Financial Data and Key Metrics Changes - The company reported Core FFO per share of $1.86 for Q4 2025, an 8% increase year-over-year, and $7.39 for the full year 2025, which is 10% higher than 2024 [24][31] - Total revenue and Adjusted EBITDA growth are expected to exceed 10% in 2026, with same capital cash NOI growth projected at 4%-5% on a constant currency basis [31][32] - The total backlog reached a record of nearly $1.4 billion at year-end, reflecting strong demand fundamentals [21][30] Business Line Data and Key Metrics Changes - The 0-1 megawatt-plus interconnection product set achieved nearly $340 million in bookings, a record and 35%+ increase over 2024 levels [7][18] - Leasing activity in the Americas represented 65% of the company's share of bookings in Q4, with a new leasing record of $96 million in the 0-1 megawatt-plus interconnection category [19][20] - The company signed leases representing $400 million of annualized rent at 100% share in Q4, contributing to a strong leasing performance [19][24] Market Data and Key Metrics Changes - Demand for data center capacity remains robust, particularly in the Americas, with significant contributions from hyperscalers [19][35] - The company noted a strong inflow of new logos, with nearly 600 added for the second consecutive year, indicating a healthy market presence [8][12] - The company is expanding its footprint in the APAC region, with strategic acquisitions in Indonesia and Malaysia to enhance connectivity and capacity [10][73] Company Strategy and Development Direction - The company is focused on a global, full-spectrum, and connectivity-rich platform, emphasizing operational excellence and disciplined capital allocation [6][11] - The strategy includes expanding AI-driven networking use cases and delivering AI-ready infrastructure in key metro areas [9][13] - The company is evolving its funding strategy to support hyperscale data center capacity, with over $3.2 billion in LP equity commitments to its closed-end fund [5][30] Management's Comments on Operating Environment and Future Outlook - Management highlighted the pivotal year for the data center industry, driven by AI adoption and cloud platform scaling, with power becoming a primary constraint [6][12] - The company expects continued strong demand for cloud and AI services, with infrastructure needs evolving to support these technologies [13][80] - Management expressed confidence in the company's ability to meet future demand, citing a strong backlog and strategic positioning in key markets [21][31] Other Important Information - The company plans to enhance its reporting by transitioning to power-based metrics, aligning with how the business is managed [25][26] - The company raised EUR 1.4 billion in a dual tranche green Eurobond offering to support its capital needs [28][29] - The company anticipates cash renewal spreads of 6%-8% and expects to recycle capital with $500 million-$1 billion in dispositions in 2026 [31][32] Q&A Session Summary Question: Insights on hyperscaler activity and bookings - Management noted a significant increase in hyperscaler demand, particularly in Northern Virginia, Charlotte, Atlanta, and Dallas, with customers looking further out for power capacity [35][36] Question: Context around inference scaling in 2026 - Management indicated that both hyperscale and enterprise businesses are seeing increased demand for AI-related infrastructure, with a notable rise in enterprise AI use cases [38][39] Question: Impact of capital expenditures and bottlenecks - Management acknowledged rising costs associated with scaling digital infrastructure but emphasized their ability to secure labor and manage supply chain challenges effectively [41][44] Question: Recurring CapEx and capitalized leasing costs - Management explained that the increase in recurring CapEx for 2026 is partly due to carryover projects from 2025 and ongoing portfolio improvements [46][47] Question: Timing for new capacity availability - Management confirmed that they have secured labor for ongoing projects and are actively working to deliver new capacity ahead of schedule [49][50] Question: Strategy for interconnection-focused facilities in new markets - Management highlighted the importance of acquiring network-dense, highly connected assets in emerging markets, balancing interconnection-focused facilities with larger hyperscale projects [73][75]

Financial Data and Key Metrics Changes - Total revenue for Q2 FY 2026 was $184.7 million, a decrease of 23% compared to the previous quarter, primarily due to lower Bitcoin mining revenue [19] - Adjusted EBITDA declined mainly due to reduced Bitcoin mining revenue, partially offset by lower payroll tax accruals and power costs [20] - The company recorded $31.8 million in mining hardware impairment associated with the transition to AI cloud, compared to $16 million in the prior period [20] Business Line Data and Key Metrics Changes - AI cloud revenue is accelerating as deployments ramp up, with a significant portion of revenue now coming from AI workloads [19] - The company expects to deliver 140,000 GPUs by the end of 2026, positioning for an annualized run rate revenue of $3.4 billion [5][17] - Approximately $2.3 billion of annualized revenue run rate is under contract, including around $0.4 billion at the Prince George site [16] Market Data and Key Metrics Changes - The company has secured underwriting commitments for $3.6 billion of GPU financing at an interest rate of less than 6%, covering 95% of GPU-related CapEx [4][22] - Demand for AI cloud services remains strong, with multiple advanced negotiations underway for larger scale deployments [5][16] - The company has secured over 4.5 GW of power, with a new 1.6 GW site in Oklahoma, enhancing its competitive position in a power-constrained market [6][14] Company Strategy and Development Direction - The company focuses on a vertically integrated model, controlling its own data centers and operations to manage costs and service quality [11] - The strategy revolves around the "three Cs": capacity, customers, and capital, which reinforce each other to support growth [8][26] - The company aims to scale into one of the world's largest AI cloud platforms, leveraging its secured power and customer demand [10][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing transition to AI cloud, expecting subsequent quarters to reflect a growing contribution from AI cloud revenues [21] - The company highlighted that demand is not a limiting factor for reaching its $3.4 billion ARR target by the end of 2026, with significant runway for growth beyond that [17][27] - Management emphasized the importance of selecting the right long-term partnerships to create lasting value [17] Other Important Information - The company has a strong cash position of $2.8 billion and has secured $9.2 billion from various financing sources to support growth [23][24] - The company is actively monitoring the colocation market but sees AI cloud as a more valuable opportunity at present [32][36] Q&A Session Summary Question: Update on ERCOT and its impact on Sweetwater - Management indicated that Sweetwater is likely to be included in the batching process, securing the full 2 GW of power [30] Question: Economics on colocation versus AI cloud - Management noted that AI cloud offers higher value compared to colocation, with better dollar-per-megawatt returns [32][35] Question: Energization dates for Sweetwater - Sweetwater 1 is on track to energize in Q2, with customer engagement expected to improve due to the batching process [51][52] Question: ARR recognition timeline - Revenue from the Microsoft contract is expected to commence progressively over the year, starting in Q2 [54] Question: Pricing environment for cloud deals - Management reported strong ongoing demand and a willingness from customers for longer contract tenors, indicating a favorable pricing environment [59]

February 5, 2026 Global. Connected. Sustainable. 4Q25 FINANCIAL RESULTS The meeting place for companies, technologies and data Strong Execution Throughout 2025 Positioned for Long-Term Sustainable Growth 5,500+ Customers 232,500 Cross Connects 55+ Metros 300+ Data Centers Capacity Host What You Need, How You Need Coverage Deploy Where You Need Connectivity Connect How You Need to Whom You Need Control Implement and Operate the Way You Need 4Q25 Highlights FY 2025 Highlights $1.2B Total Bookings at 100% shar ...

Earnings Presentation Q2 FY2026 February 5, 2026 DISCLAIMER Forward-Looking Statements This investor update includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended ("Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended ("Exchange Act"), that involve substantial risks and uncertainties. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our ...

When investors want to profit from the AI boom, they generally gravitate toward chipmakers like Nvidia (NASDAQ: NVDA) or software companies like Palantir (NASDAQ: PLTR). They probably pay less attention to real estate investment trusts (REITs), which are buying up data centers, renting out the space, and paying out most of that income as dividends. One of the largest data center REITs is Digital Realty (NYSE: DLR), which operates more than 300 data centers across over 50 metropolitan areas. It serves ove ...

Core Insights - Digital Realty reported strong financial results for Q4 2025, with revenues of $1.6 billion, marking a 4% increase from the previous quarter and a 14% increase year-over-year [3][6] - The company achieved a net income of $96 million for the quarter, translating to $0.24 per share, compared to $0.15 per share in Q3 2025 and $0.51 per share in Q4 2024 [3][9] - Adjusted EBITDA for the quarter was $857 million, a slight decrease of 1% from the previous quarter but a 14% increase from the same quarter last year [4][6] Financial Performance - Total revenues for Q4 2025 were $1.634 billion, with a year-over-year increase in rental revenues to $1.075 billion [30] - Funds From Operations (FFO) reached $658 million, or $1.89 per share, up from $1.65 per share in Q3 2025 and $1.61 per share in Q4 2024 [4][9] - Core FFO per share was reported at $1.86, slightly down from $1.89 in the previous quarter but up from $1.73 in the same quarter last year [5][9] Leasing Activity - In Q4 2025, Digital Realty signed total bookings expected to generate $400 million in annualized GAAP rental revenue, with the company's share amounting to $175 million [7][9] - The backlog of signed-but-not-commenced leases at the end of the quarter was $817 million in annualized GAAP base rent [8][9] - Renewal leases signed during the quarter represented $269 million in annualized cash rental revenue, with rental rates increasing by 6.1% on a cash basis and 12.0% on a GAAP basis [9] Investment Activity - Digital Realty sold a non-core data center in Dallas for approximately $33 million and established a joint venture in Israel to develop an 18-megawatt campus [12][14] - The company also acquired land in Portland and Lisbon, supporting future capacity expansions [14][15] - Subsequent to the quarter, an agreement was made to acquire the TelcoHub 1 data center in Malaysia, enhancing Digital Realty's footprint in the region [15] Balance Sheet - As of December 31, 2025, Digital Realty had approximately $18.4 billion in total debt, with a net debt-to-Adjusted EBITDA ratio of 4.9x [16][19] - The company issued €600 million in notes due 2033 and €800 million in notes due 2037, raising approximately €1.4 billion [17][19] - Early repayment of €1.075 billion in senior notes due 2026 was completed in December 2025 [18] 2026 Outlook - Digital Realty provided a 2026 Core FFO per share outlook of $7.90 to $8.00, with total revenue expected to be between $6.600 billion and $6.700 billion [19][22] - The company anticipates rental rate increases on renewal leases in the range of 6.0% to 8.0% on a cash basis and 8.5% to 10.5% on a GAAP basis [20][22] - Development capital expenditures are projected to be between $3.250 billion and $3.750 billion, with average stabilized yields expected to exceed 10% [20][22]

Core Insights - CleanSpark, Inc. reported a significant expansion in its power capacity and AI-ready site portfolio, securing up to 890 MW of utility-grade power capacity in Texas and Georgia [1][2] - The company emphasized its strong balance sheet and diversified business model, moving beyond solely bitcoin mining to include infrastructure for AI and digital asset management [2] Financial Performance - Quarterly revenues reached $181.2 million, marking an increase of $18.9 million or 11.6% from the previous year [5] - The net loss for the quarter was $378.7 million, translating to a loss of $1.35 per basic share, compared to a net income of $246.8 million or $0.85 per basic share in the same period last year [5][17] - Adjusted EBITDA decreased to a loss of $295.4 million from a profit of $321.6 million in the prior year [5][19] Balance Sheet Highlights - As of December 31, 2025, the company had working capital of $1.3 billion and total assets of $3.3 billion [4][15] - Total liabilities amounted to $1.9 billion, with long-term debt at $1.8 billion [5][15] - Stockholders' equity was reported at $1.4 billion, down from $2.2 billion in the previous quarter [15] Operational Developments - The company is advancing its Sandersville site with the acquisition of an additional 122-acre parcel, aimed at supporting AI tenancy [2] - CleanSpark's bitcoin mining operations continue to generate cash flows, which are being reinvested into long-duration infrastructure opportunities [2] Strategic Direction - CleanSpark is transitioning to a multi-faceted infrastructure platform, with earnings streams from bitcoin mining, AI infrastructure, and digital asset management [2] - The company aims to optimize capital allocation to maximize returns, a strategy considered rare in the current market [2]

Financing - Company secured $3.6 billion in GPU financing for a Microsoft contract with an interest rate of less than 6% per annum, covering 95% of GPU-related capital expenditures [7] - The financing, along with a Microsoft prepayment of $1.9 billion, supports a targeted expansion of 140,000 GPUs, aiming to deliver $3.4 billion in annual recurring revenue (ARR) by the end of calendar year 2026 [7][14] - Over $9.2 billion in funding has been secured in the financial year to date through various sources including customer prepayments and GPU leasing [7] Data Center Expansion - A new 1.6GW data center campus is being developed in Oklahoma, increasing the company's secured grid-connected power to over 4.5GW [7] - Grid studies are complete, with power expected to ramp up from 2028, and the site spans 2,000 acres with low latency network connectivity [7] Financial Performance - For the quarter ended December 31, 2025, total revenue decreased to $184.7 million from $240.3 million in the previous quarter [27] - The company reported a net loss of $155.4 million, compared to a net income of $384.6 million in the prior quarter [27] - Adjusted EBITDA decreased to $75.3 million from $91.7 million in the previous quarter, reflecting ongoing transitions and operational challenges [30] Management Commentary - Management highlighted meaningful progress in capacity expansion, customer engagement, and capital formation, indicating a strong demand environment for AI Cloud services [8][9] - The company is focused on transitioning from Bitcoin mining to AI Cloud services, with increasing capacity allocated to higher-value AI workloads [7][8]

Core Viewpoint - The current dip in Applied Digital Corp (APLD) shares presents a potential buying opportunity, especially following a recent decline influenced by negative outlooks from Qualcomm and increased AI spending at Alphabet [1][2]. Group 1: Stock Performance - APLD shares have decreased by 8.3%, trading at $28.91, marking the worst day in about a year and extending a pullback from a record peak of $42.27 on January 28 [1][2]. - The stock is currently near a historically bullish trendline, suggesting it may be an ideal time to buy the dip [2]. Group 2: Technical Indicators - APLD stock is within 0.75 of the 100-day moving average's 20-day average true range (ATR), having remained above this level 80% of the time in the past two weeks and 80% of the last 42 trading sessions [3]. - Historical data indicates that similar signals have led to a 75% chance of the stock being higher one month later, with an average gain of 15.8% [4]. Group 3: Market Sentiment - There is a notable unwinding of pessimism among options traders, with the 10-day put/call volume ratio ranking higher than 94% of readings from the past year, indicating increased bearish sentiment [6]. - APLD is also positioned for a potential short squeeze, with short interest rising by 13.1%, amounting to 86.25 million shares sold short, which represents 36.7% of the stock's available float [7].

With a market cap of $57.3 billion, Digital Realty Trust, Inc. (DLR) owns, acquires, develops, and operates data centers, providing colocation and interconnection solutions to a broad range of domestic and international customers. As of September 30, 2025, the company operates 311 data centers across multiple continents, supporting mission-critical technology and enterprise operations with a portfolio of approximately 42.7 million square feet of stabilized space. Shares of the Austin, Texas-based company ...