Strategic APLD Forecast-vs-Actual Dashboard

# APLD Strategic Research Read

## Current Answer

APLD is beginning to convert contracted AI data-center capacity into actual delivered capacity, but most of the headline capacity remains contracted or under construction rather than operating.

## Evidence

- Polaris Forge 1 Building 1 is the cleanest forecast-to-actual proof: forecast for Q4 2025, 50 MW ready for service in October 2025, and 100 MW by November 2025.
- APLD reported 400 MW contracted at Polaris Forge 1, but the current ledger shows only the first 100 MW operating/ready for service.
- APLD’s Q2 FY2026 update reports $85.0 million of HPC Hosting revenue for the quarter, indicating revenue conversion has started.
- The May 2026 “over 1 GW contracted” milestone is best read as backlog/contracted demand, not delivered capacity.

## Research Call

The signal is **constructive but execution-heavy**. APLD is not merely announcing vapor capacity; it has delivered an initial 100 MW. But the bulk of the story still depends on delivering the next 150 MW buildings, Polaris Forge 2, Delta Forge 1, and Polaris Forge 3.

## What Would Change The View

- Positive: Building 2 reaches ready-for-service in calendar 2026 and HPC revenue scales without contract slippage.
- Negative: RFS timing slips, financing terms worsen, or contracted capacity fails to convert into recognized HPC revenue.

Strategic Loop Summary

iterationchose_20_wordsdid_20_wordsscore_1_10score_reason_20_wordsnext_20_words
1Test whether APLD capacity is converting financially.Added revenue, liquidity, debt and capex-proxy rows from primary disclosures.9Financial rows broaden the analysis, but capex detail remains incomplete.Score thesis evidence, not just artifacts.
2Score the actual research thesis.Created hypothesis scores and a research read separating delivered, contracted and pending capacity.9The read answers the question, but revenue mapping needs more precision.Build a decision dashboard.
3Create an investment-style decision dashboard.Combined thesis scores, capacity status, financial rows and research read into HTML.10Dashboard directly shows evidence and decision state.Identify next data that would change the conclusion.
4Define evidence that would change the conclusion.Added decision backlog focused on RFS, HPC revenue, capex, contract changes and power milestones.10Backlog is falsifiable and tied to thesis score changes.Run final validation and publish.
5Validate and publish strategic research package.Ran package validator and published dashboard, read, scores, financial rows and decision backlog.10Validation checks evidence breadth, snippets, thesis scores and falsifiable next data.Extract APLD capex and HPC revenue series next.

Thesis Scores

hypothesis_idhypothesisscore_1_10score_reasonstatus
H1APLD converts contracted AI capacity into delivered capacity on schedule.7One clean delivery pair exists; future buildings remain pending.supported_initially
H2Contracted MW is a leading indicator, not delivered supply.9Capacity categories clearly show contracted MW leads delivered MW.supported
H3Revenue conversion has started but is not yet mature.6HPC revenue started, but revenue-to-capacity mapping is still sparse.supported_initially
H4APLD remains financing/execution sensitive.8Large cash, debt and property-investment disclosures show financing sensitivity.supported

Capacity Status

projectforecastactual_or_statusstatus
Polaris Forge 1 Building 1100 MW ready for service in Q4 202550 MW RFS Oct. 27, 2025; 100 MW RFS Nov. 24, 2025delivered_on_schedule
Polaris Forge 1 Buildings 2-3150 MW in 2026 and 150 MW in 2027300 MW still under construction as of Apr. 8, 2026pending
Polaris Forge 2Initial capacity in 2026; full capacity early 2027200 MW contracted; construction/pipeline snapshot, not operatingcontracted_pending_delivery
Delta Forge 1430 MW utility / 300 MW IT, mid-2027 operations300 MW critical IT load lease signed Apr. 23, 2026forecast_converted_to_contract
Portfolio contracted capacityPotential multi-GW capacity expansionMore than 1 GW contracted claimed May 20, 2026contracted_not_operating

Financial Conversion Rows

period_reportedmetricnormalized_valueunitforecast_or_actualcaveat
FY2025Q4total_revenue38.0USD_millionsactual_financial_resultConsolidated revenue, not capacity-specific.
FY2025Q4data_center_hosting_revenue38.0USD_millionsactual_financial_resultCrypto/data-center hosting segment; distinct from HPC Hosting.
FY2025total_revenue144.2USD_millionsactual_financial_resultAnnual consolidated revenue.
FY2025property_equipment_investment_increase539.8USD_millionsactual_capex_proxyCapex proxy from 10-K discussion; not a formal capex line item.
FY2026Q1total_revenue64.2USD_millionsactual_financial_resultIncludes tenant fit-out and data-center hosting revenue.
FY2026Q1hpc_tenant_fitout_revenue26.3USD_millionsactual_financial_resultFit-out revenue is not recurring hosting revenue.
FY2026Q1data_center_hosting_revenue37.9USD_millionsactual_financial_resultLegacy hosting revenue, not Polaris Forge HPC.
FY2026Q2hpc_hosting_revenue85.0USD_millionsactual_financial_resultFirst clear HPC Hosting revenue after Polaris Forge operations began.
FY2026H1hpc_hosting_revenue111.3USD_millionsactual_financial_resultSix-month cumulative HPC Hosting revenue.
FY2026Q2data_center_hosting_revenue41.6USD_millionsactual_financial_resultLegacy hosting revenue.
FY2026Q2cash_restricted_cash2300USD_millionsactual_balance_sheetLiquidity includes restricted cash.
FY2026Q2total_assets5200USD_millionsactual_balance_sheetBalance sheet scale for buildout.
FY2026Q3adjusted_revenue108.6USD_millionsactual_financial_resultAdjusted revenue, non-GAAP.
FY2026Q3adjusted_ebitda44.1USD_millionsactual_financial_resultAdjusted EBITDA, non-GAAP.
FY2026Q3cash_restricted_cash2100USD_millionsactual_balance_sheetLiquidity declined from Q2 but remains large.
FY2026Q3total_debt2700USD_millionsactual_balance_sheetDebt scale rises with buildout financing.