SCHEDULE 13D/A 0001641172-25-001404 0001391935 XXXXXXXX LIVE 4 Common Stock, par value $0.001 per share 09/03/2025 false 0001144879 038169207 Applied Digital Corp.

3811 TURTLE CREEK BLVD., SUITE 2100 DALLAS TX 75219

Wesley Cummins (214) 556-2465 Applied Digital Corporation, 3811 Turtle Creek Blvd., Suite 2100 Dallas TX 75219 Steven E. Siesser, Esq. (212) 204-8688 Lowenstein Sandler LLP, 1251 Avenue of the Americas New York NY 10020 0001391935 N Wesley Cummins PF N X1 22176070.00 0.00 22176070.00 0.00 22176070.00 N 8.5 IN See Item 5 for additional information. Common Stock, par value $0.001 per share Applied Digital Corp. 3811 TURTLE CREEK BLVD., SUITE 2100 DALLAS TX 75219 Explanatory Note: This Amendment No. 4 (this "Amendment") amends and supplements the Schedule 13D filed by the Reporting Person with the Securities and Exchange Commission (the "SEC") on April 21, 2022, as amended by Amendment No. 1 to the Schedule 13D filed by the Reporting Person with the SEC on December 5, 2022 ("Amendment No. 1"), Amendment No. 2 to the Schedule 13D filed by the Reporting Person with the SEC on November 29, 2024 ("Amendment No. 2") and Amendment No. 3 to the Schedule 13D filed by the Reporting Person with the SEC on March 28, 2025 ("Amendment No. 3" and collectively the "Schedule 13D, as amended"). Except as specifically provided herein, this Amendment does not modify or amend any of the information previously reported on the Schedule 13D, as amended. Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to such terms in the Schedule 13D, as amended. Information given in response to each item shall be deemed incorporated by reference in all other items, as applicable. Item 3 of the Schedule 13D, as amended, is hereby supplemented as follows: On April 4, 2025, as the result of previously issued RSUs vesting, the Reporting Person received 100,000 shares of Common Stock, of which 29,442 shares of Common Stock were withheld for tax purposes. On August 5, 2025, as the result of previously issued RSUs vesting, the Reporting Person received 83,334 shares of Common Stock, of which 32,792 shares of Common Stock were withheld for tax purposes (collectively, the "August 2025 Vesting"). Item 4 of the Schedule 13D, as amended, is hereby supplemented as follows: On September 3, 2025, the Reporting Person entered into a Stock Purchase Agreement (the "September 2025 Purchase Agreement") to sell 400,000 shares of Common Stock at a price per share of $15.26 in connection with a private transaction. Item 5 of the Schedule 13D, as amended, is hereby supplemented as follows: The information contained in rows 7, 8, 9, 10, 11 and 13 of the cover page of this Amendment and the information set forth in or incorporated by reference in Item 3, Item 4 and Item 6 of this Amendment is hereby incorporated by reference in its entirety into this Item 5. As of September 3, 2025, the Reporting Person may be deemed to be the beneficial owner of an aggregate of 22,176,070 shares of Common Stock, all of which securities he has sole voting and dispositive power, including: (i) 17,590,238 shares of Common Stock held by Cummins Family Ltd, of which the Reporting Person is the Chief Executive Officer, (ii) 2,217,213 shares of Common Stock held directly by the Reporting Person, (iii) 742,166 shares of Common Stock held by the Reporting Person's individual retirement account, and (iv) 1,626,453 shares of Common Stock held by 272 Capital, of which the Reporting Person is the President. The following RSUs are included in the Reporting Person's beneficial ownership as of September 3, 2025 except to the extent such RSUs remain unvested or will not vest within 60 days after the date hereof: (i) 600,000 RSUs granted on April 4, 2023, of which one-third (1/3) of the RSUs vested on April 4, 2024 and one-sixth (1/6) of the RSUs vested on October 4, 2024 and April 4, 2025 and will further vest on October 4, 2025 (which shall vest within 60 days after September 3, 2025) and April 4, 2026, and (ii) 600,000 RSUs granted on October 10, 2024, of which one-third (1/3) of the RSUs vest on October 10, 2025 (which shall vest within 60 days after September 3, 2025) and one-sixth (1/6) vest on April 10, 2026, October 10, 2026, April 10, 2027 and October 10, 2027. The Reporting Person's holdings represent an aggregate of approximately 8.5% of the Issuer's outstanding shares of Common Stock (based on shares of Common Stock reported as outstanding as of August 26, 2025 in the Issuer's Post-Effective Amendment filed with the SEC on August 29, 2025). As of the date hereof, the Reporting Person may be deemed to be the beneficial owner of an aggregate of 22,176,070 shares of Common Stock, all of which securities he has sole voting and dispositive power, including: (i) 17,590,238 shares of Common Stock held by Cummins Family Ltd, of which the Reporting Person is the Chief Executive Officer, (ii) 2,217,213 shares of Common Stock held directly by the Reporting Person, (iii) 742,166 shares of Common Stock held by the Reporting Person's individual retirement account, and (iv) 1,626,453 shares of Common Stock held by 272 Capital, of which the Reporting Person is the President. The following RSUs are included in the Reporting Person's beneficial ownership as of the date hereof except to the extent such RSUs remain unvested or will not vest within 60 days after the date hereof: (i) 600,000 RSUs granted on April 4, 2023, of which one-third (1/3) of the RSUs vested on April 4, 2024 and one-sixth (1/6) of the RSUs vested on October 4, 2024 and April 4, 2025 and will further vest on October 4, 2025 (which shall vest within 60 days after the date hereof) and April 4, 2026, and (ii) 600,000 RSUs granted on October 10, 2024, of which one-third (1/3) of the RSUs vest on October 10, 2025 (which shall vest within 60 days after the date hereof) and one-sixth (1/6) vest on April 10, 2026, October 10, 2026, April 10, 2027 and October 10, 2027. The Reporting Person's holdings represent an aggregate of approximately 8.5% of the Issuer's outstanding shares of Common Stock (based on shares of Common Stock reported as outstanding as of August 26, 2025 in the Issuer's Post-Effective Amendment filed with the SEC on August 29, 2025). As of September 3, 2025, the Reporting Person may be deemed to be the beneficial owner of an aggregate of 22,176,070 shares of Common Stock, all of which securities he has sole voting and dispositive power. As of the date hereof, the Reporting Person may be deemed to be the beneficial owner of an aggregate of 22,176,070 shares of Common Stock, all of which securities he has sole voting and dispositive power. Except for the August 2025 Vesting and the September 2025 Purchase Agreement, there were no transactions by the Reporting Person in shares of Common Stock during the period commencing sixty (60) days prior to or as of September 3, 2025. Except for the August 2025 Vesting and the September 2025 Purchase Agreement, there were no transactions by the Reporting Person in shares of Common Stock during the period commencing sixty (60) days prior to or as of the date hereof. Item 6 of the Schedule 13D, as amended, is hereby supplemented as follows: The disclosure set forth above in Item 4 regarding the September 2025 Purchase Agreement is incorporated herein and is qualified by reference to the text thereof. Item 7 of the Schedule 13D, as amended, is hereby supplemented as follows: Exhibit 4 Stock Purchase Agreement, dated September 3, 2025, by and among Wesley Cummins and the Purchasers named therein. Wesley Cummins /s/ Wesley Cummins 09/05/2025