# APLD Independent Verification Report

## Scope

Sampled 7 rows from `apld_forecast_actual_rows.csv`, exceeding the required sample of 5. Verification checked whether the normalized row value is supported by the cited primary-source URL, source location, and compact snippet.

## Verification Samples

| Row | Metric | Source | Expected | Verification Result |
|---|---|---|---:|---|
| FY2025 `capex_actual_total` | Total capex actual | FY2025 10-K Note 16, lines 3889-3901 | 985.826 USD_millions | PASS. SEC segment table lists total capital expenditures of 985,826 in thousands; row normalizes to 985.826 USD_millions. |
| FY2026Q1 `live_capacity_data_center_hosting` | Live hosting capacity | FY2026Q1 10-Q business update, lines 1593-1598 | 286 MW | PASS. Source identifies 106 MW Jamestown and 180 MW Ellendale operating at full capacity; row correctly derives 106 + 180 = 286 MW. |
| CY2025-06-02 `contracted_capacity_coreweave_initial` | CoreWeave initial lease capacity | APLD IR press release PDF, page 1 | 250 MW | PASS. Primary release states Applied Digital will deliver 250 MW of critical IT load for CoreWeave. |
| CY2025-06-02 `expected_commencement_window_building_2` | Building 2 expected ready-for-service | APLD IR press release PDF, page 2 | 2025-Q4 | PASS. Source says first 100 MW data center was expected to be ready for service in fourth quarter calendar 2025. |
| CY2025-08-29 `contracted_revenue_building_4` | Building 4 contract value | 8-K Item 1.01, lines 56-58 | 4000 USD_millions | PASS. 8-K gives expected total contract value of about $4.0 billion; normalized value is 4,000 USD_millions. |
| FY2026Q2 `capacity_added_this_quarter_hpc` | HPC capacity added | FY2026Q2 10-Q lease note/business update, lines 1813-1816 and 2311-2314 | 100 MW | PASS with caveat. Filing supports first 100 MW facility becoming operational during FY2026Q2; exact month differs by section, but quarter classification is supported. |
| FY2026Q2 `minimum_contracted_lease_payments` | Lease/backlog proxy | FY2026Q2 10-Q Note 11 leases, lines 1817-1839 | 15551.105 USD_millions | PASS. SEC lease table total is 15,551,105 in thousands; row normalizes to 15,551.105 USD_millions. |

## Findings

- All sampled rows match the cited primary-source snippets and locations.
- The extractor’s numeric normalization is repeatable for table values in thousands and for billion-to-million conversions.
- The strongest caveat is timing precision for FY2026Q2 capacity added: the row is reliable at quarter level but should not be used as a day-level or month-level commencement fact.
- Lease minimum payments are useful as a backlog/lease-commitment proxy, but caveats correctly state that the SEC table excludes operating-expense reimbursements and variable rent increases.