Applied Digital operates large-scale digital infrastructure campuses in the United States, providing data center capacity for high-performance computing workloads, including artificial intelligence and machine learning. The company recently signed a lease for an additional facility and obtained financing to support ongoing construction. In June, Applied Digital disclosed an approximately 15-year lease for the 210-megawatt Delta Forge 2 campus, representing about $5.2 billion in base-term contracted revenue, and closed a $1.59 billion senior secured note offering intended in part to finance construction of a fourth building at Polaris Forge 1.
Applied Digital reported a GAAP operating margin of about negative 48.2% for the quarter ending May 31, 2026, based on an operating loss of $124.8 million and revenue of $258.7 million. Its latest quarter’s revenue jump was partly driven by $152.4 million in tenant fit-out services, meaning not all of the increase represented recurring base-rent revenue.
IREN manages data center facilities and digital asset mining across its international operations, according to Yahoo Finance. IREN is integrating the acquired Spanish data center developer Nostrum Group and completed the purchase of cloud software provider Mirantis in August 2026. The Nostrum acquisition added approximately 490 megawatts of secured, grid-connected power in Spain, while Mirantis adds cloud infrastructure software and managed-services capabilities.
IREN recorded an operating margin of negative 452% for the quarter ending June 30, 2026. The company reported an operating loss of $620.4 million on $137.2 million of revenue for that quarter, with results heavily affected by $450.4 million of non-cash impairment charges tied primarily to decommissioning Bitcoin mining hardware.
Revenue is a key indicator for investors to assess how well a company attracts paying customers and builds business volume. For neocloud firms like Applied Digital and IREN, revenue growth can help show whether investments in AI infrastructure are generating more business, but revenue alone does not establish profitability or adequate returns on capital.
Company filings show the quarterly revenue trends for both firms as of September 4, 2026. Investors can use those revenue trends alongside operating margins, cash flow, debt, capital spending and contracted customer commitments to assess the companies’ financial health. The high costs associated with building AI data centers mean that sustained sales growth can be important, but liquidity, financing terms, margins and customer contracts also affect whether these projects remain financially viable.
Applied Digital reported quarterly revenue of $64.2 million for the period ending August 31, 2025, $126.6 million for November 30, 2025, $126.6 million for February 28, 2026, and $258.7 million for May 31, 2026. Applied Digital’s revenue trajectory therefore shows sharp recent acceleration, although it has not produced uninterrupted quarter-over-quarter growth across the full eight-quarter comparison period.
IREN has experienced sequential contractions in its top-line revenue during recent quarters. IREN’s total quarterly revenue peaked at $240.3 million for the period ending September 30, 2025, then fell to $184.7 million in December, $144.8 million in March and $137.2 million in June.
That decline partly reflects IREN’s deliberate transition away from Bitcoin mining as it reallocates infrastructure toward AI cloud services. IREN’s AI Cloud Services revenue increased from $7.3 million in the September 2025 quarter to $17.3 million in December, $33.6 million in March and $70.5 million in June. As a result, the company’s falling total revenue masks rapid growth in its smaller AI cloud segment while its Bitcoin mining revenue declines.
These trends highlight the importance of financial performance for neocloud companies that rely on large-scale infrastructure investments. Applied Digital’s latest revenue also includes a substantial tenant fit-out component, while IREN’s latest operating loss includes large non-cash impairments related to its mining transition. Investors comparing the two companies should therefore distinguish recurring infrastructure or cloud revenue from construction-related revenue and transition-driven accounting charges.