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Analyst
Rob Brown
Period: Reporting periods mapped to calendar 2024 Q3 – 2026 Q3 (9 quarters).
- Questions
- 16on tracked calls
- Challenge rate
- 0%none of 16 questions
- Companies
- 1questioned at least once
- Reporting periods
- 9with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right. See how we grade analysts on earnings-call questions.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 16 of 16 questions from 1 company
APLDApplied Digital Corp.16 questions · 9 reporting periods · 0 of 16 challenging
Calendar 2026 Q3
how Base Electron fits into that given your PPA, how does that sort of start to enable an expansion there?
Show response
Wes pointed to 2030 for Base Electron's 1.2 GW at Center, a new WBI gas pipeline, and ~2.5 GW of procured generation equipment.
How have you mitigated any supply chain constraints? Or what are you seeing in terms of supply chain?
Show response
Wes said supply is tight industry-wide; Applied locked in key components ~2 years ago, buying full factory output for ~4 years.
Calendar 2026 Q2
on Base Electron, how do you sort of see that driving incremental kind of customer demand
Show response
Wes framed Base Electron's 1.2GW of ND generation, plus other regional projects, as unlocking expansion at existing campuses toward 5+ GW of IT load.
the 2 customers you mentioned that you were looking at expanding, I think, 100 and 150 megawatts
Show response
Wes confirmed the two expansions with existing tenants (100MW at Polaris Forge 2, a third building at a Delta Forge campus) at materially higher pricing than existing leases.
Calendar 2026 Q1
Just a sense of when you think you start to run into constraints in, I guess, the North Dakota market
Show response
Wes said the three North Dakota sites will absorb most of the excess grid power through 2028, at which point Base Electron begins commissioning new generation; he stressed Base Electron adds grid power rather than building on-site generation just for Applied.
Calendar 2025 Q4
What's sort of the growth opportunity? Is there additional capacity that can get leased out as a stand-alone business?
Show response
Wes cited a large compute-market opportunity for the spun-out ChronoScale, leveraging Applied Digital's data center capacity to win large-scale contracts.
what steps have to happen between now and then in terms of getting finalized agreement and a closing step?
Show response
Wes said ChronoScale is technically a merger; a definitive agreement is expected this month or early February, then a shareholder vote, with closing likely April-May.
Calendar 2025 Q3
you talked about expanding the Polaris Forge One and Two to up to one gigawatt. What's the limiting factor there?
Show response
Wes explained the limit is transmission and grid generation timing; Ellendale can reach roughly 1.4GW and Harwood a little over 1GW of total utility power over time.
what's sort of the timeline there and potential that they could start to take action here and move forward?
Show response
Wes said negotiations have started and dealmaking will now be constant, with some processes running 90 to 120 days from start to finish.
Calendar 2025 Q2
is this the customer that you've gotten through a lot of the onboarding work and it's really down to the contract
Show response
Management declined to identify the prospect but confirmed it is an investment-grade North American hyperscaler in advanced negotiations.
I think you're doing fit out sort of starting this coming quarter. just what's left to complete on that building?
Show response
Management said the building is mostly fit-out, now underway, with the customer to bring gear on-site and ramp expected in calendar Q4.
Calendar 2025 Q1
what's sort of your sense on the plans there? You start marketing it now and hope to have it sold by kind of year end
Show response
Deflected, said the strategic process just started and declined to give any timeline or expected structure.
what's sort of left there and how much CapEx is left to go just in that facility
Show response
Direct, gave a $10-13 million per megawatt guidepost for Tier 3 build cost and detailed the commissioning-to-October ramp for the first building.
Calendar 2024 Q4
are they kind of moving forward? Are you looking through final details? Are there kind of roadblocks
Show response
Wes cited strong design/power progress and framed Macquarie's backing as clearing the last hurdle for a first-time hyperscaler supplier.
how does that kind of open up the marketplace? How does that accelerate maybe some of these other discussions
Show response
Wes said the facility moves financing to the asset level, removing the equity/dilution question for each new campus across a 2+ gigawatt pipeline.
Calendar 2024 Q3
What's your thoughts on additional clusters and how do you see the timing on that?
Show response
Direct: additional GPU clusters to begin deploying in fiscal H2 (starting December 1) under a revised financing structure that better matches the assets' useful life.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| APLD Applied Digital Corp. | 16 | 0%none of 16 questions |
- APLDApplied Digital Corp. · 16 questions0%none of 16 questions
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q3 | 1 | 0%none of 1 question | 1 |
| 2024 Q4 | 2 | 0%none of 2 questions | 1 |
| 2025 Q1 | 2 | 0%none of 2 questions | 1 |
| 2025 Q2 | 2 | 0%none of 2 questions | 1 |
| 2025 Q3 | 2 | 0%none of 2 questions | 1 |
| 2025 Q4 | 2 | 0%none of 2 questions | 1 |
| 2026 Q1 | 1 | 0%none of 1 question | 1 |
| 2026 Q2 | 2 | 0%none of 2 questions | 1 |
| 2026 Q3 | 2 | 0%none of 2 questions | 1 |
- 2024 Q31 question · challenge rate 0% (none of 1 question) · 1 company
- 2024 Q42 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q12 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q22 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q32 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q42 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2026 Q11 question · challenge rate 0% (none of 1 question) · 1 company
- 2026 Q22 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2026 Q32 questions · challenge rate 0% (none of 2 questions) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Capex Investment7
- Demand6
- Supply Chain3
- Competitive Dynamics3
- Cloud & AI2
- M&A2
- Capital Allocation2
- Geographic Expansion1
- Pricing1
- Revenue Growth1