Applied Digital Corporation

Good afternoon and welcome to your ApplyDigital's Fiscal Second Quarter 2026 conference call. My name is Konstantin and I will be your operator for today. Before this call, ApplyDigital issued its financial results for the Fiscal Second Quarter ended November 30, 2025, in a press release, a copy of which has been furnished in a report on a Form 8K filed with the Securities and Exchange Commission, or 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 Momand. Following the remarks, we will open the call for questions. Before we begin, Matt Glover from Gateme Group will make a brief introductory statement. Mr. Glover, you may begin.

Thank you, Operator. Hello, everyone, and welcome to Applied Digital's fiscal second quarter 2020. Before management begins formal remarks, we'd like to remind everyone that some statements we're making today may be considered forward-looking statements under 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 to 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 SEC. We disclaim any obligation or undertaking are made except as required by law. We also discuss non-GAAP financial metrics and encourage you to read our disclosures in the reconciliation tables to the applicable GAAP measures and earnings release carefully as you consider these metrics. We refer you to our filings of 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 You can access Applied Digital's SEC filing for free by visiting the SEC website at www.sec.gov. I'd like to remind everyone that this call is being recorded. It will be made available for replay via link available in the investor relations section of Applied Digital's website. Now, I'd 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 fiscal second quarter 2026 conference call. I'd like to begin by thanking our employees for their dedication to delivering high-performance, sustainably engineered infrastructure for AI, cloud, and blockchain workloads. Their execution and commitment continue to be foundational to our success. This quarter marks several important milestones across our HPC data center and hosting business. Polaris Forge One reached ready-for-service, energizing 100 megawatts on schedule and completing the first of three contracted buildings. The remainder of this AI factory campus is expected to be completed by the end of 2027 and will host 400 megawatts for CoreWeave, representing approximately $11 billion in prospective lease revenue over approximately 15 years. We also announced a roughly $5 billion 15-year lease with a US-based investment-grade hyperscaler for 200 megawatts at Polaris Forge II. This is a $3 billion project near Harwood, North Dakota that is advancing on schedule with initial capacity expected in 2026 and full build-out in 2027. Together, these agreements represent 600 megawatts of lease capacity and approximately $16 billion in prospective lease revenue across our North Dakota campuses. Having secured two hyperscale leases in the region, inbound demand has increased meaningfully. As a result, we are in advanced discussions with another investment-grade hyperscaler across multiple regions, including additional locations in the Dakotas and select southern U.S. markets. While there can be no assurance of future contracts, we believe we are well positioned to begin construction of additional campuses in the near term. Hyperscalers are competing aggressively to secure sites that can support massive AI demand, responding to data highlighting significant shortfalls in global power capacity. Many are being asked to commit capital to 30-year power plant developments, meaning energy may take years to come online and could cost more than anticipated. Beyond the immediate rush, AI infrastructure is ultimately a cost of capital business where every input matters. In this context, we chose the Dakotas because we believe they provide a durable competitive advantage with low-cost deployment energy in climate, ample land for expansion of existing sites, and potential for future large-scale super sites that could align with regional energy developments, making applied digital sites not only immediately valuable, but we believe also more efficient and cost-effective over the long term compared with other regions in the U.S. and globally. Building on this advantage, we have significantly evolved our construction and design capabilities. Our current data center designs are modular and highly efficient, allowing us to run numerous concrete plants simultaneously and leverage prefabricated components delivered by 18-wheelers. The approach reduces construction timelines and lowers overall costs. We've expanded the footprint and flexibility of our building's design to allow for different GPU and ASIC chip architectures and networking infrastructure to support multipurpose AI use cases and traditional cloud workloads. While AI is driving significant demand, cloud computing continues to grow and increasingly competes for data center capacity. Our facilities are purpose-built to support training, inference, and traditional cloud workloads intended to give hyperscalers maximum flexibility over the life of the asset. Looking ahead, we expect to maintain a meaningful competitive advantage in the Dakotas and intend to announce additional locations in other advantaged regions. With that, I'll turn the call over to our CFO, Sadol Momon, for a detailed review of our financials. Sadol?