Applied Digital Corporation Q1 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Financial Highlights - Fiscal Q1 2023 (Ended August 31, 2022)
  • Revenue: $6.9 million (at the high end of guidance: $6.5M–$6.9M)
  • Adjusted EBITDA: ($1.9) million loss (better than guidance of $1.8M–$2.2M loss)
  • Adjusted Gross Profit (Non-GAAP): $1.7 million (25% of revenue)
  • Adjusted Net Loss: $3.4 million or ($0.04) per share
  • Net Loss Attributable to Applied Blockchain: $4.5 million or ($0.05) per share
  • Cash & Equivalents: $40.8 million
  • Debt: $14.7 million
  • Shares Outstanding: Approximately 92.8 million
Operational Highlights
  • Jamestown Data Center (100 MW): Operated at ~50% capacity during July–August due to substation equipment failure; fully operational as of August.
  • Upcoming Facilities:
    • Garden City, Texas (200 MW) – Energization expected between now and mid-2023. Facing regulatory delays; 90% of construction complete.
    • Ellendale, North Dakota (180 MW) – Concrete pouring ongoing; weather is a factor. Targeting energization in early 2023.
  • Total Projected Hosting Capacity (upon full energization): ~500 MW

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Operator: Good afternoon, and welcome to Applied Blockchain's First Fiscal Quarter 2023 Conference Call. My name is Paul and I will be your operator today. Before this call, Applied Blockchain issued its financial results for the first quarter of fiscal 2023 ended August 31, 2022 in a press release, a copy of which will be furnished in a report on Form 10-Q filed with the SEC and will be available in the Investor Relations section of the company's website. Joining us on today's call are Applied Blockchain's Chairman and CEO, Wes Cummins; and CFO, David Rench. Following their remarks, we will open the call for questions. Before we begin, Jeff Grampp from Gateway Group will make a brief introductory statement. Mr. Grampp, please proceed. Jeff Grampp: Thank you, operator. Good afternoon, everyone, and welcome to Applied Blockchain's fiscal first quarter 2023 conference call. Before management begins their formal remarks, we would like to remind everyone that some statements we're making today may be considered forward-looking statements under securities law and involve a number of risks and uncertainties. As a result, we caution you that there are a number of factors many of which are beyond our control, which could cause actual results and events to differ materially from those described in the forward-looking statements. For more detailed risks, uncertainties and assumptions relating to our forward-looking statements, please see the disclosures in our earnings release and publ

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