$APLD

Catatan Utama
Pada FQ2 2026, pendapatan mencapai $126,6J, +$45,39J di atas konsensus $81,21J. EPS Non-GAAP sebesar $0,00, di atas konsensus.
Adjusted EBITDA $20,2J. Margin operasi yang disesuaikan 9%.
Cerita operasional adalah skala pusat data hyperscale di North Dakota: Polaris Forge 1 siap digunakan (100 MW diaktifkan), dan pengumuman sewa selama 15 tahun sebesar 200 MW untuk Polaris Forge 2.
Manajemen menyediakan kerangka kapasitas sewa sebesar 600 MW dan sekitar $16B prospective lease revenue untuk kampus North Dakota. Mereka juga berbagi “diskusi lanjutan” untuk 3 situs dan 900 MW.
Di sisi neraca, akhir kuartal menunjukkan $2,3Miliar kas + setara kas + kas terbatas, $2,6Miliar utang, dan sekitar $2,1Miliar ekuitas.
5 Metode Kritis
Pendapatan: $126,6J (konsensus $81,21J) +$45,39J mengalahkan
EPS Non-GAAP: $0,00 (konsensus -$0,12) mengalahkan
Adjusted EBITDA: $20,2J
Likuiditas: $2,3Miliar (kas + setara kas + kas terbatas)
Utang / Jatuh Tempo: $2,6Miliar utang, sebagian jatuh tempo 2030. Juga, $2,35Miliar surat utang senior secured 9,25% jatuh tempo 2030 telah diselesaikan
5 Faktor Pemicu
Pertumbuhan sewa: Mulai sewa CoreWeave di Polaris Forge 1 (paruh kuartal) dan jadwal commissioning 2026–2027.
Kapasitas kontrak 600 MW dan sekitar $16B prospective lease revenue scale narrative.
Pipeline hyperscaler baru: 3 situs dan 900 MW “diskusi lanjutan” (dengan ketidakpastian waktu).
Rencana ChronoScale: Merger ChronoScale Applied Digital Cloud dengan EKSO (LOI), target penutupan H1 2026. Kepemilikan >80% APLD diharapkan.
Opsi energi: opsi daya sebelumnya dengan solusi Babcock & Wilcox. Juga, investasi di Corintis (pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending pending 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