Revenue Generation - The Data Center Hosting Business generated $41.6 million and $79.5 million in revenue for the three and six months ended November 30, 2025, respectively [217]. - The HPC Hosting Business recognized $85.0 million and $111.3 million in revenue during the three and six months ended November 30, 2025, respectively [223]. - The Cloud Services Business reported revenues of $18.4 million and $35.1 million for the three and six months ended November 30, 2025, respectively, compared to $27.7 million and $53.6 million for the same periods in 2024 [225]. - Total revenue for the three months ended November 30, 2025, was $126.6 million, a 250% increase from $36.2 million for the same period in 2024 [268]. - Revenue from the HPC Hosting Business contributed approximately $85.0 million to the increase, with $73.0 million from tenant fit-out services and $12.0 million from rental revenues [271]. - Revenue increased by $121.7 million, or 176%, from $69.1 million for the six months ended November 30, 2024, to $190.8 million for the six months ended November 30, 2025, primarily driven by the HPC Hosting Business [279]. Operational Developments - The company operates a 106 MW facility in Jamestown, North Dakota, and a 180 MW facility in Ellendale, North Dakota, both at full capacity as of November 30, 2025 [216]. - The company has commenced operations at its first HPC data center at the Polaris Forge 1 campus with a capacity of 100 MW and is constructing a second HPC data center with an additional 150 MW capacity [219]. - A lease agreement was signed with CoreWeave for a total of 250 MW of infrastructure at Polaris Forge 1, with the first lease covering the full capacity of the 100 MW data center [220]. - The company plans to break ground on the Polaris Forge 2 campus, which will have an initial capacity of 200 MW, expected to reach full capacity in early 2027 [222]. - The company is in discussions for a proposed business combination of the Cloud Services Business with EKSO Bionics Holdings, which will operate as ChronoScale Corporation [226]. Financial Obligations and Capital Structure - The Company entered into a Sales Agreement allowing for the issuance of up to $200 million in common stock, having sold approximately 15.3 million shares for gross proceeds of about $196.4 million as of the report date [230]. - The aggregate commitment amount for Series G Preferred Stock was increased from $150 million to $300 million, enhancing capital access by removing previous limitations [231]. - The aggregate commitment for Series G Preferred Stock was further increased to $450 million, supporting the construction of the Polaris Forge 1 data center [233]. - The Floor Price for the Series G Preferred Stock was raised to $22.00 from $12.50, establishing a new minimum conversion price [234]. - The Company repaid a Promissory Note in full on November 28, 2025, including all outstanding principal and accrued interest [247]. - The Initial Closing of the Amended and Restated Unit Purchase Agreement resulted in the sale of 112,500 Preferred Units for an aggregate price of $112.5 million, with proceeds allocated for construction costs [249]. - The Company issued warrants to purchase 2.4 million shares of common stock, which will become exercisable upon full funding of $450 million for Polaris Forge 1 [250]. - The company closed a $2.35 billion offering of 9.250% senior secured notes due 2030, with an issue price of 97.000% [257]. - The company entered into a revolving credit facility with First National Bank of Omaha for an aggregate principal amount of $65 million, with no draws as of November 30, 2025 [256]. - The company repaid the full principal balance under a previous credit agreement with Sumitomo Mitsui Banking Corporation concurrent with the closing of the notes offering [258]. - The company issued an additional 337,500 Preferred Units for an aggregate purchase price of $337.5 million, bringing the total amount funded under the Amended and Restated Unit Purchase Agreement to $900 million [259]. Profitability and Losses - The company reported a net loss attributable to common stockholders of $19.1 million for the three months ended November 30, 2025, compared to a net loss of $139.4 million for the same period in 2024 [268]. - The company reported a decrease in depreciation and amortization due to the Cloud Services Business being classified as held for sale during the six months ended November 30, 2025 [316]. - The net loss from continuing operations for the three months ended November 30, 2025, was $26.6 million, a significant improvement from a loss of $128.4 million in the same period last year [298]. - The company experienced net losses through the period ended November 30, 2025, and its transition to profitability depends on successful business operations [312]. Cash Flow and Liquidity - The company had unrestricted cash and cash equivalents of $1.9 billion and restricted cash of $382.3 million as of November 30, 2025 [300]. - The company has sufficient liquidity to meet its debt obligations and working capital needs for at least the next twelve months [301]. - The net cash used in operating activities increased by $30.3 million, or 24%, from $128.2 million for the six months ended November 30, 2024, to $97.9 million for the six months ended November 30, 2025 [316]. - The net cash used in investing activities increased by $611.0 million, or 294%, from $207.5 million for the six months ended November 30, 2024, to $818.5 million for the six months ended November 30, 2025 [317]. - The net cash provided by financing activities increased by $2.5 billion, or 399%, from $618.6 million for the six months ended November 30, 2024, to $3.1 billion for the six months ended November 30, 2025 [318]. - The increase in financing activities was primarily due to an increase in net borrowings of long-term debt of $1.8 billion and net proceeds from stock offerings of approximately $526.1 million during the six months ended November 30, 2025 [319]. - The company expects sufficient liquidity to support ongoing operations and meet working capital needs for at least the next 12 months [313]. Expenses and Costs - Cost of revenues increased by $110.8 million, or 244%, from $45.4 million for the six months ended November 30, 2024, to $156.2 million for the six months ended November 30, 2025, mainly due to increased tenant fit-out services [280]. - Selling, general and administrative expenses rose by $49.2 million, or 133%, from $37.0 million for the six months ended November 30, 2024, to $86.1 million for the six months ended November 30, 2025, largely due to business growth [281]. - Interest expense, net increased by $9.5 million, or 162%, from $5.9 million for the six months ended November 30, 2024, to $15.4 million for the six months ended November 30, 2025, primarily due to increased loan interest [283]. - Approximately $40.4 million increase in stock-based compensation was noted due to an increase in shares awarded related to headcount growth [281].

Core Viewpoint - Applied Digital (APLD) has experienced significant growth, with revenue more than tripling to approximately $127 million in the second quarter, bolstered by a $5 billion hyperscaler lease [1] Group 1: Financial Performance - APLD's revenue for the second quarter reached about $127 million, representing a more than threefold increase [1] - The company achieved a key profitability milestone, breaking even on an adjusted basis in the fiscal second quarter, which alleviates previous concerns regarding its stock [5] - Applied Digital's net operating income (NOI) is projected to exceed $1.0 billion by the end of the decade, indicating strong future revenue visibility [4] Group 2: Market Position and Growth Potential - The company has only onboarded two U.S. hyperscalers, suggesting substantial room for expansion in the AI infrastructure market [3] - Existing lease agreements with these two clients are valued at approximately $16 billion, providing significant revenue visibility [4] - APLD shares are currently trading at a price-to-sales (P/S) multiple of about 58x, which is considered reasonable given the company's strong positioning in the AI sector [6] Group 3: Analyst Sentiment and Stock Performance - Wall Street analysts maintain a bullish outlook on APLD, with a consensus rating of "Strong Buy" and a mean target price of about $42, indicating a potential upside of around 30% [8] - Historically, APLD shares have shown an average rally of over 26% in February over the past four years, suggesting a favorable seasonal trend [6]

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]

Core Viewpoint - The cryptocurrency mining sector saw a significant rise, led by Applied Digital's strong earnings report, which positively influenced other 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 $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 experienced gains, with IREN Ltd and Bitfarms rising over 4%, and MARA Holdings and TeraWulf increasing by over 3% [1]

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。 ...