In Q3 2025, Applied Digital Corporation reported revenues of $52.9 million, representing a 22% increase year-over-year, but a decrease of 17% from the previous quarter, driven mainly by growth in its Cloud Services segment. However, the company faced a net loss of $36.1 million as it navigated high operating expenses and depreciation costs. The earnings call highlighted significant investment partnerships, including a potential $5 billion deal with Macquarie Asset Management and a $375 million financing arrangement with Sumitomo Mitsui Bank, strengthening its strategic position in the high-performance computing (HPC) landscape. Despite certain operational hurdles, management remains optimistic about scaling capacity and future revenue generation while actively exploring divestiture options for its Cloud Services Business.