Applied Digital Corporation

SEC, and will be available in the investor relations section of the company's website. Joining us on today's call are Applied Digital's Chairman and CEO, Wes Cummins, and CFO, Saidal Mohamed. Following their remarks, we will open the call for questions. Before we begin, Matt Glover from Gateway Group will make a brief introductory statement. Mr. Glover, you may begin.

Thank you, Jerome. Good afternoon, everyone, and welcome to Apply Digital's fiscal third quarter 2025 conference call. Before management begins formal remarks, we would like to remind everyone that some statements we're making today may be considered forward-looking statements under the securities laws and involve a number of risks and uncertainties. As a result, we caution you that there are a number of factors, many of which are beyond our control, which could cause actual results and events that differ materially from those described in the forward-looking statements. For more detailed risks, uncertainties, and assumptions relating to our forward-looking statements, please see the disclosures and earnings release and public filings made with the Securities and Exchange Commission, or SEC. We disclaim any obligation or any undertaking to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law. We will also discuss non-GAAP financial metrics and encourage you to carefully read our disclosures and the reconciliation tables to the applicable gap measures, and earnings release as you consider these metrics. We refer you to our filings at the SEC for detailed disclosures and descriptions of our business, as well as uncertainties and other variable circumstances, including but not limited to risks and uncertainties identified under the caption risk factors in our annual report on Form 10-K and our quarterly report on Form 10-Q. You may get applied digital SEC filings for free by visiting the SEC website at www.sec.gov. I would like to remind everyone that the call is being recorded and will be made available for replay via link available in the investor relations section of Applied Digital's website. I would like to turn the call over to Applied Digital's chairman and CEO, Wes Cummings. Wes.

Thanks, Matt, and good afternoon, everyone. Thank you for joining our third quarter 2025 conference call. I want to start by expressing gratitude to our employees for their continued hard work and service in supporting our mission of providing purpose-built infrastructure to the rapidly growing high-performance computing industry. Before turning the call over to our CFO, Sato Momond, for a detailed review of our financial results, I'd like to share some recent developments across our business. Starting with our data center hosting business, we currently operate 286 megawatts of fully contracted data center hosting capacity for our currency clients across two locations in North Dakota, both of which are running at full capacity. Bitcoin prices remain strong, which is positive for our customers, and we remain optimistic about the business and its future prospects. In our HPC hosting segment, we have achieved significant milestones in advancing our strategic objectives, including two transactions with globally renowned financial institutions. The first transaction with Macquarie Asset Management, one of the world's largest infrastructure investors. Upon closing, we'll allow Macquarie to invest up to $5 billion in capital to support the development of Applied Digital's next-generation data centers. We believe this investment underscores Macquarie's strong confidence in the scalability and value of our platform. The second was a $375 million financing arrangement with Sumitomo Mitsubishi Bank Corporation, one of Japan's top three banking groups and a global leader in data center financing. We believe this arrangement reflects the trust and leading financial institutions placed in the value of our data centers, land assets, and power infrastructure pipeline. Macquarie and SMBC are playing instrumental roles in ongoing discussions with customers to lease the Ellendale campus. Their support is especially valuable amid the current cross currents in the industry and broader economy. We believe the Ellendale campus represents a highly strategic industry asset with significant expansion opportunities beyond the initial 400 megawatts of critical IT load. Importantly, our construction remains on schedule for our first building, and we expect it to be ready for service and ready to begin generating revenue in the calendar fourth quarter of 2025. Nearly all the equipment for this building is landed, giving us not only confidence in the schedule, but it also means tariffs will not materially impact our build cost. Construction is underway for the second building, which will be 150 megawatts of critical IT load. This building is expected to be ready for service at the end of calendar Q2 of 2026 and ready to begin generating revenue. Building 3, also 150 megawatts, is in planning stages and is expected to be ready for service in calendar Q1 of 2027. The power is secured for all three buildings, as is the supply chain. Lastly, we expect to provide an update on leasing discussions in the near term. At that time, we will share updated views on the potential economics of the campus. Next, let's discuss our cloud services business, which provides high performance computing power for AI applications. After careful consideration, our board of directors has determined that reviewing strategic options for this business is in the best interest of shareholders. This decision is driven by several factors. First, our discussions with potential customers regarding leasing our data center business is it is clear that our cloud business is typically viewed as a competitor. While this has not derailed any discussions, it is a point of friction. We also believe that if we were to transition to a data center REIT in the future, this would lower our cost of capital as investors typically assign higher multiples to data center businesses due to their stability and long-term growth potential. Further, recent industry developments, including a large competitor completing their IPO, make this an opportune time for us to explore strategic options. In summary, we're encouraged by the positive trends across our business and remain confident in our growth trajectory. With that, I'll turn the call over to our CFO, Seidel Momon, to walk you through our financials. Seidel?