Applied Digital Corporation

Ladies and gentlemen, good afternoon and welcome to Applied Digital's fiscal third quarter 2026 conference call. My name is Abby and I will be your operator today. Before this call, Applied Digital issued its financial results for the fiscal third quarter ended February 28th, 2026 in a press release, a copy of which has been furnished in a report on 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, Seidel Momand. 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, Abby. Hello, everyone, and welcome to Applied Digital's fiscal third quarter 2026 conference call. Before management begins formal remarks, we would like to remind everyone that some statements we are 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 in our earnings release and public filings made with the SEC. We disclaim any obligation or 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 read our disclosures and the reconciliation tables to the applicable GAAP measures in our earnings release carefully as you consider these metrics. We refer you to our filings with 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 reports on Form 10-Q. You may access Applied Digital's SEC filings for free by visiting the SEC website at www.sec.gov. I would like to remind everyone that this call is being recorded and will be available for replay via link available in the investor relations section of Applied Digital's website. Now I would like to turn the call over to Applied Digital's Chairman and CEO, Wes Cummins. Wes.

Thanks, Matt, and good afternoon, everyone. Thank you for joining our fiscal third quarter 2026 earnings conference call. This quarter, we continued to differentiate ourselves in the industry. Over two years ago, we were one of the first companies to recognize the surging demand for large-scale, high-power density AI data centers and broke ground on our first 100 megawatt facility. This early investment is now paying off in two important ways. We now operate one of the only 100 megawatt direct-to-chip liquid-cooled data centers in the world online today. This, coupled with key learnings, gives us the experience and the ability to demonstrate to major hyperscalers and others that we can execute on time and deliver fully functional, state-of-the-art facilities. Second, what investors are seeing today in our reported financials, including over $44 million in adjusted EBITDA for the quarter across our core businesses. is just the early stages of what we expect to achieve in the HPC segment. This first 100 megawatt building represents only one tenth of the total capacity we currently have under construction. While many variables and uncertainty involved in developing large scale power infrastructure, such as new power plant construction, transmission lines and regulatory approvals, we're currently we currently estimate that we have contracted only a small fraction of our long term power potential. Returning to execution, all buildings under construction of PF1 and PF2 are progressing on time and on budget. Building large-scale data centers through a North Dakota winter is no small task, but with years of experience and thousands of skilled professionals on site, along with trusted partners such as McGuff, ADB, Adolphson & Peterson, and Basics, we're executing effectively. At Polaris Forge 1, the 400 megawatt core weave campus, the first 100 megawatt building is now operating and our 1200 skilled craft professionals are progressing in parallel on two new 150 megawatt facilities. At Polaris Forge 2, the 200 megawatt investment grade hyperscaler campus, both buildings are advancing well with foundations largely complete and work now shifting to precast direction as well as mechanical, electrical and plumbing trades mobilizing for interior fit out. During the quarter, we also broke ground on Delta Forge One, a 300 megawatt critical IT load AI factory campus spanning more than 600 acres in a strategic southern U.S. market with initial operations expected in mid-2027. We have some great videos reflecting our progress on X and LinkedIn pages. Last quarter, we shared we were actively marketing three potential sites. During the quarter, we made the decision to delay the South Dakota site as we evaluate its long-term viability and explore opportunities to reallocate the associated power agreements. As a result, we have brought two additional sites into the pipeline and are now actively marketing four development sites in total. These include Delta Forge 1 in the southern U.S., an additional site in North Dakota, and two sites in unnamed states. Subject to receiving all necessary approvals for these sites and total grid power capacity across these locations, the total grid power capacity across these locations is approximately one gigawatt, and the campuses are in various stages of negotiation with some in advanced stages of negotiation. While there can be no assurances we will successfully match any specific site with a customer, and many variables must align to bring a new data center campus to fruition, We believe it is helpful to provide investors with visibility into our expanding development pipeline and future growth opportunities. Turning to our data center hosting business, where we host two sites for Bitcoin mining, this segment has our highest return on assets, and we had another strong quarter. Many of the sites in the US are being converted to data centers, and thus anyone who has high performance powered sites is sitting on very valuable assets, especially in lower cost regions with a great climate like the Dakotas. Now turning to cloud. As discussed last quarter after reviewing strategic options, the board announced plans to separate applied digital cloud and combine it with exobionic holdings through our proposed business combination to form Chronoscale Corporation, a dedicated accelerated compute platform for GPU optimized AI infrastructure. We believe this is an ideal time to pursue this transaction, particularly in light of the significant recent increases in demand and GPU rental rates we're observing in the market. This move positions the cloud business to raise capital independently, create differentiation, and drive accelerated growth with the long-term goal of spinning the business to our shareholders. With that, I'll turn the call over to our CFO, Sadol Momon, for a detailed review of financials. Sadol?