Tearsheet

Applied Digital (APLD)

Market Price (11/14/2025): $22.36 | Market Cap: $5.7 Bil
Sector: Information Technology | Industry: IT Consulting & Other Services

Applied Digital (APLD)

Market Price (11/14/2025): $22.36
Market Cap: $5.7 Bil
Sector: Information Technology
Industry: IT Consulting & Other Services

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Megatrend and thematic drivers Megatrends include Artificial Intelligence, and Crypto & Blockchain. Themes include Data Centers & Infrastructure, High-Performance Computing (HPC) Hosting, Show more.	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -46 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -31%
1		Expensive valuation multiples P/SPrice/Sales ratio is 40x
2		Stock price has recently run up significantly 6M Rtn6 month market price return is 313%, 12M Rtn12 month market price return is 222%
3		Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -82%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -676%
4		Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 429%
5		Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -8.3%
6		High stock price volatility Vol 12M is 128%
7		Significant short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 31%

0	Megatrend and thematic drivers Megatrends include Artificial Intelligence, and Crypto & Blockchain. Themes include Data Centers & Infrastructure, High-Performance Computing (HPC) Hosting, Show more.
1	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -46 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -31%
2	Expensive valuation multiples P/SPrice/Sales ratio is 40x
3	Stock price has recently run up significantly 6M Rtn6 month market price return is 313%, 12M Rtn12 month market price return is 222%
4	Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -82%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -676%
5	Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 429%
6	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -8.3%
7	High stock price volatility Vol 12M is 128%
8	Significant short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 31%

Market Valuation & Key Metrics

	11/14/25	2024	2023	2022
Share Price CYE	$22.36	$7.64	$6.74	$1.84
Market Cap CYE ($ Bil)	5.7	1.6	0.7	0.2
Total Debt ($ Bil)	0.7	0.7	0.1	0.1
Total Cash ($ Bil)	0.1	0.0	0.0	0.0
Enterprise Value ($ Bil)	6.3	2.3	0.8	0.3
Valuation Ratios
P/S TTM	38.7	10.7	5.6	3.1
P/EBIT TTM	-33.9	-10.7	-13.6	-4.0
P/E TTM	-23.5	-6.7	-5.2	-3.9
Sector Ratios
P/S TTM (Sector)	3.2	3.1	2.8	2.5
P/EBIT TTM (Sector)	1.4	-0.0	-0.1	-0.5
P/E TTM (Sector)	-0.2	-0.3	-0.4	-0.5

	11/14/25	2024
Share Price CYE	$22.36	$7.64
Market Cap CYE ($ Bil)	5.7	1.6
Total Debt ($ Bil)	0.7	0.7
Total Cash ($ Bil)	0.1	0.0
Enterprise Value ($ Bil)	6.3	2.3
Valuation Ratios
P/S TTM	38.7	10.7
P/EBIT TTM	-33.9	-10.7
P/E TTM	-23.5	-6.7
Sector Ratios
P/S TTM (Sector)	3.2	3.1
P/EBIT TTM (Sector)	1.4	-0.0
P/E TTM (Sector)	-0.2	-0.3

	APLD	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	0.1
Rev Chg Q	84.3%	7.1%
Rev Chg LTM	9.3%	6.1%
Rev Chg 3Y Avg	172.2%	5.5%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	-0.0
CFO LTM ($ Bil)	-0.1
Net Inc LTM ($ Bil)	-0.2
Op Mgn LTM	-31.3%	18.8%
CFO/Rev LTM	-82.3%	20.5%
Net Inc Mgn	-165.0%	13.1%
VALUATION	VERY HIGH
P/S	38.7	3.2
P/CFO	-47.1	15.3
P/FCF	-5.7	20.4
P/E	-23.5	23.6
STABILITY	GOOD
Debt/Equity	0.12	0.21
Cash/Assets	0.03	0.07

AI Generated Analysis | Feedback

Metric	Value	Date	Source
Total Leased Capacity	600 MW	10222025	Link
Contracted Revenue Backlog	$16 billion	10222025	Link
Active Development Pipeline	4 GW	10162025	Link
HPC Hosting Leased Capacity - CoreWeave	400 MW	8292025	Link
HPC Hosting Leased Capacity - U.S. Based Hyperscaler	200 MW	10222025	Link
Operational Blockchain Hosting Capacity	286 MW	9032025	Link
Number of Gigawatt-Scale Projects in Development	4	6112025	Link

APLD Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

Here are the key points highlighting why Applied Digital (APLD) stock moved by 75.5% from approximately July 31, 2025, to November 14, 2025:

1. Strong Q4 2025 Earnings and Confirmation of Major AI Contracts: Applied Digital reported better-than-expected fiscal Q4 2025 results at the end of July, with a narrower non-GAAP net loss of $0.03 per share against an anticipated $0.14 loss, and revenues of $38.01 million surpassing estimates. This performance, combined with the confirmation of a substantial contract with CoreWeave, initially valued at $7 billion and later expanded to approximately $11 billion for 400 megawatts (MW) at its Polaris Forge campus, solidified the company's pivot and growing presence in the AI infrastructure sector.

2. Announcement of Polaris Forge 2 AI Factory Expansion: In August 2025, Applied Digital announced plans to break ground in September 2025 on Polaris Forge 2, a new $3 billion, 280-MW AI Factory near Harwood, North Dakota. This significant expansion further signaled the company's commitment to and growth in the high-performance computing and AI data center market, positively impacting investor sentiment.

3. Positive Fiscal Q1 2026 Financial Results: The company reported robust fiscal Q1 2026 earnings in October 2025, with a non-GAAP adjusted loss per share of $0.07, significantly beating analyst estimates by about 47%. Revenue for the quarter reached $64.2 million, exceeding projections by approximately 41%, largely driven by tenant fit-out work for CoreWeave, demonstrating strong operational execution and demand.

4. Securing a Large Lease Agreement with a Second Hyperscaler: In October 2025, Applied Digital announced a substantial $5 billion AI Factory lease agreement with a second investment-grade hyperscaler for its Polaris Forge 2 campus. This deal expanded the company's total leased capacity to 600 MW across two major customers, reinforcing its position as a key provider of AI infrastructure.

5. Significant Debt Financing and Equity Funding for AI Buildouts: In November 2025, Applied Digital made announcements regarding substantial financing to support its AI infrastructure expansion. This included a proposed offering of $2.35 billion in senior secured notes and an expected additional draw of $787.5 million from its $5 billion perpetual preferred equity financing facility with Macquarie Asset Management, which is aimed at funding the construction and development of its AI data center campuses.

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Stock Movement Drivers

Fundamental Drivers

The 58.5% change in APLD stock from 8/14/2025 to 11/13/2025 was primarily driven by a 44.7% change in the company's P/S Multiple.

	8142025	11132025	Change
Stock Price ($)	14.55	23.06	58.49%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	118.34	147.71	24.82%
P/S Multiple	27.61	39.95	44.69%
Shares Outstanding (Mil)	224.56	255.89	-13.95%
Cumulative Contribution			55.40%

LTM = Last Twelve Months as of date shown

Market Drivers

8/14/2025 to 11/13/2025

	Return	Correlation
APLD	58.5%
Market (SPY)	4.2%	16.7%
Sector (XLK)	7.0%	29.4%

Fundamental Drivers

The 312.5% change in APLD stock from 5/15/2025 to 11/13/2025 was primarily driven by a 434.5% change in the company's P/S Multiple.

	5152025	11132025	Change
Stock Price ($)	5.59	23.06	312.52%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	166.38	147.71	-11.22%
P/S Multiple	7.47	39.95	434.53%
Shares Outstanding (Mil)	222.45	255.89	-15.03%
Cumulative Contribution			303.20%

LTM = Last Twelve Months as of date shown

Market Drivers

5/15/2025 to 11/13/2025

	Return	Correlation
APLD	312.5%
Market (SPY)	14.2%	20.9%
Sector (XLK)	22.4%	24.0%

Fundamental Drivers

The 221.6% change in APLD stock from 11/13/2024 to 11/13/2025 was primarily driven by a 405.0% change in the company's P/S Multiple.

	11132024	11132025	Change
Stock Price ($)	7.17	23.06	221.62%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	135.14	147.71	9.30%
P/S Multiple	7.91	39.95	405.03%
Shares Outstanding (Mil)	149.10	255.89	-71.63%
Cumulative Contribution			56.62%

LTM = Last Twelve Months as of date shown

Market Drivers

11/13/2024 to 11/13/2025

	Return	Correlation
APLD	221.6%
Market (SPY)	13.6%	32.0%
Sector (XLK)	22.4%	36.4%

Fundamental Drivers

The 881.3% change in APLD stock from 11/14/2022 to 11/13/2025 was primarily driven by a 854.6% change in the company's Total Revenues ($ Mil).

	11142022	11132025	Change
Stock Price ($)	2.35	23.06	881.28%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	15.47	147.71	854.60%
P/S Multiple	14.14	39.95	182.52%
Shares Outstanding (Mil)	93.11	255.89	-174.84%
Cumulative Contribution			-2118.42%

LTM = Last Twelve Months as of date shown

Market Drivers

11/14/2023 to 11/13/2025

	Return	Correlation
APLD	428.9%
Market (SPY)	53.2%	30.1%
Sector (XLK)	59.4%	31.2%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
APLD Return	389%	11803%	-56%	266%	13%	202%	320178%
Peers Return	-1%	2%	-1%	5%	-16%	-31%	-39%
S&P 500 Return	16%	27%	-19%	24%	23%	15%	109%
Monthly Win Rates [3]
APLD Win Rate	50%	75%	58%	58%	42%	70%
Peers Win Rate	7%	13%	7%	16%	15%	40%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
APLD Max Drawdown	-1%	-22%	-79%	-3%	-65%	-55%
Peers Max Drawdown	-9%	-1%	-3%	-0%	-20%	-48%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: GIB, ARBB, GLE, GMM, LZMH.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 11/13/2025 (YTD)

How Low Can It Go

Unique Key	Event	APLD	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-82.6%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	475.0%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	307 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-67.6%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	208.6%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	127 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-89.8%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	880.0%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	412 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-91.7%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	1100.0%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	230 days	1480 days

Compare to GIB, ARBB, GLE, GMM, LZMH

In The Past

Applied Digital's stock fell -82.6% during the 2022 Inflation Shock from a high on 10/26/2021. A -82.6% loss requires a 475.0% gain to breakeven.

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About Applied Digital (APLD)

Applied Digital Corporation designs, develops, and operates datacenters in North America. Its datacenters provide digital infrastructure solutions to the high-performance computing industry. The company also provides artificial intelligence cloud services, high performance computing datacenter hosting, and crypto datacenter hosting services. The company was formerly known as Applied Blockchain, Inc. and changed its name to Applied Digital Corporation in November 2022. Applied Digital Corporation is based in Dallas, Texas.

AI Generated Analysis | Feedback

Here are 1-2 brief analogies to describe Applied Digital (APLD):

Like a highly specialized Amazon Web Services (AWS) or Microsoft Azure, purpose-built to power the most demanding AI computation and Bitcoin mining operations.
They are a data center company, similar to Equinix, but specifically designed and operated for the intensive power demands of artificial intelligence and Bitcoin mining.

AI Generated Analysis | Feedback

High-Performance Computing (HPC) Data Center Co-location: They provide specialized data center infrastructure, including power, cooling, and network connectivity, for customers running high-performance computing workloads such as artificial intelligence, machine learning, and blockchain applications.
Bitcoin Mining: They engage in self-mining Bitcoin and provide hosting services for other cryptocurrency miners within their data centers.
GPU Cloud Services (NeutronPro): They offer on-demand access to high-performance graphics processing units (GPUs) for complex computational tasks, primarily for AI and machine learning applications, through their cloud platform.

AI Generated Analysis | Feedback

Applied Digital (APLD) primarily sells its services to other companies (B2B) rather than directly to individuals. The company specializes in providing high-performance computing (HPC) solutions, data center infrastructure, and cloud services, particularly for Artificial Intelligence (AI) and large language model (LLM) applications.

Due to confidentiality agreements common in the data center and AI infrastructure industry, the specific names of many of Applied Digital's major current customers in the AI/HPC sector are not publicly disclosed.

However, the most significant announced customer for its strategic AI/HPC business is:

An Undisclosed Large Language Model (LLM) Company: This customer has entered into a substantial 5-year, $180 million contract with Applied Digital for high-performance computing services. While the name of the company remains confidential, it represents Applied Digital's largest publicly announced contract within its strategic AI/HPC segment, highlighting a major revenue source for the company.

Historically, Applied Digital also provided hosting services for large-scale Bitcoin mining operations. While their strategic emphasis has significantly shifted towards AI/HPC, a notable past customer in the cryptocurrency mining sector included:

Marathon Digital Holdings (MARA): Marathon was a significant customer for Applied Digital's Bitcoin mining hosting services in the past.

AI Generated Analysis | Feedback

Otter Tail Power Company (subsidiary of Otter Tail Corporation, symbol: OTTR)
Montana-Dakota Utilities Co. (division of MDU Resources Group, Inc., symbol: MDU)

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Wes Cummins, Chairman and Chief Executive Officer

Wes Cummins co-founded Applied Digital and serves as its Chairman and CEO. With over 20 years of experience as a technology investor, he possesses a strong background in capital markets, having worked at investment banks and institutional asset management firms. He founded and is the CEO of 272 Capital LP, an investment advisory firm that concentrates on technology hardware, software, and services companies. His career also includes leading technology investing at Nokomis Capital. Cummins started Applied Digital as a public company and has a background in public market investing, focusing on small-cap technology companies, particularly in tech hardware. In 2020, he was involved in the crypto ecosystem, specifically with Bitcoin miners, before transitioning to building high-performance data centers for AI workloads. He also serves on the board of Sequans Communications S.A.

Saidal Mohmand, Chief Financial Officer

Saidal Mohmand is a seasoned finance executive who currently serves as Applied Digital's Chief Financial Officer, a role he officially took on as of October 15, 2024. Prior to this, he was the Executive Vice President of Finance at Applied Digital since September 2021, where he was instrumental in leading the company's financial strategy and capital market initiatives. Mohmand also holds the position of Director of Research at 272 Capital LP, an investment advisory firm specializing in technology hardware, software, and service companies. Earlier in his career, he was the Director of Research at GrizzlyRock Capital, a Chicago-based value-oriented long/short fund. He holds a B.B.A. in Finance and Accountancy from Western Michigan University.

Laura Laltrello, Chief Operating Officer

Laura Laltrello joined Applied Digital as Chief Operating Officer, bringing nearly 20 years of executive leadership experience. She is responsible for driving the company's strategic vision and overseeing all aspects of daily operations. Laltrello possesses deep expertise in data center operations, building technologies, and large-scale infrastructure projects. Before joining Applied Digital, she was the Vice President and General Manager of the Building Automation Services business at Honeywell International Inc. Her career includes a range of senior leadership positions where she has delivered transformative projects and services for global technology leaders, and she previously served as VP GM of Lenovo's DataCenter Services business.

Jason Zhang, Chief Strategy Officer & Co-Founder

Jason Zhang is a Co-founder and the Chief Strategy Officer of Applied Digital. He is an experienced technology sector investor, having founded Valuefinder in 2019, a firm that advises and invests in technology companies. From 2017 to 2019, he served as an investment analyst at Sequoia Capital, focusing on areas such as AI, blockchain, digital infrastructure, enterprise software, consumer products, and hardware. Prior to that, from 2015 to 2017, he analyzed technology investments at MSD Capital, Michael Dell's family office. Zhang earned a BA in Economics from Harvard University. He also previously served as Co-Founder and President of Applied Digital from January 2021 until January 2025.

Erin Kraxberger, Chief Marketing Officer

Erin Kraxberger serves as the Chief Marketing Officer of Applied Digital. She is recognized for her ability to align marketing strategies with business goals, enhance market presence, attract major industry players, and generate investor interest. With nearly two decades of experience in finance and marketing, she specializes in technology investments. Kraxberger also currently holds the position of Chief Operating Officer at 272 Capital LP. Her previous roles include Head of Marketing & Investor Relations at SCW Capital Management, and her background encompasses financial planning and investment banking.

AI Generated Analysis | Feedback

The intense and rapidly consolidating competitive landscape within the AI/High-Performance Computing (HPC) cloud services market. As Applied Digital pivots more heavily into this sector, it faces significant challenges from well-capitalized hyperscale cloud providers (e.g., AWS, Azure, Google Cloud) and specialized, highly funded AI infrastructure companies (e.g., CoreWeave) that are securing massive allocations of advanced GPUs and scaling their operations at an unprecedented pace. These competitors possess superior financial resources, broader market reach, deeper technical expertise, and established customer bases, making it increasingly difficult for APLD to effectively compete for large-scale AI workloads and secure a sustainable market share.

AI Generated Analysis | Feedback

Applied Digital (APLD) primarily operates in the digital infrastructure sector, focusing on high-performance computing (HPC) and data center hosting, including services for artificial intelligence (AI) and cryptocurrency mining.

Addressable Markets for Applied Digital's Main Products and Services:

High-Performance Computing (HPC) and AI Data Centers:
- The global high-performance computing market was estimated at approximately USD 57.00 billion in 2024 and is projected to reach approximately USD 87.31 billion by 2030, growing at a CAGR of 7.2% from 2025 to 2030.
- More specifically for AI infrastructure, the global AI infrastructure market was valued at USD 47.23 billion in 2024 and is projected to reach approximately USD 499.33 billion by 2034.
- In the U.S., the HPC market generated a revenue of approximately USD 17.91 billion in 2024 and is expected to reach approximately USD 28.43 billion by 2030, growing at a CAGR of 7.8% from 2025 to 2030.
Data Center Hosting (General):
- The global data center market size was estimated at approximately USD 347.60 billion in 2024 and is projected to reach approximately USD 652.01 billion by 2030, growing at a CAGR of 11.2% from 2025 to 2030.
- The United States data center market size is estimated at approximately USD 114.48 billion in 2025 and is expected to reach approximately USD 158.55 billion by 2030, at a CAGR of 6.73%.
Cryptocurrency Mining Hosting:
- The global cryptocurrency mining market was valued at approximately USD 4.66 billion in 2024 and is projected to grow to approximately USD 14.09 billion by 2035, representing a CAGR of 10.57%.
- The global Bitcoin miner market specifically was valued at approximately USD 11.19 billion in 2024 and is projected to reach approximately USD 94.14 billion by 2033. North America, particularly the U.S., is a significant contributor to this market.
AI Cloud Services (through Sai Computing):
- Although Applied Digital has recently indicated a strategic shift and plans to sell its Cloud Services Business, these services fall within the broader AI and HPC market. Therefore, the addressable market would be encompassed within the figures provided for the High-Performance Computing (HPC) and AI Data Centers.

AI Generated Analysis | Feedback

Applied Digital (APLD) is anticipated to drive future revenue growth over the next 2-3 years through several key initiatives:

Expansion of AI/High-Performance Computing (HPC) Data Center Infrastructure: Applied Digital is rapidly expanding its data center capacity tailored for AI and HPC workloads. This includes the full operationalization of its Polaris Forge 1 campus, which is fully leased for 400 MW, and the ongoing construction and scaling of Polaris Forge 2, designed to reach one gigawatt in capacity. The Ellendale HPC campus is also progressing with plans for substantial expansion.
Growth in Cloud Services and GPU Cluster Deployment: The company's cloud services business is a significant driver, with revenue growth primarily from cloud services contracts. Applied Digital has deployment plans for additional GPU clusters in the second half of fiscal year 2025, supported by amended lease financing for GPUs, which is expected to fuel continued expansion.
Long-Term Lease Agreements with Hyperscalers: Securing and expanding long-term lease agreements with major technology companies, particularly hyperscalers, is a critical revenue driver. A significant example is the expanded AI computing lease agreement with CoreWeave, which brings the total contracted revenue to approximately $11 billion over 15 years for 400 megawatts of capacity at its Polaris Forge 1 campus. The company is also actively negotiating with additional investment-grade hyperscalers.
Revenue from Tenant Fit-Out Services: Applied Digital has been generating substantial revenue from tenant fit-out services associated with its HPC hosting business. This work involves installation and customization to prepare data centers for customer use, and it is expected to contribute significantly to revenue as new facilities come online and customers are onboarded.
Monetization of Extensive Development Pipeline: The company has an active development pipeline of 4 gigawatts and is exploring monetizing over 1.4 gigawatts of pipeline offers, which represents substantial growth potential through new site expansions and lease negotiations. Applied Digital aims to achieve $1 billion in annual net operating income within the next three to five years.

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