Applied Digital Corporation Q4 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

  • Total Revenue: $43.7 million, up 99% from $22 million in Q4 FY2023, driven by increased hosting capacity and cloud services growth.
  • Segment Revenue Breakdown:
    • Data Center Hosting: $26.9 million
    • Cloud Services (AI HPC): $16.8 million
  • Adjusted EBITDA: $4.8 million, up from $3.4 million in Q4 FY2023
  • Adjusted Net Loss: $45.3 million ($0.36/share) vs. $0.1 million (<$0.01/share) in Q4 FY2023
  • GAAP Net Loss: $64.8 million ($0.52/share) vs. $6.5 million ($0.07/share) in Q4 FY2023
  • Cash Position: $31.7 million, with total debt of $125.4 million
  • Subsequent Event: Raised over $150 million post quarter-end via financing and a contingency settlement

Operational Updates

  • Jamestown Facility (106MW): Continues full-capacity, uninterrupted uptime for 7 straight quarters.
  • Ellendale Hosting Facility (180MW): Experienced transformer-related power outage beginning in January 2024; fully replaced and restored by end of Q4. Hosting capacity now at 286MW total across ND sites.
  • Cloud Services (AI):
    • 4 high-performance clusters online in Q4; 2 additional added in Q1 FY2025.

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Operator: Good afternoon, and welcome to Applied Digital's Fiscal Fourth Quarter 2024 Conference Call. My name is Shamali, and I will be your operator today. Before this call Applied Digital issued its financial results for the fiscal fourth quarter ended May 31, 2024 in our press release, a copy of which will be furnished in a report on a 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, Matt Glover from Gateway Group will make a brief introductory statement. Mr. Glover, please proceed. Matt Glover : Great. Thank you, Shamali. Good afternoon, everyone, and welcome to Applied Digital's Fourth Quarter 2024 Conference Call. Before management begins their formal remarks, we would like to remind everyone that some statements we are making today may be considered forward-looking 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 to differ materially from those described in the forward-looking statements. For more detailed risks, uncertainties, assumptions relating to our forward-looking filings made with the Securities and Exchange Commission. We disclaim any obligation or any undertaking to

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