# APLD Independent Verification Report

Scope: independent sample verification of 10 ledger rows against cited primary-source snippets.

Result: PASS for all sampled rows, with caveats noted where the row is derived or normalized.

| Sample | Metric | Period | Extracted value | Primary-source support | Verdict |
|---|---:|---:|---:|---|---|
| 1 | contracted_critical_it_load | FY2025Q4 | 250 MW | June 2, 2025 APLD/CoreWeave PDF states Applied Digital will deliver 250 MW of critical IT load. | PASS |
| 2 | optional_critical_it_load | FY2025Q4 | 150 MW | Same June 2 PDF states CoreWeave retained an option for an additional 150 MW of critical IT load. | PASS |
| 3 | operating_hosting_capacity | FY2025Q4 | 286 MW | FY2025 Q4 release states the 106 MW Jamestown and 180 MW Ellendale hosting facilities were operating at full capacity; 106+180=286. | PASS, derived |
| 4 | planned_ready_for_service_capacity | FY2025Q4 | 100 MW | FY2025 Q4 management commentary states the first 100 MW facility was scheduled to be operational in Q4 2025. | PASS |
| 5 | contracted_critical_it_load | FY2026Q1 | 400 MW | FY2026 Q1 release says the additional 150 MW lease brought the full 400 MW of critical IT load under contract with CoreWeave. | PASS |
| 6 | property_and_equipment_built_and_funded | FY2026Q1 | >$1.6B | FY2026 Q1 management commentary says the company had built and funded over $1.6 billion in property and equipment. | PASS, qualifier required |
| 7 | ready_for_service_capacity | FY2026Q2 | 50 MW | October 27, 2025 RFS release says first phase RFS was 50 MW at the first 100 MW building. | PASS |
| 8 | ready_for_service_capacity | FY2026Q2 | 100 MW | November 24, 2025 release says Building 1 now operates at its full 100 MW critical IT load. | PASS |
| 9 | total_leased_capacity | FY2026Q2 | 600 MW | FY2026 Q2 release says lease agreements bring total leased capacity to 600 MW. | PASS |
| 10 | total_contracted_capacity | FY2026Q4 | 1,200 MW | May 20, 2026 PF3 release states total contracted capacity across four AI Factory campuses reaches 1,200 MW of critical IT load net. | PASS |

Additional verification notes:
- Row 3 is correctly marked `is_derived=True` because the source gives component facilities, not the summed total.
- The 1 GW and 1,670 MW rows are not interchangeable: 1 GW is a gross grid-power/marketed-capacity pipeline measure in FY2026 Q3, while 1,670 MW is portfolio gross utility power from the FY2026 Q4 PF3 lease release.
- The PF1 100 MW actual rows validate the forecast-vs-actual pairing: FY2025 Q4 forecasted Q4 2025 operations, then October/November 2025 RFS releases and FY2026 Q2 earnings confirmed delivery and operations.
- Contracted revenue rows are not revenue-recognition rows. Only the $12.0 million partial-quarter lease revenue row is treated as recognized lease revenue conversion evidence.