Saidal Mohmand
Chief Financial Officer at APLD
Executive
About Saidal Mohmand
Saidal Mohmand, 35, is Applied Digital’s Chief Financial Officer since October 15, 2024, after serving as EVP of Finance (September 2021–October 2024). He previously held Director of Research roles at 272 Capital LP and B. Riley Asset Management, and at GrizzlyRock Capital, and holds a B.B.A. in Finance and Accountancy from Western Michigan University . Company performance under his tenure includes FY2025 revenue of $144.2 million (+6% YoY) and a net loss attributable to common stockholders of $233.7 million, and Q1 FY2026 revenue of $64.2 million with adjusted EBITDA of $0.5 million, alongside transformative CoreWeave leases totaling ~$11 billion and Macquarie financing drawdowns to fund AI campuses . Applied Digital’s cumulative TSR (fixed $100 investment) improved from 173 (FY2023) to 220 (FY2024) and 417 (FY2025) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Applied Digital | EVP Finance | 2021–2024 | Led financial strategy and capital markets through pivot to AI data centers . |
| 272 Capital LP | Director of Research | 2020–2021 | Technology-focused research; connection to current CEO’s prior RIA . |
| B. Riley Asset Management | Director of Research | 2021–2024 | Post-acquisition continuity in research leadership . |
| GrizzlyRock Capital | Director of Research | 2013–2020 | Value-oriented long/short investing; deep fundamental experience . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| 272 Capital LP | Director of Research | 2020–2021 | Investment advisory firm founded by APLD CEO . |
| B. Riley Asset Management | Director of Research | 2021–2024 | Asset management arm of B. Riley Financial . |
| GrizzlyRock Capital | Director of Research | 2013–2020 | Value-focused fund in Chicago . |
Fixed Compensation
| Component | FY2025 Amount/Terms | Notes |
|---|---|---|
| Base salary | $369,792 | Reflects $250,000 (Jun 1–Oct 14, 2024) and $475,000 (Oct 15, 2024–FY end) . |
| Target bonus | 75% of base salary | Per CFO offer letter . |
| Actual cash bonus paid | $445,313 | FY2025 bonus payout . |
| All other compensation | $39,751 | Value of health care premiums . |
Performance Compensation
| Equity Type | Grant Date | Units | Grant/Fair Value | Performance Metrics | Vesting/Key Terms |
|---|---|---|---|---|---|
| RSU | Aug 5, 2022 | 41,668 | Market value $284,592 at FY-end | Time-based | Vested Aug 5, 2025 . |
| RSU | Apr 4, 2023 | 25,000 | Market value $170,750 at FY-end | Time-based | 12,500 on Oct 4, 2025; 12,500 on Apr 4, 2026 . |
| RSU | Oct 17, 2024 | 408,334 | Market value $2,788,921 at FY-end | Time-based | See detailed schedule below . |
| PSU (2024 Plan) | Nov 15, 2024 | 490,000 | Market value $3,346,700 at FY-end | Subject to “Vesting Conditions” set by Compensation Committee; full vesting upon Change in Control by Dec 31, 2027 with continued employment . | |
| PSU (2024 Plan) | Mar 27, 2025 | 245,000 | Market value $1,673,350 at FY-end | As above; pro-rata/continued eligibility after Qualifying Termination per conditions . | |
| Total stock awards recognized FY2025 | $8,932,700 | Sum per Summary Compensation Table . |
Vesting schedule details (RSUs):
- Oct 17, 2024 RSU award (408,334 units): 81,667 on Oct 4, 2025; 81,667 on Apr 4, 2026; 81,666 on Oct 4, 2026; 81,667 on Apr 4, 2027; 81,667 on Oct 4, 2027 .
- Apr 4, 2023 RSU award (25,000 units): 12,500 on Oct 4, 2025; 12,500 on Apr 4, 2026 .
PSU vesting terms (high-level, award-specific):
- 2024 PSU Awards: Vest on achievement of Vesting Conditions; upon Qualifying Termination, portion may remain outstanding to vest if all conditions achieved by Dec 31, 2027, or earlier on Change in Control; full vesting upon Change in Control (with continued employment) by Dec 31, 2027 .
Equity Ownership & Alignment
| Item | Value |
|---|---|
| Total beneficial ownership (common) | 201,800 shares; <1% of outstanding . |
| Shares outstanding (reference) | 269,315,269 as of Sept 18, 2025 . |
| Ownership % of SO | ~0.075% (201,800 / 269,315,269) . |
| Unvested RSUs (as of May 31, 2025) | 408,334 (Oct 17, 2024) + 12,500 (Apr 4, 2023) = 420,834 . |
| Unvested PSUs (as of May 31, 2025) | 490,000 (Nov 15, 2024) + 245,000 (Mar 27, 2025) = 735,000 . |
| Options (exercisable/unexercisable) | None disclosed for Mohmand . |
| Hedging/Pledging | Company prohibits hedging and pledging of securities; anti-hedging policy in insider trading policy . |
| Stock ownership guidelines | Not disclosed for executives in proxy; directors have equity grants per policy . |
Employment Terms
| Provision | Terms |
|---|---|
| Offer letter effective | October 14, 2024 (CFO role) . |
| Base salary | $475,000 (subject to annual review) . |
| Target bonus | 75% of base salary; determined by Board/Comp Committee based on individual and company performance . |
| Initial equity grants | 490,000 RSUs (2022 Plan) and 490,000 PSUs (2024 Plan) . |
| Severance (no Cause / resignation not specified; termination without Cause) | 12 months base salary + 100% of target bonus; 24 months base salary if termination within 18 months following a Change in Control; 24 months paid in installments; bonus subject to withholdings . |
| Change-in-Control (equity) | RSUs: acceleration mechanics based on Replacement Award and trading status; special CoC provision for Oct 15, 2025 timing (50% vest if CoC on/before that date; 100% if later or no Replacement Award) . PSUs: full vesting if CoC occurs on/before Dec 31, 2027 with continued employment . |
| Restrictive covenants | Non-compete 12 months post-termination; non-solicit 12 months; perpetual confidentiality/non-disparagement; invention assignment . |
| Clawback policy | Adopted 2023; executive incentive comp subject to recoupment upon accounting restatements (Nasdaq/SEC Section 954 compliance) . |
| Anti-hedging | Prohibited for officers, directors, employees and controlled entities . |
Performance & Track Record
| Metric/Highlight | Details |
|---|---|
| FY2025 revenue and loss | Revenue $144.2m (+6% YoY); net loss attributable to common stockholders $233.7m; adjusted EBITDA $19.6m . |
| Q1 FY2026 revenue and profitability | Revenue $64.2m; adjusted net loss $7.6m; adjusted EBITDA $0.5m; CoreWeave leases fully contract 400MW (~$11B expected aggregate rent) . |
| Strategic achievements | Three long-term CoreWeave leases at Polaris Forge 1 (400MW; ~$11B contracted revenue); Macquarie perpetual preferred facility first draw ($112.5m) and additional equipment financing; broke ground on Polaris Forge 2 . |
| TSR trend | Fixed $100 investment cumulative TSR: 173 (FY2023) → 220 (FY2024) → 417 (FY2025) . |
| Say-on-Pay | 97% approval at 2024 annual meeting . |
Compensation Peer Group (for benchmarking)
Peers used in FY2025 compensation decisions included technology and crypto/HPC firms such as CleanSpark, DigitalOcean, Marathon Digital, Riot Platforms, Verint Systems, and others; market cap range ~0.25x to 4.0x APLD at time of study, based on Compensia’s analysis .
Related Party Transactions (Risk Indicators)
- Company paid $0.3 million in FY2024 (and $0 in FY2025) to a company owned by a family member of the CFO; related party transactions overseen by the Audit Committee per adopted charter and policies .
- Broader related party dealings disclosed (e.g., with GMR and B. Riley), with Audit Committee review and independence affirmations as required .
Compensation Structure Analysis
- Increased variable/equity mix: Significant RSU/PSU grants in FY2025 ($8.93m fair value recognized) indicate alignment with long-term goals and retention needs during the AI campus buildout .
- Performance-based equity: PSUs subject to performance “Vesting Conditions” through Dec 31, 2027; full vesting on Change in Control with continued employment, and pro-rata rules upon Qualifying Termination—comp committee retains discretion to modify goals .
- Governance protections: Clawback policy in place; anti-hedging/pledging; no excise tax gross-ups disclosed; severance structured as months of base plus target bonus rather than guaranteed multipliers, with enhanced terms tied to CoC timing .
Vesting Schedules and Insider Selling Pressure
| Award | Key Vest Dates | Units | Comment |
|---|---|---|---|
| RSU (Oct 17, 2024) | Oct 4, 2025; Apr 4, 2026; Oct 4, 2026; Apr 4, 2027; Oct 4, 2027 | 81,667; 81,667; 81,666; 81,667; 81,667 | Five tranches; potential supply at each date . |
| RSU (Apr 4, 2023) | Oct 4, 2025; Apr 4, 2026 | 12,500; 12,500 | Smaller time-based tranches . |
| PSUs (2024 awards) | Through Dec 31, 2027 (contingent) | 490,000; 245,000 | Vest only on metric attainment or CoC; limited predictable supply absent performance triggers . |
Implication: RSU tranches provide identifiable potential selling windows starting Oct 2025 and semi-annually thereafter; PSUs are performance- or CoC-triggered, reducing visibility of supply absent informational disclosures on metric attainment .
Equity Ownership & Alignment Table (detail)
| Ownership Component | Amount |
|---|---|
| Beneficial shares (common) | 201,800 shares . |
| Ownership % | ~0.075% of 269,315,269 outstanding shares . |
| Unvested RSUs | 420,834 units (includes 408,334 from Oct 17, 2024; 12,500 from Apr 4, 2023) . |
| Unvested PSUs | 735,000 units (Nov 15, 2024 + Mar 27, 2025 awards) . |
| Pledging/Hedging | Prohibited by policy . |
Employment Terms Table (detail)
| Term | Provision |
|---|---|
| Severance (without Cause) | 12 months base salary; 100% of target bonus . |
| CoC-related severance | 24 months base if termination within 18 months post-CoC; 100% target bonus . |
| RSU acceleration (CoC timing) | If CoC on/before Oct 15, 2025 → 50% vest; after date or no Replacement Award → 100% vest; other Replacement Award rules apply . |
| PSU acceleration | Full vesting on CoC by Dec 31, 2027 with continued employment; pro-rata rules upon Qualifying Termination . |
| Non-compete / Non-solicit | 12 months post-termination (employees, service providers & partners) . |
| Clawback | Adopted 2023 (Nasdaq/SEC-compliant) . |
| Anti-hedging | Prohibited by insider trading policy . |
Investment Implications
- Alignment: Equity-heavy package (RSUs and PSUs) ties compensation to multi-year execution of AI campuses, contracted lease monetization, and potential CoC outcomes; anti-hedging/pledging and clawback policies strengthen alignment .
- Retention risk: Meaningful unvested equity through 2027 and enhanced CoC severance reduces near-term departure risk; non-compete/non-solicit add further retention constraints .
- Trading signals: RSU tranche dates (Oct/Apr cycles) could create periodic supply; PSU vesting remains opaque without metric disclosure—monitor subsequent 8-Ks/Proxy updates for PSU attainment or CoC events .
- Governance/related party: Prior payment to a company owned by a CFO family member (FY2024) warrants continued monitoring of related party oversight, though FY2025 shows no such payments; Audit Committee reviews such transactions .
- Performance backdrop: Despite strong TSR improvement and transformative leases, losses and capital intensity remain high; financing progress (Macquarie) supports ramp but execution risk persists—comp structure appears calibrated to long-horizon value creation rather than near-term profitability .