Applied Digital shares fell 6.5% on Friday following an unplanned power outage at its high-density AI data center campus in Ellendale, North Dakota. The incident disrupted cooling systems and forced a temporary suspension of customer workloads for approximately six hours. Trading volume was elevated at around 15 million shares, significantly above the three-month daily average of 8 million, indicating a headline-driven reaction during thin holiday trading conditions.

Applied Digital has secured roughly $16 billion in contracted revenue over the next 15 years, of which approximately $11 billion is linked to a partnership with a major hyperscaler and the remainder to another unnamed client. Revenue in its latest quarter jumped 84% year-over-year to $64.2 million, driven by new data center leases and service agreements. The company’s active development pipeline encompasses four gigawatts of AI-optimized capacity, with project financing supported by a $5 billion facility from Macquarie Asset Management.

On Friday’s session, 4.06 million shares changed hands, an 88% decline from the average daily volume of roughly 34.8 million shares. The company’s market capitalization stands at about $6.7 billion, with a debt-to-equity ratio of 1.10. Applied Digital operates at a current ratio of 0.40 and quick ratio of 0.40, reflecting ongoing capital investments in new facilities. While depreciation and construction costs have driven net losses, the firm reported a gross margin of 14.5% in its most recent quarter, underscoring improving operational efficiency as new sites come online.