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Applied Digital Corp. director Douglas S. Miller reported selling 10,000 shares of common stock on January 12, 2026 at a price of $38.54 per share. After this sale, he beneficially owns 200,859 shares of the company’s stock.
This total includes 7,747 restricted stock units (RSUs) that were granted on November 9, 2025 for board service. These RSUs convert into common shares on a one-for-one basis, have no expiration date, and are scheduled to vest in full on November 5, 2026, assuming Miller continues his service as a director through that date.
Richard N. Nottenburg has filed a Rule 144 notice to sell up to 11,606 shares of the issuer’s common stock through Morgan Stanley Smith Barney, with an aggregate market value of $409,481.73. The shares are listed as part of a class with 279,585,823 common shares outstanding and are expected to be sold on or about 01/14/2026 on the NASDAQ.
The 11,606 shares to be sold were acquired as restricted stock from the issuer on 11/20/2025. Over the prior three months, Nottenburg has already sold common shares of the same issuer on several dates: 9,375 shares on 10/31/2025 for $336,626.25, 5,000 shares on 10/30/2025 for $173,992.00, and 34,375 shares on 10/24/2025 for $1,142,281.25.
A Form 144 notice reports a planned sale of 10,000 shares of common stock of APLD through Morgan Stanley Smith Barney LLC Executive Financial Services. The shares have an indicated aggregate market value of 385,410.00, with 279,585,823 shares of the same class shown as outstanding and an approximate sale date of 01/12/2026 on the NASDAQ.
The shares to be sold were acquired on 11/09/2024 via restricted stock vesting under a registered plan, in an amount of 10,000 shares. The notice also lists a prior sale in the last three months, where Douglas Miller sold 8,000 common shares on 11/28/2025 for gross proceeds of 215,840.00.
Applied Digital Corp. reported new equity awards for CEO and Chairman Wes Cummins. On January 6, 2026, he received 1,500,000 restricted stock units that convert into common stock on a one-for-one basis at a price of $0. These RSUs vest with 300,000 units on January 6, 2027, and the remaining units in 150,000-unit installments every six months so that all RSUs vest by the fifth anniversary of the grant, subject to continued full-time employment or certain acceleration conditions.
Cummins also received 4,500,000 performance stock units at $0, vesting in three equal tranches over five years. Each tranche requires the company’s average closing stock price to reach $50, $75, and $100, respectively, over a 90 consecutive day period, along with continued employment or specified post-termination conditions. Following these grants, he beneficially owns 4,341,329 common shares directly (including shares and prior RSUs described in the footnotes) and additional indirect holdings of 17,590,238 and 722,483 common shares through Cummins Family Ltd. and 272 Capital, LP.
Applied Digital Corporation reported sharp growth and major balance sheet changes for the quarter ended November 30, 2025. Total revenue rose to $126.6M from $36.2M a year earlier, driven largely by hosting contracts concentrated in two customers, with Customer A representing 67% and Customer B 33% of quarterly revenue. Despite the growth, the company posted a net loss attributable to common stockholders of $19.1M, improved from a loss of $139.4M in the prior-year quarter.
Cash, cash equivalents and restricted cash from continuing operations increased to $2.30B as of November 30, 2025, up from $120.9M at May 31, 2025, primarily reflecting financing activity. Total assets reached $5.23B, including substantial investments in property and equipment. Long-term debt rose significantly to $2.59B, mainly from issuing $2.35B of 9.25% Senior Secured Notes due 2030.
The Cloud Services Business, classified as discontinued operations and held for sale, generated net income of $12.1M for the quarter compared with a net loss of $10.4M a year earlier. Operating activities used $97.9M of cash over the six-month period, while investing activities used $818.5M, largely for data center construction, and financing activities provided $3.09B, reflecting new debt, preferred equity, and common stock issuances.
Applied Digital Corp. investor Wesley Cummins reports beneficial ownership of 21,154,050 shares of common stock, representing about 7.6% of the company. He has sole voting and dispositive power over these shares, which are held directly and through Cummins Family Ltd, his individual retirement account, and 272 Capital LP.
On January 6, 2026, he received 1,500,000 restricted stock units and 4,500,000 performance stock units, each convertible into one share of common stock upon vesting. The RSUs vest over five years with an initial one-year cliff, while the PSUs vest in three tranches over five years if average closing stock price hurdles of $50, $75, and $100 are achieved. These new awards are not yet counted in his beneficial ownership because they will not vest within 60 days.
Applied Digital Corporation approved a major long-term equity package for Chairman and CEO Wes Cummins under its 2024 Omnibus Equity Incentive Plan. The Board granted 4,500,000 performance stock units (PSUs) and 1,500,000 restricted stock units (RSUs), intended to replace future equity grants for the next five years, absent unexpected changes. Each unit converts into one share of common stock upon vesting.
The PSUs vest only if the company’s average closing stock price over 90 consecutive days reaches stock price hurdles of $50, $75 and $100, with 1,500,000 PSUs tied to each level, and must be achieved within five years. The RSUs vest over five years, with 300,000 units vesting after one year and 150,000 every six months thereafter. The company notes the PSU award equals about 1.6% and the RSU award less than 0.6% of shares outstanding as of the grant date, and emphasizes retention, alignment with stockholders, and stock-price-based value creation.
Applied Digital Corporation filed a current report to disclose that it has released its financial results for the second fiscal quarter ended November 30, 2025. The company announced these results in a press release dated January 7, 2026, which is attached to the report as Exhibit 99.1 and incorporated by reference. The report also clarifies that the earnings information in Item 2.02 and Exhibit 99.1 is being furnished, not filed, so it is not subject to certain liability provisions of the Exchange Act or automatically incorporated into other securities filings.
Applied Digital Corp. (APLD) reported an insider stock sale by a director. On 11/24/2025, the reporting person sold 8,581 shares of common stock in an open-market transaction under a pre-arranged Rule 10b5-1 trading plan adopted on January 30, 2025, at a weighted average price of $23.22 per share, with individual sale prices ranging from $21.14 to $23.79.
After this sale, the director beneficially owns 68,422 shares, including 7,747 restricted stock units granted on November 9, 2025 that vest in full on November 5, 2026, and 60,976 shares of restricted stock granted on May 6, 2024, with remaining tranches scheduled to vest on April 30, 2026 and April 30, 2027, subject to continued board service.
Applied Digital Corporation announced that its subsidiary APLD ComputeCo LLC has completed a private offering of $2.35 billion of 9.250% Senior Secured Notes due 2030, issued at 97% of principal. The notes are senior secured obligations that pay interest semi-annually each June 15 and December 15, beginning June 15, 2026, and amortize semi-annually starting December 15, 2027, under an Indenture with Wilmington Trust as trustee and collateral agent.
The company intends to use the net proceeds to help fund construction and related costs for its 100 MW and 150 MW ELN-02 and ELN-03 data centers at its 400 MW Ellendale, North Dakota campus, repay a credit and guaranty facility with Sumitomo Mitsui Banking Corporation, fund debt service reserves, and pay transaction expenses. The Indenture includes customary covenants restricting additional debt, liens, dividends, investments, asset sales, affiliate transactions, and mergers, and requires the Issuer to offer to repurchase the notes at 101% upon certain change of control events. Applied Digital will also provide a completion guarantee for each project related to these facilities.