Market›information-technology›it-services›internet-services-and-infrastructure›APLD›Apr 27, 2026
Briefing #1 of 1

APLD briefing — Applied Digital Corp.

Released: 2026-04-27 Briefing series: #1 of N Prior briefing: first in series Stock at release: $33.67 Inflection pattern: volatile_grower

Price history with reaction-annotated news events

Chart: Price history with material news events annotated. Green dots = positive market reaction, red dots = negative, sized by reaction magnitude. Methodology: market-adjusted abnormal return over 2-day event window. Full dataset available at tickerdossier.com.

What changed since the last briefing

(This is the first briefing in the series.)

Company snapshot

The arc

| Date | Event | Source | |------|-------|--------| | 2026-04-23 | “Company”) issued a press release announcing it has entered into a lease agreement at its state-of-the-art,… | 8-K, 2026-04-23 | | 2026-04-16 | Officer/director change: F Certain Officers; Compensatory Arrangements of Certain Officers. | 8-K, 2026-04-16 | | 2026-04-08 | Q3 FY2026 10-Q filed (quarter ended Feb 28, 2026): HPC revenue $71.0M (Q3) / $182.3M (9-month); Data Center revenue $37.5M (Q3) / $117.1M (9-month); Cloud revenue $18.1M (Q3) / $53.2M (9-month); $59.7M write-down on Cloud Services reclassification. | 10-Q Q3 FY2026, filed 2026-04-08 | | 2026-03-10 | Material agreement: Senior Secured Notes Offering General On March 10, 2026, APLD ComputeCo 2 LLC (the “Issuer”), a subsidiary … | 8-K, 2026-03-10 | | 2026-03-04 | Material agreement: Guarantee On February 26, 2026, Applied Digital Corporation (“Applied Digital” or the “Company”) entered in… | 8-K, 2026-03-04 | | 2026-03-02 | In connection with the proposed offering discussed below, Applied Digital Corporation (the “Company”) is releasing… | 8-K, 2026-03-02 | | 2026-02-17 | Material agreement: Contribution and Exchange Agreement On February 15, 2026, APLD Intermediate HoldCo LLC, a Delaware limited … | 8-K, 2026-02-17 | | 2026-02-15 | Contribution and Exchange Agreement with EKSO Bionics: Cloud Services segment (Applied Digital Cloud Corp.) to merge with EKSO, forming "ChronoScale Corporation." Cloud segment reclassified back into continuing operations (held for sale criteria no longer met). | 10-Q Q3 FY2026, filed 2026-04-08 | | 2026-02-09 | Officer/director change: F Certain Officers; Compensatory Arrangements of Certain Officers. | 8-K, 2026-02-09 | | 2026-01-22 | Delta Forge 1 groundbreaking: 300 MW critical IT, southern US location. | 10-Q Q3 FY2026, filed 2026-04-08 | | 2026-01-16 | Officer/director change: F Certain Officers; Compensatory Arrangements of Certain Officers. | 8-K, 2026-01-16 | | 2026-01-15 | Jason Zhang (co-founder) appointed President. | 10-Q Q3 FY2026, filed 2026-04-08 | | 2026-01-08 | Q2 FY2026 10-Q filed (quarter ended November 30, 2025) | 10-Q Q2 FY2026, filed 2026-01-08 | | 2026-01-07 | Earnings results: On January 7, 2026 , Applied Digital Corporation (the “Company”) issued a press release announcing its financ… | 8-K, 2026-01-07 | | 2025-10-22 | Polaris Forge 2 hyperscaler lease signed: ~15-year lease, 200 MW critical IT, unnamed US investment-grade hyperscaler. | 10-Q Q3 FY2026, filed 2026-04-08 | | 2025-10-21 | Fourth amendment to Series G Preferred Stock PEPA: capacity increased to $1.6B; floor price mechanics modified. | 10-Q Q3 FY2026, filed 2026-04-08 | | 2025-10-01 | Polaris Forge 1 100 MW becomes operational (October 2025); CoreWeave commences occupancy. | 10-Q Q3 FY2026, filed 2026-04-08 | | 2025-08-28 | Polaris Forge 2 groundbreaking (Harwood, ND, 200 MW); Building 4 Lease signed with CoreWeave (150 MW, Polaris Forge 1); Building 4 Warrant issued to CoreWeave (8,393,611 shares at $10.75 strike; later assigned to Jane Street). | 10-Q Q3 FY2026, filed 2026-04-08 | | 2025-07-30 | FY2025 10-K filed (year ended May 31, 2025): revenue $144.2M; net loss -$158.3M continuing ops; material weakness in internal controls disclosed; SMBC Credit Agreement (Feb 11, 2025). | 10-K FY2025, filed 2025-07-30 | | 2025-05-28 | CoreWeave leases signed: 100 MW (Building 2) + 150 MW (Building 3) at Polaris Forge 1, each under 15-year terms. | 10-Q Q3 FY2026, filed 2026-04-08 | | 2025-06-02 | ATM Sales Agreement ($200M capacity) with Northland Securities and Wells Fargo; ~15.3M shares sold for ~$196.4M gross proceeds as of Q3 FY2026 filing date. | 10-Q Q3 FY2026, filed 2026-04-08 |

Current state

Year-over-year changes (FY2024 → FY2025, May fiscal year)

| Metric | FY2023 | FY2024 | FY2025 | Nine months FY2026 (to Feb 28, 2026) | |--------|--------|--------|--------|---------------------------------------| | Total revenue ($M) | 55.4 | 136.6 | 144.2 | 352.6 | | — Data Center Hosting ($M) | [DATA NEEDED] | [DATA NEEDED] | 142.3 | 117.1 | | — HPC Hosting ($M) | — | — | ~0 | 182.3 | | — Cloud Services ($M) | [DATA NEEDED] | [DATA NEEDED] | 1.9 | 53.2 | | Net loss continuing ops ($M) | (44.6) | (149.3) | (158.3) | [DATA NEEDED] | | Net loss total ($M) | (44.6) | (149.3) | (231.1) | [DATA NEEDED] |Source: 10-K FY2025 filed 2025-07-30; 10-Q Q3 FY2026 filed 2026-04-08. Note: "Nine months FY2026" is the period June 2025–February 2026, so represents the most current nine months of activity.

Dramatic revenue acceleration in HPC. The nine months ended February 28, 2026 show $182.3M in HPC Hosting revenue — a business that had essentially no HPC revenue in FY2025 (ended May 31, 2025). The Polaris Forge 1 100 MW came online in October 2025 and is fully leased to CoreWeave. Data Center Hosting revenue declined slightly ($117.1M for nine months vs. a $142.3M full-year FY2025 pace), indicating flat-to-declining mining hosting revenue as the legacy business plateaus. Total nine-month revenue of $352.6M vs. FY2025 full-year $144.2M represents a step-change in scale driven entirely by HPC. (10-Q Q3 FY2026, filed 2026-04-08.)

Capital structure complexity — Series G preferred. Applied Digital has issued and cycled through substantial amounts of Series G Convertible Preferred Stock (PEPA expanded from $150M to $1.6B across four amendments in 2025). In the nine months ended February 28, 2026: issued 758,550 shares of Series G for $740M gross proceeds; converted 836,550 shares into 49.2M common shares. As of February 28, 2026, no Series G shares were outstanding (all converted), but the dilution impact on the common share count is significant — 49.2M new shares in nine months from preferred conversions alone, plus ~15.3M shares sold under ATM. (10-Q Q3 FY2026, filed 2026-04-08.)

Cloud Services segment — EKSO combination pending. The Cloud Services segment (rented GPU compute at third-party colocation, one customer, 14% of Q3 FY2026 revenue = ~$18M) was announced for combination with EKSO Bionics (EKSO, Nasdaq) in December 2025, with the combined entity to be named ChronoScale Corporation. The transaction was reclassified out of held-for-sale in February 2026, triggering a $59.7M write-down. This segment is non-core to the long-term infrastructure business but remains in the financials. (10-Q Q3 FY2026, filed 2026-04-08.)

Material weakness in internal controls. The FY2025 10-K disclosed a material weakness in internal controls over financial reporting. Status as of the Q3 FY2026 10-Q requires verification — if the material weakness has not been remediated, the reliability of financial reporting may be limited. (10-K FY2025, filed 2025-07-30.)

Key numbers

| Metric | FY2023 | FY2024 | FY2025 | Nine months FY2026 (to Feb 28) | |--------|--------|--------|--------|--------------------------------| | Total revenue ($M) | 55.4 | 136.6 | 144.2 | 352.6 | | HPC Hosting revenue ($M) | — | — | ~0 | 182.3 | | Data Center Hosting revenue ($M) | 55.4 | 136.6 | 142.3 | 117.1 | | Cloud Services revenue ($M) | 55.4 | 136.6 | 1.9 | 53.2 | | Net loss total ($M) | (44.6) | (149.3) | (231.1) | [DATA NEEDED] | | Employees | [DATA NEEDED] | [DATA NEEDED] | ~205 | — | | HPC contracted capacity (MW) | — | — | ~250 | 600+ (PF1: 400MW; PF2: 200MW) |Source: 10-K FY2025 filed 2025-07-30; 10-Q Q3 FY2026 filed 2026-04-08.

Ownership

Note: CoreWeave holds warrants to acquire 8,393,611+ shares at $10.75/share (Building 4 Warrant was assigned to Jane Street Global Trading LLC in October 2025). Warrant overhang is material relative to company size.

Source: DEF 14A filed 2025-09-22; 10-Q Q3 FY2026 filed 2026-04-08.

Peers

CIFR (Cipher Digital Inc.) — HPC data center developer with similar Amazon and Google-backstopped tenant mix; more advanced on pipeline size but less advanced on HPC revenue (first revenue targeted Q4 2026 vs. APLD's $182.3M nine-month HPC revenue).

WULF (TeraWulf Inc.) — Bitcoin miner transitioning to HPC; similar stage but smaller HPC pipeline and less advanced on revenue.

EQIX (Equinix, Inc.) — Large-scale data center REIT; reference for HPC lease economics and long-term margin profiles.

CRWV (CoreWeave, Inc.) — APLD's primary HPC customer (400 MW across Polaris Forge 1 Buildings 2, 3, 4); CoreWeave's own revenue and financial health directly affect APLD's largest revenue stream.

SMBC (Sumitomo Mitsui) — APLD's credit facility provider; the SMBC Credit Agreement (February 11, 2025) is a key financing relationship.

Recent news (last 6 months)

| Date | Headline | Source | Market reaction | |------|----------|--------|-----------------| | 2026-04-23 | “Company”) issued a press release announcing it has entered into a lease agreement at its state-of-the-art,… | 8-K, 2026-04-23 | +7.5% | | 2026-04-16 | Officer/director change: F Certain Officers; Compensatory Arrangements of Certain Officers. | 8-K, 2026-04-16 | [DATA NEEDED] | | 2026-04-08 | Q3 FY2026 10-Q filed: $71M HPC revenue (quarter), $182.3M nine-month; Delta Forge 1 groundbreaking; EKSO combination update | 10-Q, 2026-04-08 | -1.6% | | 2026-03-10 | Material agreement: Senior Secured Notes Offering General On March 10, 2026, APLD ComputeCo 2 LLC (the “Issuer”), a subsidiary … | 8-K, 2026-03-10 | [DATA NEEDED] | | 2026-03-04 | Material agreement: Guarantee On February 26, 2026, Applied Digital Corporation (“Applied Digital” or the “Company”) entered in… | 8-K, 2026-03-04 | +7.3% | | 2026-03-02 | In connection with the proposed offering discussed below, Applied Digital Corporation (the “Company”) is releasing… | 8-K, 2026-03-02 | -3.3% | | 2026-02-17 | Material agreement: Contribution and Exchange Agreement On February 15, 2026, APLD Intermediate HoldCo LLC, a Delaware limited … | 8-K, 2026-02-17 | -10.2% | | 2026-02-09 | Officer/director change: F Certain Officers; Compensatory Arrangements of Certain Officers. | 8-K, 2026-02-09 | [DATA NEEDED] | | 2026-01-22 | Delta Forge 1 groundbreaking: 300 MW HPC campus | 8-K context | [DATA NEEDED] | | 2026-01-16 | Officer/director change: F Certain Officers; Compensatory Arrangements of Certain Officers. | 8-K, 2026-01-16 | [DATA NEEDED] | | 2026-01-08 | Q2 FY2026 10-Q filed (Nov 30, 2025 quarter) | 10-Q, 2026-01-08 | [DATA NEEDED] | | 2026-01-07 | Earnings results: On January 7, 2026 , Applied Digital Corporation (the “Company”) issued a press release announcing its financ… | 8-K, 2026-01-07 | +5.9% |

Market reaction data requires APLD.json chart file access.

What moves this stock

| News type | Events | Avg reaction | Best example | |-----------|--------|--------------|--------------| | HPC lease signings / expansions | — | [DATA NEEDED] | PF2 hyperscaler lease (Oct 22, 2025) | | Construction milestones / campus opening | — | [DATA NEEDED] | PF1 100MW operational (Oct 2025) | | Preferred stock issuance / dilution | — | [DATA NEEDED] | PEPA expansion to $1.6B (Oct 21, 2025) | | Quarterly HPC revenue beats | — | [DATA NEEDED] | Q3 FY2026 $71M HPC (Apr 8, 2026) |

Market-adjusted abnormal return data requires JSON chart file access.

Open questions

  1. Polaris Forge 1 Buildings 3 and 4 completion schedule: The 100 MW Building 2 (CoreWeave) opened October 2025. Building 3 (150 MW, CoreWeave) and Building 4 (150 MW, CoreWeave) are under construction. When do they deliver? Building 4 was added in August 2025; the 10-Q indicates "under construction" as of February 28, 2026 for both. These two buildings represent 300 MW of incremental CoreWeave capacity and will double APLD's HPC revenue when operational.

  2. CoreWeave customer concentration: As of Q3 FY2026, CoreWeave is the tenant for all 400 MW of Polaris Forge 1 and Building 4 Warrant was assigned to Jane Street. If CoreWeave faces financial difficulties (CoreWeave is also a private company that raised capital from NVIDIA, Coatue, and others, and went public in March 2026 on Nasdaq), APLD's primary HPC revenue stream could be impaired. What does the lease structure provide in terms of CoreWeave's payment obligations and credit support?

  3. Delta Forge 1 tenant: The January 22, 2026 groundbreaking at Delta Forge 1 (300 MW, southern US) was announced without a named tenant. What is the timeline to lease signing, and has the company disclosed any tenant information since? A 300 MW facility breaking ground without a committed tenant carries development risk.

  4. Material weakness remediation: The FY2025 10-K disclosed a material weakness in internal controls. Has this been remediated as of the Q3 FY2026 10-Q? If not, what is the scope of the weakness, and has it affected prior period reporting? Verify in the 10-Q Item 4 (Controls and Procedures).

  5. Series G preferred dilution math: In the nine months ended February 28, 2026, 49.2M common shares were issued from preferred stock conversions. This is a very high dilution rate — if the PEPA facility ($1.6B authorized) is fully utilized, and preferred shares convert at similar rates, total dilution could be enormous relative to the existing common share base. Verify current total shares outstanding and trajectory.

  6. Cloud Services / EKSO combination: The proposed combination of Applied Digital Cloud Corporation with EKSO Bionics to form ChronoScale is in process. What consideration does APLD receive? Will APLD retain any ownership in ChronoScale post-transaction, or is this a pure divestiture? The Cloud Services segment generated $53.2M in revenue for the nine months ended February 28, 2026 — it is not trivial.

  7. Polaris Forge 2 unnamed hyperscaler: The 200 MW Polaris Forge 2 lease was described as with "a US based investment grade hyperscaler" — the tenant is anonymous. Based on the peer landscape, likely candidates include Microsoft, Google, Amazon, or Meta. Verify whether the tenant has been disclosed in subsequent filings.

Red flags / things to verify

Sources

Disclaimer: This briefing is for informational purposes only and does not constitute investment advice. All figures sourced from public SEC filings. Stock price at release marked [DATA NEEDED] where not available from chart data.

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