Applied Digital Corporation Q3 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Applied Blockchain Fiscal Q3 2022 Earnings Summary

  • Quarter Ending: February 28, 2022.
  • Revenue: $1 million (entirely from hosting operations at the Jamestown facility, which began ramping in February).
  • Cost of Revenue: $2.1 million (includes energy, personnel, and depreciation costs).
  • Operating Expenses: $1.4 million (mostly SG&A).
  • Adjusted Net Loss: $2.0 million or $0.04 per diluted share.
  • Loss from Discontinued Operations: $4 million (related to winding down Ethereum mining).
  • Total Net Loss: $6.4 million or $0.12 per diluted share.
  • Adjusted EBITDA: Loss of $1.7 million.
  • Cash Position: $12 million with no debt (as of Q3 end).
  • IPO Completed: March 2022, raising $36 million from issuing 8 million shares at $5/share.
  • Term Loan: $7.5 million from Vantage Bank Texas to support Jamestown operations.

Fiscal Q4 2022 Guidance

  • Revenue: $5.7 million – $6.2 million (midpoint: $5.95 million).
  • Adjusted EBITDA: Loss of $4.0 million – $4.6 million (midpoint: $4.3 million).

Operational and Strategic Highlights

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Operator: Good morning and welcome to Applied Blockchain's Fiscal Third Quarter 2022 Conference Call. My name is Doug, and I'll be your operator today. Before this call Applied Blockchain issued a financial results for their fiscal third quarter ended February 28, 2022, 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 you 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. Good morning everyone and welcome. Before management begins their formal remarks, we need 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 public filings made with the Securities and Exchange Commission. We disclaim any obligation or und

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