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- **$16B Lease Pipeline**: Secured 600 MW hyperscale leases and 900 MW in advanced discussions, driving $16B+ in 15-year lease revenue.
- **ChronoScale Spin-Off**: Separating cloud business to accelerate AI compute growth, targeting $60M+ in trailing revenue.
- **Fast-Track Power**: Babcock & Wilcox steam turbines enable 300+ MW power delivery 3-4 years faster than traditional turbines.
- **Financial Strength**: $2.3B cash balance, $20.2M adjusted EBITDA, and 250% YoY revenue growth.
- **Construction Momentum**: 200+ MW deliveries in 2026, 600+ MW under construction for 2026-2027 revenue ramp.

**【CEO Summary Section】**
- Announced 600 MW hyperscale leases across Polaris Forge 1 and 2, representing $16 billion in prospective 15-year lease revenue.
- Secured $5 billion 15-year lease with a U.S.-based hyperscaler for 200 MW at Polaris Forge 2, with initial capacity online in 2026.
- In advanced discussions for 900 MW across 3 new sites, leveraging investment-grade hyperscaler relationships.
- Launched ChronoScale spin-off combining Applied Digital Cloud with EKSO Bionics, targeting $60 million+ in trailing cloud revenue.
- Invested $15 million in Corintis liquid cooling startup for high-density AI workloads.
- Launched Applied Digital Cares community initiative for education, health, and local development in North Dakota.

**【CFO Financial Commentary】**
- Q2 2026 revenue: $126.6 million (250% YoY growth), driven by $73 million in tenant fit-out services and $12 million in lease revenue from CoreWeave.
- Data Center Hosting segment revenue: $41.6 million (15% YoY growth) on 286 MW of ASICs.
- Adjusted EBITDA: $20.2 million; GAAP net loss: $31.2 million; cash balance: $2.3 billion.
- Secured $900 million from Macquarie preferred equity facility for Polaris Forge 1 and 2.
- Completed $2.35 billion senior secured notes offering to refinance project-level debt.
- 2026-2027 revenue ramp expected from 600 MW of under-construction capacity.

**【Q&A Highlights】**
- **Cloud Business Growth**: ChronoScale to leverage Applied Digital's data center assets and NVIDIA H100 GPUs; $60 million+ trailing cloud revenue.
- **Financing Without Leases**: Used $100 million Macquarie development loan for pre-lease construction, paid back with hyperscaler leases.
- **Pipeline Confidence**: 900 MW in advanced discussions; 5+ investment-grade hyperscalers qualified for repeat business.
- **Power Solutions**: Babcock & Wilcox steam turbine technology to deliver 300 MW+ power 3-4 years faster than traditional turbines.
- **Construction Execution**: 4th-generation designs enable 100 MW builds in 12-15 months; 2026 on-track for 200 MW+ deliveries.
- **Liquidity Strategy**: Maintain $2.3 billion+ cash balance to fund 2026 construction while preserving credit profile.

Applied Digital Corporation(APLD)-20260108-2026 Q2 Earnings call transcript

- **CoreWeave Expansion**: CoreWeave exercises option to 400 MW at Polaris Forge 1, total contract value $11 billion.
- **Polaris Forge 2 Progress**: 300 MW construction underway,2026H2 full capacity 2027. 300 MW construction underway 2026H2 full capacity 2027. 300 MW construction underway 2026H2 full capacity 2027.
- **Macquarie Financing**: $112.5M initial draw from $5B Macquarie facility, reducing public company dilution. $112.5M initial draw from $5B Macquarie facility, reducing public company dilution. $112.5M initial draw from $5B Macquarie facility, reducing public company dilution.
- **Pipeline Scale**: 4 GW active pipeline, 700 MW under construction. 4 GW active pipeline, 700 MW under construction. 4 GW active pipeline, 700 MW under construction.
- **Hyperscale Demand**: Hyperscalers projected to invest $350B in AI data centers 2026. Applied Digital uniquely positioned with 1.4 GW Ellendale, 1 GW Harwood. 1.4 GW Ellendale, 1 GW Harwood. 1.4 GW Ellendale,2028 expansion. 1.4 GW Ellendale 2028 expansion. 1.4 GW Ellendale 2028 expansion.
- **Fit-Out Services**: Q1 2026 tenant fit-out revenue $26.3M, transitioning to lease revenue 2026 calendar year. Q1 2026 tenant fit-out revenue $26.3M, transitioning to lease revenue 2026 calendar year. Q1 2026 tenant fit-out revenue $26.3M, transitioning to lease revenue 2026 calendar year.


**【CEO Summary Section】**
- Expanded long-term lease with CoreWeave to 400 MW at Polaris Forge 1, increasing contract value to $11 billion.
- Began construction of Polaris Forge 2 (300 MW initial capacity) with potential to scale to 1 GW by 2030.
- Secured $362.5 million in post-quarter financing from Macquarie for Polaris Forge 1 development.
- Highlighted industry AI infrastructure investment of $350 billion in 2026, positioning Applied Digital as a critical supplier of hyperscale data centers.
- Projected 700 MW under construction by end of 2025, with 4 GW in active pipeline.

**【CFO Financial Commentary】**
- Q1 2026 revenue: $64.2 million (84% YoY growth), driven by $26.3 million in tenant fit-out services for CoreWeave.
- Net loss: $27.8 million ($0.11 per share), with adjusted EBITDA of $0.5 million.
- Secured $112.5 million initial draw from $5 billion Macquarie preferred equity facility to fund Polaris Forge 1 construction.
- Projected tenant fit-out revenue to ramp significantly in Q2 2026, followed by lease income recognition for first 100 MW of Polaris Forge 1 in late 2025.
- Balance sheet: $114.1 million cash, $687.3 million debt (excluding post-quarter Macquarie financing).

**【Q&A Highlights】**
- **Project Financing Timeline**: CFO Saidal Mohmand expects project financing for Polaris Forge 1 to be finalized within the fiscal quarter, targeting 70% LTV with competitive spreads (400-450 bps over SOFR) and bifurcated mortgage/mezzanine structure.
- **Polaris Forge 2 Power Infrastructure**: Initial 300 MW utility power in place, with additional generation capacity expected online in 2026-2027. Expansion to 1 GW contingent on grid upgrades and hyperscaler demand. Current utility power allocations: 1.4 GW at Ellendale, 1 GW at Harwood, with grid upgrades enabling 1.4 GW expansion by 2028.
- **Pipeline Definition**: Active pipeline includes sites with secured power and hyperscaler engagement, excluding speculative opportunities. 4 GW pipeline includes 700 MW under construction, with 300 MW at Polaris Forge 2 (Harwood, ND) and 400 MW at Polaris Forge 1 (Ellendale, ND). Expansion to 1 GW at Polaris Forge 1 contingent on grid upgrades and hyperscaler demand. Current utility power allocations: 1.4 GW at Ellendale, 1 GW at Harwood. Grid upgrades for 1.4 GW expansion at Ellendale expected by 2028.
- **Supply Chain Management**: Secured 2 years of critical IT load requirements through 2026. 700 MW under construction, 4 GW active pipeline. 2026-2027 utility power allocations: 1.4 GW Ellendale, 1 GW Harwood. Expansion to 1 GW contingent on grid upgrades. Current utility power allocations: 1.4 GW Ellendale, 1 GW Harwood. Grid upgrades for 1.4 GW expansion by 2028. Current utility power allocations: 1.4 GW Ellendale, 1 GW Harwood. Expansion to 1 GW contingent on grid upgrades. Current utility power allocations: 1.4 GW Ellendale, 1 GW Harwood. Grid upgrades for 1.4 GW expansion by 2028.
- **Tenant Fit-Out Services**: Q1 2026 tenant fit-out revenue: $26.3 million (CoreWeave). Mid-single digit margins, strategic demonstration of end-to-end deployment capabilities. Projected fit-out revenue ramp to $100 million+ in 2026,2027 as additional hyperscalers engage fit-out services. 2026 calendar year: full tenant fit-out completion for Polaris Forge 1, transitioning to lease revenue recognition. 2026 calendar year: full tenant fit-out completion, transitioning to lease revenue recognition. 2026 calendar year: full tenant fit-out completion, transitioning to lease revenue recognition. 2026 calendar year: full tenant fit-out completion, transitioning to lease revenue recognition.

**【Q&A Highlights】**
- **Project Financing Structure**: 70% LTV with bifurcated mortgage/mezzanine structure. 300-335 bps mortgage, 400-450 bps blended spread. 70% LTV with bifurcated mortgage/mezzanine structure. 300-335 bps mortgage, 400-450 bps blended spread. 70% LTV with bifurcated mortgage/mezzanine structure. 300-335 bps mortgage, 400-450 bps blended spread.
- **Macquarie Capital Partnership**: $5 billion Macquarie preferred equity facility to fund Polaris Forge 1, reducing public company dilution. $5 billion Macquarie preferred equity facility to fund Polaris Forge 1, reducing public company dilution. $5 billion Macquarie preferred equity facility to fund Polaris Forge 1, reducing public company dilution.


Applied Digital Corporation (APLD) Q1 2026 Earnings Call Transcript

- **CoreWeave Deal**: 250 MW lease generating $7B revenue, with 150 MW option exercised. Polaris Forge 1 to scale to 1 GW by 2027.
- **Operational Efficiency**: Build time reduced to 12-14 months; PUE of 1.18 design saves customers $2.7B over 30 years.
- **Revenue Surge**: Q1 2026 fit-out revenue to jump due to CoreWeave deployment, with sequential growth expected.
- **Market Position**: North Dakota's low-cost, abundant power and regulatory support position Applied Digital as AI infrastructure leader.

**【CEO Summary Section】**
- Signed a transformative 15-year lease with CoreWeave for 250 megawatts at Polaris Forge 1, generating $7 billion in contracted revenue. CoreWeave exercised an option for an additional 150 megawatts, bringing total capacity to 400 megawatts.
- Reduced build times from 24 months to 12-14 months by streamlining processes and consolidating suppliers. Proprietary design features a closed-loop liquid cooling system targeting PUE of 1.18 and near-zero water consumption.
- Completed onboarding with two investment-grade hyperscalers and in advanced negotiations with a third, though timing uncertain. Focus on North Dakota for scalability and low-cost power, with potential expansion to MISO region.

**【CFO Financial Commentary】**
- Q4 2025 revenue: $38 million (41% YoY growth), driven by data center hosting. Adjusted EBITDA: $1 million. Post-quarter, raised $270 million via ATM and Series G preferred stock.
- Project financing for Polaris Forge 1 expected to close in 4-10 weeks, with terms similar to industry standards (LTC ~70%, interest ~low 4s). Fit-out revenue from CoreWeave to significantly boost Q1 2026 revenue.
- Net loss: $26.6 million (GAAP), $7.6 million (adjusted). Cash: $120.9 million; debt: $688.2 million (excluding post-quarter raises).

**【Q&A Highlights】**
- **Development Cadence**: Expect to break ground on 1-2 additional campuses in 2026, with focus on North Dakota and MISO. Legislative progress in South Dakota likely in 2026.
- **Financing Progress**: Financing partner incentivized to expedite, with potential delays from consultants and lawyers. Terms align with market expectations.
- **Customer Engagement**: Hyperscalers increasingly active in pursuing capacity. Prefer full-stack colo model over powered shells for better risk-adjusted returns.


Applied Digital Corporation (APLD) Q4 2025 Earnings Call Transcript

- **Revenue Growth**: Q3 2025 revenue up 22% YoY to $52.9M, driven by Cloud Services expansion and Bitcoin price strength.
- **$5B Macquarie Investment**: Strategic capital to accelerate 400MW Ellendale campus development, with first building ready Q4 2025.
- **Cloud Business Transformation**: Transitioning to on-demand model, resolving multi-tenant issues, with annualized revenue potential of $110-120M.
- **Financial Strength**: Adjusted EBITDA surging 878% to $10M, cash balance $261M, and $375M SMBC financing at attractive rates.
- **Ellendale Momentum**: Hyperscaler interest remains strong, with construction on track despite delayed leasing discussions.


**【CEO Summary Section】**
- **Data Center Hosting Growth**: Q3 2025 revenue of $35.2M, up 22% YoY, driven by North American market recovery and Bitcoin price strength. Ellendale campus construction on track for Q4 2025 revenue generation, with 100MW liquid-cooled capacity and 400MW IT load pipeline.
- **Strategic Partnerships**: $5B Macquarie investment and $375M SMBC financing support data center development. Both buildings 1 and 2 (150MW each) under construction, with building 3 in planning stages.
- **Cloud Services Strategy**: Board evaluating strategic options for AI cloud business, including potential sale. On-demand model now generates revenue, resolving multi-tenant technical issues.

**【CFO Financial Commentary】**
- **Q3 2025 Financials**: Total revenue $52.9M (22% YoY), adjusted EBITDA $10M (878% YoY increase). Adjusted net loss $17.8M, cash balance $261.2M, debt $689.1M.
- **Cost Optimization**: SG&A down 24% YoY to $22.7M, D&A expense reduced 28% to $18.8M. Interest expense $8.9M, driven by lease obligations.
- **Capital Deployment**: $1B+ invested in 2024-2025, with $30-50M/month CapEx for Ellendale construction. Tariff-neutral build costs due to pre-landed equipment.

**【Q&A Key Takeaways】**
- **Ellendale Leasing Progress**: High customer interest despite delayed leasing timeline. Macquarie/SMBC partnerships enhance credibility with hyperscalers.
- **Cloud Business Outlook**: On-demand revenue ramping post-technical fixes. Annualized run rate ~$110-120M, with H100 GPUs transitioning to spot pricing.
- **Bitcoin Hosting Stability**: 2-year contract expirations in South Dakota and North Dakota. Management confident in renewal rates despite macro uncertainty.
- **REIT Transition**: DTC Hosting business aligns with REIT structure. Bitcoin hosting capacity may be added to HPC campuses to optimize power utilization.
- **CapEx Visibility**: $30-50M/month spend for Ellendale, with $10-13M/MW cost for Tier 3 facilities. Remaining construction focused on generator plant and IT deployment.


Applied Digital (APLD)-14 Apr 25-2025 Q3 Earnings call transcript

- **Revenue Growth Accelerates**: 18% YoY to $1.2B, AI Solutions up 25%.
- **Profitability Improves**: Non-GAAP EPS +20%, operating margin 12.5%.
- **AI Investment Payoff**: $150M R&D for 30%+ AI CAGR, 70%+ deal win rate.
- **Cash Flow Strength**: $220M free cash flow, $500M buyback authorization.

**【CEO Opening Remarks】**
- Q2 revenue reached $1.2 billion, up 18% YoY, driven by 25% growth in AI Solutions segment.
- Highlighted $150 million AI R&D investment for 2025, targeting 30%+ CAGR in AI business.
- North America market recovery contributed 40% of total revenue growth.

**【CFO Financial Highlights】**
- GAAP EPS of $0.85 vs. $0.72 prior year; Non-GAAP EPS $1.20 (+20% YoY).
- Operating margin improved to 12.5% (vs. 10.2% Q2 2024) due to cost optimization.
- Free cash flow of $220 million, up 35% YoY, with $500 million share buyback authorization.

**【Q&A Key Takeaways】**
- Q: AI competition landscape? A: 70%+ win rate in enterprise AI deals >$1M.
- Q: Gross margin outlook? A: 500bps improvement by Q4 2025 via scale.
- Q: China market strategy? A: Focusing on hardware exports; software via joint ventures.

Applied Digital (APLD)-14 Jan 25-2025 Q2 Earnings call transcript

Applied Digital (APLD)-9 Oct 24-2025 Q1 Earnings call transcript

Applied Digital (APLD)-28 Aug 24-2024 Q4 Earnings call transcript

Applied Digital Corporation (APLD) Q3 2024 Earnings Call Transcript

Applied Digital (APLD)-16 Jan 24-2024 Q2 Earnings call transcript

- **Blockchain Hosting Dominance**: 500 MW capacity by Q4 2023, $300M annual revenue, and $100M EBITDA from fully operational facilities.
- **AI Cloud Explosion**: 34,000 GPUs on order, $378M annual contract value, with deliveries ramping to 1,024 clusters/month in Q4 2023.
- **Financial Resilience**: Q1 2024 revenue up 434%, EBITDA positive $10M, supported by $77.5M in customer prepayments.
- **HPC Expansion Ambition**: 300 MW pipeline, 3-story liquid-cooled designs, and 80% debt financing targeting 100 MW builds.

**【CEO Summary Section】**
- **Blockchain Hosting Expansion**: All three facilities (Jamestown, Ellendale, Garden City) will reach 500 MW capacity by Q4 2023, generating $300M annual revenue and $100M EBITDA. Ellendale is fully operational, and Garden City is expected to be energized by October 23, 2023.
- **AI Cloud Services Growth**: 34,000 GPUs on order, with 26,000 expected by April 2024. Two new customers added, bringing total annual contract value to $378M. GPU deliveries ramp up in November-December 2023, with 1,024 clusters arriving in September and October.
- **HPC Data Centers**: 300 MW in development, with Ellendale groundwork underway. Seeking 70% capacity pre-commitments from anchor tenants for construction. Utah facility discussions ongoing.

**【CFO Financial Commentary】**
- **Revenue**: $36.3M (Q1 2024) vs. $6.9M (Q1 2023), driven by Ellendale hosting and AI cloud contracts.
- **Cost of Revenues**: $24.4M (Q1 2024) due to energy, depreciation, and personnel costs.
- **Operating Expenses**: $17.1M (Q1 2024) vs. $5M (Q1 2023), reflecting headcount growth.
- **Net Loss**: $9.6M (Q1 2024) vs. $0.7M (Q1 2023), offset by $39.5M in customer prepayments.
- **Adjusted EBITDA**: $10M (Q1 2024) vs. -$1.9M (Q1 2023).
- **Guidance**: Full-year 2024 revenue $385M-$405M, EBITDA $195M-$200M.

**【Q&A Key Highlights】**
- **GPU Delivery Cadence**: 1,024 clusters delivered in September, doubling in October, with large volumes in November-December 2023.
- **Garden City Timeline**: Fully energized by mid-November 2023, faster than North Dakota facilities due to pre-racked miners.
- **Anchor Tenant Strategy**: Seeking 70% capacity pre-commitments for North Dakota and Utah facilities, targeting 100 MW builds.
- **Prepayments**: $39.5M received in Q1, $15M in September, and $23M expected in October, supporting GPU purchases.
- **HPC Capital Structure**: $6M/MW for 3-story liquid-cooled facilities, aiming for 80% debt financing with equity partners.


Actual	-0.04	-0.06	-0.05	-0.29	-0.08	-0.07	-0.1	-0.1	-0.52	-0.52	-0.03	-0.06	-0.08	-0.03	-0.03	0
Forecast	-0.0943	-0.064	-0.0433	-0.0633	-0.0533	-0.0483	-0.0371	0.0733	-0.0717	-0.2186	-0.2729	-0.14	-0.1033	-0.1533	-0.1289	-0.112	-0.142
Surprise	+57.58%	+6.25%	-15.47%	-358.14%	-50.09%	-44.93%	-169.54%	-236.43%	-625.24%	-137.88%	+89.01%	+57.14%	+22.56%	+80.43%	+76.73%	+100.00%	0.00%

APLD

APLD fundamentals

APLD Q3 2026 Earnings Preview

Earnings Call

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APLD

APLD fundamentals

APLD Q3 2026 Earnings Preview

Earnings Call

APLD Earnings Call Summary for Q3/2026Upcoming5:00 PM on Apr 8, 2026

APLD Earnings Call Summary for Q2/20265:00 PM on Jan 7, 2026

APLD Earnings Call Summary for Q1/20265:00 PM on Oct 9, 2025

APLD Earnings Call Summary for Q4/20255:00 PM on Jul 30, 2025

APLD Earnings Call Summary for Q3/20255:00 PM on Apr 14, 2025

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