---
schema_version: "secwatch.filing_event.v1"
accession: "0001144879-25-000005"
form_type: "8-K"
ticker: "APLD"
cik: "0001144879"
company_name: "Applied Digital Corp."
filed_at: "2025-01-14T23:59:59+00:00"
generated_at: "2026-05-28T01:43:16.834348+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Applied Digital reports Q2 revenue up 51% YoY to $63.9M; enters $5B preferred equity facility with Macquarie

## Summary
- Revenue $63.9M (+51% YoY); net loss $138.7M includes $87.2M loss on change in fair value of debt.
- Adjusted EBITDA $21.4M (+93% YoY); adjusted net loss per diluted share $0.06.
- Entered $5B perpetual preferred equity financing with Macquarie Asset Management for HPC business.
- Macquarie to invest up to $900M in Ellendale HPC campus; Applied Digital retains 85% ownership.
- Completed $450M 2.75% convertible notes offering; $84M used for share repurchases.

## SEC filing metadata
- accession: 0001144879-25-000005
- form_type: 8-K
- ticker: APLD
- cik: 0001144879
- company_name: Applied Digital Corp.
- filed_at: 2025-01-14T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1144879/000114487925000005/0001144879-25-000005-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1144879/000114487925000005/apld-20250114.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001144879-25-000005
- JSON: https://secwatch.observer/filing/0001144879-25-000005.json
- Plain text: https://secwatch.observer/filing/0001144879-25-000005.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.