{"podcast":{"title":"Charged Alpha Stock Encyclopedia","slug":"charged-alpha-stock-encyclopedia-7819792","podcast_index_feed_id":7819792,"rss_url":"https://feed.podbean.com/chargedalpha/feed.xml","website_url":"https://chargedalpha.podbean.com","image_url":"https://pbcdn1.podbean.com/imglogo/image-logo/22241603/charged_alpha_logo_2048.png","author":"Colton Thomas","episode_count":1630,"summary":"Charged Alpha reviews earnings for each stock in the Russel 1000 every quarter. Each podcast gives thorough analysis, along with an in-depth profile in the beginning of the episode of the company, what they do, how they earn money and what to look for.","last_synced_at":"2026-09-04T06:17:14.359815+00:00","page_url":"https://stenobird.com/podcast/charged-alpha-stock-encyclopedia-7819792"},"episode":{"title":"Applied Digital (APLD) Q4 FY2026: A $36B AI Data-Center Backlog vs $5B of Debt — Real Transformation or Priced for Perfection?","slug":"applied-digital-apld-q4-fy2026-a-36b-ai-data-center-backlog-vs-5b-of-debt-real-transformation-or-priced-for-perfection","published_at":"2026-07-28T01:44:13+00:00","page_url":"https://stenobird.com/podcast/charged-alpha-stock-encyclopedia-7819792/applied-digital-apld-q4-fy2026-a-36b-ai-data-center-backlog-vs-5b-of-debt-real-transformation-or-priced-for-perfection","show_page_url":"https://stenobird.com/podcast/charged-alpha-stock-encyclopedia-7819792","url":"https://chargedalpha.podbean.com/e/applied-digital-apld-q4-fy2026-a-36b-ai-data-center-backlog-vs-5b-of-debt-%e2%80%94-real-transformation-or-priced-for-perfection/","audio_url":"https://mcdn.podbean.com/mf/web/6cpw1hiq4ql2pjdk/audio_u.mp3","summary":"Applied Digital Corp. (APLD) Q4 FY2026 — Applied Digital (NASDAQ: APLD) — a Dallas-based designer, builder, and operator of large-scale AI + HPC data centers — reported fiscal Q4 2026 (fiscal year ended May 31, 2026) after the close on July 27. This is a genuine transformation story: a company that was a crypto-mining host three years ago is now a hyperscale AI landlord with a contracted lease backlog of roughly $36 billion (up to $86B if all renewals are exercised) across ~1.4 gigawatts of critical IT load and five campuses. Q4 revenue from continuing operations was $258.7M, up 407% YoY, as the first Polaris Forge 1 AI data center came online. The GAAP net loss to common was $110.6M (-$0.39/share), but $116.8M of that was NON-CASH stock compensation (accelerated vesting tied to spinning off the cloud business into ChronoScale, Nasdaq: CHRN) — strip the one-timers and adjusted net income was actually POSITIVE at $12.9M (adj EPS $0.04), with adjusted EBITDA of $42.4M and net operating income of $39.9M. Full-year FY2026 revenue was $611.3M (+167%), adj EBITDA $107.2M, NOI $90.4M. The pivotal development: on top of CoreWeave, a brand-new HIGH-INVESTMENT-GRADE hyperscaler signed THREE separate 15-year take-or-pay leases (Delta Forge 1: 300MW/$7.5B; Polaris Forge 3: 300MW/$7.5B; Delta Forge 2: 210MW/$5.2B) worth ~$20B combined — a world-class credit choosing Applied Digital three times in a row, which materially de-risks the old single-tenant (CoreWeave) concern. The catch is the balance sheet and the build: total debt jumped from under $3B to over $5.1B in a single quarter (funded by $2.15B 6.75% + $1.59B 7.0% senior secured notes), against $1.6B cash and $1.7B equity, and the company must spend $10B+ MORE to build 1.4 GW, diluting shareholders along the way, with the big…","meta_description":"Applied Digital Corp. (APLD) Q4 FY2026 — Applied Digital (NASDAQ: APLD) — a Dallas-based designer, builder, and operator of large-scale AI + HPC data cent…","key_points":[],"chapters":[],"topics":[],"duration_seconds":851,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/charged-alpha-stock-encyclopedia-7819792/episodes/applied-digital-apld-q4-fy2026-a-36b-ai-data-center-backlog-vs-5b-of-debt-real-transformation-or-priced-for-perfection/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/charged-alpha-stock-encyclopedia-7819792/applied-digital-apld-q4-fy2026-a-36b-ai-data-center-backlog-vs-5b-of-debt-real-transformation-or-priced-for-perfection.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}