Applied Digital Corporation Q1 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Applied Digital Fiscal Q1 2024 Earnings Highlights

  • Revenue: $36.3 million, up significantly from $6.9 million in fiscal Q1 2023, driven by increased hosting capacity and initial AI cloud revenues.
  • Adjusted EBITDA: $10 million, compared to a $1.9 million loss in the previous year's quarter.
  • Net Loss: $9.6 million ($0.10 per share), wider than the $4.7 million loss ($0.05 per share) in Q1 2023, primarily due to increased operating and personnel costs.
  • Adjusted Net Income: $0.1 million (less than $0.01 per share) versus an adjusted net loss of $3.4 million in Q1 2023.
  • Cash & Liquidity: $31.2 million in cash/cash equivalents, $44 million in debt. The company received $39.5 million in customer payments in Q1 and another $15 million post-quarter with $23 million expected shortly.

Operating Highlights

  • Hosting Business:
    • Jamestown (100 MW) operated at full capacity for the fourth consecutive quarter.
    • Ellendale (180 MW) fully operational as of Q1 FY2024, contributing to results.
    • Garden City (220 MW) expected to be energized by October 23, 2023, leading to 500 MW in total hosting capacity.

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Operator: Good morning and welcome to Applied Digital's Fiscal First Quarter 2024 Conference Call. My name is Rob and I'll be your operator for today. Before this call, Applied Digital issued its financial results for the fiscal first quarter ended August 31st, 2023, in a press release, a copy of which will be furnished in a report on Form 8-K 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 Digital's Chairman and CEO, Wes Cummins; and CFO, David Rench. Following their remarks, we will open the call for questions. Before we begin, Alex Kovtun from Gateway Group will make a brief introductory statement. Mr. Kovtun, please proceed. Alex Kovtun: Great. Thank you, operator. Good morning, everyone, and welcome to Applied Digital's fiscal first quarter 2024 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 laws and involve a number of risks and uncertainties. As a result, we caution 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 public filings made w

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