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Applied Digital Corporation (APLD) is a U.S.-based company that designs, develops, and operates next-generation digital infrastructure across North America. The company provides digital infrastructure solutions and cloud services to industries experiencing rapid growth, including High-Performance Computing (HPC) and Artificial Intelligence (AI). APLD sells cloud services, data center hosting, and infrastructure solutions tailored for AI applications and crypto mining customers.
- Data Center Hosting - Provides energized space to crypto mining customers, where customer-owned hardware is installed in the company's facilities, and operational and maintenance services are provided for a fixed fee.
- Cloud Services - Offers cloud services through the Sai Computing brand to customers such as AI and machine learning developers, who pay a fixed rate for a managed hosting environment supported by company-provided equipment.
- High-Performance Compute (HPC) Hosting - Designs, builds, and operates data centers designed to support high-compute applications using advanced infrastructures.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Kate Reed ExecutiveBoard | Chief Growth Officer & Director | None | Kate Reed joined APLD as a Director in November 2023 and became Chief Growth Officer in May 2024. She has extensive experience in technology leadership from her previous roles at IBM Corporation. | |
Wes Cummins ExecutiveBoard | Chairman & CEO | Board Member at Sequans Communications S.A. and Vishay Precision Group, Inc. | Wes Cummins has been with APLD since 2007, serving in various roles including CEO since March 2021. He is also the founder and CEO of 272 Capital LP and has over 20 years of experience as a technology investor. | View Report → |
David Rench Executive | Chief Administrative Officer | None | David Rench transitioned from CFO to Chief Administrative Officer in October 2024. He has been with APLD since March 2021, contributing significantly to financial strategy and operations. | |
Saidal Mohmand Executive | Chief Financial Officer | Director of Research at 272 Capital LP | Saidal Mohmand joined APLD in September 2021 as EVP of Finance and became CFO in October 2024. He has played a key role in financial strategy and capital market initiatives. | |
Chuck Hastings Board | Director | CEO of B. Riley Wealth Management, Board Member for IQvestment Holdings | Chuck Hastings has been a Director at APLD since April 2021. He is also the CEO of B. Riley Wealth Management and has a background in strategic initiatives and portfolio management. | |
Douglas Miller Board | Lead Independent Director | Board Member at Cognyte Software Ltd., Verint Systems Inc., and Sequans Communications S.A. | Douglas Miller has been a Lead Independent Director at APLD since April 2021. He brings extensive experience from his roles as a CFO and board member of public companies. | |
Ella Benson Board | Director | Director at Oasis Management Co., Ltd. | Ella Benson joined APLD's Board in May 2024 and serves as Chairperson of the Nominating and Governance Committee. She has extensive experience in financial services and investment management. | |
Rachel Lee Board | Director | Board Member at Bank of Hope and Legacy Franchise Concepts | Rachel Lee joined APLD's Board in February 2024. She has a strong background in finance and investment, having served as a Partner at Ares Management Corporation. | |
Richard Nottenburg Board | Director | Executive Chairman of NxBeam Inc., Board Member at Cognyte Software Ltd., Verint Systems Inc., and Sequans Communications S.A. | Richard Nottenburg has been a Director at APLD since June 2021 and serves as Chairman of the Board for Applied Digital Cloud Corporation. He has a rich background in technology and governance. |
- Can you provide more detail on the current status of your discussions with multiple hyperscalers and where each stands in the due diligence process?
- Regarding the Macquarie investment, how does the 15% common equity interest in your HPC business segment impact existing shareholders, and can you clarify the specific investment they're making for that stake?
- With the reported demand for data center capacity and the potential shortfall in power availability by 2028, how confident are you in securing the necessary power for your pipeline, and what are the risks associated with your 2026 and 2027 power availability?
- You've mentioned that the pricing environment reflects the strong demand in the market; can you elaborate on whether the yield on cost for new leases exceeds your cost of capital, particularly in light of the 12.75% dividend on the preferred equity?
- The renegotiation of your GPU lease terms extended the amortization period from two years to five years, reducing your quarterly depreciation expense; how does this change impact your financials, and what should investors expect regarding your depreciation and amortization expenses moving forward?
Recent press releases and 8-K filings for APLD.
- Applied Digital Corp. has secured a convertible preferred equity facility with a total capacity of $150 million to finance the development of its Ellendale Multi-Building HPC Campus.
- The facility allows the company to draw funds at its discretion in increments of $25 million over a 36-month period, with shares issued at a purchase price of $1,000 per share at a 4% discount and convertible into common stock under predefined terms.
- Robust Financial Performance: Q3 2025 revenues reached $52.9 million (a 22% YoY increase) with a GAAP net loss of $36.1 million and adjusted EBITDA of $10.0 million
- Major Financing Milestones: Secured a $375 million financing from SMBC and announced a strategic transaction with Macquarie Asset Management that could unlock up to $5 billion for data center expansion
- Accelerated Data Center Expansion: The Ellendale campus is on schedule with the first revenue-generating 100-MW building by Q4 2025, followed by additional 150-MW projects in Q2 2026 and Q1 2027; plus 286 MW of fully contracted capacity in North Dakota
- Cloud Services Strategic Update: The board is reviewing options for its cloud business, with plans approved to sell the Cloud Services Business as it transitions from a single-tenant to a multi-tenant model
- Management Enhancement: Appointment of Laura Laltrello as COO to strengthen data center operations and drive strategic execution