Core Insights - Applied Digital Corp. reported second quarter earnings that exceeded analyst expectations, with earnings of zero cents per share compared to a consensus estimate of a loss of 10 cents [2] - The company's quarterly revenue reached $126.59 million, significantly surpassing the Street estimate of $89.76 million and showing a substantial increase from $36.16 million in the same period last year [2] Financial Performance - Revenue from the HPC Hosting Business was $85 million for the quarter and $111.3 million for the six months ending November 30, 2025 [2] - Revenue from the Data Center Hosting Business segment was $41.6 million for the quarter, reflecting a 15% increase from $36.2 million during the same period last year [3] Strategic Positioning - The Dakotas are highlighted as a strategic region for hyperscalers due to favorable climate and energy resources, providing Applied Digital with a competitive advantage [4] - The company has secured contracts with two hyperscalers in the region and is in advanced discussions with another investment-grade hyperscaler for additional sites, indicating strong inbound demand [5] Stock Performance - Following the earnings report, Applied Digital's stock rose by 4.84% to $30.99 in extended trading [6]

Core Viewpoint - Cipher Mining Inc. has made a strategic acquisition of a 200MW Ulysses site in Ohio, marking its first acquisition outside Texas, which aligns with its ambitions in high-performance computing (HPC) growth [1][2][3] Acquisition Details - The Ulysses site spans 195 acres and has secured capacity from AEP Ohio, with all necessary utility agreements and interconnection approvals in place, expected to begin operations in Q4 2027 [3][4] - This acquisition allows Cipher Mining to enter the PJM market, a key region for AI and HPC demand, providing additional capacity for its HPC hosting business [3][4] Strategic Implications - The Ulysses site is viewed as a medium-term HPC-ready asset due to its acreage, availability of diverse fiber paths, and proximity to a major metropolitan area, supporting Cipher's broader expansion strategy [4] - The firm describes the acquisition as "buying de-risked time-to-power inventory," which reduces early-stage friction and anticipates near-term value creation from hosting announcements and a clearer build plan [5] Development Pipeline - With the addition of the Ulysses site, Cipher Mining's development pipeline now totals 3.4GW across eight sites, although financial terms of the acquisition were not disclosed [6] - The company maintains a bullish outlook on bitcoin and its execution on site development, reaffirming a "Buy" rating with a price target of $28 [6]

Core Insights - Cipher Mining Inc. has reported transformative developments in Q3 2025, including a significant lease agreement with Amazon Web Services for AI workloads [1][5] - The company is focused on expanding its operations in high-performance computing (HPC) and bitcoin mining [4] Financial Highlights - Cipher Mining announced a net loss of $3 million, or $0.01 per share, for Q3 2025, while adjusted earnings were reported at $41 million, or $0.10 per diluted share [5] - The company completed a $1.3 billion convertible note offering [5] Operational Developments - Cipher has executed a 15-year lease agreement with Amazon Web Services valued at approximately $5.5 billion to provide 300 MW of capacity for AI workloads, with rent commencing in August 2026 [1][2] - The capacity delivery will occur in two phases, starting in July 2026 and concluding in Q4 2026 [2] - A joint venture named "Colchis" is being developed in West Texas, with Cipher expected to provide the majority of financing, resulting in approximately 95% equity ownership [3][5] Strategic Initiatives - The Colchis site will include a 1-GW Direct Connect Agreement with American Electric Power, targeting energization in 2028 [3] - Cipher aims to be a key player in the market by focusing on product development, including bitcoin mining growth and data center construction [4]

Core Viewpoint - Cipher Mining Inc. is set to provide a business update and release its third quarter 2025 financial results on November 3, 2025, before U.S. markets open [1] Group 1: Upcoming Events - The company will host a conference call and webcast on November 3, 2025, at 8:00 a.m. Eastern Time [1] - A live webcast and replay of the conference call will be available on Cipher's investor relations website [2] Group 2: Company Overview - Cipher focuses on developing and operating industrial-scale data centers for bitcoin mining and high-performance computing (HPC) hosting [3] - The company aims to be a market leader in innovation within bitcoin mining growth, data center construction, and as a hosting partner for major HPC companies [3]

Core Insights - Applied Digital (APLD) shares have appreciated 122.2% year to date (YTD), significantly outperforming the broader Zacks Finance sector's return of 12.1% and the Zacks Financial – Miscellaneous Services industry's return of 3.8% [1] - APLD's strong performance is attributed to robust demand for data center infrastructure and a growing focus on energy efficiency within the data center industry [2] - The global AI market is projected to reach $500 billion by 2027, necessitating high-capacity data centers to support AI applications [2] Company Performance - APLD operates data center hosting services with a total capacity of approximately 286 megawatts (MWs) [7] - The Polaris Forge 1 facility is designed to scale up to 1 gigawatt (GW) and is expected to drive long-term growth, with the first 100-MW facility operational by Q4 2025 [9] - APLD has secured lease agreements with CoreWeave for 400 MW, with anticipated lease revenues of approximately $11 billion [11] Industry Trends - Strong spending by hyperscalers is expected to exceed $350 billion by 2025, which is beneficial for APLD as they require high-capacity data centers [3] - The demand for AI infrastructure is increasing, with AI queries requiring significantly more electricity than traditional queries, presenting a growth opportunity for APLD [10] Financial Outlook - APLD reported fiscal 2025 revenues of $144.2 million, a 6% increase from fiscal 2024, primarily driven by Data Center Hosting [12] - The Zacks Consensus Estimate for APLD's fiscal 2026 loss has widened to 34 cents per share, indicating a challenging near-term outlook [13] - APLD's stock is currently considered overvalued, trading at a forward price/sales ratio of 14.46X compared to the industry average of 3.58X [15] Investment Considerations - The CoreWeave lease deal enhances revenue visibility, which is favorable for long-term investors, but rising loss estimates and high valuation present risks [18] - APLD currently holds a Zacks Rank 3 (Hold), suggesting that investors may want to wait for a more favorable time to accumulate the stock [19]

Core Insights - Cipher Mining Inc. reported its unaudited production and operations update for August 2025, highlighting significant metrics in bitcoin mining and operational efficiency [1] Group 1: Production Metrics - The company mined approximately 241 BTC in August 2025, with 42 BTC sold, resulting in a total holding of about 1,414 BTC at month-end [2][4] - Cipher deployed 115,000 mining rigs, achieving a month-end operating hashrate of 23.0 EH/s and a fleet efficiency of 17.3 J/TH [2] Group 2: Operational Developments - Black Pearl Phase I contributed to approximately 39% of the total bitcoin mined in August, with expectations to reach around 10 EH/s by the end of Q3 2025, increasing Cipher's total self-mining hashrate to approximately 23.5 EH/s [3][6] - The company anticipates continued scaling of production as new rigs are delivered, enhancing overall operational capacity [6] Group 3: Strategic Focus - Cipher is focused on developing and operating industrial-scale data centers for bitcoin mining and high-performance computing (HPC) hosting, aiming to be a market leader in innovation within these sectors [5]

HPC Infrastructure and Capacity - TeraWulf expects to deploy 150-200 MW of new HPC capacity per year[4] - The company has 1,150 MW of scalable capacity across purpose-built sites[4] - 800-850 MW of capacity is available for future contracts across two sites[5,9] - Cayuga site unlocks 400 MW of scalable HPC capacity[11] - Total capacity is 1,150 MW (gross), with 750 MW at Lake Mariner and 400 MW at Cayuga[36] Key Contracts and Financial Highlights - TeraWulf has a 10-year, $3.7 billion hyperscale lease with Fluidstack, with Google backstopping $1.8 billion of Fluidstack's lease obligations[11,12] - The company has a contract with Core42 for 72.5 MW, which is expected to be online in 2025[5] - Q2 2025 revenue was $47.6 million, with a non-GAAP adjusted EBITDA of $14.5 million[24] - End of period hash rate reached 12.2 EH/s, representing a 53% increase year-over-year[24] - Bitcoin mined in Q2 2025 totaled 485, implying 5.3 BTC per day, up 29% quarter-over-quarter[24] Financial Position - Cash and cash equivalents totaled $90 million at the end of Q2 2025[24] - Net debt was $410 million, including $500 million in convertible notes issued in October 2024[24] - The company projects a fixed operating cost range of $84–$94 million for 2025[38]

Core Viewpoint - Cipher Mining Inc. is set to provide a business update and release its second quarter 2025 financial results on August 7, 2025, before U.S. markets open [1] Group 1: Financial Results Announcement - The company will host a conference call and webcast on the same day at 8:00 a.m. Eastern Time [1] - The live webcast and replay of the conference call will be available on Cipher's investor relations website [2] Group 2: Company Overview - Cipher focuses on developing and operating industrial-scale data centers for bitcoin mining and high-performance computing (HPC) hosting [3] - The company aims to be a market leader in innovation within bitcoin mining growth, data center construction, and as a hosting partner for major HPC companies [3]

Operational Highlights - TeraWulf deployed 122 EH/s in Q1 2025[9] - The company mined 372 BTC in Q1 2025, averaging 41 BTC per day[9, 16] - TeraWulf is on track to deliver 60 MW of critical HPC hosting capacity to Core42 in 2025[9] - The company achieved an 18 J/TH fleet efficiency in Q1 2025[13] Financial Performance - Revenue reached $349 million in Q1 2025, a 102% increase year-over-year, with an average value per BTC self-mined of approximately $93k[16] - Non-GAAP Adjusted EBITDA was ($47) million in Q1 2025, down from $319 million in 1Q24 due to various factors[16] - As of March 31, 2025, TeraWulf held $2182 million in cash and cash equivalents, excluding BTC valued at $14 million[12, 16] - Net debt stood at $2818 million as of March 31, 2025, including $500 million in 275% Convertible Notes due 2030[16, 17] - Power cost was $0081/kWh in Q1 2025, a 65% increase year-over-year due to extreme winter weather conditions[16] Strategic Initiatives and Guidance - TeraWulf has a scalable infrastructure with 750 MW of potential capacity for HPC Hosting[3] - The company is targeting 225 MW and 12 EH/s for Q2 – Q4 2025[3] - TeraWulf secured its first data center lease with Core42 for 60 MW of capacity[27] - The company anticipates ~$16 million per MW Base Rent in Year 1 from the Core42 deal, escalating at 3% annually[27]

Core Insights - TeraWulf Inc. reported a decrease in revenue for Q1 2025, totaling $34.4 million, down 19% from $42.4 million in Q1 2024, primarily due to the April 2024 halving, increased network difficulty, and elevated power prices [4][11] - The company achieved a self-mining capacity of 12.2 EH/s, reflecting a 52.5% year-over-year increase, and self-mined 372 bitcoins during the quarter [6][8] - TeraWulf held $219.6 million in cash and bitcoin as of March 31, 2025, and repurchased $33 million of common stock in 2025 [10][2] Financial Performance - Revenue for Q1 2025 was $34,405,000 compared to $42,433,000 in Q1 2024 [21] - Cost of revenue (excluding depreciation) increased to $24,553,000, representing 71.4% of revenue, compared to $14,408,000 or 34.0% in Q1 2024 [4][11] - The net loss for Q1 2025 was $61,418,000, compared to a net loss of $9,613,000 in Q1 2024 [21] Operational Highlights - The company energized Miner Building 5, increasing total capacity to 245 MW and enhancing hashrate to 12.2 EH/s [1][10] - TeraWulf aims to secure additional HPC customers, targeting 200-250 MW operational by year-end 2026 [1][9] - The average operating hash rate decreased to 7.3 EH/s in Q1 2025 from 8.0 EH/s in Q1 2024 [6] Strategic Initiatives - TeraWulf is focused on developing scalable, sustainable infrastructure for Bitcoin mining and high-performance computing [7][10] - The company plans to begin HPC hosting revenue in Q2 2025 as data halls come online [10] - Management emphasized the importance of disciplined capital allocation, as evidenced by the share repurchase program [10][15]