Business
Applied Blockchain Reports Fiscal Third Quarter 2022 Ended February 28, 2022 Financial Results and Provides an Operational Update
DALLAS, May 13, 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, May 13, 2022 (GLOBE NEWSWIRE) -- Applied Blockchain, Inc. (Nasdaq: APLD) (\"Applied Blockchain\" or the \"Company\") today reported financial results for the fiscal third quarter ended February 28, 2022 and provided an operational update. Recent Operational and Financial Highlights Operationalized first Next-Gen co-located datacenter in Jamestown, North Dakota in February 2022 at 55 megawatts (“MW”) currently operating just over 80MW, with remaining 20MW to come online in the next few weeksFormed joint venture (“JV”) with Antpool, an affiliate of Bitmain, in January 2022 for up to 1.5 gigawatts (“GW”) initially of co-hosting infrastructure with Applied Blockchain owning 80% of the JVCompleted an initial public offering (“IPO”) with uplisting to Nasdaq in April, raising approximate net proceeds of $36 millionOn March 11, 2022 entered into a term loan agreement with Vantage Bank Texas for a $7.5 million, five-year loan at 5% interest to fund its Jamestown siteContinued to progress robust pipeline of power assets to expand Next-Gen co-located hosting capacity with near-term focus on Texas and North DakotaCompany anticipates generating $40 million of EBITDA in fiscal year 2023, which ends in May, and exiting calendar 2023 at an over $200 million EBITDA run rate Management Commentary“We are now building Applied Blockchain to be the leading provider of next-gen datacenters that are designed to provide massive computing power,” said Applied Blockchain Chairman and CEO Wes Cummins. “We went from breaking ground to opening our first facility in under six months, demonstrating the capabilities of our operationally focused and experienced team. We also entered into a significant JV with Antpool, an affiliate of Bitmain, to build up to 1.5GW of co-hosting capacity. Our strong partnerships with companies like Bitmain validate our business model, which we expect to provide stronger risk-adjusted returns than many other cryptocurrency focused business models.” “Our IPO enhanced our capital position to execute on our significant growth opportunities as we plan to grow our business to 800MW by May 2023, 1.8GW by the end of fiscal 2024 (ending May 31, 2024) and 5GW over the next five years. We see substantial demand for our services and in the near-term are laser focused on executing on our next facilities, including our first sites in Te...