Applied Digital (APLD) Proxy filing summary

Executive summary

• Fiscal Year 2026 marked a major inflection point, with a five-fold increase in contracted revenue to $36 billion and 1.41GW of critical IT load, driven by long-term leases with investment grade hyperscalers and expansion across five AI factory campuses in two regions.

• Over $5 billion in senior secured financings were completed, including fixed-rate notes, bridge facilities, and a $550 million revolving credit facility, reflecting strong market confidence.

• The company completed the separation of its cloud business, creating ChronoScale Holdings Corporation, while retaining 96% equity, to focus on core AI factory operations.

• Sustainability initiatives included environmentally friendly AI factory designs, closed-loop waterless cooling, and partnerships with local communities for workforce development.

• The company aims to achieve $2 billion in annual Net Operating Income in the coming years, leveraging a robust pipeline, franchise model, and strong industry relationships.

Voting matters and shareholder proposals

• Shareholders will vote to elect six directors, ratify CBIZ CPAs P.C. as independent auditor for FY2027, approve executive compensation on an advisory basis, and approve potential adjournment of the meeting if needed.

• The Board recommends voting FOR all proposals and director nominees.

• Only shareholders of record as of September 8, 2026, are entitled to vote, with each share entitled to one vote per proposal.

Board of directors and corporate governance

• The Board consists of six members, five of whom are independent; Wes Cummins serves as CEO and Chair, with Douglas Miller as Lead Independent Director.

• Board committees include Audit, Compensation, Nominating and Corporate Governance, and two Related Party Transactions Committees for ChronoScale and Base Electron.

• Annual self-evaluations and a focus on diversity, skills, and succession planning are emphasized.

• Corporate governance guidelines require majority independent directors, annual performance evaluations, and stockholder access to directors.