Applied Digital Corp. (APLD) shares tumbled 5% during Monday's intraday session as investors grew increasingly anxious ahead of the company's fiscal fourth-quarter earnings report, scheduled for release after the closing bell.

The AI data center builder enters the print with a massive backlog — roughly $36 billion in contracted lease revenue across five AI Factory campuses — but that top-line promise is being overshadowed by deep balance sheet concerns. Total debt stood near $2.7 billion as of the fiscal third quarter, and the company has repeatedly tapped capital markets to fund construction across its North Dakota and other campus sites, raising fears of further shareholder dilution.

While adjusted EBITDA reached $44.1 million last quarter, it remains far from covering the enormous capital spending required to bring gigawatts of new capacity online. Analysts expect Applied Digital to report a loss of 22 cents per share on revenue of $94.84 million. With sentiment already fragile — the stock has dropped about 34% over the past month — today's sell-off reflects mounting anxiety over whether management can fund its pipeline without further diluting shareholders.