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May 31, 2023
Applied Digital Q4 2023 Earnings Report
Reported a 56% sequential revenue growth and provided fiscal year 2024 guidance.
Key Takeaways
Applied Digital reported a strong fiscal fourth quarter with a 193% increase in revenue compared to the previous year, driven by hosting revenues from its Jamestown and Ellendale facilities. The company also launched its AI Cloud Service and secured significant AI customer agreements. Looking ahead, Applied Digital is focusing on non-crypto use cases and expects continued growth in fiscal year 2024.
Generated sequential revenue growth of 56%.
Fiscal fourth quarter 2023 revenue was $22 million.
Adjusted EBITDA for the fiscal fourth quarter 2023 was $2.9 million.
Launched AI Cloud Service to provide high-performance computing power for AI applications.
Forward Guidance
For full-year fiscal 2024, Applied Digital expects total revenue in the range of $385 million – $405 million, and Adjusted EBITDA in the range of $195 million – $205 million.
Positive Outlook
- Expects total revenue in the range of $385 million – $405 million for full-year fiscal 2024.
- Expects Adjusted EBITDA in the range of $195 million – $205 million for full-year fiscal 2024.
Historical Earnings Impact
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