APLD Stock: The Rent Is Real. The Equity Math Is Harder — Q1 FY2027

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