Core Insights - Applied Digital Corporation (APLD) has experienced an approximate decline of 8% since the initiation of a Buy rating, indicating investor hesitancy [1] Company Overview - The company operates within the tech sector, focusing on digital applications and services [1] Analyst Background - The analyst has a Bachelor of Commerce Degree with Distinction, majoring in Finance, and is a lifetime member of the Beta Gamma Sigma International Business Honor Society, emphasizing values such as Excellence, Integrity, Transparency, and Respect [1]

Core Viewpoint - Applied Digital (NASDAQ: APLD) is positioned to capitalize on the growing demand for AI infrastructure and GPU-as-a-Service, with a strong outlook following its fiscal Q2 2026 earnings report [2][4]. Group 1: Financial Performance - Applied Digital reported a significant revenue increase of 250% year-over-year, reaching $126.6 million in net revenue, which exceeded market expectations by 5,500 basis points [4]. - The company achieved a 76% reduction in net losses despite increased investments, with adjusted EBITDA at $20.2 million and slightly positive adjusted net income [5]. - The adjusted earnings per share (EPS) of $0.00 was more than 20 cents better than anticipated, indicating a strong performance relative to expectations [5]. Group 2: Market Dynamics - Short interest in Applied Digital surged to record highs near 50% in late 2025, creating a setup for a potential short-covering rally at the start of 2026 [4]. - The positive earnings report has led to renewed investor confidence and accumulation of the stock by analysts and institutions, putting pressure on short-sellers [3][4]. - The stock's rebound following the fiscal Q2 results suggests potential for reaching new market highs [3].

Core Insights - Applied Digital (APLD) reported a loss of 11 cents per share in Q2 of fiscal 2026, an improvement from a loss of 61 cents in the same quarter last year, but missed the Zacks Consensus Estimate by 22.22% [2] - Revenues surged 250% year over year to $126.6 million, driven by the ramp-up of HPC tenant fit-out services at Polaris Forge 1 and growth in the Data Center Hosting Business, exceeding Zacks consensus estimates by 66.67% [2] Segment Performance - The Data Center Hosting Business generated $41.6 million in revenues, a 15% increase year over year, with both Jamestown (106 MW) and Ellendale (180 MW) operating at full capacity [3] - The HPC Hosting Business contributed $85 million in revenues, including approximately $73 million from tenant fit-out services for CoreWeave at Polaris Forge 1 and $12 million in lease revenues [4] Operating Details - Cost of revenues increased 344% year over year to $100.6 million, primarily due to $69.5 million for tenant fit-out services and rising energy costs [5] - Selling, general and administrative expenses rose 119% year over year to $57 million, driven by stock-based compensation and professional services [6] - Interest expense increased 292% year over year to $11.5 million, attributed to higher borrowing activity [7] Balance Sheet and Cash Flows - As of Nov. 30, APLD held approximately $2.3 billion in cash and equivalents, up from $114.1 million at the end of August, while total debt rose to approximately $2.6 billion from $687.3 million [8] - The increase in cash and debt reflects the successful completion of a $2.35 billion senior secured notes offering [8] Future Outlook - APLD has 600 MW under contract with two hyperscalers, representing about $16 billion in prospective lease revenue over approximately 15 years [9][11] - Lease revenues are expected to ramp up significantly as new buildings at Polaris Forge 1 and Polaris Forge 2 come online [12] - The company is in advanced discussions with another investment-grade hyperscaler for approximately 900 MW across three sites [13] - APLD anticipates exceeding its long-term goal of $1 billion in NOI within five years and plans to spin out its Cloud Services Business [14]

Core Insights - AES Corp. is a U.S. utility company with a focus on residential customers in Ohio and Indiana, planning to expand into energy solutions for data centers with an 11.1-gigawatt pipeline, including 4 gigawatts for hyperscaler customers [1] - Applied Digital is positioned as a more attractive investment in the AI energy sector, with its share price having nearly tripled over the past year compared to AES's 14% increase [2] - The difference in growth trajectories between AES and Applied Digital is attributed to Applied Digital's ownership of both power generation and AI data centers, enhancing its long-term outlook [4] Financial Performance - AES reported a 2% year-over-year revenue growth in Q3 2025, while Applied Digital experienced an 84% year-over-year sales increase during the same period, indicating a stark contrast in growth stages [5] - Applied Digital secured a significant 15-year contract with CoreWeave, projected to generate approximately $11 billion in revenue, showcasing its potential for higher earnings per megawatt compared to AES [6] Market Demand and Future Prospects - Applied Digital is witnessing "active and increasing hyperscaler interest" and "unprecedented levels" of demand for advanced infrastructure, allowing for further investment in data centers [8] - The company is also building its multi-gigawatt pipeline to support multiple lucrative deals, enhancing its competitive position in the market [7] - AES, while having a larger megawatt capacity, lacks the AI data center component that Applied Digital possesses, which is critical for future growth [9]

周四，加密矿企概念上扬，Applied Digital(APLD.US)绩后带头大涨12%，IREN Ltd(IREN.US)、 Bitfarms(BITF.US)涨超4%，MARA Holdings(MARA.US)、TeraWulf(WULF.US)涨超3%。消息面上， Applied Digital2026财年第二季度营收1.266亿美元，同比增长250%;普通股股东应占基本及稀释每股净 亏损0.11美元，同比收窄82%;调整后净利润10万美元。 ...

Core Viewpoint - The cryptocurrency mining sector experienced a significant rise, led by Applied Digital's strong earnings report, which positively influenced the stock prices of several companies in the industry [1] Group 1: Company Performance - Applied Digital reported Q2 revenue of $126.6 million for fiscal year 2026, marking a 250% year-over-year increase [1] - The company narrowed its net loss per share to $0.11, a reduction of 82% compared to the previous year [1] - Adjusted net profit for Applied Digital was reported at $100,000 [1] Group 2: Market Reaction - Following the earnings report, Applied Digital's stock surged by 12% [1] - Other companies in the sector also saw positive movements, with IREN Ltd and Bitfarms increasing by over 4%, and MARA Holdings and TeraWulf rising by over 3% [1]

Core Viewpoint - Applied Digital (APLD.US) reported a significant increase in revenue and improved earnings per share, driven by its high-performance computing (HPC) hosting business [1] Financial Performance - Revenue for the second quarter reached $126.6 million, a year-over-year increase of 250%, significantly exceeding analyst expectations of $86.67 million [1] - Adjusted EPS reached breakeven, outperforming analyst expectations of a loss of $0.12 per share [1]

周四，英伟达持仓概念Applied Digital(APLD.US)盘前涨超5%，报31.06美元。消息面上，该公司公布截 至 2025 年11月30日的2026财年第二季度财务业绩，营收1.266 亿美元，同比增长 250%;普通股股东应占 基本及稀释每股净亏损0.11 美元，同比收窄 82%;调整后净利润10 万美元。 来源：智通财经网 管理层表示，人工智能基础设施代表着一代一遇的投资机遇，超大规模企业的资本支出每年已超过 4000 亿美元，且正快速增长。Applied Digital 通过早期对定制化下一代数据中心的战略投资，占据了有 利地位。预计将在未来五年内实现超过 10 亿美元的净运营收入(NOI)目标。 ...

The data-center operator indicates it could finalize a lease with an unnamed client by the start of the year. ...

Core Insights - Applied Digital's stock rose by 7% in premarket trading following a strong second-quarter revenue report that exceeded Wall Street expectations, driven by demand for AI-related infrastructure [1] Revenue Performance - The company reported fiscal second-quarter revenue of $126.6 million, significantly surpassing analysts' expectations of approximately $88 million, and up from $36.16 million in the same period last year, indicating rapid growth due to increased demand for AI training and deployment [2] - Applied Digital posted a net loss of $19.1 million, or 7 cents per share, a notable improvement from a loss of $139.4 million, or 66 cents per share, in the prior-year quarter, with adjusted earnings breaking even compared to analyst forecasts of a 16 cents loss [3] Long-term Leasing Agreements - Growth is supported by long-term leasing agreements with hyperscalers, including a recent $5 billion lease for 200 megawatts of capacity at the Polaris Forge 2 campus in North Dakota, with existing leases expected to generate approximately $16 billion in revenue over their terms [4][5] - The strategic advantages of the region, such as a cool climate and abundant energy supply, position Applied Digital as a competitive provider for hyperscale customers [5] Future Outlook - Based on current and anticipated lease activity, the company expects to exceed its $1 billion net operating income target within the next five years, supported by projections for additional hyperscaler customers [6] Corporate Restructuring - Applied Digital is restructuring its corporate framework to focus on becoming a data center-focused real estate investment trust, planning to spin off its cloud services business and merge it with Ekso Bionics to create a new AI-focused entity called ChronoScale, retaining a 97% ownership stake [8][9]