Hood River Capital discloses 7.89% Applied Digital (APLD) ownership

Rhea-AI Filing Summary

Hood River Capital Management LLC reports beneficial ownership of 22,037,431 shares of Applied Digital Corp common stock, representing 7.89% of the class as of December 31, 2025. Hood River has sole power to dispose of these shares but no power to vote them.

The firm certifies the position was acquired and is held in the ordinary course of business, without the purpose or effect of changing or influencing control of Applied Digital. The filing is signed by Robert Schmaltz, CCO and COO of Hood River.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Applied Digital Corp

(Name of Issuer)

Common Stock

(Title of Class of Securities)

038169207

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 038169207

1

Names of Reporting Persons

Hood River Capital Management LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 22,037,431.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

22,037,431.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.89 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Applied Digital Corp
(b)	Address of issuer's principal executive offices: 3811 Turtle Creek Blvd., Suite 2100, Dallas, TX, 75219
Item 2.
(a)	Name of person filing: Hood River Capital Management LLC
(b)	Address or principal business office or, if none, residence: 2373 PGA Blvd., Suite 200, Palm Beach Gardens, FL 33410
(c)	Citizenship: United States
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 038169207
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 22,037,431
(b)	Percent of class: 7.89 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 22,037,431
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Hood River Capital Management LLC

Signature:	/s/ Robert Schmaltz
Name/Title:	CCO, COO
Date:	02/03/2026

FAQ

What stake does Hood River Capital hold in Applied Digital (APLD)?

Hood River Capital Management LLC reports beneficial ownership of 22,037,431 Applied Digital shares, representing 7.89% of the common stock. This makes it a significant institutional holder based on the Schedule 13G/A disclosure.

Does Hood River Capital have voting power over Applied Digital (APLD) shares?

Hood River Capital reports no sole or shared voting power over Applied Digital shares. It only has sole dispositive power over 22,037,431 shares, meaning it can decide when to sell but not how the shares are voted.

What type of filing did Hood River submit for Applied Digital (APLD)?

Hood River Capital filed an amended Schedule 13G (Schedule 13G/A) for Applied Digital common stock. This form is typically used by passive investors holding more than 5% of a company’s shares without seeking to influence control.

As of what date is Hood River’s Applied Digital (APLD) ownership reported?

Hood River Capital’s beneficial ownership in Applied Digital is reported as of December 31, 2025. The Schedule 13G/A indicates this date as the event requiring the filing of the ownership statement.

What does Hood River Capital certify about its intent with Applied Digital (APLD) shares?

Hood River Capital certifies the Applied Digital securities were acquired and are held in the ordinary course of business and not for the purpose or effect of changing or influencing control, consistent with a passive investment stance.

Who signed the Schedule 13G/A related to Applied Digital (APLD)?

The Schedule 13G/A for Applied Digital was signed by Robert Schmaltz, who is identified as Chief Compliance Officer and Chief Operating Officer of Hood River Capital Management LLC, certifying the accuracy of the reported information.