a $36 Billion AI Real Estate Empire Applied Digital expects to have 300 MW of critical IT capacity online across North Dakota by the end of calendar 2026, including the expected initial operation of its Harwood campus. The company also entered a long-term power purchase agreement with Base Electron, an independent power producer in which Applied Digital holds an approximately 10% equity stake. The agreement covers an approximately 1,200-MW natural-gas facility that Base Electron is developing next to Applied Digital's Polaris Forge 3 campus in central North Dakota. Deliveries are expected to begin in 2030. → Insiders Are Selling These 3 Stocks, Should You? Cummins said the arrangement is intended to give Applied Digital greater control over power availability and timing for future campus expansion. During the question-and-answer session, he said Base Electron has procured equipment for roughly 2.4 GW to 2.5 GW of generation capacity and could expand further based on demand. CFO Saidal Mohmand said Applied Digital completed financing for its first campus during the quarter. In June, the company closed a $1.59 billion offering of 7% senior secured notes due in 2031, using proceeds to fund the third high-performance computing building at Polaris Forge 1 and repay a $300 million bridge facility. The financing means the full 400 MW CoreWeave campus at Polaris Forge 1 and the 200 MW of contracted capacity at Polaris Forge 2 are fully funded, Mohmand said. He noted that earlier Polaris Forge 1-related notes carried a 9.25% coupon, compared with the 7% rate on the latest tranche. The company also expanded its revolving credit facility to $430 million of commitments, with an additional $120 million accordion feature available. Applied Digital is preparing to finance Polaris Forge 3, Delta Forge 1 and Delta Forge 2, which are leased to the same unnamed tier-one, investment-grade hyperscaler under 15-year take-or-pay leases. - HPC Hosting revenue was $262.6 million, including $65.8 million in base rent, $183.5 million in tenant fit-out services and $13.3 million in tenant recoveries. - Data Center Hosting revenue, generated by its two Bitcoin hosting sites, was $37.8 million, in line with the prior-year period. - ChronoScale revenue totaled $41.5 million, including about $23 million in GPU hardware sales. - Adjusted EBITDA was $64.4 million, compared with $500,000 a year earlier. - HPC Hosting net operating income was $58.8 million, representing an 89% margin. - Net loss from continuing operations attributable to common stockholders was $221 million, or $0.76 per share, while adjusted net loss was $4.1 million, or $0.01 per diluted share. Mohmand said the reported results included $41.3 million of stock-based compensation related to one-time performance stock units and a $67.5 million non-cash loss related to changes in the fair value of Babcock & Wilcox warrants and common-stock investments. At quarter-end, Applied Digital held approximately $2.9 billion in cash and cash equivalents and $700 million in restricted cash, against about $6.4 billion in debt. More than 80% of the company's debt principal does not mature until fiscal 2031 or later, Mohmand said. Applied Digital is developing additional campuses in Louisiana and Alabama and expects the region to begin contributing revenue in the first half of calendar 2027. Cummins said demand remains robust for capacity available in 2027 through 2029 and said the company expects expansion and new-campus lease rates in the first half of 2027 to be materially higher than its contracts signed in the first half of 2026. The company also made its first move outside the U.S., signing an agreement for up to 1 GW of potential power capacity in Finland. Cummins said the initial 100 MW is expected to be available in 2028, with capacity ramping to 1 GW through 2031. He described the company's initial exposure as limited, with an option to avoid additional payments before later power additions. Applied Digital expects construction costs in Finland to be broadly similar to U.S. costs on a dollar-equivalent basis, though Cummins said delivery timelines could be longer in Europe. ChronoScale, in which Applied Digital holds an approximately 96% ownership stake, announced a planned 50-MW AI computing deployment in North America with Microsoft using NVIDIA GB300 NVL72 systems. Cummins said ChronoScale is on track to reach $1 billion in annual recurring revenue in 2027 following recent contracts. He also said ChronoScale's strategy differs from Applied Digital's core data center leasing strategy. While Applied Digital is targeting large-scale deployments for tier-one investment-grade hyperscalers, ChronoScale is pursuing smaller, grid-connected sites generally ranging from 50 MW to 100 MW, including modular-build opportunities. Looking further ahead, Cummins said Applied Digital believes it can grow its operating portfolio to between 3.5 GW and 4 GW by the end of calendar 2030 if demand and execution remain on track. Reaching the upper end of that range would require the company to deliver about 1 GW annually in 2029 and 2030, he said. Applied Digital Corporation (NASDAQ: APLD) develops and operates digital infrastructure designed to support high-performance computing, artificial intelligence and other data-intensive applications. The company provides data-center capacity and related services to customers that require substantial computing power and electricity. The company's business has included hosting infrastructure for cryptocurrency-mining operations and, increasingly, developing facilities for artificial intelligence and high-performance computing workloads. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Applied Digital Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for October 2026.

Interested in IREN Limited? Here are five stocks we like better. AI cloud growth accelerated: IREN ended fiscal 2026 with $4 billion in contracted annualized recurring revenue, including $1 billion from Microsoft’s accepted Horizon 1 deployment. The company said 2026 capacity is largely sold out and is already negotiating substantial portions of its 2027 and 2028 capacity. Major capacity expansion is underway: IREN targets approximately 300 megawatts of IT load delivered in 2026 and another 500 megawatts in 2027, reaching about 1.2 gigawatts of platform capacity. Horizon 2 is nearing commissioning, while Horizons 3 and 4 are under late-stage construction. Expansion requires substantial financing: IREN secured about $19 billion in funding over the past year and expects fiscal 2027 capital expenditures of $25 billion to $30 billion, including roughly $8 billion of additional GPU financing and prepayments. June-quarter revenue was $137.2 million, while a $684 million net loss was driven largely by non-cash impairments tied to decommissioned mining hardware. Riot Platforms Re-Wires the Ledger for a $9B AI Power Play IREN (NASDAQ:IREN) said it ended fiscal 2026 with $4 billion in contracted annualized recurring revenue, or ARR, for its 2026 capacity, including $1 billion that was operating following Microsoft’s acceptance of the Horizon 1 deployment. Co-Founder and Co-CEO Daniel Roberts said the company’s AI cloud strategy is centered on owning the full infrastructure stack, including land, power, data centers, compute equipment and software services. He said AI demand has intensified while physical infrastructure remains difficult and time-consuming to develop. → Quantum Computing Is Raising the Stakes for Cybersecurity: 5 Stocks to Watch AI Data Centers Are Splitting Winners From Pretenders in Infrastructure Stocks “Signing deals is not the bottleneck in this market,” Roberts said. “Bringing GPUs online is.” The company said its 2026 capacity is largely sold out and that it is in late-stage discussions with prospective customers for a significant portion of 2027 capacity, while discussions for 2028 are also underway. IREN disclosed new multicloud contracts with Cohere, Prometheus, Perplexity, Figure AI, Fal.ai and Higgsfield AI, as well as a separate multiyear agreement with an unnamed frontier AI lab. → NVIDIA Reveals $21 Billion SpaceX Stake: Signal of Confidence or Circular Financing? MarketBeat Week in Review – 07/20- 07/24 Roberts said existing customers Together AI and Fireworks AI had renewed and expanded their relationships with IREN. The company is seeking to broaden its customer base across hyperscalers, enterprises, AI developers and frontier labs, while also adding managed-services capabilities through Mirantis. IREN said Horizon 1, the first of four 50-megawatt liquid-cooled deployments at its Childress, Texas, site, was delivered to Microsoft during the month. The deployment achieved NVIDIA Exemplar Cloud status on GB200 NVL72 systems, according to Roberts. → Berkshire Boosts Its Bet: This AI Hyperscaler Is Now a Top-3 Holding Horizon 2 was progressing toward commissioning, while Horizons 3 and 4 were in late construction. The company is targeting delivery of all three remaining phases during the December quarter. The company is targeting about 300 megawatts of IT load delivered in 2026 and another 500 megawatts in 2027, which it said would bring gross platform capacity to about 1.2 gigawatts in 2027. IREN is developing capacity across Texas, British Columbia, Oklahoma, South Australia and Spain. At its British Columbia sites, IREN said GPUs are being installed at Mackenzie, Prince George’s air-cooled fleet is fully commissioned and liquid-cooling installation is underway. The company also decided to convert the Canal Flats site to liquid cooling for GB300 systems. For 2027, Sweetwater 1 is under construction, while civil work has begun for Horizons 5 and 6 at Childress. IREN said it is also progressing another 250 megawatts of air-cooled conversion. Its longer-term pipeline includes Sweetwater 2 and Kiowa in the U.S., Bundey in South Australia and Badajoz in Spain. The Badajoz site is expected to provide roughly 300 megawatts and is the largest and nearest-term development site within the recently acquired Nostrum portfolio in Spain. IREN said three-year contract pricing has risen about 125% since November, while five-year pricing has increased about 70%. Recent three-year contracts have been priced above $20 million per megawatt of IT load, and active discussions are at roughly $25 million per megawatt, Roberts said. He added that the contracts generally cover three to five years and are not spot-capacity arrangements. The company said recent customer prepayments have funded 45% to 55% of GPU capital expenditures. Roberts said IREN is prioritizing customer diversification, contract economics, prepayments and expansion opportunities rather than holding capacity for spot-market pricing. Chief Commercial Officer Kent Draper said Mirantis expands IREN’s ability to serve customers that want orchestration, enterprise support, monitoring and deployment capabilities in addition to bare-metal compute. He said the service layer could enable offerings such as reserved managed-services clusters and on-demand compute. IREN also said Mirantis was named an inaugural NVIDIA-certified hypervisor. On financing, CFO Anthony Lewis said the company secured approximately $19 billion in funding during the past 12 months, including nearly $16 billion from customer prepayments, GPU financing and convertible notes, along with roughly $3 billion of equity. $3.6 billion of investment-grade GPU financing for the Microsoft contract at a weighted average rate of about 6%. $2.8 billion of equipment financing for non-investment-grade deployments, including $2.4 billion at a 9% fixed rate for Mackenzie. About $14 billion of existing cash, committed GPU financing and prepayments, including $7.6 billion of cash as of June 30. Lewis said IREN expects fiscal 2027 capital expenditures of approximately $25 billion to $30 billion. The estimate includes spending for contracted 2026 deployments, air-cooled capacity planned for calendar 2027, liquid-cooled data center capacity at Childress and Sweetwater 1, and earlier-stage investment for 2028 and beyond. The company expects to seek roughly $8 billion of additional GPU financing and prepayments, with remaining funding needs expected to come from data-center financing, operating cash flow and corporate sources. Lewis noted that IREN’s data-center portfolio, including Horizons 1 through 4, remains unencumbered. For the June quarter, IREN reported revenue of $137.2 million, including $70.5 million of AI Cloud revenue. Total revenue declined $7.6 million from the preceding quarter as the company decommissioned mining hardware ahead of GPU installations, partly offset by AI Cloud growth. Cost of revenue fell $6.6 million, primarily because of lower electricity usage associated with reduced mining activity. IREN reported a net loss of $684 million, driven largely by $450.4 million of non-cash impairments, mostly related to decommissioned mining hardware, and a $102.1 million decline in the fair value of mining hardware held for sale. The company expects mining operations to be effectively decommissioned by the end of December 2026. It also expects first-quarter cash selling, general and administrative expense to rise by approximately $40 million to $50 million sequentially as it invests in personnel, sales and marketing, research and development, site development and cloud operations. IREN said it exited the fourth quarter with about $500 million of ARR, reached $1 billion following Horizon 1’s acceptance, and expects more than $4 billion of ARR by the end of the December quarter. Because much of the December-quarter capacity is expected to come online late in the period, the company said the associated revenue effect is expected to be seen predominantly in the March quarter. IREN Limited, formerly known as Iris Energy Limited, owns and operates bitcoin mining data centers. The company was incorporated in 2018 and is headquartered in Sydney, Australia. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "IREN Q4 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

HIVE Digital Technologies Ltd. HIVE is slated to report first-quarter 2026 results on Aug. 14, after the market closes. The company’s quarterly results are likely to display a year-over-year increase in revenues but a dip in earnings per share (EPS). In the last reported quarter, this bitcoin miner reported a loss of 28 cents per share, wider than the Zacks Consensus Estimate of a loss of 21 cents. HIVE’s performance was mainly impacted by a sharp decline in Bitcoin prices and record-high network difficulty, which compressed hash price and mining margins. Over the preceding four quarters, HIVE’s EPS lagged the Zacks Consensus Estimate on three occasions and outpaced it in the remaining, the average miss being 66.37%. This is depicted in the graph below: HIVE Digital Technologies Ltd. price-eps-surprise | HIVE Digital Technologies Ltd. Quote HIVE Digital Technologies’ fiscal first-quarter 2026 results are expected to reflect continued expansion of its Bitcoin mining capacity, supported by the ongoing ramp-up of its Paraguay operations. Higher operating hash rate, improved fleet efficiency and comparatively attractive power costs in Paraguay and New Brunswick should have supported Bitcoin production, mining revenues and gross mining margins, although the magnitude of the improvement will remain sensitive to Bitcoin prices and network difficulty. The BUZZ high-performance-computing business is also likely to provide an incremental contribution after reaching an annualized revenue run rate of more than $20 million and benefiting from strong utilization of HIVE’s roughly 5,100-GPU installed base. However, the larger Toronto AI data-center opportunity is unlikely to have been a meaningful first-quarter contributor, given management’s indicated nine-to-12-month retrofit timeline. Profitability could have remained constrained by elevated depreciation, expansion-related operating expenses and higher G&A as HIVE builds out Paraguay and its HPC platform, while GAAP earnings may have been volatile because digital assets are marked to fair value under U.S. GAAP. The Zacks Consensus Estimate for first-quarter revenues is pegged at $80.06 million, implying a 75.53% increase from the prior-year quarter’s reported number. HIVE’s activities in the to-be-reported quarter were inadequate in garnering analysts’ confidence. The Zacks Consensus Estimate for first-quarter EPS has remained unchanged at negative 21 cents over the past three months. It suggests a significant decline from the year-ago quarter’s tally. Our proven model does not conclusively predict a surprise in terms of EPS for HIVE this quarter. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an EPS beat, which is not the case here. HIVE has an Earnings ESP of 0.00% and currently carries a Zacks Rank of 3. You can uncover the best stocks before they’re reported with our Earnings ESP Filter. MARA Holdings MARA reported a second-quarter 2026 adjusted loss of $1.60 per share. Results reflected the impact of lower Bitcoin prices and higher costs. Riot Platforms RIOT reported a second-quarter 2026 adjusted loss of 68 cents per share. The EPS fall came despite higher revenues, as lower Bitcoin prices weighed on profitability. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report HIVE Digital Technologies Ltd. (HIVE) : Free Stock Analysis Report Marathon Digital Holdings, Inc. (MARA) : Free Stock Analysis Report Riot Platforms, Inc. (RIOT) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Riot Platforms sold 4,300 bitcoin in the second quarter of 2026 to help fund operations and its expanding artificial intelligence data center business, the company said, according to CryptoProwl. Riot mined 1,587 BTC in the second quarter, an 11% increase from the 1,426 BTC it produced in the same quarter of 2025. Yet bitcoin mining revenue fell 19% year over year to $113.7 million, as lower average bitcoin prices weighed on results. All-in mining costs came to $90,631 per bitcoin, which the company said amounted to 126.5% of each coin's $71,667 average production value over the period. Rising power costs and the ongoing expansion of its Kentucky mining facility drove the higher expenses. Quarterly revenue climbed to $174.2 million, a 14% gain versus the $153 million recorded in the same quarter of the prior year. Data center revenue contributed $23.2 million to that total. Riot posted a net loss of $237.2 million for the quarter, compared with net income of $219.5 million in the same period last year. Despite the bitcoin sales and the quarterly loss, Riot ended June with more than $1.2 billion in liquid assets, including $548.9 million in cash and 11,380 BTC remaining in its treasury, the company said. The bitcoin sales represent an acceleration of a shift in how Riot manages its holdings. According to Financefeeds, Riot had already offloaded 3,778 BTC in Q1, bringing in roughly $289.5 million from those sales. Riot has described its approach as balancing bitcoin retention with operational and growth funding needs, stopping short of committing its full mined output to long-term storage. The data center buildout is central to that capital deployment. At its Rockdale, Texas campus, Riot finished a first 25 MW build-out for AMD and has a second 25 MW phase under construction. After the quarter closed, Riot signed a 20-year agreement to supply 191 megawatts of IT capacity at Rockdale to a frontier AI company later identified as Anthropic. That contract is expected to generate approximately $9.1 billion through June 2048, with extension options that could raise the total value to roughly $16.1 billion, the company said. Together with its earlier AMD deal, Riot's contracted critical IT capacity now stands at 241 MW, representing roughly $9.8 billion in long-term revenue, CEO Jason Les said in a statement. Riot stock has risen 69% over the past 12 months and was trading at $19.58.

Bit Digital, Inc. BTBT reported a second-quarter 2026 loss of 6 cents per share, wider than the year-ago loss of 3 cents and missing the Zacks Consensus Estimate of a 5-cent loss. Rising costs affected the bottom line. Revenues rose 25.1% year over year to $32.11 million and beat the consensus mark by 47.9%. Growth was led by cloud and colocation services, while remaining performance obligations stood at approximately $1 billion at quarter-end. Bit Digital, Inc. price-consensus-eps-surprise-chart | Bit Digital, Inc. Quote Cloud services revenues increased 43.5% year over year to $23.8 million and rose 42% sequentially. The company attributed the year-over-year increase primarily to more deployed GPU servers serving new and existing customers. The segment generated an approximately 58% gross margin. The termination of an agreement with an initial customer reduced monthly GPU service revenue, but a $12.3 million termination fee substantially offset that impact. WhiteFiber, Inc. WYFI also continued adding business. New multi-year cloud agreements signed since its previous earnings call carry more than $540 million in combined contract value. The signed contracts indicate the portfolio will likely generate over $200 million of annualized revenues after full deployment. Colocation services contributed $4.7 million in second-quarter revenues and maintained an approximately 63% gross margin. Revenues were nearly unchanged from the first quarter, while the first-half total increased 182% from the prior-year period. The NC-1 campus did not contribute to second-quarter results and is expected to begin adding revenues in the third quarter. Mining continued to shrink as Bit Digital redirects capital elsewhere. The business generated $2.4 million in revenues from 32.3 bitcoin mined, down from 48.1 bitcoin in the preceding quarter. ETH staking revenues totaled $0.9 million, up 147.4% year over year but below $2.3 million in the first quarter. Native staking produced 440.1 ETH during the quarter compared with 166.8 ETH a year earlier, helping offset the impact of a lower average ETH price. The sequential revenue decline reflected a change in how the company deployed part of its ETH holdings. Bit Digital shifted ETH into liquid staking to provide collateral for financing tied to WhiteFiber. At June-end, the company held approximately 164,310.5 ETH, including ETH-equivalent positions associated with liquid staking and an externally managed fund. Second-quarter gross profit was $18.6 million, translating into a gross margin of 57.9%. Profitability below the gross-profit line was pressured by several sizable charges, including a $46 million impairment related to LsETH and $28.8 million of losses on digital assets. The quarter also included a $5 million impairment of capitalized software assets. Interest costs added another layer of pressure as the company carried convertible notes, collateralized borrowing and other credit facilities. Total operating expenses reached $114.7 million in the second quarter. Operating activities generated $46.8 million of cash during the first six months of 2026, up 33% from the comparable 2025 period. Cash and cash equivalents stood at approximately $83.6 million at June 30, with $27.5 million held by Bit Digital and $56.1 million at WhiteFiber. Bit Digital also raised $50 million against part of its ETH treasury and used its balance sheet to provide WhiteFiber with a delayed-draw term facility carrying commitments of up to $150 million. The structure supplied capital for growth projects, including NC-1, without requiring an ETH sale or new equity issuance by either company. Contract liabilities rose to $143.1 million from $79.6 million at the end of 2025. The company doesn’t plan to sell WhiteFiber shares in 2026. BTBT currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Peers including MARA Holdings, Inc. MARA and Riot Platforms, Inc. RIOT have also posted second quarter 2026 results. MARA Holdings came out with a quarterly adjusted loss of 70 cents per share, wider than the Zacks Consensus Estimate of a loss of 56 cents. However, the bottom line improved from a loss of 81 cents per share a year ago. MARAposted revenues of $174.88 million for the quarter ended June 2026, which missed the Zacks Consensus Estimate by 16.1% and decreased from $238.49 million a year ago. Riot Platforms posted a loss of 68 cents per share compared with the Zacks Consensus Estimate of a loss of 39 cents. Revenues of $174.2 million beat the $148.7 million consensus by 17.20%. It delivered AMD’s initial 25 MW in May on schedule and on budget, bringing recurring operating lease revenues onto the platform. Riot’s Engineering revenues reached $37.3 million, and gross margin was 27.5%. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Bit Digital, Inc. (BTBT) : Free Stock Analysis Report Marathon Digital Holdings, Inc. (MARA) : Free Stock Analysis Report Riot Platforms, Inc. (RIOT) : Free Stock Analysis Report WhiteFiber, Inc. (WYFI) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Interested in Terrestrial Energy Inc.? Here are five stocks we like better. Regulatory and site-development progress advanced: The NRC approved Terrestrial Energy’s methodology report, while the company expanded testing programs and secured agreements with Texas A&M and Zachry Nuclear to evaluate a potential IMSR site at the RELLIS campus. Commercial pipeline grew to 7.8 GW: A relationship with Riot Platforms targets up to 4 GW of IMSR capacity for data centers, potentially using natural-gas systems initially before transitioning to nuclear generation. Updated economics improved, but spending is expected to rise: Estimated lifetime revenue per unit increased to $2.7 billion and gross margin to 33%; the company held $283.4 million in cash and investments, with second-half cash burn expected to increase as development activities accelerate. Terrestrial Energy (NASDAQ:IMSR) reported second-quarter progress across its engineering, regulatory, supply-chain and commercial-development programs, while outlining updated unit economics for its IMSR small modular reactor plant design. Chief Executive Officer Simon Irish said the company continues to execute against the three pillars of guidance it established in March: engineering and regulation, supply-chain development, and commercial-project development. He also emphasized the company’s capital-light business model, under which it does not plan to build, own or operate IMSR plants itself. → SoundHound AI Sends a Loud Signal After Its Q2 Earnings Beat Irish said the company’s DOE-partnered Project TETRA test reactor and Project TEFLA fuel-line pilot project advanced during the quarter. TETRA is intended to support data collection for a Nuclear Regulatory Commission operating license application for the IMSR plant, while TEFLA is focused on developing commercial production processes for IMSR Fuel Salt. On the regulatory front, the NRC issued a Safety Evaluation Report on May 12 approving Terrestrial Energy’s Topical Report covering its Postulated Initiating Events methodology. Irish said the approval followed a previous Safety Evaluation Report on the company’s principal design criteria. Both analyses can be referenced in future applications without reevaluation, according to the company. → 3 Dividend Champion Utilities for a Market That Can't Sit Still The company continued graphite irradiation testing at the NRG Petten test reactor in the Netherlands. During the quarter, Terrestrial Energy expanded the testing program by adding irradiation cycles, which contributed to changes in research and development spending. Terrestrial Energy also announced an engineering service agreement with Zachry Nuclear to support development activities at Texas A&M University’s RELLIS campus. The work includes site characterization and data collection for a potential NRC construction permit application for a commercial IMSR plant at the site. → Take-Two’s Q1 Results Leave GTA 6 Bulls Stuck in the Fog of War In June, Terrestrial Energy signed ground lease and research agreements with Texas A&M for exclusive use of a 77-acre RELLIS site. Irish said the agreements create a path for site characterization and environmental evaluations ahead of potential construction. In May, Terrestrial Energy announced a relationship with Riot Platforms involving the potential supply of electricity for data-center operations. The companies intend to identify an initial site as part of a program targeting 4 gigawatts of IMSR generation capacity to support Riot’s data-center operations. Irish said the relationship would use a feature of the IMSR design allowing the non-nuclear thermal and electric portions of the facility to be customized. The company expects the plant’s non-nuclear “back end” could initially use natural gas to produce steam and supply commercial power before nuclear systems enter service. He characterized the approach as a capital-efficient dual-fuel arrangement, rather than a combined-cycle gas plant. Terrestrial Energy expects that standard industrial equipment used in the non-nuclear portion could allow power generation to begin within five years, while nuclear generation would provide longer-term clean, firm power. Following the Riot relationship, Terrestrial Energy said the indicative capacity of its commercial-project pipeline rose to 7.8 GW. The company identified data centers, industrial process heat and replacement of retiring coal capacity as its primary commercial market verticals. Terrestrial Energy updated its estimated lifetime economics for each IMSR unit following engineering work conducted over the past year, including work related to TEFLA. Irish said the revised model does not reflect a change in the company’s business approach, but rather an iteration of its estimates. Estimated cumulative lifetime revenue per unit increased to approximately $2.7 billion from $2.1 billion. Blended gross profit margin increased to 33% from 22% in the prior model. The company estimates 79% of unit revenue would occur after plant construction through long-term supply contracts. Core-unit supply is expected to represent 58% of revenue, while fuel-salt supply would account for 21%. The estimated serviceable addressable market through 2050 increased to $2.3 trillion from $1.9 trillion. The company plans to manufacture and supply IMSR Core-units and major reactor components that are designed for replacement every seven years over a plant’s 56-year design life. Irish said this would imply 16 Core-units and about $1.6 billion in cumulative revenue from that activity. The company estimated gross margins of 33% for Core-unit supply and 40% for fuel supply. Irish also highlighted the IMSR’s liquid-fuel approach. He said the company’s fuel-production process does not require the third manufacturing step needed to create physical fuel assemblies or TRISO fuel elements for solid-fuel reactors. Terrestrial Energy plans to use low-enriched uranium, or LEU enriched to less than 5%, rather than high-assay low-enriched uranium, or HALEU. The company is working with Westinghouse on supply of enriched uranium tetrafluoride, which would be combined with fluoride carrier salts to produce IMSR Fuel Salt. Irish said the approach requires one fuel-production plant for the company’s process and avoids certain cost and complexity associated with physical fuel manufacturing. Chief Financial Officer Brian Thrasher said Terrestrial Energy ended the quarter with $283.4 million of cash equivalents and short- and long-term investments, compared with $289.9 million at the end of the first quarter. Quarterly cash burn was $6.4 million, or roughly $2.2 million per month, down from $7.9 million, or $2.6 million per month, in the first quarter. Thrasher attributed the decline largely to the timing of testing activities. Research and development expense declined by about $1.1 million sequentially, reflecting timing and scope changes in testing programs. General and administrative expense rose about $700,000, primarily due to a $500,000 increase in stock-based compensation associated with expanding headcount. Thrasher said the company expects cash burn to increase in the second half as it advances RELLIS site analysis, testing programs, project activities and organizational development. The company reported no change in its issued and outstanding share count during the quarter, though its fully diluted share count increased by about 300,000 shares due to stock-option grants. Thrasher said Terrestrial Energy had no debt and modest current liabilities and lease obligations. Terrestrial Energy Inc produces carbon free nuclear energy in North Carolina and internationally. The company was founded in 2013 and is headquartered in Charlotte, North Carolina. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Terrestrial Energy Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Never miss an important update on your stock portfolio and cut through the noise. Over 7 million investors trust Simply Wall St to stay informed where it matters for FREE. Riot Platforms (RIOT) reported second quarter 2026 results that combined higher total revenue with a swing to a substantial net loss, reshaping how investors may look at the stock’s risk and reward profile. See our latest analysis for Riot Platforms. The Q2 2026 report and new 20 year AI infrastructure agreement come after a period where Riot Platforms’ share price has fallen 21% over 3 months but still delivered a 74% 1 year total shareholder return. This suggests recent momentum has cooled while longer term sentiment remains constructive. If you are weighing Riot Platforms against other ways to gain exposure to digital assets, this could be a good moment to look across cryptocurrency related stocks using the 20 cryptocurrency and blockchain stocks. Riot Platforms has fallen over the past quarter yet still sits well above where it traded a year ago, while the stock price stands well below average analyst targets. So where does a reasonable fair value range actually sit now? Riot Platforms last closed at $19.37, while the most followed narrative sets fair value at $29.50. That gap reflects a bold set of long range assumptions. Read the complete narrative. Want to understand why this narrative points to a much higher fair value for Riot Platforms? The core story hinges on rapid revenue expansion, a sharp shift in margins, and a future earnings multiple more often attached to fast growing software leaders. Result: Fair Value of $29.50 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, this Riot Platforms narrative still hinges on volatile Bitcoin prices, as well as the company successfully filling new data center capacity with tenants on acceptable terms. Find out about the key risks to this Riot Platforms narrative. The main Riot Platforms narrative leans on long term earnings potential, yet the current P/S ratio of 11.2x sits far above the estimated fair ratio of 3.7x and the wider US Software industry at 3.7x. That gap points to meaningful valuation risk if sentiment around growth or Bitcoin weakens. On the other hand, Riot Platforms trades at a lower P/S ratio than a peer average of 30.5x. That suggests part of the AI and data center story might already be discounted compared with closer peers, which leaves investors weighing whether the stock is stretched or still catching up to its group. See what the numbers say about this price — find out in our valuation breakdown. All of this leaves a mixed picture for Riot Platforms, with clear risks on one side and meaningful potential on the other. Take a closer look at the data, weigh both sides, and decide where you stand with the 1 key reward and 2 important warning signs. If Riot Platforms has your attention, do not stop here. Cast a wider net and compare it with other focused opportunities that could sharpen your investing edge. Target potential mispriced opportunities by scanning companies that feature in the 52 high quality undervalued stocks. Prioritise resilience by reviewing stocks with strong fundamentals using the solid balance sheet and fundamentals stocks screener (48 results). Hunt for tomorrow's potential standouts through the screener containing 21 high quality undiscovered gems. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include RIOT. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

(Bloomberg) -- CoreWeave Inc. shares have been on a roll lately after a monthslong slump. Now, the neocloud provider’s earnings after the close Tuesday can give investors a sense of whether the rally is sustainable. Most Read from Bloomberg China Unleashes $28 Trillion Capital Markets to Challenge US in AI Nvidia Taps Wall Street for $500 Billion Funding Commitment Trump Makes Sweeping New Demands on Iran as Deal Hopes Dim Stocks Churn as Hormuz Standoff Spurs Rally in Oil: Markets Wrap Iran Shakes Up Security Team After Saying Oman Deal ‘Very Close’ The problem is, quarterly results tend to bring out the worst in the stock, which has fallen after each of the company’s last five earnings reports, according to data compiled by Bloomberg. “It almost doesn’t matter what they say on their earnings,” said Willy Lee, principal at venture firm Neostellar, which has held shares of CoreWeave since before its initial public offering. “The market’s still I think locked in on pieces of their earnings where I’m not sure if people fully understand parts of the story, and I think it’s just taken time for people to digest.” It’s been a rocky ride in the stock market for CoreWeave, which rents cloud-computing power for artificial intelligence, since going public in March 2025. The shares have been whip-lashed by the expiration of early investor lockups and shifting sentiment surrounding AI. They more than tripled in their first few months of trading, gave back a good chunk of that gain over the next few months, and have flipped between periods of steep gains and sharp losses ever since. Through it all, the stock is up 120% since the IPO and 23% this year. However it’s still down 41% from the all-time high it hit almost exactly a year ago. The latest downturn started in May after the company’s first-quarter earnings report featured a disappointing forecast that sparked concerns about slowing growth. The stock plunged 56% from a high in May to a low in July. But it has recovered almost half that loss, with a 21% jump in a single session after CoreWeave and Leidos Holdings Inc. announced they were developing AI cloud services for US defense and intelligence operations, followed by last week’s 26% gain, its best performance in over a year. After all that, the company’s earnings will offer a clearer view of where CoreWeave stands at this critical juncture. The company has been spending to build more data center capacity, and it has said that the benefits of those investments should start showing up in the second half of this year, making management’s forward guidance even more crucial than they’ve ever been. “It’s great if you can bring on capacity, but you have to make money from that,” said BNP Paribas analyst Stefan Slowinski, who has an outperform rating on the stock. “The risk is if they’re cautious on that Q3 guidance on the operating profits, then it may not answer those concerns people have. And if all of that has to come in the fourth quarter, then just like with any stock it creates risk if you’re sort of putting all of your eggs into the Q4 basket.” Wall Street expects the Livingston, New Jersey-based company to report a 111% rise in second-quarter revenue to $2.6 billion, and an adjusted net loss of $649 million compared with $131 million a year ago. Analysts have grown increasingly skeptical about this report, raising their projections for CoreWeave’s adjusted loss by 8.4% in the last month and 18% over the last three months. CoreWeave also is expected to post an adjusted operating margin of 2.9% in the second quarter. The figure will be key for investors after falling to about 1% in the first quarter. “I’m hoping that that margin was the low that we’ll see for the year, and that when they report this quarter, it’ll be up from the March trough and they guide to increases each and every quarter in margin,” said Paul Meeks of Freedom Capital Markets. “That’ll make me feel that the ding in short term property profitability is indeed behind us.” The optimism is reasonable considering the biggest AI spenders like Alphabet Inc., Meta Platforms Inc. and Microsoft Corp. are maintaining or raising their capital expenditure plans. The three companies make up roughly 80% of CoreWeave’s revenue, according to data compiled by Bloomberg. At the same time, the field is becoming increasingly competitive. Elon Musk’s SpaceX has inked a number of deals to sell AI computing power, and Meta is reportedly developing plans to do the same. Still, Wall Street remains bullish on CoreWeave due to the overwhelming demand for AI infrastructure. Of the 43 analysts tracked by Bloomberg who cover the company, 29 have buy ratings. The average price target of around $138 implies shares will climb 57% over the next 12 months. “AI infrastructure demand remains exceptionally strong and capacity largely sold out,” Citi’s Tyler Radke, who has a buy rating on the stock, wrote in an August 4 note to clients. Of course, the stock’s position — up from a recent trough but still significantly below its all-time high — also sets up a potential buying opportunity. That is, as long as CoreWeave can deliver a solid outlook that calms concerns around its return on investment and gives investors confidence that it will be able to borrow at a cheaper cost of capital and deliver profits before long. “If they can do that, then it’s kind of a self-fulfilling prophecy,” BNP Paribas’s Slowinski said. “All that has to come together to increase confidence in the company and in the business model.” Tech Chart of the Day Top Tech Stories Tencent Holdings Ltd.’s early success with WorkBuddy may give the Chinese Internet giant a chance to catch up after lagging peers in the artificial intelligence race for the past few years. Intel Corp. raised $20 billion in an upsized share sale, a third more than it was targeting when it announced the deal Monday morning. US investment giants including Apollo Global Management Inc., Blackstone Inc., BlackRock Inc. and Brookfield Asset Management are partnering with Nvidia Corp. to source $500 billion in financing for artificial intelligence infrastructure. Anthropic PBC has struck a $9.1 billion deal with Riot Platforms Inc., a Bitcoin mining company that recently began selling AI data center capacity, people familiar with the matter said, underscoring the Claude maker’s efforts to secure enough computing power to meet its customers’ demand. Apple Inc. is still planning to offer a glass-centric overhaul of the iPhone for the device’s 20th anniversary, people familiar with the matter said, countering an analyst report that the move had been canceled. Earnings Due Earnings Premarket: Earnings Postmarket: --With assistance from Subrat Patnaik and David Watkins. Most Read from Bloomberg Businessweek Lululemon Is At War With Itself Supercharged by Social Media, the GLP-1 Boom Is Warping Teen Psyches Canada Stares Down ‘Quebexit’ Risk How Apple and India Built an Alternative iPhone Production Hub The $5 Billion Cosmetics Company Behind the High-Flying Rhode Brand ©2026 Bloomberg L.P.

Riot Platforms (NASDAQ: RIOT) entered into a 20-year agreement at its Rockdale, Texas, campus covering 191 MW of critical IT capacity with an unnamed frontier AI lab. Riot also said second-quarter revenue came in at $174.2 million, a 14% increase from $153 million a year earlier. The Tier 3 data center, built to suit, is expected to bring in about $9.1 billion of contract revenue through June 2048. Riot put cumulative NOI at $7.3 billion to $8.2 billion over the base term, equal to average annual NOI of $365 million to $411 million. The tenant can exercise two five-year extensions that would increase potential contract value to about $16.1 billion. Riot expects to deliver the first 96 IT MW in December 2027 and the full 191 IT MW by June 2028, using Rockdale’s existing approved interconnection. Morgan Stanley is providing $573 million of interim financing for initial development costs while Riot finalizes an investment-grade credit backstop. Stay ahead of AI infrastructure deals. Get Blockspace in your inbox. During the quarter, Riot wrapped up AMD’s last 20 MW of initial deployment, putting 25 MW of commissioned critical IT capacity online. Work is now under way on another 25 MW, with 10 MW slated for November 2026 and 15 MW due in May 2027. The AMD expansion will bring that tenant’s contracted capacity to 50 MW. Combined with the new 191 MW agreement, Riot now has 241 MW of contracted critical IT capacity and approximately $9.8 billion of expected revenue under the initial contract terms. Riot CEO Jason Les called the new agreement “a defining moment in our evolution into a leading developer of large-scale data centers.” The AI lab is Riot’s second data-center tenant at Rockdale, following the AMD agreement announced in January. Data Center revenue totaled $23.2 million in the second quarter, including $4.9 million from operating leases and $18.3 million from tenant fit-out services. Bitcoin Mining revenue declined to $113.7 million from $140.9 million, while Engineering revenue rose to $37.3 million from $10.6 million. Riot reported a net loss of $237.2 million, compared with net income of $219.5 million in the year-earlier quarter. Adjusted EBITDA was negative $69.7 million, versus positive $495.3 million a year earlier. The company ended June with more than $1.2 billion of liquid assets. That included $548.9 million in cash and 11,380 bitcoin valued at about $666 million, with 5,821 bitcoin pledged as collateral. Riot mined 1,587 bitcoin, compared with 1,426 a year earlier. Its cost per bitcoin excluding depreciation rose to $49,912 from $48,992, while the cost including depreciation was $90,631 against a production value of $71,667 per bitcoin. Stay ahead of AI infrastructure deals. Get Blockspace in your inbox. Riot said its lease projections and delivery timetable remain subject to construction delays, supply-chain constraints, financing risks and changes in tenant demand.