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Applied Digital Reports Fiscal Fourth Quarter and Full Year 2023 Financial Results
- Generated Sequential Revenue Growth of 56% - - Provides Fiscal 2024 Full-Year Guidance - DALLAS, July 24, 2023 (GLOBE NEWSWIRE) -- Applied Digital
About this update from Applied Digital Corporation
[{"type":"text","content":"- Generated Sequential Revenue Growth of 56% - - Provides Fiscal 2024 Full-Year Guidance - DALLAS, July 24, 2023 (GLOBE NEWSWIRE) -- Applied Digital Corporation (Nasdaq: APLD) (\"Applied Digital\" or the \"Company\"), a designer, builder, and operator of next-generation digital infrastructure designed for High-Performance Computing (“HPC”) applications, reported financial results for the fiscal fourth quarter and full year ended May 31, 2023. The Company also provided forward guidance and an operational update. Recent Financial and Operational Highlights Fiscal fourth quarter 2023 revenue of $22 million.Fiscal fourth quarter 2023 adjusted EBITDA of $2.9 million.Fiscal fourth quarter 2023 adjusted loss from continuing operations of $0.3 million, or adjusted loss per share of less than $0.01.Launched AI Cloud Service to Provide High-Performance Computing Power for AI Applications.Energized 9MW Jamestown HPC Facility in May. Management Commentary“We ended the fiscal year with significant momentum. We successfully energized our Ellendale next-generation data center facility and launched our AI Cloud Service to provide high-performance computing power for AI applications,” said Applied Digital Chairman and CEO Wes Cummins. “Our differentiated and proprietary data center infrastructure uniquely positions us to meet the sophisticated and demanding requirements for businesses and enterprises to run AI workloads and other emerging HPC applications. Our recent announcement of two AI customer agreements worth up to $640 million solidifies our position as a key data center player in the emerging digital infrastructure landscape for artificial intelligence cloud services.” “Looking ahead, we will accelerate our focus on non-crypto use cases and leverage the capabilities of our next-generation proprietary data center assets for HPC applications. Demand for our services from both traditional customers and emerging HPC applications remains robust, and we remain excited about the year ahead. We are incredibly proud of the progress made during the quarter and look forward to providing further updates on our progress as we head into fiscal 2024.” Garden City, Texas Facility Update (200MW)The Company finalized technical details with the utility provider and energy partner. Final tie-in to the substation was started last week and should finish in th...