Financial PerformanceAPLD reported F1Q25 sales/Adj. EBITDA of ~$60.7M/$20.0M, exceeding ROTH estimates of ~$49.2M/($1.9M) and consensus estimates of ~$54.8M/$13.5M.
Growth PotentialThe potential to secure 400MW in HPC capacity offers significant growth potential that could lead to similar future agreements and a more strategic approach to future sites.
Strategic ContractsThe large pending hyperscaler contract appears to be near signing, and management believes it is 98%-99% of the way to contract completion.