- **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.


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