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Applied Blockchain Reports Fiscal First Quarter 2023 Financial Results and Provides an Operational Update
DALLAS, Oct. 11, 2022 (GLOBE NEWSWIRE) -- Applied Blockchain, Inc. (Nasdaq: APLD) ("Applied Blockchain" or the "Company"), a designer, builder and operator of
About this update from Applied Digital Corporation
[{"type":"text","content":"DALLAS, Oct. 11, 2022 (GLOBE NEWSWIRE) -- Applied Blockchain, Inc. (Nasdaq: APLD) (\"Applied Blockchain\" or the \"Company\"), a designer, builder and operator of next-generation datacenters that provide power to blockchain infrastructure and support High-Performance Computing (HPC) applications, today reported financial results for the fiscal first quarter ended August 31. 2022. The Company also provided an operational update and outlook. Recent Operational and Financial Highlights Fiscal first quarter 2023 revenue of $6.9 million, at the high-end of guidance of $6.5 million to $6.9 millionFiscal first quarter 2023 adjusted EBITDA of $(1.9) million, compared to adjusted EBITDA guidance of ($1.8) million) to ($2.2) millionAnnounced planned corporate name change to “Applied Digital Corporation”, reflecting the Company’s broad services and offerings for HPC applications. The name change is to be voted on by shareholders at its upcoming Annual General Meeting on November 10, 2022Broke ground on third co-hosting facility on September 8, 2022, located in Ellendale, North Dakota with planned hosting capacity of 180MW; capacity is already fully contractedContinued buildout of second co-hosting facility, located in Garden City, Texas with 200MW of planned hosting capacity, with 15 of 16 buildings constructedMarathon Digital Holdings, Inc. exercised option for additional capacity at Applied Blockchain’s hosting facilities, bringing its total contracted capacity to 276MWAccelerated discussions with prospective non-cryptocurrency customers for HPC applications that could be hosted at the Company’s co-hosting facilities. The company expects to have a pilot program with a customer operating as early as this month for a machine learning (ML) application Management Commentary“Our fiscal 2023 year began with a solid start as revenue and adjusted EBITDA compared favorably to our guidance and we continued to operate and progress our three datacenter sites with a keen focus on building to nearly 500MW of hosting capacity by early calendar 2023, all of which is already contracted,” said Applied Blockchain Chairman and CEO Wes Cummins. “We believe that, once operational, this should translate to $100 million of annualized adjusted EBITDA, an impressive accomplishment for a company of our current size. Construction of our next two datacenters at Gard...