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Applied Blockchain Reports Fiscal Fourth Quarter and Full Year 2022 Financial Results and Provides an Operational Update
DALLAS, Aug. 25, 2022 (GLOBE NEWSWIRE) -- Applied Blockchain, Inc. (Nasdaq: APLD) ("Applied Blockchain" or the "Company") today reported financial results for
About this update from Applied Digital Corporation
[{"type":"text","content":"DALLAS, Aug. 25, 2022 (GLOBE NEWSWIRE) -- Applied Blockchain, Inc. (Nasdaq: APLD) (\"Applied Blockchain\" or the \"Company\") today reported financial results for the fiscal fourth quarter and full year ended May 31, 2022, and provided an operational update. Recent Operational and Financial Highlights Fiscal fourth quarter revenue of $7.5 million, above guidance of $7.0 million to $7.4 million, which was increased in mid-July from original guidance of $5.7 million to $6.2 million.Power provider to our facility in Jamestown, North Dakota, completed substation repairs ahead of schedule; facility is now operating at full capacity.Secured a five-year hosting contract with Marathon Digital Holdings, Inc. for 200MW of capacity.Secured a $15.0 million credit facility with a North Dakota-based bank with 1.5% interest for the first 13 months to repay existing debt and fund datacenter buildout.Continued buildout of the second facility, a 200-MW datacenter in Garden City, Texas, which is ahead of schedule for energization in the fourth calendar quarter of 2022.Progressing design and pre-construction of third facility to be in North Dakota with groundbreaking expected in the third calendar quarter of 2022. Management Commentary“We continue to execute our growth strategy despite a volatile cryptocurrency environment,” said Applied Blockchain Chairman and CEO Wes Cummins. “Our first facility has been operating as expected and substation repairs were completed ahead of schedule, enabling full power to again be provided to the datacenter. Additionally, our second facility is progressing ahead of schedule despite global supply chain challenges that are negatively impacting timelines for many in the industry. “We expect to have three datacenters operating by the first half of calendar 2023, representing nearly 500 megawatts of total hosting capacity, which is already fully committed through contract or option. These facilities are already nearly entirely contracted out on long-term agreements with blue-chip customers. We also continue to see robust demand for our services, which, coupled with our strong balance sheet, ramping cash flow capabilities, and expanding nondilutive financing options, collectively provide us with an attractive go-forward outlook for our shareholders.” Jamestown, North Dakota Facility Update (100MW)Applied Blockchain’s fi...