Applied Digital Corporation (Nasdaq: APLD)
("Applied Digital" or the "Company"), a designer,
builder, and operator of next-generation digital infrastructure
designed for High-Performance Computing (“HPC”) applications,
reported financial results for the fiscal fourth quarter and full
year ended May 31, 2023. The Company also provided forward guidance
and an operational update.
Recent Financial and Operational Highlights
- Fiscal fourth quarter 2023 revenue of $22 million.
- Fiscal fourth quarter 2023 adjusted EBITDA of
$2.9 million.
- Fiscal fourth quarter 2023 adjusted loss from continuing
operations of $0.3 million, or adjusted loss per share of less
than $0.01.
- Launched AI Cloud Service to Provide High-Performance Computing
Power for AI Applications.
- Energized 9MW Jamestown HPC Facility in May.
Management Commentary“We ended the fiscal year
with significant momentum. We successfully energized our Ellendale
next-generation data center facility and launched our AI Cloud
Service to provide high-performance computing power for AI
applications,” said Applied Digital Chairman and CEO Wes Cummins.
“Our differentiated and proprietary data center infrastructure
uniquely positions us to meet the sophisticated and demanding
requirements for businesses and enterprises to run AI workloads and
other emerging HPC applications. Our recent announcement of two AI
customer agreements worth up to $640 million solidifies our
position as a key data center player in the emerging digital
infrastructure landscape for artificial intelligence cloud
services.”
“Looking ahead, we will accelerate our focus on non-crypto use
cases and leverage the capabilities of our next-generation
proprietary data center assets for HPC applications. Demand for our
services from both traditional customers and emerging HPC
applications remains robust, and we remain excited about the year
ahead. We are incredibly proud of the progress made during the
quarter and look forward to providing further updates on our
progress as we head into fiscal 2024.”
Garden City, Texas Facility Update (200MW)The
Company finalized technical details with the utility provider and
energy partner. Final tie-in to the substation was started last
week and should finish in the next few days. Once we receive final
facilities extension agreement, which we expect imminently, the
site will begin energization.
Ellendale, North Dakota Facility Update
(180MW)The Company successfully completed the full
energization of the facility after initiating the process in early
March only six months after initial construction began.
HPC UpdateThe Company expanded the capacity of
its specialized HPC datacenter, adjacent to its existing 100MW
Jamestown facility, to 9MW and successfully energized initial
capacity at the facility. The facility successfully passed the
Integrated Systems Test for its first 200KW of HPC equipment and
systems, which is the final step in ensuring that all systems,
including powered equipment, operate in accordance with the design
intent.
The company continues developing additional HPC data center
capacity, including 200MW in North Dakota and 100MW in a new state.
AI Cloud Service UpdateApplied Digital’s AI Cloud
Service, offered through its wholly owned subsidiary Sai Computing,
provides high-performance computing power for artificial
intelligence and machine learning applications.
In conjunction with the launch of its AI Cloud Services, the
Company announced the signing and successful onboarding of its
first AI customer, Character A.I., with an agreement worth up to
$180 million over 24 months. The service is expected to be fully
operational by the end of 2023 and will be hosted at the standalone
9MW HPC facility in Jamestown along with third-party colocation
facilities. This customer executed its option for the full $180
million contract and added an additional option for another $180
million in capacity, doubling the potential value of this initial
contract. In June, the Company secured its second AI customer with
an agreement worth up to $460 million over 36 months.
Financial Results for Fiscal Fourth Quarter 2023 Ended
May 31, 2023Revenues in the fiscal fourth quarter 2023
were $22 million, up 193% from the fiscal fourth quarter 2022.
Hosting revenues were attributable to the Company’s operations in
Jamestown, North Dakota along with the increase in energized MW
capacity at the Ellendale, North Dakota facility. The Jamestown
site operated at full capacity throughout the quarter.
Cost of revenues in the fiscal fourth quarter
2023 was $16.0 million compared to $7.4 million in the fiscal
fourth quarter 2022. The increase in cost was attributable to
higher energy costs used to generate hosting revenues,
depreciation, amortization expense, and personnel expenses for
employees working on our Jamestown and Ellendale hosting
facilities.
Adjusted Gross Profit, a non-GAAP measure, for the fiscal fourth
quarter 2023 was $7.8 million, or 36% of revenue, compared to
Adjusted Gross Profit of $1.1 million, or 15% of revenue in
the fiscal fourth quarter 2022.
Operating expenses for the fiscal fourth quarter 2023 were $12.3
million, which included $5.2 million of stock-based
compensation, $6.2 million in other general and administrative
costs, and $0.9 million of depreciation and amortization
expenses. For the fiscal fourth quarter 2022, operating expenses
were $4.4 million, almost all of which were attributable to general
and administrative costs.
Net loss attributable to Applied Digital for the fiscal fourth
quarter 2023 was $6.5 million, or $0.07 per basic and diluted
share, based on a weighted average share count during the quarter
of 95.1 million. This compares to a net loss attributable to
Applied Digital of $2.8 million, or $0.04 per basic and diluted
share, based on a weighted average share count of 76.6 million for
the fiscal fourth quarter 2022.
Adjusted EBITDA, a non-GAAP measure, for the fiscal fourth
quarter 2023 was $2.9 million compared to an Adjusted EBITDA
loss of 3.1 million for the fiscal fourth quarter 2022.
Adjusted net loss from continuing operations, a non-GAAP
measure, for the fiscal fourth quarter of 2023, was a loss of
$0.3 million, or adjusted loss per basic and diluted share of
less than $0.01, based on a weighted average share count during the
quarter of approximately 95.1 million. This compares to an adjusted
net loss from continuing operations of $4.3 million, or $0.06
per basic and diluted share, for the fiscal fourth quarter of 2022
based on a weighted average share count during the quarter of
approximately 76.6 million.
Applied Digital ended the fiscal year with unrestricted cash and
cash equivalents of $29.0 million and $79.4 million in
debt outstanding.
GuidanceFor full-year fiscal
2024, Applied Digital expects total revenue in the range of $385
million – $405 million, and Adjusted EBITDA in the range of $195
million – $205 million.
Conference CallApplied Digital
will host a conference call today, July 24, 2023, at 9:00 a.m.
Eastern Time (6:00 a.m. Pacific Time) to discuss these results. A
question-and-answer session will follow the management’s
presentation.
To participate, please dial the appropriate number at least ten
minutes prior to the start time and ask for the Applied Digital
conference call.
U.S. dial-in number: 1-877-407-0792International number:
1-201-689-8263Conference ID: 13739906
The conference call will broadcast live and be available for
replay here.
Please call the conference telephone number approximately 10
minutes before the start time. An operator will register your name
and organization. If you have any difficulty connecting with the
conference call, please contact Applied Digital’s investor
relations team at 1-949-574-3860.
A replay of the call will be available after 1:00 p.m. Eastern
time July 24, 2023, through August 7, 2023.
Toll-free replay number: 1-844-512-2921International replay
number: 1-412-317-6671Conference ID: 13739906
About Applied DigitalApplied
Digital Corporation (Nasdaq: APLD) designs, develops, and operates
next-generation data centers across North America to provide
digital infrastructure solutions to the rapidly growing
high-performance computing (HPC) industry. Find more information at
www.applieddigital.com. Follow us on Twitter at @APLDdigital.
Forward-Looking StatementsThis
release contains "forward-looking statements" as defined in the
Private Securities Litigation Reform Act of 1995 regarding, among
other things, future operating and financial performance, product
development, market position, business strategy and objectives.
These statements use words, and variations of words, such as
"continue," "build," "future," "increase," "drive," "believe,"
"look," "ahead," "confident," "deliver," "outlook," "expect," and
"predict." Other examples of forward-looking statements may
include, but are not limited to, (i) statements of Company plans
and objectives, including our evolving business model, or estimates
or predictions of actions by suppliers, (ii) statements of future
economic performance, and (iii) statements of assumptions
underlying other statements and statements about the Company or its
business. You are cautioned not to rely on these forward-looking
statements. These statements are based on current expectations of
future events and thus are inherently subject to uncertainty. If
underlying assumptions prove inaccurate or known or unknown risks
or uncertainties materialize, actual results could vary materially
from the Company's expectations and projections. These risks,
uncertainties, and other factors include: decline in demand for our
products and services; the volatility of the crypto asset industry;
the inability to comply with developments and changes in
regulation; cash flow and access to capital; and maintenance of
third party relationships. Information in this release is as of the
dates and time periods indicated herein, and the Company does not
undertake to update any of the information contained in these
materials, except as required by law.
APPLIED DIGITAL CORPORATION AND
SUBSIDIARIESConsolidated Balance Sheets
(Unaudited)(In thousands, except number of shares
and par value data)
|
|
May 31, 2023 |
|
May 31, 2022 |
ASSETS |
|
|
|
|
Current Assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
43,574 |
|
|
$ |
46,299 |
|
Accounts receivable |
|
|
82 |
|
|
|
227 |
|
Prepaid expenses and other current assets |
|
|
2,103 |
|
|
|
1,336 |
|
Total current assets |
|
|
45,759 |
|
|
|
47,862 |
|
|
|
|
|
|
Property and equipment,
net |
|
|
195,593 |
|
|
|
64,260 |
|
Operating lease right of use
asset, net |
|
|
1,290 |
|
|
|
1,110 |
|
Finance lease right of use
asset, net |
|
|
14,303 |
|
|
|
5,298 |
|
Other Assets |
|
|
7,012 |
|
|
|
1,450 |
|
TOTAL
ASSETS |
|
$ |
263,957 |
|
|
$ |
119,980 |
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
Current Liabilities: |
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
14,776 |
|
|
$ |
13,260 |
|
Current portion of operating lease liability |
|
|
320 |
|
|
|
191 |
|
Current portion of finance lease liability |
|
|
5,722 |
|
|
|
813 |
|
Current portion of term loan |
|
|
7,950 |
|
|
|
1,333 |
|
Customer deposits |
|
|
36,370 |
|
|
|
9,524 |
|
Current deferred revenue |
|
|
48,692 |
|
|
|
3,877 |
|
Sales and use tax payable |
|
|
1,630 |
|
|
|
— |
|
Total current liabilities |
|
|
115,460 |
|
|
|
28,998 |
|
|
|
|
|
|
Deferred tax liability |
|
|
— |
|
|
|
540 |
|
Long-term portion of operating
lease liability |
|
|
1,005 |
|
|
|
936 |
|
Long-term portion of finance
lease liability |
|
|
8,334 |
|
|
|
4,374 |
|
Long-term portion of term
loan |
|
|
33,222 |
|
|
|
5,897 |
|
Long-term related party
loan |
|
|
35,257 |
|
|
|
— |
|
Other long term related party
liabilities |
|
|
1,000 |
|
|
|
— |
|
Total liabilities |
|
|
194,278 |
|
|
|
40,745 |
|
|
|
|
|
|
Commitments and contingencies
(Note 12) |
|
|
|
|
Stockholders’ deficit: |
|
|
|
|
Common stock, $0.001 par value, 166,666,667 shares authorized,
100,927,358 shares issued and 95,925,630 shares outstanding at
May 31, 2023, and 97,837,702 shares issued and 97,801,406
shares outstanding at May 31, 2022 |
|
|
101 |
|
|
|
98 |
|
Treasury stock, 5,001,728 shares at May 31, 2023 and 36,296
shares at May 31, 2022, at cost |
|
|
(62 |
) |
|
|
(62 |
) |
Additional paid in capital |
|
|
160,194 |
|
|
|
128,293 |
|
Accumulated deficit |
|
|
(100,716 |
) |
|
|
(56,070 |
) |
Total stockholders’ equity
attributable to Applied Digital Corporation |
|
|
59,517 |
|
|
|
72,259 |
|
Noncontrolling interest |
|
|
10,162 |
|
|
|
6,976 |
|
Total Stockholders' equity
including noncontrolling interest |
|
|
69,679 |
|
|
|
79,235 |
|
TOTAL LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
$ |
263,957 |
|
|
$ |
119,980 |
|
|
|
|
|
|
|
|
|
|
APPLIED DIGITAL CORPORATION AND
SUBSIDIARIESConsolidated Statements of Operations
(Unaudited)(In thousands, except share and per
share data)
|
|
Three Months Ended |
|
|
Year Ended |
|
|
May 31, 2023 |
|
May 31, 2022 |
|
|
May 31, 2023 |
|
May 31, 2022 |
Revenues: |
|
|
|
|
|
|
|
|
|
Hosting revenue |
|
$ |
22,038 |
|
|
$ |
7,523 |
|
|
|
$ |
55,392 |
|
|
$ |
8,549 |
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
$ |
15,950 |
|
|
$ |
7,433 |
|
|
|
$ |
44,388 |
|
|
$ |
9,506 |
|
Gross profit |
|
|
6,088 |
|
|
|
90 |
|
|
|
|
11,004 |
|
|
|
(957 |
) |
|
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
Selling, general and
administrative |
|
$ |
12,332 |
|
|
$ |
4,356 |
|
|
|
$ |
55,059 |
|
|
$ |
19,941 |
|
Total costs and expenses |
|
$ |
12,332 |
|
|
$ |
4,356 |
|
|
|
$ |
55,059 |
|
|
$ |
19,941 |
|
Operating loss |
|
$ |
(6,244 |
) |
|
$ |
(4,266 |
) |
|
|
$ |
(44,055 |
) |
|
$ |
(20,898 |
) |
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
Interest Expense |
|
$ |
(855 |
) |
|
$ |
(112 |
) |
|
|
$ |
(1,980 |
) |
|
$ |
(112 |
) |
Gain on extinguishment of
accounts payable |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
406 |
|
Loss on extinguishment of
debt |
|
|
— |
|
|
|
— |
|
|
|
|
(94 |
) |
|
|
(1,342 |
) |
Total other expense, net |
|
|
(855 |
) |
|
|
(112 |
) |
|
|
|
(2,074 |
) |
|
|
(1,048 |
) |
Net loss from continuing
operations before income tax expenses |
|
|
(7,099 |
) |
|
|
(4,378 |
) |
|
|
|
(46,129 |
) |
|
|
(21,946 |
) |
Income tax benefit
(expense) |
|
|
243 |
|
|
|
(266 |
) |
|
|
|
523 |
|
|
|
(540 |
) |
Net loss from continuing
operations |
|
|
(6,856 |
) |
|
|
(4,643 |
) |
|
|
|
(45,606 |
) |
|
|
(22,486 |
) |
Net loss from discontinued
operations, net of income taxes |
|
|
— |
|
|
|
1,826 |
|
|
|
|
— |
|
|
|
(1,044 |
) |
Net loss including
noncontrolling interests |
|
|
(6,856 |
) |
|
|
(2,817 |
) |
|
|
|
(45,606 |
) |
|
|
(23,530 |
) |
Net loss attributable to
noncontrolling interest |
|
|
(383 |
) |
|
|
(10 |
) |
|
|
|
(960 |
) |
|
|
(10 |
) |
Net loss attributable to
Applied Digital Corporation |
|
$ |
(6,473 |
) |
|
$ |
(2,827 |
) |
|
|
$ |
(44,646 |
) |
|
$ |
(23,520 |
) |
|
|
|
|
|
|
|
|
|
|
Basic and diluted net (loss)
gain per share: |
|
|
|
|
|
|
|
|
|
Continuing Operations |
|
$ |
(0.07 |
) |
|
$ |
(0.06 |
) |
|
|
$ |
(0.49 |
) |
|
$ |
(0.39 |
) |
Discontinued Operations |
|
$ |
— |
|
|
$ |
0.02 |
|
|
|
$ |
— |
|
|
$ |
(0.02 |
) |
Basic and diluted net loss per
share |
|
$ |
(0.07 |
) |
|
$ |
(0.04 |
) |
|
|
$ |
(0.49 |
) |
|
$ |
(0.41 |
) |
Basic and diluted weighted
average number of shares outstanding |
|
|
95,146,122 |
|
|
|
76,631,835 |
|
|
|
|
93,976,233 |
|
|
|
57,121,096 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Use and Reconciliation of Non-GAAP
Financial MeasuresThis press release and our related
earnings call contain certain non-GAAP financial measures. See
below for discussion on each non-GAAP metric.
Adjusted Operating Loss and Adjusted Net
LossAdjusted operating loss and adjusted net loss are
non-GAAP measures that represent operating loss and net loss from
continuing operations excluding stock-based compensation and
nonrecurring expenses. We believe these are useful metrics as they
provide additional information regarding factors and trends
affecting our business and provide perspective on results absent
one-time or significant non-cash items. However, Applied Digital’s
presentation of these measures should not be construed as an
inference that its future results will be unaffected by unusual or
non-recurring items. Applied Digital’s computation of Adjusted
Operating Loss and Adjusted Net Loss may not be comparable to other
similarly titled measures computed by other companies, because all
companies may not calculate Adjusted Operating Loss and Adjusted
Net Loss in the same fashion.
Because of these limitations, Adjusted Operating Loss and
Adjusted Net Loss should not be considered in isolation or as a
substitute for performance measures calculated in accordance with
GAAP. Applied Digital compensates for these limitations by relying
primarily on its GAAP results and using Adjusted Operating Loss and
Adjusted Net Loss on a supplemental basis. You should review the
reconciliation of operating loss to Adjusted Operating Loss and net
loss to Adjusted Net Loss above and not rely on any single
financial measure to evaluate Applied Digital’s business.
EBITDA and Adjusted
EBITDA“EBITDA” is defined as earnings before interest,
taxes, and depreciation and amortization. “Adjusted EBITDA” is
defined as EBITDA adjusted for stock-based compensation, gain on
extinguishment of accounts payable, loss on extinguishment of debt,
one-time professional service costs, one-time electricity costs,
and other non-recurring expenses. These costs have been adjusted as
they are not indicative of business operations. Adjusted EBITDA is
intended as a supplemental measure of Applied Digital’s performance
that is neither required by, nor presented in accordance with,
GAAP. Applied Digital believes that the use of EBITDA and Adjusted
EBITDA provides an additional tool for investors to use in
evaluating ongoing operating results and trends and in comparing
its financial measures with those of comparable companies, which
may present similar non-GAAP financial measures to investors. We
also believe EBITDA and Adjusted EBITDA are useful metrics to
investors because they provide additional information regarding
factors and trends affecting our business, which are used in the
business planning process to understand expected operating
performance, to evaluate results against those expectations, and
because of their importance as measures of underlying operating
performance, as the primary compensation performance measure under
certain programs and plans. However, you should be aware that when
evaluating EBITDA and Adjusted EBITDA, Applied Digital may incur
future expenses similar to those excluded when calculating these
measures. In addition, Applied Digital’s presentation of these
measures should not be construed as an inference that its future
results will be unaffected by unusual or non-recurring items.
Applied Digital’s computation of Adjusted EBITDA may not be
comparable to other similarly titled measures computed by other
companies, because all companies may not calculate Adjusted EBITDA
in the same fashion.
Because of these limitations, EBITDA and Adjusted EBITDA should
not be considered in isolation or as a substitute for performance
measures calculated in accordance with GAAP. Applied Digital
compensates for these limitations by relying primarily on its GAAP
results and using EBITDA and Adjusted EBITDA on a supplemental
basis. You should review the reconciliation of net loss to EBITDA
and Adjusted EBITDA above and not rely on any single financial
measure to evaluate Applied Digital’s business.
Adjusted Gross Profit“Adjusted
Gross Profit” is a non-GAAP measure that represents gross profit
adjusted for depreciation expense and one-time electricity charges
within cost of revenues. We believe this is a useful metric as it
provides additional information regarding gross profit aside from
significant non-cash expenses in depreciation. However, Applied
Digital’s presentation of this measure should not be construed as
an inference that its future results will be unaffected by other
factors within cost of revenues. Applied Digital’s computation of
Adjusted Gross Profit may not be comparable to other similarly
titled measures computed by other companies, because all companies
may not calculate Adjusted Gross Profit in the same fashion.
Because of these limitations, Adjusted Gross Profit should not
be considered in isolation or as a substitute for performance
measures calculated in accordance with GAAP. Applied Digital
compensates for these limitations by relying primarily on its GAAP
results and using Adjusted Gross Profit on a supplemental basis.
You should review the reconciliation of gross profit to Adjusted
Gross Profit above and not rely on any single financial measure to
evaluate Applied Digital’s business.
Reconciliation of GAAP to Non-GAAP Measures |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Fiscal Year Ended |
$ in
thousands |
May 31, 2023 |
|
May 31, 2022 |
|
May 31, 2023 |
|
May 31, 2022 |
Adjusted operating
loss |
|
|
|
|
|
|
|
Operating Loss from Continuing Operations (GAAP) |
$ |
(6,244 |
) |
|
$ |
(4,266 |
) |
|
$ |
(44,055 |
) |
|
$ |
(20,898 |
) |
Add: Stock-based
compensation |
|
5,195 |
|
|
|
— |
|
|
|
32,074 |
|
|
|
12,337 |
|
Add: Gain on Extinguishment of
Accounts Payable |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(406 |
) |
Add: Loss on Extinguishment of
Debt |
|
— |
|
|
|
— |
|
|
|
94 |
|
|
|
1,342 |
|
Add: Non-recurring
professional service costs |
|
727 |
|
|
|
240 |
|
|
|
2,164 |
|
|
|
1,310 |
|
Add: One-time electricity
charges |
|
— |
|
|
|
— |
|
|
|
114 |
|
|
|
— |
|
Add: Other non-recurring
expenses |
|
615 |
|
|
|
93 |
|
|
|
2,290 |
|
|
|
93 |
|
Adjusted Operating Loss from
Continuing Operations (Non-GAAP) |
$ |
293 |
|
|
$ |
(3,933 |
) |
|
$ |
(7,320 |
) |
|
$ |
(6,222 |
) |
Adjusted operating margin from
Continuing Operations |
|
1 |
% |
|
|
(52) |
% |
|
|
(13) |
% |
|
|
(73) |
% |
|
|
|
|
|
|
|
|
Adjusted net income
(loss) |
|
|
|
|
|
|
|
Net Loss from Continuing
Operations (GAAP) |
$ |
(6,856 |
) |
|
$ |
(4,643 |
) |
|
$ |
(45,606 |
) |
|
$ |
(22,486 |
) |
Add: Stock-based
compensation |
|
5,195 |
|
|
|
— |
|
|
|
32,074 |
|
|
|
12,337 |
|
Add: Gain on Extinguishment of
Accounts Payable |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(406 |
) |
Add: Loss on Extinguishment of
Debt |
|
— |
|
|
|
— |
|
|
|
94 |
|
|
|
1,342 |
|
Add: Non-recurring
professional service costs |
|
727 |
|
|
|
240 |
|
|
|
2,164 |
|
|
|
1,310 |
|
Add: One-time electricity
charges |
|
— |
|
|
|
— |
|
|
|
114 |
|
|
|
— |
|
Add: Other non-recurring
expenses |
|
615 |
|
|
|
93 |
|
|
|
2,290 |
|
|
|
93 |
|
Adjusted net loss from
Continuing Operations (Non-GAAP) |
$ |
(319 |
) |
|
$ |
(4,310 |
) |
|
$ |
(8,871 |
) |
|
$ |
(7,810 |
) |
|
|
|
|
|
|
|
|
EBITDA and Adjusted
EBITDA |
|
|
|
|
|
|
|
Net Loss from Continuing
Operations (GAAP) |
$ |
(6,856 |
) |
|
$ |
(4,643 |
) |
|
$ |
(45,606 |
) |
|
$ |
(22,486 |
) |
Add: Interest Expense |
|
855 |
|
|
|
112 |
|
|
|
1,980 |
|
|
|
112 |
|
Add: Income Tax Benefit
(Expense) |
|
(242 |
) |
|
|
266 |
|
|
|
(523 |
) |
|
|
540 |
|
Add: Depreciation and
Amortization |
|
2,636 |
|
|
|
875 |
|
|
|
7,267 |
|
|
|
1,120 |
|
EBITDA (Non-GAAP) |
$ |
(3,607 |
) |
|
$ |
(3,390 |
) |
|
$ |
(36,881 |
) |
|
$ |
(20,714 |
) |
Add: Stock-based
compensation |
|
5,195 |
|
|
|
— |
|
|
|
32,074 |
|
|
|
12,337 |
|
Add: Gain on Extinguishment of
Accounts Payable |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(406 |
) |
Add: Loss on Extinguishment of
Debt |
|
— |
|
|
|
— |
|
|
|
94 |
|
|
|
1,342 |
|
Add: Non-recurring
professional service costs |
|
727 |
|
|
|
240 |
|
|
|
2,164 |
|
|
|
1,310 |
|
Add: One-time electricity
charges |
|
— |
|
|
|
— |
|
|
|
114 |
|
|
|
— |
|
Add: Other non-recurring
expenses |
|
615 |
|
|
|
93 |
|
|
|
2,290 |
|
|
|
93 |
|
Adjusted EBITDA
(Non-GAAP) |
$ |
2,930 |
|
|
$ |
(3,057 |
) |
|
$ |
(146 |
) |
|
$ |
(6,038 |
) |
|
|
|
|
|
|
|
|
Adjusted Gross
Profit |
|
|
|
|
|
|
|
Gross profit (GAAP) |
$ |
6,088 |
|
|
$ |
90 |
|
|
$ |
11,004 |
|
|
$ |
(957 |
) |
Add: Depreciation and
amortization in cost of revenues |
|
1,739 |
|
|
|
1,010 |
|
|
|
4,320 |
|
|
|
1,070 |
|
Add: One-time electricity
charges |
|
— |
|
|
|
— |
|
|
|
114 |
|
|
|
— |
|
Adjusted Gross Profit
(Non-GAAP) |
$ |
7,827 |
|
|
$ |
1,100 |
|
|
$ |
15,438 |
|
|
$ |
113 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor Relations ContactsMatt Glover or Alex
KovtunGateway Group, Inc.(949) 574-3860APLD@gateway-grp.com
Media ContactRobert Collins or Brenlyn Motlagh
Gateway Group, Inc.(949) 899-3135APLD@gateway-grp.com
Applied Digital (NASDAQ:APLD)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Applied Digital (NASDAQ:APLD)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024