Applied Digital Reports Fiscal Third Quarter 2026 Results :: Applied Digital Corporation (APLD)
Applied Digital Reports Fiscal Third Quarter 2026 Results
DALLAS, April 08, 2026 (GLOBE NEWSWIRE) — Applied Digital Corporation (Nasdaq: APLD) (“Applied Digital” or the “Company”), a designer, builder, and operator of high-performance, sustainably engineered information facilities and colocation companies for synthetic intelligence, cloud, networking and blockchain workloads, reported monetary outcomes for the fiscal third quarter ended February 28, 2026. The Company additionally offered operational updates.
Fiscal Third Quarter 2026 Financial Highlights
- Revenues: $126.6 million, up 139% from the prior 12 months comparable interval
- Net loss attributable to frequent stockholders: $100.9 million, down 179% from the prior 12 months comparable interval
- Net loss attributable to frequent stockholders per primary and diluted share: $0.36, down 125% from the prior 12 months comparable interval
- Adjusted income: $108.6 million
- Adjusted web revenue: $33.2 million
- Adjusted web revenue per diluted share: $0.09
- Adjusted EBITDA: $44.1 million
Adjusted income, Adjusted web Income, Adjusted web revenue per diluted share, and Adjusted EBITDA are non-GAAP measures. A reconciliation of every of those Non-GAAP Measures to probably the most immediately comparable monetary measure offered in accordance with accounting ideas typically accepted within the United States (“GAAP”) is about forth under. These non-GAAP measures exclude the outcomes of the Cloud Services Business. See “Reconciliation of GAAP to Non-GAAP Measures.”
Recent Highlights
- Broke floor on Delta Forge 1, a 430 MW AI Factory campus spanning greater than 500 acres in a strategic southern U.S. market. The challenge leverages the Company’s confirmed AI Factory blueprint and is designed to ship as much as 300 MW of essential IT load for high-density AI workloads, with preliminary operations anticipated to start in mid-calendar 2027.
- Entered right into a $100 million DevCo Facility with Macquarie Equipment Capital, to fund the preliminary sourcing, planning, growth and building prices for a brand new information middle challenge and different potential initiatives.
- Appointed the Company’s co-founder Jason Zhang as President to strengthen management because the Company scales its AI Factory platform.
Subsequent to the Quarter
- Completed a $2.15 billion personal providing of 6.750% Senior Secured Notes due 2031, issued at 98% of par by its subsidiary APLD ComputeCo 2 LLC. Proceeds will fund the event and building of 200 MW of essential IT load on the Polaris Forge 2 AI Factory campus in Harwood, North Dakota.
- Entered into agreements with CoreWeave meant to boost the credit score high quality of the tenants below the 100 MW (ELN-02) and 150 MW (ELN-03) information middle leases on the Polaris Forge 1 campus in Ellendale, North Dakota. As a part of CoreWeave’s refinancing of associated debt obligations, which obtained an investment-grade A3 score (in comparison with CoreWeave Inc.’s BB score), the Company restructured its leases with CoreWeave by a creditworthy CoreWeave SPV subsidiary, receiving unconditional springing ensures from CoreWeave, Inc., guaranteeing CoreWeave’s SPV’s obligations below the restructured leases, and CoreWeave, Inc. posting a $50 million letter of credit score securing the ELN-02 lease. These enhancements are anticipated to offer further safety for the Company’s 9.250% Senior Secured Notes due 2030.
Management Commentary
Applied Digital continues to distinguish itself within the high-power AI information middle {industry}. Over two years in the past, we had been among the many first to acknowledge the surging demand and broke floor on our first 100 MW facility. That early funding is now paying off.
“We now operate one of the only 100 MW direct-to-chip liquid-cooled data centers online today, and more importantly, it is fully operational. We believe that’s what matters to our customers – turning power into live AI capacity, delivered on time and performing as expected. We are also starting to see the earnings power of our platform come through, with a full quarter of revenue from our first building now recognized. That initial 100 MW represents approximately one-sixth of our contracted capacity and one-tenth of what is operating or under construction, but we believe it begins to show what’s possible from here as we continue to bring additional capacity online in the coming quarters,” stated Wes Cummins, Chairman and Chief Executive Officer.
Construction stays on schedule throughout our North Dakota campuses. At Polaris Forge 1, now we have accomplished building of ELN-02, the 100 MW information middle facility, which is now totally operational, and our 1,200 expert craft professionals are persevering with to advance the subsequent two 150 MW services in parallel. At Polaris Forge 2, the 200 MW investment-grade hyperscaler campus, each buildings are progressing effectively, with foundations largely full and work shifting to precast erection as mechanical, electrical, and plumbing trades mobilize for inside fit-out.
During the quarter, we broke floor on Delta Forge 1, a 300 MW essential IT load AI Factory campus spanning greater than 600 acres in a strategic southern U.S. market, with preliminary operations anticipated in mid-calendar 2027.
Our energy pipeline stays strong. While creating large-scale energy infrastructure includes many variables, corresponding to new technology, transmission strains, and regulatory approvals, we imagine now we have at the moment contracted solely a small fraction, roughly one-sixth, of our long-term energy potential.
With the addition of Delta Forge 1, we at the moment are actively advertising and marketing 4 growth websites in complete. These embrace Delta Forge 1 within the southern U.S., one further website in North Dakota, and two websites in unnamed states. Subject to receiving all obligatory approvals for these websites, the overall grid energy capability throughout these areas is roughly 1 GW. The campuses are in numerous phases of negotiation, with some in superior phases.
“We are seeing a clear acceleration in demand for high-performance AI data center capacity, with hyperscalers as aggressive as we have ever seen them,” stated Cummins. “Just three months ago, we referenced approximately $400 billion in annual capital expenditures from the largest U.S. hyperscalers. That figure has now been reported to have increased to nearly $700 billion. We believe these enormous investments highlight the intense pressure on power and infrastructure and that these trends will only increase the long-term value of our high-quality, lower-cost sites like those we operate today.”
Our Data Center Hosting enterprise, which operates 286 MW for bitcoin mining, continues to ship robust outcomes and the very best return on property within the firm, producing almost $14 million in phase working revenue this quarter on $120 million in web property deployed.
As beforehand introduced, we’re finishing a enterprise mixture of our Cloud enterprise with EKSO Bionics Holdings, Inc. (Nasdaq: EKSO) to type ChronoScale Corporation, a devoted accelerated-compute platform. Upon closing, Applied Digital expects to initially personal roughly 97% of the mixed entity.
We are additionally proud to put money into our communities. Through Applied Digital Cares, we lately awarded our first spherical of grants supporting training, well being and wellness, innovation, and public security, together with upgrades for native hearth departments.
We proceed to give attention to reducing the price of our project-level debt. We lately accomplished a $2.15 billion personal providing of 6.750% Senior Secured Notes due 2031, issued at 98% of par, to help the Polaris Forge 2 campus. Additionally, subsequent to quarter-end, we secured significant credit score enhancements on our CoreWeave leases at Polaris Forge 1 tied to CoreWeave acquiring an investment-grade A3 refinancing for its subsidiary which turned our tenant. We imagine that, over time, we will additional cut back our total price of debt as these information facilities turn into stabilized, cash-flowing property. We anticipate this progress to function a key inflection level that can meaningfully improve shareholder returns.
In abstract, we stay centered on long-term execution, constructing a world-class information middle area within the Dakotas with a number of hyperscalers whereas increasing into different strategic areas. Every new campus is meant to create probably the most beneficial annuity streams obtainable, a 15- to 30-year income stream backed by a few of the strongest credit on this planet. We stay assured in our capacity to exceed our long-term objective of $1 billion in NOI inside 5 years.
HPC Hosting Update
Our HPC Hosting Business designs, builds, and operates next-generation information facilities, offering huge computing energy to help HPC functions in an economical mannequin.
Operations commenced at our first HPC information middle at Polaris Forge 1 with 100 MW of capability within the earlier quarter. A second 150 MW HPC information middle is below building on the identical campus and is predicted to return on-line in calendar 2026, whereas a 3rd 150 MW facility is anticipated in calendar 2027.
On August 18, 2025, we broke floor on Polaris Forge 2, a $3 billion, 200 MW information middle campus close to Harwood, North Dakota. Initial capability is anticipated in calendar 2026, with full capability on-line by early calendar 2027. On October 22, 2025, we signed an roughly 15-year lease with a U.S. primarily based investment-grade hyperscaler for 200 MW at Polaris Forge 2.
As famous above, throughout the quarter we additionally broke floor on Delta Forge 1, a 300 MW essential IT load AI Factory campus spanning greater than 600 acres in a strategic southern U.S. market, with preliminary operations anticipated in mid-2027
Revenue from our HPC Hosting enterprise totaled $71.0 million for the quarter, together with $44.1 million associated to base lease, $18.9 million associated to tenant fit-out companies, and $8.1 million associated to energy move by preparations and different ancillary income streams.
Data Center Hosting Update
Applied Digital’s Data Center Hosting Business operates information facilities to offer energized house to Bitcoin/crypto mining prospects. As of February 28, 2026, the Company’s 106 MW facility in Jamestown, ND, and 180 MW facility in Ellendale, ND, had been working at full capability.
During the three months ended February 28, 2026, the Company generated $37.5 million in income from the Data Center Hosting Business phase, representing a rise of seven% in comparison with the $35.2 million throughout the three months ended February 28, 2025. The progress was primarily pushed by efficiency enhancements throughout the Company’s information middle internet hosting services.
We are very happy with our Data Center Hosting Business, which generated $13.9 million in phase working revenue for the three months ended February 28, 2026 on $119.6 million in reported property on the finish of the interval.
Cloud Services Business Update
On December 30, 2025, Applied Digital introduced a proposed enterprise mixture of its cloud enterprise, operated by the Company’s wholly owned subsidiary, Applied Digital Cloud Corporation with EKSO Bionics Holdings, Inc. (Nasdaq: EKSO) (“EKSO”) to type ChronoScale Corporation, a devoted accelerated-compute platform for GPU-optimized AI infrastructure (the “Business Combination”). Upon closing, (i) Applied Digital Cloud Corporation will turn into an entirely owned subsidiary of EKSO, (ii) EKSO will, instantly after the consummation of the Business Combination, proceed because the mum or dad of the mixed firm, and (iii) EKSO will change its identify to ChronoScale Corporation. Applied Digital is predicted to personal roughly 97% of the mixed firm, which is predicted to be listed on the Nasdaq upon closing and commerce below the image “CHRN.” We imagine that the proposed Business Combination will permit each the cloud compute and information middle companies to scale independently, offering higher strategic and capital flexibility whereas enhancing long-term shareholder worth.
The proposed Business Combination is topic to the receipt of customary regulatory approvals and satisfaction of closing circumstances and is predicted to shut within the fourth fiscal quarter of 2026.
As Management’s plan for the Cloud Services Business modified in reference to the execution of the definitive agreements for the Business Combination, the Cloud Services Business now not qualifies as held on the market and discontinued operations. As such, for all durations offered herein, the property and liabilities related to the Cloud Services Business have been reclassified on the condensed consolidated stability sheet again to their respective monetary assertion strains and the outcomes of operations recast as persevering with operations on the condensed consolidated statements of operations.
We take into account the Data Center Hosting Business and the HPC Hosting Business to signify our core operations for long-run strategic and efficiency analysis functions as we evolve right into a pure-play information middle platform transferring ahead. Accordingly, we excluded the outcomes of the Cloud Services Business in our Non-GAAP outcomes offered herein. See “Reconciliation of GAAP to Non-GAAP Measures.”
Financial Results from Operations for Fiscal Third Quarter 2026
Operating Results
Total revenues within the fiscal third quarter 2026 had been $126.6 million in comparison with $52.9 million, up 139% from the fiscal third quarter 2025. Approximately $71.0 million of the rise was resulting from income generated associated to our HPC Hosting Business, with roughly $44.1 million associated to base lease, $18.9 million associated to tenant fit-out companies and $8.1 million associated to energy move by preparations and different ancillary income streams as our first HPC information middle at our Polaris Forge 1 campus was totally working throughout the present quarter. The remaining enhance in income was resulting from efficiency enhancements in our different segments throughout the three months ended February 28, 2026 in comparison with the three months ended February 28, 2025.
Cost of revenues within the fiscal third quarter 2026 had been $72.8 million in comparison with $49.1 million, up 48% from the fiscal third quarter 2025. The enhance was primarily pushed by a rise of $18.0 million in bills related to tenant fit-out companies for our HPC Hosting Business, a rise of $4.8 million in personnel bills as a result of enhance in headcount in addition to different associated prices immediately supporting income, a rise of $4.1 million in vitality prices related to our Data Center Hosting Business, and a rise of $2.0 million in depreciation and amortization expense resulting from a rise in owned and leased property in-service immediately supporting income. These will increase had been partially offset by a lower of $5.2 million in lease and lease associated bills as a result of renegotiations of sure of our leases throughout fiscal 12 months 2026.
Selling, basic and administrative bills within the fiscal third quarter 2026 had been $79.7 million in comparison with $22.7 million, up 251% from the fiscal third quarter of 2025 pushed by the Company’s total enterprise progress. This enhance was resulting from will increase of $39.3 million in inventory primarily based compensation resulting from accelerated vesting of sure worker inventory awards in addition to grant exercise related to the rise in headcount, $8.6 million in skilled service expense primarily associated to authorized companies offered on discrete transactions and initiatives, in addition to basic help of the enterprise, $5.1 million in personnel bills associated to the rise in headcount, and $8.0 million in different promoting, basic, and administrative expense corresponding to journey, laptop and software program bills. These will increase had been partially offset by a lower of $3.9 million in lease and lease associated expense as a result of renegotiations of sure of our leases throughout fiscal 12 months 2026.
Loss on classification of held on the market was $59.7 million for the three months ended February 28, 2026, as a result of write down of the Cloud Services Business property to their carrying worth as of February 15, 2026, when it now not certified as held on the market. There was no such loss recorded within the prior 12 months comparative interval.
Interest (revenue) expense, web within the fiscal third quarter 2026 was curiosity revenue, web of $2.4 million in comparison with curiosity expense, web of $8.9 million, down 127%, from the fiscal third quarter 2025. The change was resulting from a rise of $19.3 million in curiosity revenue resulting from a rise in funds held in interest-bearing demand deposit accounts and a lower of $3.0 million in finance lease curiosity related to the renegotiation of the vast majority of our finance leases throughout the three months ended February 28, 2026. This lower was partially offset by will increase of $9.9 million in mortgage curiosity expense and $1.1 million in issuance prices amortization as we entered into extra debt preparations throughout the three months ended February 28, 2026.
Gain on change in truthful worth of derivatives was $9.4 million for the three months ended February 28, 2026, due a rise of $6.1 million within the truthful worth of our Babcock & Wilcox Enterprises, Inc. (“B&W”) frequent inventory warrant and a rise of $3.3 million within the truthful worth of the by-product property associated to the popular models and corresponding frequent models held by APLD HPC TopCo 2’s noncontrolling curiosity. There was no such acquire recorded within the prior 12 months comparative interval.
Gain on change in truthful worth of funding was $3.3 million for the three months ended February 28, 2026, resulting from a rise of $1.3 million within the truthful worth of our funding in B&W frequent inventory and a rise of $2.0 million in truthful worth of our funding in Base Electron, a associated celebration. There was no such acquire recorded within the prior 12 months comparative interval.
Net loss attributable to frequent stockholders for the fiscal third quarter 2026 was $100.9 million, or $0.36 per primary and diluted share. This compares to a web loss attributable to frequent stockholders of $36.1 million, or $0.16 per primary and diluted share for the fiscal third quarter of 2025.
Adjusted income, a non-GAAP monetary measure, was $108.6 million for the fiscal third quarter 2026 in comparison with $35.2 million for the fiscal third quarter of 2025.
Adjusted web revenue, a non-GAAP monetary measure, was $33.2 million, or $0.09 per diluted share for the fiscal third quarter 2026. This compares to an adjusted web loss, a non-GAAP monetary measure, of $2.6 million, or $0.01 per diluted share, for the fiscal third quarter of 2025.
Adjusted EBITDA, a non-GAAP monetary measure, was $44.1 million for the fiscal third quarter 2026 in comparison with an Adjusted EBITDA of $6.3 million for the fiscal third quarter 2025.
Balance Sheet
As of February 28, 2026, the Company had $2.1 billion in money, money equivalents, and restricted money, together with $2.7 billion in debt.
Conference Call
As beforehand introduced, Applied Digital will host a convention name at present, April 8, 2026, at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) to debate these outcomes. A matter-and-answer session will comply with the administration’s presentation.
Participant Dial-In: 1-800-715-9871
Conference ID: 1664159
The convention name can be broadcast reside and obtainable for replay for one 12 months here.
Please name the convention phone quantity roughly 10 minutes earlier than the beginning time. An operator will register your identify and group. If you’ve got problem connecting with the convention name, please get in contact with Applied Digital’s investor relations group at 1-949-574-3860.
A telephone replay of the decision may also be obtainable from 8:00 p.m. Eastern Time on April 8, 2026, by April 15, 2026, at 11:59 p.m. Eastern Time.
Replay Dial-In: +1-800-770-2030
Playback Passcode: 1664159#
About Applied Digital
Applied Digital Corporation (Nasdaq: APLD) named Best Data Center within the Americas 2025 by Datacloud – designs, builds and operates high-performance, sustainably engineered information facilities and colocation companies for synthetic intelligence, cloud, networking, and blockchain workloads. Headquartered in Dallas, TX, and based in 2021, the Company combines hyperscale experience, proprietary waterless cooling, and fast deployment capabilities to ship safe, scalable compute at industry-leading pace and effectivity, whereas creating financial alternatives in underserved communities by its award-winning Polaris Forge AI Factory mannequin. Find extra info at www.applieddigital.com. Follow us on X (previously Twitter) at @APLDdigital.
Forward-Looking Statements
This press launch incorporates “forward-looking statements” as outlined within the Private Securities Litigation Reform Act of 1995 relating to, amongst different issues, future working and monetary efficiency, product growth, market place, enterprise technique and aims and future financing plans. These statements use phrases, and variations of phrases, corresponding to “intend,” “will,” “continue,” “build,” “future,” “increase,” “drive,” “believe,” “look,” “ahead,” “confident,” “deliver,” “outlook,” “expect,” “project” and “predict.” Other examples of forward-looking statements might embrace, however should not restricted to, (i) statements that mirror views and expectations relating to lease agreements and any present or potential information middle campus growth; (ii) statements concerning the high-performance computing (HPC) {industry}; (iii) statements of Company plans and aims, together with the Company’s evolving enterprise mannequin, or estimates or predictions of actions by suppliers; (iv) statements of future financial efficiency; (v) statements of assumptions underlying different statements and statements concerning the Company or its enterprise; (vi) the Company’s plans to acquire future challenge financing; (vii) statements relating to the closing of, the proposed Business Combination; (viii) statements relating to the enterprise to be created by the proposed Business Combination, together with the anticipated advantages of ChronoScale’s accelerated compute platform; (ix) statements relating to the mixed enterprise and (x) statements relating to the proposed Business Combination enabling each the cloud compute and information middle companies’ capacity to scale independently and enhancing shareholder worth. You are cautioned to not depend on these forward-looking statements. These statements are primarily based on present expectations of future occasions and thus are inherently topic to uncertainty. If underlying assumptions show inaccurate or recognized or unknown dangers or uncertainties materialize, precise outcomes may range materially from the Company’s expectations and projections. These dangers, uncertainties, and different components embrace, amongst others: our capacity to finish building of our information middle campuses as deliberate; the lead time of buyer acquisition and leasing choices and associated inner approval processes; modifications to synthetic intelligence and HPC infrastructure wants and their influence on future plans; prices associated to the HPC operations and technique; our capacity to well timed ship any companies required in reference to completion of set up below the lease agreements; our capacity to lift further capital to fund the continuing datacenter building and operations; our capacity to acquire financing of datacenter leases on acceptable financing phrases, or in any respect; our dependence on principal prospects, together with our capacity to execute and carry out our obligations below our leases with key prospects, together with with out limitation, the datacenter leases with CoreWeave and at our Polaris Forge 2 campus and future tenants; our capacity to well timed and efficiently construct new internet hosting services with the suitable contractual margins and efficiencies; energy or different provide disruptions and gear failures; the shortcoming to adjust to laws, developments and modifications in laws; money stream and entry to capital; availability of financing to proceed to develop our enterprise; decline in demand for our services; upkeep of third celebration relationships; circumstances within the debt and fairness capital markets; and, with respect to the proposed Business Combination – our capacity to shut the proposed Business Combination, together with resulting from doable delays in receipt of regulatory approvals, difficulties and delays in integrating the mixed enterprise ensuing from the proposed Business Combination, increased than anticipated transaction prices, our capacity to comprehend the contemplated monetary, enterprise or strategic advantages related to the proposed Business Combination. An extra checklist and outline of those dangers, uncertainties and different components might be discovered within the Company’s most lately filed Annual Report on Form 10-Ok and Quarterly Report on Form 10-Q, together with within the sections captioned “Forward-Looking Statements” and “Risk Factors,” and within the Company’s subsequent filings with the Securities and Exchange Commission. Copies of those filings can be found on-line at www.sec.gov, on the Company’s web site (www.applieddigital.com) below “Investors,” or on request from the Company. Information on this Current Report on Form 8-Ok is as of the dates and time durations indicated herein, and the Company doesn’t undertake to replace any of the knowledge contained in these supplies, besides as required by legislation.
Use and Reconciliation of Non-GAAP Financial Measures
To complement our unaudited condensed consolidated monetary statements offered below GAAP, we’re presenting sure non-GAAP monetary measures. We are offering these non-GAAP monetary measures to reveal further info to facilitate the comparability of previous and current operations by offering perspective on outcomes absent one-time or vital non-cash objects. We make the most of these measures within the enterprise planning course of to know anticipated working efficiency and to guage outcomes towards these expectations. We imagine that these non-GAAP monetary measures, when thought-about along with our GAAP monetary outcomes, present administration and traders with an extra understanding of our core enterprise working outcomes relating to components and traits affecting our enterprise and supply an affordable foundation for evaluating our ongoing outcomes of operations. Management considers its Data Center Hosting Business and its HPC Hosting Business to be its core operations for long-run strategic and efficiency analysis functions. Accordingly, these non-GAAP monetary measures exclude the outcomes of our Cloud Services Business. The Cloud Services Business is included in our consolidated monetary statements and outcomes of continuous operations. Due to its strategic position relative to the Company’s core enterprise, Management believes the Cloud Services Business outcomes might obscure underlying traits within the efficiency of core operations when included in sure non-GAAP measures.
These non-GAAP monetary measures are offered as supplemental measures to our efficiency measures calculated in accordance with GAAP and due to this fact, should not meant to be thought-about in isolation or as an alternative to comparable GAAP measures. Excluding the outcomes of the Cloud Services Business in our non-GAAP monetary measures removes revenues and bills which are a part of the Company’s consolidated outcomes and persevering with operations and shouldn’t be seen as measures or reflections of liquidity or profitability in accordance with U.S. GAAP. Further, these non-GAAP monetary measures haven’t any standardized that means prescribed by GAAP and should not ready below any complete set of accounting guidelines or ideas. Because of the non-standardized definitions of non-GAAP monetary measures, we warning traders that the non-GAAP monetary measures as utilized by us on this earnings launch have limits of their usefulness to traders and could also be calculated otherwise from, and due to this fact is probably not immediately similar to, equally titled measures utilized by different firms. Further, traders ought to be conscious that when evaluating these non-GAAP monetary measures, these measures shouldn’t be construed as an inference that our future outcomes can be unaffected by uncommon or non-recurring objects. In addition, on occasion sooner or later there could also be objects that we might exclude for functions of our non-GAAP monetary measures and we might sooner or later stop to exclude objects that now we have traditionally excluded for functions of our non-GAAP monetary measures. Likewise, we might decide to change the character of the changes to reach at our non-GAAP monetary measures. Investors ought to assessment the non-GAAP reconciliations offered under and never depend on any single monetary measure to guage our enterprise.
Adjusted Revenue
“Adjusted revenue” is a non-GAAP monetary measure that represents income excluding the Cloud Services Business. Adjusted income is Total Revenue excluding Total Revenue from the Cloud Services Business.
Adjusted Operating Income, Adjusted Net Income (Loss), and Adjusted Net Income (Loss) per Diluted Share
“Adjusted operating income” and “Adjusted net income (loss)” are non-GAAP monetary measures that signify working revenue (loss) and web revenue (loss) from operations excluding the Cloud Services Business, respectively. Adjusted working revenue (loss) is Operating revenue (loss) excluding working revenue (loss) from the Cloud Services Business, and stock-based compensation, non-recurring restore bills, diligence, acquisition, disposition and integration bills, litigation bills, (acquire) loss on abandonment of property, acquire on classification of held on the market, accelerated depreciation and amortization, restructuring bills and different non-recurring bills that Management believes should not consultant of our anticipated ongoing prices. Adjusted web revenue (loss) is Adjusted working revenue additional adjusted for curiosity expense immediately attributable to the Cloud Services Business, acquire on change in truthful worth of by-product, acquire on change in truthful worth of funding, loss on change in truthful worth of warrants, loss on conversion of debt, loss on change in truthful worth of debt, loss on extinguishment of associated celebration debt and curiosity expense on convertible debt. We outline “Adjusted net income (loss) per diluted share” as Adjusted web revenue (loss) divided by weighted common diluted share depend.
EBITDA and Adjusted EBITDA
“EBITDA” is outlined as earnings earlier than curiosity expense, web, revenue tax expense, and depreciation and amortization and excluding outcomes of the Cloud Services Business. “Adjusted EBITDA” additionally excludes outcomes of the Cloud Services Business and is outlined as EBITDA adjusted for stock-based compensation, non-recurring restore bills, diligence, acquisition, disposition and integration bills, litigation bills, acquire on classification of held on the market, acquire on change in truthful worth of by-product, acquire on change in truthful worth of funding, (acquire) loss on abandonment of property, loss on conversion of debt, loss on change in truthful worth of debt, loss on change in truthful worth of warrants, loss on extinguishment of associated celebration debt, restructuring bills and different non-recurring bills that Management believes should not consultant of our anticipated ongoing prices.
| Investor Relations Contacts | Media Contact |
| Matt Glover or Ralf Esper | Buffy Harakidas, EVP |
| Gateway Group, Inc. | JSA (Jaymie Scotto & Associates) |
| (949) 574-3860 | (856) 264-7827 |
| APLD@gateway-grp.com | jsa_applied@jsa.net |
|
APPLIED DIGITAL CORPORATION AND SUBSIDIARIES Condensed Consolidated Balance Sheets (Unaudited) (In hundreds, besides share and par worth information) | ||||||||
| February 28, 2026 | May 31, 2025 | |||||||
| ASSETS | ||||||||
| Current property: | ||||||||
| Cash and money equivalents | $ | 1,730,440 | $ | 43,950 | ||||
| Restricted money | 198,423 | 72,368 | ||||||
| Accounts receivable | 20,753 | 6,830 | ||||||
| Prepaid bills and different present property | 478,705 | 9,652 | ||||||
| Total present property | 2,428,321 | 132,800 | ||||||
| Property and gear, web | 3,011,751 | 1,252,287 | ||||||
| Operating lease proper of use property, web | 77,457 | 92,335 | ||||||
| Finance lease proper of use property, web | 135,581 | 213,315 | ||||||
| Other property | 593,708 | 179,353 | ||||||
| TOTAL ASSETS | $ | 6,246,818 | $ | 1,870,090 | ||||
| LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 377,429 | $ | 251,491 | ||||
| Accrued liabilities | 376,985 | 30,121 | ||||||
| Current portion of working lease legal responsibility | 18,101 | 16,785 | ||||||
| Current portion of finance lease legal responsibility | 51,151 | 147,040 | ||||||
| Current portion of debt | 98,174 | 10,331 | ||||||
| Customer deposits | 16,752 | 16,125 | ||||||
| Deferred income | 12,550 | 3,594 | ||||||
| Due to buyer | 2,658 | 4,807 | ||||||
| Other present liabilities | 65,518 | 19,431 | ||||||
| Total present liabilities | 1,019,318 | 499,725 | ||||||
| Long-term portion of working lease legal responsibility | 45,051 | 58,800 | ||||||
| Long-term portion of finance lease legal responsibility | 20,502 | 15 | ||||||
| Long-term debt | 2,594,501 | 677,825 | ||||||
| Total liabilities | 3,679,372 | 1,236,365 | ||||||
| Commitments and contingencies (Note 14) | ||||||||
| Temporary fairness | ||||||||
| Series E most popular inventory, $0.001 par worth, 2,000,000 shares licensed, 301,673 shares issued and 281,673 shares excellent at February 28, 2026, and 301,673 shares issued and excellent at May 31, 2025 | 6,432 | 6,932 | ||||||
| Series E-1 most popular inventory, $0.001 par worth, 62,500 shares licensed, 62,500 shares issued and 62,189 shares excellent at February 28, 2026, and 62,500 shares issued and 62,485 shares excellent at May 31, 2025 | 56,728 | 57,011 | ||||||
| Series G most popular inventory, $0.001 par worth, 1,030,000 shares licensed, no shares issued and excellent at February 28, 2026, and 78,000 shares issued and excellent at May 31, 2025 | — | 72,094 | ||||||
| Redeemable noncontrolling curiosity | 923,065 | — | ||||||
| Stockholders’ fairness: | ||||||||
| Common inventory, $0.001 par worth, 600,000,000 shares licensed, 292,549,415 shares issued and 285,384,115 shares excellent at February 28, 2026, and 234,200,868 shares issued and 224,909,669 shares excellent at May 31, 2025 | 293 | 230 | ||||||
| Treasury inventory, 7,165,300 shares at February 28, 2026 and 9,291,199 shares at May 31, 2025, at price | (52,737 | ) | (31,400 | ) | ||||
| Additional paid in capital | 2,216,722 | 1,009,913 | ||||||
| Accumulated deficit | (583,057 | ) | (481,055 | ) | ||||
| Total stockholders’ fairness attributable to Applied Digital Corporation | 1,581,221 | 497,688 | ||||||
| TOTAL LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS’ EQUITY | $ | 6,246,818 | $ | 1,870,090 | ||||
|
APPLIED DIGITAL CORPORATION AND SUBSIDIARIES Condensed Consolidated Statements of Operations (Unaudited) (In hundreds, besides per share information) | |||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||
| February 28, 2026 | February 28, 2025 | February 28, 2026 | February 28, 2025 | ||||||||||||||
| Revenue: | |||||||||||||||||
| Revenue | $ | 126,637 | $ | 52,921 | $ | 352,562 | $ | 175,567 | |||||||||
| Related celebration income | — | — | — | 1,926 | |||||||||||||
| Total income | 126,637 | 52,921 | 352,562 | 177,493 | |||||||||||||
| Costs and bills: | |||||||||||||||||
| Cost of revenues (1) | 72,832 | 49,141 | 235,398 | 162,562 | |||||||||||||
| Selling, basic and administrative (2) (3) | 79,723 | 22,723 | 166,814 | 66,852 | |||||||||||||
| Loss (acquire) on classification of held on the market (4) | 59,650 | — | 59,650 | (24,616 | ) | ||||||||||||
| Loss on abandonment of property | 99 | — | 2,343 | 769 | |||||||||||||
| Total prices and bills | 212,304 | 71,864 | 464,205 | 205,567 | |||||||||||||
| Operating loss | (85,667 | ) | (18,943 | ) | (111,643 | ) | (28,074 | ) | |||||||||
| Interest (revenue) expense, web | (2,387 | ) | 8,897 | 18,883 | 23,687 | ||||||||||||
| Gain on change in truthful worth of derivatives | (9,417 | ) | — | (22,543 | ) | — | |||||||||||
| Gain on change in truthful worth of funding (5) | (3,305 | ) | — | (6,072 | ) | — | |||||||||||
| Loss on conversion of debt | — | — | — | 33,612 | |||||||||||||
| Loss on change in truthful worth of debt | — | — | — | 85,439 | |||||||||||||
| Loss on extinguishment of debt | — | 1,177 | — | 1,177 | |||||||||||||
| Loss on change in truthful worth of warrants | — | 6,421 | — | 6,421 | |||||||||||||
| Net loss earlier than revenue tax expense | (70,558 | ) | (35,438 | ) | (101,911 | ) | (178,410 | ) | |||||||||
| Income tax (profit) expense | (2 | ) | 117 | 21 | 118 | ||||||||||||
| Net loss | (70,556 | ) | (35,555 | ) | (101,932 | ) | (178,528 | ) | |||||||||
| Net loss attributable to redeemable noncontrolling curiosity | (28,747 | ) | — | (31,910 | ) | — | |||||||||||
| Preferred dividends | (1,558 | ) | (540 | ) | (4,705 | ) | (1,213 | ) | |||||||||
| Net loss attributable to frequent stockholders | $ | (100,861 | ) | $ | (36,095 | ) | $ | (138,547 | ) | $ | (179,741 | ) | |||||
| Basic and diluted web loss per share attributable to frequent stockholders | $ | (0.36 | ) | $ | (0.16 | ) | $ | (0.51 | ) | $ | (0.93 | ) | |||||
| Basic and diluted weighted common variety of shares excellent | 281,982,553 | 222,454,578 | 271,670,830 | 193,405,721 | |||||||||||||
|
(1) Includes depreciation and amortization of $19.5 million and $17.5 million for the three months ended February 28, 2026 and February 28, 2025, and $30.4 million and $75.4 million for the 9 months ended February 28, 2026 and February 28, 2025, respectively. (2) Includes depreciation and amortization of $1.3 million and $1.2 million for the three months ended February 28, 2026 and February 28, 2025, and $3.1 million and $4.1 million for the 9 months ended February 28, 2026 and February 28, 2025, respectively. (3) Includes associated celebration promoting, basic and administrative expense of $0.1 million for every of the three months ended February 28, 2026 and February 28, 2025, and $0.2 million for every of the 9 months ended February 28, 2026 and February 28, 2025, respectively. (4) Includes $25 million obtained in reference to the sale of the Company’s Garden City facility upon the achievement of conditional approval necessities and escrowed funds had been launched throughout the 9 months ended February 28, 2025. (5) Includes associated celebration acquire on change in truthful worth of funding of $2.0 million for every of the three and 9 months ended February 28, 2026. See Note 5 – Related Party Transactions for additional dialogue of associated celebration transactions. | |||||||||||||||||
|
APPLIED DIGITAL CORPORATION AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (Unaudited) (In hundreds) | ||||||||
| Nine Months Ended | ||||||||
| February 28, 2026 | February 28, 2025 | |||||||
| CASH FLOW FROM OPERATING ACTIVITIES | ||||||||
| Net loss | $ | (101,932 | ) | $ | (178,528 | ) | ||
| Adjustments to reconcile web loss to web money utilized in working actions: | ||||||||
| Depreciation and amortization | 33,552 | 79,540 | ||||||
| Stock-based compensation | 94,741 | 10,233 | ||||||
| Lease expense | 16,310 | 23,911 | ||||||
| Gain on change in truthful worth of derivatives | (22,543 | ) | — | |||||
| Gain on change in truthful worth of funding | (6,072 | ) | — | |||||
| Loss on extinguishment of associated celebration debt | — | 1,177 | ||||||
| Non-cash curiosity expense | 74,989 | 11,515 | ||||||
| Loss (acquire) on classification of held on the market | 59,650 | (24,616 | ) | |||||
| Loss on conversion of debt | — | 33,612 | ||||||
| Loss on change in truthful worth of debt | — | 85,439 | ||||||
| Loss on abandonment of property | 2,343 | 769 | ||||||
| Loss on change in truthful worth of warrants issued | — | 6,421 | ||||||
| Changes in working property and liabilities: | ||||||||
| Accounts receivable | (13,923 | ) | (10,722 | ) | ||||
| Prepaid bills and different present property | (88,229 | ) | (4,072 | ) | ||||
| Customer deposits | 627 | 2,306 | ||||||
| Related celebration buyer deposits | — | (1,549 | ) | |||||
| Deferred income | 8,956 | (32,795 | ) | |||||
| Related celebration deferred income | — | (1,692 | ) | |||||
| Accounts payable | (171,583 | ) | (88,378 | ) | ||||
| Accrued liabilities | 64,613 | (12,319 | ) | |||||
| Due to buyer | (2,149 | ) | (8,195 | ) | ||||
| Lease property and liabilities | 14,773 | (13,557 | ) | |||||
| Other property | (6,983 | ) | (757 | ) | ||||
| CASH FLOW USED IN OPERATING ACTIVITIES | (42,860 | ) | (122,257 | ) | ||||
| CASH FLOW FROM INVESTING ACTIVITIES | ||||||||
| Purchases of property and gear and different property | (1,576,697 | ) | (483,340 | ) | ||||
| Proceeds from satisfaction of contingency on sale of property | — | 25,000 | ||||||
| Finance lease prepayments | — | (4,840 | ) | |||||
| Investment in firms | (17,000 | ) | (2,498 | ) | ||||
| CASH FLOW USED IN INVESTING ACTIVITIES | (1,593,697 | ) | (465,678 | ) | ||||
| CASH FLOW FROM FINANCING ACTIVITIES | ||||||||
| Repayment of finance leases | (94,455 | ) | (93,992 | ) | ||||
| Borrowings of long-term debt | 2,504,863 | 650,000 | ||||||
| Repayments of long-term debt | (432,536 | ) | (290,535 | ) | ||||
| Payment of deferred financing prices | (81,168 | ) | (42,903 | ) | ||||
| Tax funds for restricted inventory upon vesting | (24,838 | ) | (2,970 | ) | ||||
| Noncontrolling curiosity contributions | 900,000 | — | ||||||
| Noncontrolling curiosity issuance prices | (62,018 | ) | — | |||||
| Proceeds from issuance of frequent inventory | 196,366 | 191,590 | ||||||
| Common inventory issuance prices | (5,949 | ) | (10,253 | ) | ||||
| Proceeds from issuance of most popular inventory | 739,998 | 100,489 | ||||||
| Preferred inventory issuance prices | (11,868 | ) | (8,914 | ) | ||||
| Redemption of most popular inventory | (793 | ) | — | |||||
| Dividends issued on most popular inventory | (4,705 | ) | (1,213 | ) | ||||
| Warrant issuance prices | (8,250 | ) | — | |||||
| Exercise of warrants | 6,265 | — | ||||||
| Proceeds from issuance of SAFE settlement included in long-term debt | — | 12,000 | ||||||
| Repurchase of shares | — | (31,342 | ) | |||||
| Proceeds from convertible notes | — | 450,000 | ||||||
| Purchase of capped name choices | — | (51,750 | ) | |||||
| Purchase of pay as you go ahead contract | — | (52,736 | ) | |||||
| CASH FLOW PROVIDED BY FINANCING ACTIVITIES | 3,620,912 | 817,471 | ||||||
| Nine Months Ended | ||||||||
| February 28, 2026 | February 28, 2025 | |||||||
| NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 1,984,355 | 229,536 | ||||||
| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD | 123,318 | 31,688 | ||||||
| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD | 2,107,673 | 261,224 | ||||||
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||||||||
| Interest paid | $ | 93,455 | $ | 54,855 | ||||
| SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES | ||||||||
| Operating right-of-use property obtained by lease obligation | — | 20,280 | ||||||
| Finance right-of-use property obtained by lease obligation | $ | 25,214 | $ | 106,754 | ||||
| Property and gear in accounts payable and accrued liabilities | $ | (564,230 | ) | $ | 142,787 | |||
| Conversion of debt to frequent inventory | $ | — | $ | 104,945 | ||||
| Consideration for assure of an affiliate’s obligations | $ | 2,000 | $ | — | ||||
| Conversion of most popular inventory to frequent inventory | $ | 800,214 | $ | 53,191 | ||||
| Cashless train of warrants | $ | 1 | $ | 5 | ||||
| Issuance of warrants, at truthful worth | $ | 104,705 | $ | 50,586 | ||||
| Non-cash dividends paid in-kind | $ | (31,980 | ) | $ | — | |||
|
APPLIED DIGITAL CORPORATION AND SUBSIDIARIES Reconciliation of GAAP to Non-GAAP Measures (Unaudited) (In hundreds, besides share information) | |||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||
| February 28, 2026 | February 28, 2025 | February 28, 2026 | February 28, 2025 | ||||||||||||||
| Adjusted income | |||||||||||||||||
| Total Revenue (GAAP) | $ | 126,637 | $ | 52,921 | $ | 352,562 | $ | 177,493 | |||||||||
| Less: Cloud Services Business income | (18,087 | ) | (17,754 | ) | (53,207 | ) | (71,313 | ) | |||||||||
| Adjusted income (Non-GAAP) | $ | 108,550 | $ | 35,167 | $ | 299,355 | $ | 106,180 | |||||||||
| Adjusted working revenue | |||||||||||||||||
| Operating loss (GAAP) | $ | (85,667 | ) | $ | (18,943 | ) | $ | (111,643 | ) | $ | (28,074 | ) | |||||
| Operating loss from the Cloud Services Business | 52,194 | 10,308 | 24,919 | 31,928 | |||||||||||||
| Stock-based compensation | 48,946 | 9,035 | 91,444 | 10,935 | |||||||||||||
| Non-recurring restore bills (1) | 107 | 3 | 280 | 173 | |||||||||||||
| Diligence, acquisition, disposition and integration bills (2) | 6,145 | 992 | 20,904 | 12,360 | |||||||||||||
| Litigation bills (3) | 320 | 174 | 872 | 1,341 | |||||||||||||
| (Gain) loss on abandonment of property | (7 | ) | — | 1,744 | 769 | ||||||||||||
| Gain on classification of held on the market | — | — | — | (24,616 | ) | ||||||||||||
| Accelerated depreciation and amortization (4) | — | — | — | 45 | |||||||||||||
| Restructuring bills (5) | 358 | 43 | 1,093 | 43 | |||||||||||||
| Other non-recurring bills (6) | 3,219 | 271 | 4,001 | 558 | |||||||||||||
| Adjusted working revenue (Non-GAAP) | $ | 25,615 | $ | 1,883 | $ | 33,614 | $ | 5,462 | |||||||||
| Adjusted working margin | 24 | % | 5 | % | 11 | % | 5 | % | |||||||||
| Adjusted web revenue (loss) | |||||||||||||||||
| Net loss (GAAP) | $ | (70,556 | ) | $ | (35,555 | ) | $ | (101,932 | ) | $ | (178,528 | ) | |||||
| Operating loss from the Cloud Services Business | 52,194 | 10,308 | 24,919 | 31,928 | |||||||||||||
| Interest expense immediately attributable to the Cloud Services Business | 2,058 | 4,541 | 7,897 | 13,444 | |||||||||||||
| Stock-based compensation | 48,946 | 9,035 | 91,444 | 10,935 | |||||||||||||
| Non-recurring restore bills (1) | 107 | 3 | 280 | 173 | |||||||||||||
| Diligence, acquisition, disposition and integration bills (2) | 6,145 | 992 | 20,904 | 12,360 | |||||||||||||
| Litigation bills (3) | 320 | 174 | 872 | 1,341 | |||||||||||||
| (Gain) loss on abandonment of property | (7 | ) | — | 1,744 | 769 | ||||||||||||
| Gain on classification of held on the market | — | — | — | (24,616 | ) | ||||||||||||
| Accelerated depreciation and amortization (4) | — | — | — | 45 | |||||||||||||
| Gain on change in truthful worth of by-product | (9,417 | ) | — | (22,543 | ) | — | |||||||||||
| Gain on change in truthful worth of funding | (3,305 | ) | — | (6,072 | ) | — | |||||||||||
| Loss on change in truthful worth of warrants | — | 6,421 | — | 6,421 | |||||||||||||
| Loss on conversion of debt | — | — | — | 33,612 | |||||||||||||
| Loss on change in truthful worth of debt | — | — | — | 85,439 | |||||||||||||
| Loss on extinguishment of debt | — | 1,177 | — | 1,177 | |||||||||||||
| Restructuring bills (5) | 358 | 43 | 1,093 | 43 | |||||||||||||
| Interest expense on convertible debt (7) | 3,094 | — | — | — | |||||||||||||
| Other non-recurring bills (6) | 3,219 | 271 | 4,001 | 558 | |||||||||||||
| Adjusted web revenue (loss) (Non-GAAP) | $ | 33,156 | $ | (2,590 | ) | $ | 22,607 | $ | (4,899 | ) | |||||||
| Diluted weighted common variety of shares excellent (Non-GAAP) (8) | 382,306,393 | 222,454,578 | 325,850,275 | 193,405,721 | |||||||||||||
| Adjusted web revenue (loss) per diluted share (Non-GAAP) | $ | 0.09 | $ | (0.01 | ) | $ | 0.07 | $ | (0.03 | ) | |||||||
| EBITDA and Adjusted EBITDA | |||||||||||||||||
| Net loss (GAAP) | $ | (70,556 | ) | $ | (35,555 | ) | $ | (101,932 | ) | $ | (178,528 | ) | |||||
| Operating loss from the Cloud Services Business | 52,194 | 10,308 | 24,919 | 31,928 | |||||||||||||
| Interest (revenue) expense, web | (2,387 | ) | 8,897 | 18,883 | 23,687 | ||||||||||||
| Income tax (profit) expense | (2 | ) | 117 | 21 | 118 | ||||||||||||
| Depreciation and amortization (4) | 18,524 | 4,375 | 31,263 | 13,230 | |||||||||||||
| EBITDA (Non-GAAP) | $ | (2,227 | ) | $ | (11,858 | ) | $ | (26,846 | ) | $ | (109,565 | ) | |||||
| Stock-based compensation | 48,946 | 9,035 | 91,444 | 10,935 | |||||||||||||
| Non-recurring restore bills (1) | 107 | 3 | 280 | 173 | |||||||||||||
| Diligence, acquisition, disposition and integration bills (2) | 6,145 | 992 | 20,904 | 12,360 | |||||||||||||
| Litigation bills (3) | 320 | 174 | 872 | 1,341 | |||||||||||||
| Research and growth bills (4) | — | — | — | — | |||||||||||||
| Gain on classification of held on the market | — | — | — | (24,616 | ) | ||||||||||||
| Gain on change in truthful worth of by-product | (9,417 | ) | — | (22,543 | ) | — | |||||||||||
| Gain on change in truthful worth of funding | (3,305 | ) | — | (6,072 | ) | — | |||||||||||
| (Gain) loss on abandonment of property | (7 | ) | — | 1,744 | 769 | ||||||||||||
| Loss on conversion of debt | — | — | — | — | 33,612 | ||||||||||||
| Loss on change in truthful worth of debt | — | — | — | 85,439 | |||||||||||||
| Loss on change in truthful worth of associated celebration debt | — | — | — | — | |||||||||||||
| Loss on change in truthful worth of warrants | — | 6,421 | — | 6,421 | |||||||||||||
| Loss on extinguishment of debt | — | — | — | — | |||||||||||||
| Loss on extinguishment of debt | — | 1,177 | — | 1,177 | |||||||||||||
| Loss on authorized settlement | — | — | — | — | |||||||||||||
| Restructuring bills (5) | 358 | 43 | 1,093 | 43 | |||||||||||||
| Other non-recurring bills (6) | 3,219 | 271 | 4,001 | 558 | |||||||||||||
| Adjusted EBITDA (Non-GAAP) | $ | 44,139 | $ | 6,258 | $ | 64,877 | $ | 18,647 | |||||||||
|
(1) Represents prices incurred for the non-recurring restore and alternative of kit at our information middle services. (2) Represents authorized, accounting and consulting prices incurred in affiliation with sure discrete transactions and initiatives. (3) Represents non-recurring litigation expense related to our protection of sophistication motion lawsuits and authorized charges associated to issues with sure former staff. We don’t anticipate to incur these bills frequently. (4) Represents the acceleration of expense associated to property that had been deserted by us resulting from operational failure or different causes. Depreciation and amortization on this quantity is included in Depreciation and Amortization expense inside our calculation of EBITDA, and due to this fact will not be added again as a administration adjustment in our calculation of Adjusted EBITDA. (5) Represents non-recurring bills related to worker separations. (6) Represents bills that aren’t consultant of our anticipated ongoing prices. (7) Represents curiosity expense excluded from the calculation of Adjusted web revenue (loss) per diluted share (Non-GAAP) that may happen if the Convertible Notes had been transformed into inventory initially of the interval. This adjustment is simply current in durations the place its impact could be dilutive. (8) Includes shares that may be issued upon conversion of our excellent Convertible Notes totaling 46,144,395 shares. | |||||||||||||||||
Source: Applied Digital Corporation
Released April 8, 2026
