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Applied Digital Reports Fiscal Second Quarter 2025 Results
DALLAS, Jan. 14, 2025 (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, Jan. 14, 2025 (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 second quarter ended November 30, 2024. The Company also provided an operational update. Fiscal Second Quarter 2025 Financial Highlights Revenues: $63.9 million, up 51% from the prior year periodNet loss: $138.7 million, which was negatively impacted by $87.2 million from the loss on change in fair value of debt, $25.4 million from the loss on conversion of debt, $9.5 million from diligence, acquisition, disposition, integration expenses, and litigation expenses and $3.5 million in stock compensationNet loss per basic and diluted share: $0.66Adjusted net loss: $12.6 millionAdjusted EBITDA: $21.4 million up 93% from the prior year periodAdjusted net loss per diluted share: $0.06 Adjusted EBITDA, Adjusted Operating Loss, Adjusted Net Loss, and Adjusted Net Loss per Diluted Share are non-GAAP measures. A reconciliation of each of these Non-GAAP Measures to the most directly comparable financial measure presented in accordance with accounting principles generally accepted in the United States (“GAAP”) is set forth below. See “Reconciliation of GAAP to Non-GAAP Measures.” Recent Operational Highlights Applied Digital Corporation entered today into a $5.0 billion perpetual preferred equity financing facility, with investment vehicles of funds managed by Macquarie Asset Management (“MAM”), for its HPC business conducted through APLD HPC Holdings LLC (“APLDH”), a subsidiary of Applied Digital. Funds managed by MAM to invest up to $900 million in the Company’s Ellendale HPC data center campus (the “Ellendale HPC Campus”).Agreement to provide MAM a right to invest up to an additional $4.1 billion across Applied Digital’s future HPC data center pipeline.The MAM investment, in conjunction with future project financing, to be used to repay project-level debt and allow the Company to recover over an estimated $300 million of its equity investment in the Ellendale HPC Campus.MAM’s investment will take the form of a perpetual preferred and 15% common equity int...