Applied Digital Corporation Q4 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Applied Blockchain Fiscal Q4 and Full Year 2022 Earnings Summary

  • Fiscal Q4 Revenue: $7.5 million — Above guidance of $7.0-$7.4 million; higher than previously increased range of $5.7-$6.2 million. All revenue came from hosting operations at their Jamestown, ND facility.
  • EBITDA: Adjusted EBITDA loss of $3.1 million — Better than guidance of $4.0-$4.6 million loss.
  • Net Loss: $2.8 million or $0.04 per diluted share, including $1.8 million gain from discontinued operations due to miner resales and mining revenue.
  • Cash Position: $46.3 million in cash and equivalents; $7.2 million debt as of quarter-end with an outstanding share count of 97.8 million, later reduced to ~92.8 million.
  • Outlook for Q1 Fiscal 2023 (ending August 31, 2022):
    • Revenue guidance: $6.5 - $6.9 million (approx. $6.7M at midpoint), slightly below Q4 due to power outage.
    • Adjusted EBITDA loss guide: $2.2M - $1.8M (approx. $2M midpoint).

Operational Highlights

  • Jamestown Facility: 100MW nameplate capacity; 90MW online by June; experienced 50% outage due to substation equipment failure in late June; fully restored mid-August.

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Operator: Good afternoon. And welcome to Applied Blockchain's Fiscal Fourth Quarter and Full Year Ended May 31, 2022 Conference Call. My name is Andria, and I'll be your operator today. Before this call Applied Blockchain issued its financial results for their fiscal fourth quarter and full year ended May 31, 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 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. 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 a public filings made with the Securities and Exchang

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