With Cloud Revenues Sliding, Can Hosting Sustain APLD's Growth?

Key Takeaways APLD Q3 revenues rose 22% YoY to $52.9M, but Cloud sales fell to $17.8M on config issues and on-demand shift. APLD's hosting revenues hit $35.2M, boosted by full North Dakota utilization and Bitcoin price tailwinds. APLD eyes AI-focused growth with Ellendale buildout, but $30-50M monthly CapEx and $689M debt raise risks.Applied Digital (APLD) delivered 22% year-over-year revenue growth in the third quarter of fiscal 2025, reaching $52.9 million. However, underlying this top-line expansion is ...