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Aug 31, 2023
Applied Digital Q1 2024 Earnings Report
Reported strong financial results with sequential revenue growth and reaffirmed fiscal year guidance.
Key Takeaways
Applied Digital reported a strong start to fiscal year 2024, with a 425% increase in total revenue to $36.3 million compared to the same quarter last year. The company's Ellendale, ND facility was fully energized, and they began recognizing revenue from their first Cloud Services contract. They reaffirmed their full-year fiscal 2024 revenue guidance of $385 million - $405 million and Adjusted EBITDA guidance of $195 million - $205 million.
Total revenue reached $36.3 million, a 425% increase year-over-year.
Net loss was $11.9 million, or $(0.12) per share.
Adjusted EBITDA was $10.0 million.
The Ellendale, ND hosting facility was fully energized.
Applied Digital
Applied Digital
Forward Guidance
For the full year fiscal 2024, Applied Digital reaffirms its previously announced guidance.
Positive Outlook
- Total revenue is expected to be in the range of $385 million - $405 million.
- Adjusted EBITDA is expected to be in the range of $195 million - $205 million.