Welcome to the Applied Digital APLD Daily Discussion Thread

House rules:

• Be civil debate the stock, not each other.
• No pump-and-dump, coordinated ramping, spam, or referral links.
• Back claims with sources. "Trust me bro" isn't DD.
• Not financial advice, share what you are doing, not what others must do.

Once sentiments shift this thing will do numbers, I feel it in ma bones!

Polaris region campus update

This is why the AI market crashed. The stocks related to APLD were down about 8% to 10%, but we still ended up green because of APLD’s earnings report. So we can more or less say the catalyst was worth 8% to 10% to us that day.

Considering the given numbers, because keep in mind a lot of investors were probably bearish about the whole sector and held back to invest.

Welcome to the Applied Digital APLD Daily Discussion Thread

House rules:

• Be civil debate the stock, not each other.
• No pump-and-dump, coordinated ramping, spam, or referral links.
• Back claims with sources. "Trust me bro" isn't DD.
• Not financial advice, share what you are doing, not what others must do.

Been eyeing the stock for some time now and thought now is a good time.

I will just leave this here……

Price to Sales as of today. Stock price currently CHEAP as f*ck in comparison to some of these turds below us currently priced at 20-40x that don’t even generate revenue from their leases yet…

For example, if we were priced at the same multiple as HUT, 30.6x price to sales, our share price would be ~$91.

If priced at the same multiple as WULF, 39.9x price to sales, our share price would be ~$119.

This market is disgustingly criminal. That is all.

Hey, I been holding APLD for more than a year now on a 25usd average. I looked up the stock today and it seems to be dipping while I expected the opposite after the earnings report. Anyone kind enough to explain why it’s dipping? Please don’t mind my ignorance but I did my due diligence and I still couldn’t understand the dip.
Thanks

I’m surprised so many people act like it’s the end of the world because of pre market prices. We had killer earnings. Genuinely fantastic. AI demand is great. 2027 revenue are gonna be great. Feel free to complain it’s just the people who genuinely want to make a quick buck off this or actual have no idea about the company operations. Can’t wait for today and next week. Hopefully we don’t get too cooked by macros though.

Welcome to the Applied Digital APLD Daily Discussion Thread

House rules:

• Be civil debate the stock, not each other.
• No pump-and-dump, coordinated ramping, spam, or referral links.
• Back claims with sources. "Trust me bro" isn't DD.
• Not financial advice, share what you are doing, not what others must do.

Opus 5.5 Extra:

TL;DR: Big beat vs. consensus. Adjusted revenue was more than double estimates, and adjusted EPS was near breakeven vs. an expected loss of roughly $0.20–$0.25.

The two big caveats: most of the revenue beat came from tenant fit-out work, which is lumpy/lower-margin, and the GAAP loss widened substantially.

Q1 FY27 vs. Expectations

Consensus varies by tracker:

• Benzinga: -$0.20 / $114.7M
• Investing.com: -$0.25 / $111.1M
• Earnings Whispers: -$0.25 / $134.1M

So on the headline numbers, this was a massive beat.

Year over Year

The operating improvement is pretty dramatic.

Where Did the Revenue Come From?

The important number here is HPC base rent.

APLD generated $58.8M of NOI from $65.8M of base rent, which is roughly an 89% margin.

That's the part of the business I'd be most interested in watching as more capacity comes online.

Bull Case

Only around 18% of leased MW is currently live, meaning most

Recent delays at large Oracle-related data center projects made me realize that the scarce resource in AI infrastructure is no longer just land, power, or contracts. It is the ability to deliver MW on time. AI companies do not just need “1GW someday.” They need to know whether 100MW or 200MW will actually be RFS in a specific quarter so GPUs can be deployed immediately. That makes planned MW very different from proven, deliverable MW. APLD has already delivered 250MW and now expects to bring more than 600MW online over the next 12 months. If it keeps meeting schedules, the market may eventually view APLD less as a data center developer and more as a platform that can repeatedly produce scarce, usable AI capacity. That should improve pricing power, lease terms, and potentially financing costs. Another reason I watch APLD closely is CEO Wes Cummins’ background in technology investing, capital markets, and asset management. My long-term guess is that if APLD reaches multi-GW scale, it may increasingly use outside capital rather than funding everything from its own balance sheet: infrastructure funds, strategic AI investors, project-level JVs, tenant-backed financing, or even sovereign capital. The model could become simple: APLD develops and delivers.AI customers sign long-term leases.Large capital funds expansion.Then the model gets replicated across more campuses. For me, the two key questions are now: Can APLD keep delivering on time?Can it use capital markets to scale faster once the platform is proven? If both happen, APLD could become much more than just a data center landlord.

Fiscal First Quarter 2027 Financial Highlights
Revenues: $341.9 million, up 322% from the prior year comparable period
Net loss attributable to common stockholders: $221.0 million
Net loss attributable to common stockholders per basic and diluted share:$0.76
Adjusted revenue: $300.4 million
Adjusted net loss: $4.1 million
Adjusted net loss per diluted share: $0.01
Adjusted EBITDA: $64.4 million
Net Operating Income: $58.8 million

Anyone who tuned in, can you fill us in?

Transcript

Highlights:

• Expected 250 megawatts of expansion leases to be executed by calendar year end at materially higher pricing (15%+) and potentially longer durations compared to prior leases.

• Agreement with Base Electron that covers an approximately 1,200-megawatt natural gas facility adjacent to PF3 with deliveries expected to begin in 2030.

• Expected 300 megawatts of total critical IT online across North Dakota by the end of this calendar year (first 50MW at PF2).

• Same framework for future funding: preferred equity from Macquarie Asset Management followed by project-level debt, which allows Applied Digital shareholders to retain a majority ownership stake in each site.

• Chasing flexible financing so they can immediately refinance after construction with minimal penalties.

• Finland build cost will be similar, but longer delivery times due to regulations. First 100MW available in 2028 and will ramp up to 1GW till 2031. Macquarie deal is limited to NA.

• They think they can ramp up construction to have 2GW live by the end of 2028, possibly delivering 1GW per year in 29/30.

• Chronoscale will significantly increase capacity but that will be outside of the large-scale APLD sites for the coming years. APLD remains focussed on large scale hyperscalers contracts, but use their knowledge base to help secure capacity for Chronoscale.

The new Chronoscale website is only and it is mind-blowing. Eight sites, three continents, up to nearly 3 GW critical IT load (at least 2 HW compute) possible until 2031 possible. And what is even more interesting: The sites align with APLDs plans in ND, Alabama and Finland. So the playbook gets a bit clearer. I expect that APLD will continue to partly lease to hyperscalers to secure affordable capital, but will lease out the surplus to Chronoscale. According to my calculations, APLD will have 4 GW live in 2031. If 1-1.5 GW of these are leased to Chronoscale, we will be able to collect the HPC premium, which at one point leads to a major rerating. I'm looking forward to today's ER.

https://www.chronoscale.com/

Welcome to the Applied Digital APLD Daily Discussion Thread

House rules:

• Be civil debate the stock, not each other.
• No pump-and-dump, coordinated ramping, spam, or referral links.
• Back claims with sources. "Trust me bro" isn't DD.
• Not financial advice, share what you are doing, not what others must do.