Applied Digital Corporation Q3 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Applied Digital – Fiscal Q3 2023 Earnings Summary

  • Revenue: $14.1 million, exceeding the steady-state capability of the Jamestown facility ($12 million). This is up from the previous quarter (Q2 FY2023), where revenue was $12.3 million.
  • Adjusted Gross Profit: $4.4 million, or 31% of revenue (non-GAAP).
  • GAAP Net Loss: $7 million or $0.08 per share.
  • Adjusted Net Loss (non-GAAP): $1.4 million or $0.01 per share.
  • Adjusted EBITDA: $900,000.
  • Cash Position: $22.9 million, increasing to $41 million post quarter due to debt facility for Ellendale facility. Debt totals $23.7 million.

Operational Highlights

  • Ellendale, ND Facility (180MW): Fully energized as of March 2023, ahead of schedule despite winter delays. Contracted with Marathon for five years.
  • Garden City, TX Facility (200MW): Construction completed, over 130MW of miners installed. Awaiting final metering rule approval from Encore/ERCOT. Ramp expected to be faster than Ellendale due to pre-installed miners.
  • Jamestown, ND Facility (100MW): Fully operational. Generated $14.1 million in Q3 revenue, exceeding planned $12 million. Includes 6MW for Marathon to come online soon.

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Operator: Good morning, and welcome to Applied Digital’s Third Quarter – Third Fiscal Quarter 2023 Conference Call. My name is Melissa and I will be your operator today. Before the call, Applied Digital issued its financial results for the third quarter of fiscal 2023 ended February 28, 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 on 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 go ahead. Alex Kovtun: Thank you, operator. Good morning, everyone, and welcome to Applied Digital’s fiscal third 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 laws 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

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