Applied Digital Corporation Q4 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

  • Quarter Ending: May 31, 2025
  • Revenue: $38 million, up 41% year-over-year compared to Q4 FY2024. Growth driven by increased capacity in the Data Center Hosting business.
  • Net Loss Attributable to Common Stockholders: $26.6 million or $0.12 per share. Adjusted net loss was $7.6 million or $0.03 per share.
  • Adjusted EBITDA: $1 million for the quarter.
  • Cash Position: $120.9 million in cash, cash equivalents, and restricted cash as of quarter-end. Additional $268.9 million raised post-quarter via ATM and Series G preferred stock.
  • Debt: $688.2 million as of quarter-end.

Key Business Highlights

  • Polaris Forge 1 Data Center: Signed 15-year lease agreements with hyperscaler CoreWeave for 250 megawatts of capacity. CoreWeave has since exercised an option for an additional 150 megawatts, totaling 400 megawatts contracted.
  • Revenue Impact: Leases expected to generate ~$7 billion in total contracted revenue through term end.
  • Construction Timeline:
    • First 100MW facility: Operational in Q4 calendar year 2025
    • Second 150MW facility: Mid-2026
    • Third 150MW facility: First half of 2027

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Operator: Good afternoon, and welcome to the Applied Digital's Fiscal Fourth Quarter 2025 Conference Call. My name is John, and I will be your operator today. Before this call, Applied Digital issued its financial results for the fiscal fourth quarter ended May 31, 2025. In a press release, a copy of which has been furnished in a report on -- in 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, Saidal Mohmand. 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, you may begin. Matt Glover: Thank you, operator. Hello, everyone, and welcome to Applied Digital's Fiscal Fourth Quarter 2025 Conference Call. Before management begins formal remarks, we'd 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 that could cause actual results and events to differ materially from those described in the forward-looking statements. For more detailed risks, uncertainties and assumptions related to our forward-looking statements, please see the disclosures and earnings release and public filings made with the Sec

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