Applied Digital Corporation · Q3 2024 earnings

Briefing

Reported financial results for the fiscal third quarter, facing challenges due to facility power outages but progressing with key growth initiatives.

Applied Digital reported a 208% increase in revenue to $43.3 million for the fiscal third quarter 2024. The company experienced a net loss of $62.8 million, or $0.52 per share, and an adjusted EBITDA loss of $2.3 million. Despite challenges from outages at Ellendale, the HPC and Cloud Services sectors continued to advance, and the company strengthened its balance sheet with announced asset sales and financing transactions.

• Total revenue reached $43.3 million, a 208% increase year-over-year.
• Net loss was $62.8 million, or $0.52 per share.
• Adjusted EBITDA showed a loss of $2.3 million.
• The company entered into exclusivity with a US-based hyperscaler for a 400 MW capacity lease.

Headline financials

Revenue & EPS history

Applied Digital is encouraged by the robust demand across its business and believes it is well-positioned to execute its growth strategy and capitalize on increasing opportunities from traditional customers and emerging HPC applications.