AI-generated · cited to primary sources · not investment advice
Applied Digital Corporation - Common Stock (APLD) Nov 2025 Filing Analysis
Does management do what it says?
The company successfully energized its first 100 MW HPC data center (Building 2) for CoreWeave in November 2025, contributing to a significant revenue inflection. (2 met across 2 tracked commitments)
“Approximately $85.0 million of the increase was due to revenue generated related to our HPC Hosting Business, with approximately $73.0 million related to tenant fit-out services and $12.0 million related to rental revenues as ELN-02 at Polaris Forge 1 fully energized during the current quarter.”
See the full cited Management analysis of Applied Digital Corporation - Common Stock
What could break the thesis?
This risk is intensifying as the company issued more preferred stock and took on more debt. Preferred dividends for the six months ended Nov 2025 were $3.1 million compared to $0.7 million in the prior year, and interest obligations have ballooned. (1 intensifying)
“Preferred dividends (3,146) (673)”
See the full cited Risk analysis of Applied Digital Corporation - Common Stock
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