Applied Digital Corporation Q4 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Applied Digital Fiscal Q4 and Full Year 2023 Earnings Summary

  • Revenue Growth: Q4 revenue grew to $22 million, up from $7.5 million in Q4 of fiscal 2022.
  • Full-Year Results: The fiscal year ended May 31, 2023, marked significant business expansion with the energization of multiple facilities.
  • Adjusted Gross Profit: Increased to $7.8 million (36% margin) from $1.1 million (15% margin) YoY for Q4.
  • Adjusted EBITDA: Positive $2.9 million in Q4 FY23, a turnaround from ($3.1) million in Q4 FY22.
  • Net Loss: GAAP net loss of $6.5 million in Q4 FY23 (loss of $0.07/sh) vs. $2.8 million in Q4 FY22 (loss of $0.04/sh). Adjusted net loss improved to $0.3 million from $1.4 million YoY.
  • Guidance for FY24: Revenue between $385 million to $405 million, Adjusted EBITDA of $195 million to $205 million. Management expects Q4 FY24 to reach up to $150 million in revenue.

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Operator: Good morning and welcome to Applied Digital's Fiscal Fourth Quarter and Full Year 2023 Conference Call. My name is Donna, and I'll be your operator today. Before this call, Applied Digital issued its financial results for the fiscal fourth quarter and full year ended May 31, 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 fourth quarter and full year 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 ou

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