Business
Applied Digital Reports Fiscal Fourth Quarter and Full Year 2024 Results
DALLAS, Aug. 28, 2024 (GLOBE NEWSWIRE) -- Applied Digital Corporation (Nasdaq: APLD) ("Applied Digital" or the "Company"), a designer, builder, and operator
About this update from Applied Digital Corporation
[{"type":"text","content":"DALLAS, Aug. 28, 2024 (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, cloud services (“Cloud Services”), and data center hosting (“Data Center Hosting”), reported financial results for the fiscal fourth quarter and full year ended May 31, 2024. The Company also provided an operational update. Fiscal Fourth Quarter 2024 Financial and Operational Highlights Fiscal fourth quarter 2024 revenue of $43.7 millionFiscal fourth quarter 2024 net loss of $64.8 millionFiscal fourth quarter 2024 adjusted net loss of $45.3 million, which was negatively impacted by $15.5 million of expenses associated with facilities and equipment that were not yet generating revenueFiscal fourth quarter 2024 adjusted EBITDA of $4.8 millionThe Company successfully procured new transformers and related components from North American manufacturers resulting in the Company's Ellendale Data Center Hosting facility to operate at full capacity as of the date of this earnings release Fiscal Year 2024 Financial and Operational Highlights Fiscal 2024 revenue of $165.6 million versus $55.4 million in 2023Fiscal 2024 net loss of $149.7 million versus $45.6 million in 2023Fiscal 2024 adjusted net loss of $77.5 million versus $7.9 million in 2023. Fiscal 2024 adjusted net loss was negatively impacted by $38.5 million of expenses associated with facilities and equipment that were not yet generating revenueFiscal 2024 adjusted EBITDA of $24.5 million versus $0.8 million in 2023 Adjusted EBITDA and adjusted net loss are non-GAAP measures. A reconciliation of each of adjusted EBITDA and adjusted net loss to the most directly comparable financial measure presented in accordance with accounting principles generally accepted in the United States (“GAAP”) is set forth in the schedule accompanying this release. See “Reconciliation of GAAP to Non-GAAP Measures” Recent Operational Highlights Subsequent to the fiscal year end we secured over $150 million in funding from various financings and the settlement of the Garden City contingency.On July 26, 2024, Applied Digital Corporation entered into an agreement extending the exclusivity period under the previously announced LOI for leasing the Co...