谷歌表示，全年资本支出将提高13%，达到850亿美元，而不是今年早些时候预测的750亿美元。Meta上 调了2025年资本支出的下限，公司目前预计2025年全年支出将在660亿美元至720亿美元之间，此前预计 下限为640亿美元。微软2025财年四季度242亿美元的总资本支出创单季最高纪录，环比增近13.1%，预 计下一季的资本支出将超过300亿美元。基于此，市场当前对AI后续走势的情绪十分乐观。 智通财经APP获悉，周四，英伟达概念股多数强势，Applied Digital(APLD.US)飙升近38%， CoreWeave(CRWV.US)涨近15%，NEBIUS(NBIS.US)涨超8%，文远知行(WRD.US)涨超5%。消息面上， 本周，科技巨头的业绩连环炸场。谷歌、Meta Platforms、微软陆续披露超预期的业绩正在重振AI信 仰。从这3家公司的资本开支可以窥探出，科技巨头们将持续在AI方面进行大量的投资。 ...

Financial Data and Key Metrics Changes - Revenues for fiscal year 2025 were $38 million, up 41% year over year, driven by increased capacity in the data center hosting business [14] - Cost of revenues increased by $7.5 million to $30.2 million, also due to increased capacity [14] - SG&A expenses rose by $15 million to $28.1 million, influenced by business growth and increased stock-based compensation [15] - Net loss attributable to common stockholders was $26.6 million, or $0.12 per share, while adjusted net loss was $7.6 million, or $0.03 per diluted share [15] - Adjusted EBITDA for the quarter was $1 million [16] - The company ended the quarter with $120.9 million in cash and $688.2 million in debt [16] Business Line Data and Key Metrics Changes - The data center hosting segment operates 286 megawatts of fully contracted capacity for cryptocurrency customers [11] - The cloud services business is under review for strategic alternatives, with no updates provided [11] Market Data and Key Metrics Changes - The company signed a transformative 15-year lease with CoreWeave for 250 megawatts at the Polaris Forge One campus, expected to generate approximately $7 billion in contracted revenue [6] - The first 100-megawatt facility is scheduled to be operational in Q4 2025, with additional facilities planned for mid-2026 and 2027 [7][39] Company Strategy and Development Direction - The company aims to position itself as a leader in AI and HPC infrastructure, focusing on scalable solutions and efficient designs [6][9] - Strategic decisions include reducing the number of SKUs by approximately 50% and consolidating suppliers to enhance efficiency [7] - The company is actively marketing its multi-gigawatt pipeline to a diverse group of customers [7] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing strong relationships with hyperscalers and a robust pipeline of projects [19] - The company anticipates significant revenue increases in the upcoming quarters due to the technical fit-out of the Polaris Forge One building [17] Other Important Information - The company has raised approximately $270 million post-quarter through ATM and Series G preferred stock offerings [13] - Management highlighted the advantages of building in the Dakotas, including low-cost energy and efficient cooling systems [8] Q&A Session Summary Question: Development cadence for 2026 and potential groundbreaking for a second campus - Management expects to break ground on one additional campus and potentially two before the end of the year [22] Question: Additional color on financing timeline and gating items - The biggest gating item is the general slowdown in August, with reliance on professional service providers for construction reports and documentation [23][24] Question: Status of advanced negotiations with a customer - Management confirmed advanced negotiations with an investment-grade North American hyperscaler, with ongoing discussions with several others [30] Question: Fit-out status for the Ellendale facility - The fit-out is underway, with expectations for customer gear to be brought on-site in Q4 of this year [31] Question: Terms of project financing for CoreWeave - Financing terms are largely as expected, with costs in the high twos to low fours for investment-grade tenants [37] Question: Timeline for Building 2 and penalties for delays - Building 2 is progressing well, with a timeline of approximately twelve months, and standard lease penalties apply for late delivery [44][48] Question: Focus on owning infrastructure versus powered shells - The company is focused on full-stack ownership of buildings rather than powered shells, which are less appealing as a public company model [52] Question: Progress on sales tax in South Dakota - No progress has been made on sales tax, with focus currently on a large campus in North Dakota [54]

Financial Data and Key Metrics Changes - Revenues for fiscal year 2025 were $38 million, up 41% year over year, driven by increased capacity in the data center hosting business [14] - Cost of revenues increased by $7.5 million to $30.2 million, also due to increased capacity [14] - SG&A expenses rose by $15 million to $28.1 million, influenced by business growth and stock-based compensation [15] - Net loss attributable to common stockholders was $26.6 million, or $0.12 per share, while adjusted net loss was $7.6 million, or $0.03 per diluted share [15] - Adjusted EBITDA for the quarter was $1 million [16] - Cash, cash equivalents, and restricted cash at the end of the quarter totaled $120.9 million, with total debt at $688.2 million [16] Business Line Data and Key Metrics Changes - The data center hosting segment operates 286 megawatts of fully contracted capacity for cryptocurrency customers [12] - The cloud services business is under review for strategic alternatives, with no updates provided [12] Market Data and Key Metrics Changes - The company signed a transformative 15-year lease with CoreWeave for 250 megawatts at the Polaris Forge One campus, expected to generate approximately $7 billion in contracted revenue [6] - CoreWeave has also exercised an option for an additional 150 megawatts, indicating strong demand for AI infrastructure [6] Company Strategy and Development Direction - The company aims to position itself as a leader in AI and HPC infrastructure, with a focus on scalable data center solutions [6][10] - Strategic decisions include reducing the number of SKUs by 50% and consolidating suppliers to enhance efficiency [8] - The company is actively marketing its multi-gigawatt pipeline to a diverse customer base, leveraging its competitive advantages [10][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing strong relationships with hyperscalers and a robust pipeline of projects [19] - The company anticipates significant revenue growth in the upcoming quarters due to the technical fit-out of the Polaris Forge One building [17] Other Important Information - The company has raised approximately $270 million through its ATM and Series G preferred stock since the end of the quarter [13] - The first 100-megawatt facility is expected to be operational in Q4 2025, with subsequent facilities planned for 2026 and 2027 [7][39] Q&A Session Summary Question: Development cadence for 2026 and potential groundbreaking for a second campus - Management expects to break ground on one additional campus and potentially two before the end of the year [22] Question: Gating items for financing - The biggest gating item is the general slowdown in August, with reliance on professional service providers for construction reports and documentation [23][24] Question: Status of advanced negotiations with a customer - Management confirmed advanced negotiations with an investment-grade North American hyperscaler, with ongoing discussions with several others [30][31] Question: Fit-out status for the Ellendale facility - The fit-out is underway, with expectations for customer gear to be on-site by Q4 of the calendar year [32] Question: Terms for project financing related to CoreWeave - Financing terms are largely as expected, with costs in the high twos to low fours for investment-grade tenants [38] Question: Timeline for Building 2 and penalties for delays - Building 2 is progressing well, with a timeline of approximately twelve months, and standard lease penalties apply for late delivery [45][49] Question: Hyperscalers' interest in owning infrastructure - The company is focused on full-stack ownership of campuses rather than powered shell agreements, which are less favorable as a public company [55] Question: Progress on sales tax in South Dakota - No progress has been made on sales tax issues, with focus currently on a large campus in North Dakota [56]

OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-31968 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended May 31, 2025 APPLIED DIGITAL CORPORATION | Nevada | | | 95-4863690 | | | --- | --- | --- | --- | --- | | (State or other jurisdiction of incorpor ...

Core Insights - Applied Digital Corporation reported financial results for the fiscal fourth quarter and fiscal year ended May 31, 2025, highlighting significant developments in its operations and financial performance [1][2]. Financial Performance - Fiscal Fourth Quarter 2025: - Revenues reached $38.0 million, a 41% increase from the prior year [6]. - Net loss attributable to common stockholders was $26.6 million, down 25% from the previous year [6]. - Adjusted EBITDA was $1.0 million, compared to a loss of $0.2 million in the same quarter last year [22]. - Fiscal Year 2025: - Total revenues increased by 6% to $144.2 million, driven by the full capacity operation of the 180 MW Data Center Hosting Facility [23]. - Net loss attributable to common stockholders was $161.0 million, an increase of 118% from the previous year [30]. - Adjusted net loss attributable to common stockholders was $12.5 million, slightly down from $12.7 million in the prior year [31]. Operational Updates - The Company has signed two 15-year lease agreements with CoreWeave for 250 MW of critical IT load, expected to generate approximately $7 billion in contracted revenue [7][8]. - An additional 150 MW lease option has been exercised by CoreWeave, potentially increasing total contracted revenue to approximately $11 billion [7][8]. - The first 100 MW facility at the Polaris Forge 1 campus is scheduled to be operational in Q4 2025, with plans for further expansions [9][10]. Strategic Initiatives - The Company is focusing on enhancing its data center design and operational efficiency, reducing projected build times from 24 months to 12-14 months [9]. - The innovative design features a closed-loop, direct-to-chip cooling system, aiming for a Power Usage Effectiveness (PUE) of 1.18 and near-zero water consumption [9]. - The strategic location in the Dakotas is expected to provide significant cost savings for customers, estimated at $2.7 billion over 30 years compared to other regions [9]. Market Position - The Company is actively marketing its multi-gigawatt pipeline to a diverse group of customers, leveraging strong relationships with major hyperscalers [11]. - The HPC Data Center Hosting business is positioned to deliver massive computing power for AI applications, with facilities designed for ultra-low-cost and high efficiency [10][12].

Fiscal Fourth Quarter 2025 Financial Highlights Fiscal Year 2025 Financial Highlights Adjusted Net Loss Attributable to Common Stockholders, Adjusted Net Loss Attributable to Common Stockholders per Diluted Share, and Adjusted EBITDA are non-GAAP measures. A reconciliation of each of these Non-GAAP Measures to the most directly comparable financial measure presented in accordance with accounting principles generally accepted in the United States ("GAAP") is set forth below. See "Reconciliation of GAAP to No ...

Core Insights - Applied Digital (NASDAQ: APLD) stock is experiencing volatility ahead of its earnings call, with initial investor excitement following the announcement of the CoreWeave (CRWV) deal [1] Company Overview - The company has a focus on momentum in the technology landscape, particularly in navigating significant market events such as the dot com bubble, the credit default crisis of 2008, and the recent AI boom [1]

Core Insights - Applied Digital (APLD) has transitioned from a crypto-focused business model to an AI-centric infrastructure, supported by a significant 15-year, $7 billion lease agreement with CoreWeave, reinforcing its "AI factory" concept [1][11] - The company has established purpose-built data centers, particularly the 250MW+ Ellendale site, positioning itself as a unique physical asset in the cloud-native AI sector [1] - APLD's Cloud Services revenues increased by nearly 220% year-over-year in Q3 of fiscal 2025, although there was a sequential decline due to challenges in adopting a multi-tenant GPU model [2][11] - The use of low-cost energy and free cooling at the Polaris Forge campus could result in $2.7 billion in cost savings, which is crucial for a capital expenditure-heavy model [2] Financial Performance - Legacy crypto hosting generated nearly $35 million in revenues during Q3, providing a stable revenue stream as AI offerings develop [3] - APLD's operational efficiency is improving, with adjusted EBITDA becoming positive and net losses decreasing [3] - The company has strong institutional support, holding $261 million in cash and $689 million in debt, along with a $5 billion commitment from Macquarie for buildout [3] Risks and Challenges - APLD's reliance on CoreWeave introduces concentration risk, especially after CoreWeave exited its equity stake, although warrant-based agreements indicate ongoing strategic alignment [4] - Execution is critical for APLD to capitalize on its infrastructure investments and deliver expected returns [5] Market Position and Valuation - APLD's stock has increased by 38.5% year-to-date, outperforming the industry average gain of 8.1% [10] - The company trades at a forward price-to-sales ratio of 8.48X, significantly above the industry average and its three-year median of 1.71X, indicating a premium valuation [12] - The Zacks Consensus Estimate predicts a 67.2% year-over-year increase in APLD's fiscal 2026 earnings [13]

Core Insights - Applied Digital (APLD) is expected to report its fourth-quarter fiscal 2025 results on July 30, with revenues estimated at $42.99 million, reflecting a year-over-year decline of 3.09% [1] - The consensus estimate for loss is projected at 12 cents per share, which is a slight increase from previous estimates, compared to a loss of 52 cents in the same quarter last year [1] Financial Performance - APLD has missed the Zacks Consensus Estimate in three of the last four quarters, with an average earnings surprise of negative 113.42% [2] - The Data Center Hosting segment is gaining momentum despite a 7% year-over-year revenue decline in the fiscal third quarter, operating at full capacity across two locations in North Dakota [6] Market Dynamics - Increased spending by hyperscalers like Microsoft and Meta Platforms is a significant driver for APLD, with Meta planning to invest between $64 billion and $72 billion and Microsoft expected to reach $80 billion in capital expenditures in 2025 [5] - APLD's HPC and data center growth plans are further supported by a 250MW lease agreement with CoreWeave [10] Strategic Initiatives - APLD is building out its Ellendale campus with 400MW of critical IT load, backed by financing agreements totaling $5.375 billion, with the first 100MW facility expected to be operational in the fourth quarter of 2025 [15] - The company plans to divest its Cloud Services business to streamline operations and potentially convert to a REIT, which could lower capital costs and enhance valuation [17] Stock Performance - APLD shares have increased by 40.7% year to date, outperforming the Zacks Finance sector's return of 11% [8] - The stock is currently trading above its 50-day and 200-day moving averages, indicating a bullish trend [18]

Core Viewpoint - Applied Digital has entered into a $7 billion lease agreement with CoreWeave, indicating a strategic move into AI infrastructure [1] - The partnership is supported by Nvidia and major financial institutions, raising questions about the potential for significant growth versus the risk of being a speculative investment [1] Company Strategy - The deal with CoreWeave represents a major shift for Applied Digital towards focusing on artificial intelligence [1] - The involvement of Nvidia suggests a strong technological backing, which could enhance the company's market position in AI infrastructure [1] Financials - The $7 billion lease is a substantial financial commitment that could impact Applied Digital's future revenue streams and growth trajectory [1] - The financial backing from prominent institutions may provide stability and confidence in the company's strategic direction [1] Market Position - The collaboration with CoreWeave positions Applied Digital as a potential key player in the rapidly growing AI infrastructure market [1] - The market's response to this deal will be critical in determining whether Applied Digital can capitalize on this opportunity or if it will face challenges ahead [1]