Applied Digital revenue up 320%, shares fall 2.5% on Q1 report

Applied Digital reported first-quarter revenue up more than 320% year over year, beating estimates, yet shares fell about 2.5%. Founder and CEO Wes Cummins said the gap should narrow faster over the next 12 months, with all contracted capacity expected online in roughly 20 to 22 months.

• Applied Digital Q1 revenue rose more than 320% year over year
• Revenue beat analyst estimates
• Shares fell about 2.5% after the earnings report
• All contracted capacity expected online in 20–22 months