UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________ Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.001 per share APLD Nasdaq Global Select Market FORM 10-Q ________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended November 30, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXC ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________ FORM 10-Q ________________________ (Mark One) Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.001 per share APLD Nasdaq Global Select Market ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended August 31, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHA ...

Financial Data and Key Metrics - Revenue for Q1 2024 was $36.3 million, up from $6.9 million in Q1 2023, driven by increased hosting capacity and AI cloud service contracts [12] - Cost of revenue increased to $24.4 million from $6.1 million, primarily due to higher energy costs, depreciation, and personnel expenses [12] - Operating expenses rose to $17.1 million from $5 million, mainly due to increased headcount and depreciation [13] - Net loss for Q1 2024 was $9.6 million, or $0.10 per share, compared to a net loss of $4.7 million, or $0.05 per share, in Q1 2023 [13] - Adjusted EBITDA for Q1 2024 was $10 million, compared to an adjusted EBITDA loss of $1.9 million in Q1 2023 [14] - The company ended the quarter with $31.2 million in cash and $44 million in debt [15] Business Line Data and Key Metrics - Blockchain hosting operations: The 100-megawatt Jamestown facility operated at full capacity for the fourth consecutive quarter, and the 180-megawatt Ellendale facility became fully operational, bringing total hosting capacity to 280 megawatts [6][7] - AI cloud services: The company activated the first cluster of GPUs for Character.AI in July and received a second cluster in September, with additional GPUs expected in October [8] - The total annual contract value of AI cloud services contracts at full capacity is approximately $378 million [9] - The company has 300 megawatts of capacity in development for purpose-built HPC data centers, with initial groundwork underway for the Ellendale facility [11] Market Data and Key Metrics - The company expects its three sites to produce around $300 million in revenue and $100 million in EBITDA annually [7] - The Garden City, Texas facility is expected to be fully energized by October 23, bringing total hosting capacity to approximately 500 megawatts [7] Company Strategy and Industry Competition - The company is focused on providing digital infrastructure solutions for the high-performance computing industry, with a strong emphasis on AI cloud services and blockchain hosting [6][8] - Partnerships with leading OEMs like Super Micro, Hewlett Packard Enterprise, and Dell, along with NVIDIA's Elite Partner status, provide visibility into GPU delivery timelines [10] - The company is actively pursuing anchor tenants for its HPC data centers, aiming to secure credit-rated tenants to support construction and financing [11] Management Commentary on Operating Environment and Future Outlook - Management remains confident in the company's competitive advantages and differentiated capabilities to meet the demands of AI workloads and other HPC applications [17] - The company expects a steep revenue ramp in the AI cloud business, particularly in the last two quarters of the fiscal year, as GPU deliveries increase [36] - Management is optimistic about the future, with a strong pipeline of opportunities in the AI cloud service business and ongoing development of HPC data centers [17] Other Important Information - The company received $39.5 million in customer prepayments during Q1 2024, with an additional $15 million received post-quarter and $23 million expected this week [15][16] - The company reaffirmed its full-year fiscal 2024 guidance, expecting revenue in the range of $385 million to $405 million and adjusted EBITDA of $195 million to $205 million [16] Q&A Session Summary Question: Anchor Tenant Requirements for AI Business - The company needs to contract roughly 70% of the capacity on 7 to 10-year contracts to kick off construction, with plans to start with 100 megawatts in North Dakota, followed by 100 megawatts in Utah [20] Question: GPU Delivery Timeline - The company expects to receive large volumes of GPUs in November, December, and January, with deliveries ramping up significantly during these months [22] Question: Garden City Facility Energization - The Garden City facility is expected to start energizing on October 23, with a faster ramp-up compared to previous facilities due to completed construction and ready-to-use miners [25] Question: AI Cloud Service Capacity and Contracts - The company has some additional capacity for AI cloud services but will need to bring its own facilities online to support further growth [30] - The company increased its GPU order from 26,000 to 34,000 due to strong demand, with the additional 8,000 GPUs expected to be deployed post-April 2024 [33] Question: Capital Intensity and Financing for HPC Data Centers - The company redesigned its data centers to increase density, with construction costs now estimated at $6 million per megawatt [39] - The company is exploring various financing options, including construction financing and equity financing at the site level [39] Question: GPU Delivery Cadence - The company received its second cluster of 1,024 GPUs in September and expects deliveries to double in October, with significant increases in November, December, and January [44] Question: Anchor Tenant Demand and Data Center Financing - The company is in advanced discussions with several potential anchor tenants and expects to finalize agreements in the coming weeks [47] Question: AI Cloud vs. AI Hosting Strategy - The company is pursuing both AI cloud services and AI hosting, with anchor tenants expected to bring their own equipment for hosting, while the company retains 30% of capacity for its own cloud services [57] Question: Data Center Redesign and Heat Management - The new data center design focuses on density and liquid cooling, with the ability to support up to 150 kW per rack [64]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended May 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from and Commission file number 001-31968 APPLIED DIGITAL CORPORATION (Exact name of registrant as specified in its charter) Nevada (State or other jurisdiction of incorpora ...

Applied Digital Corporation (NASDAQ:APLD) Q4 2023 Earnings Conference Call July 24, 2023 9:00 AM ET Company Participants Alex Kovtun - IR, Gateway Group, Inc. Wes Cummins - Chairman and CEO David Rench - CFO Conference Call Participants George Sutton - Craig-Hallum Lucas Pipes - B. Riley Securities John Todaro - Needham & Co. Mike Grondahl - Northland Securities Kevin Dede - H.C. Wainwright Operator Good morning and welcome to Applied Digital's Fiscal Fourth Quarter and Full Year 2023 Conference Call. My na ...

Applied Digital Corporation (NASDAQ:APLD) Q3 2023 Earnings Conference Call April 6, 2023 9:00 AM ET Company Participants Alex Kovtun - IR, Gateway Group, Inc. Wes Cummins - Chief Executive Officer David Rench - Chief Financial Officer Conference Call Participants Lucas Pipes - B. Riley Rob Brown - Lake Street Capital George Sutton - Craig-Hallum Capital Group John Todaro - Needham and Company Mike Grondahl - Northland Capital Markets Kevin Dede - H. C. Wainwright Operator Good morning, and welcome to Applie ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________ Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.001 per share APLD Nasdaq Global Select Market FORM 10-Q ________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended February 28, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXC ...

Applied Digital Corporation (NASDAQ:APLD) Q2 2023 Earnings Conference Call January 9, 2023 5:00 PM ET Company Participants Jeff Grampp - IR, Gateway Group, Inc. Wes Cummins - CEO David Rench - CFO Conference Call Participants Lucas Pipes - B. Riley John Todaro - Needham and Company Rob Brown - Lake Street Chris Brendler - D. A. Davidson George Sutton - Craig-Hallum Mike Pochucha - Northland Capital Markets Kevin Dede - H. C. Wainwright Operator Good afternoon, and welcome to Applied Blockchain's Second Fisc ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________ Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.001 per share APLD Nasdaq Global Select Market FORM 10-Q ________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended November 30, 2022 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXC ...

Applied Blockchain, Inc. (NASDAQ:APLD) Q1 2023 Earnings Conference Call October 11, 2022 5:00 PM ET Company Participants Jeff Grampp - IR, Gateway Group, Inc Wes Cummins - CEO David Rench - CFO Conference Call Participants Lucas Pipes - B. Riley Securities Chris Brendler - D. A. Davidson John Todaro - Needham and Company Mike Grondahl - Northland Securities Rob Brown - Lake Street Capital Markets Operator Good afternoon, and welcome to Applied Blockchain's First Fiscal Quarter 2023 Conference Call. My name ...