Episode Details

Applied Digital Corporation (APLD) Q1 FY2027 — Shares rose about 4.24% since the print to $24.82 in the retained after-hours snapshot; this is not a completed next-day reaction. Applied Digital is collecting meaningful HPC base rent, but tenant fit-out makes up much of the revenue headline. We separate property economics from construction funding, preferred claims and dilution to see what can reach each common share. THE CALL: HOLD (3/5, MODERATE) — base-case value ~$20.00 vs ~$24.82 today. KEY METRICS: - Q1 FY2027 revenue $341.875M; current comparable prior year $80.934M - HPC base rent $65.8M; tenant fit-out $183.5M; recoveries $13.3M - HPC NOI $58.829M; reported NOI margin89% - GAAP operating loss $62.379M; total common loss $237.082M - Adjusted EBITDA $64.412M excludes ChronoScale and other adjustments - Operating cash $63.921M vs $2,074.698M asset purchases - Debt carrying value $6,376.592M; unrestricted cash $2,949.909M - Live capacity250MW October1; management year-end objective300MW - Base fair value$20; scenario range$8–$40; weighted value$22; analyst assumptions What to watch: Verify at least 300 MW live by year-end, next-quarter base rent above $80M with NOI margin at least85%, and controlled financing and dilution. These are our financial tests; 300 MW is management’s objective. Full research packet: https://chargedalpha.com/research/apld-q1-fy2027 Also on YouTube: @ChargedAlpha DISCLAIMER: For informational and educational purposes only. Not financial advice. Do your own research before any investment decision.