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Applied Digital Reports Fiscal Second Quarter 2023 Financial Results and Provides an Operational Update
Generated Sequential Revenue Growth of 78% DALLAS, Jan. 09, 2023 (GLOBE NEWSWIRE) -- Applied Digital Corporation (Nasdaq: APLD) ("Applied Digital" or the
About this update from Applied Digital Corporation
[{"type":"text","content":"Generated Sequential Revenue Growth of 78%\nDALLAS, Jan. 09, 2023 (GLOBE NEWSWIRE) -- Applied Digital Corporation (Nasdaq: APLD) (\"Applied Digital\" or the \"Company\"), a designer, builder and operator of next-generation digital infrastructure that is designed for High Performance Computing (“HPC”) applications, today reported financial results for the fiscal second quarter of 2023 ended November 30, 2022. The Company also provided an operational update and outlook. Recent Operational and Financial Highlights Fiscal second quarter 2023 revenue of $12.3 millionFiscal second quarter 2023 adjusted EBITDA of $(2.1) million100-Megawatt (“MW”) facility in Jamestown, North Dakota operated at full capacity during the quarterChanged name to “Applied Digital Corporation” through successful shareholder vote on November 10, 2022, reflecting the Company’s broad services and offerings for HPC applicationsSigned first two non-cryptocurrency customers for HPC applications at Jamestown, North Dakota, for machine learning and Web3 applicationsLaunched an independent fund of up to $100 million targeting distressed cryptocurrency asset acquisitions in a 50/50 joint venture with GMR Limited to be managed by a newly formed entity, “Highland Digital”Continued buildout of second and third co-hosting facilities in Ellendale, North Dakota and Garden City, Texas with Ellendale expected to be energized by end of fiscal third quarter and Garden City expected to be energized pending final regulatory approval Management Commentary“Our fiscal second quarter was characterized by growth and adaptability, as we operated our Jamestown facility at full capacity for the entirety of the quarter while simultaneously growing our non-cryptocurrency opportunity set,” said Applied Digital Chairman and CEO Wes Cummins. “Following our corporate name change, we secured our first two non-cryptocurrency customers, one of which will be hosted in a new 5MW specialized processing center. “In parallel with our newer strategic objectives, we continued to progress our next two datacenters, Garden City and Ellendale, both of which we anticipate to begin energizing by the end of February. Once fully online, we will have nearly 500MW of hosting capacity that we expect will put us at an annualized adjusted EBITDA run rate of approximately $100 million. The fact that we are accomplishi...