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Feb 29, 2024
Applied Digital Q3 2024 Earnings Report
Reported financial results for the fiscal third quarter, facing challenges due to facility power outages but progressing with key growth initiatives.
Key Takeaways
Applied Digital reported a 208% increase in revenue to $43.3 million for the fiscal third quarter 2024. The company experienced a net loss of $62.8 million, or $0.52 per share, and an adjusted EBITDA loss of $2.3 million. Despite challenges from outages at Ellendale, the HPC and Cloud Services sectors continued to advance, and the company strengthened its balance sheet with announced asset sales and financing transactions.
Total revenue reached $43.3 million, a 208% increase year-over-year.
Net loss was $62.8 million, or $0.52 per share.
Adjusted EBITDA showed a loss of $2.3 million.
The company entered into exclusivity with a US-based hyperscaler for a 400 MW capacity lease.
Applied Digital
Applied Digital
Forward Guidance
Applied Digital is encouraged by the robust demand across its business and believes it is well-positioned to execute its growth strategy and capitalize on increasing opportunities from traditional customers and emerging HPC applications.