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,
artificial intelligence cloud services (“Cloud services”), and
datacenter hosting (“Hosting”), reported financial results for the
fiscal first quarter ended August 31, 2023. The Company also
provided forward guidance and an operational update.
Fiscal First
quarter 2024 Financial
and Operational Highlights
- Total revenue of
$36.3 million
- Net loss of $9.6
million
- Adjusted EBITDA
of $10.0 million
- Adjusted net
income from operations of $0.1 million, or adjusted earnings per
share of less than $0.01
- Fully energized
180 megawatt ("MW") hosting facility in Ellendale, ND
Adjusted EBITDA, adjusted net income, and
adjusted earnings per share are non-GAAP measures. Reconciliations
of adjusted EBITDA, adjusted net income, and adjusted earnings per
share to the most directly comparable financial measure presented
in accordance with accounting principles generally accepted in the
United States ("GAAP") are set forth in the schedule accompanying
this release. See “Reconciliation of GAAP to Non-GAAP
Measures.”
Management Commentary
“The first quarter represented a strong start to
the fiscal year and continued momentum for Applied Digital as we
made meaningful progress across our business,” said Applied Digital
Chairman and CEO Wes Cummins. “We are finalizing details for our
Garden City facility and have a clear path now to reaching 500 MW
across our three hosting facilities. The pipeline of Cloud customer
opportunities remains strong and we began deploying GPUs for our
first customer in that line of business during the quarter. We
remain on schedule with developing additional HPC data center
capacity and look forward to signing our first anchor tenant
soon.”
“Looking ahead, we remain confident about our
growth prospects as a differentiated provider of HPC data center
infrastructure. Demand for our services from both traditional
customers and emerging HPC applications remains robust, and we
remain excited about the year ahead.”
Cloud Service Update
Applied Digital’s Cloud Service, offered through
its wholly owned subsidiary Sai Computing, provides
high-performance computing power for artificial intelligence and
machine learning applications.
The Company has ordered 34,000 GPUs for the
Company's Cloud services business. During the three months ended
August 31, 2023, the Company received and deployed an initial
production cluster of 1,024 GPUs, and began recognizing revenue on
our first cloud services contract.
High-Performance Computing (HPC)
Datacenter Hosting Update
Applied Digital’s HPC datacenter business
designs, builds and operates next-generation datacenters designed
to provide high computing power and support high-compute
applications within a cost-effective model. The Company has over
300 MW of capacity in development, including 200 MW in North Dakota
and 100 MW in Utah.
Datacenter Hosting Update
The Company's Ellendale, North Dakota facility
was fully energized during the quarter and the Jamestown, North
Dakota facility operated at full capacity. The Company’s 200 MW
facility in Garden City, Texas is expected to energize during the
fourth quarter of calendar year 2023. On September 8, 2023, the
Company entered into a facility extension agreement with Oncor
Electricity Delivery Company LLC ("Oncor") for the transmission and
metering of power. With this in place, metering and telemetry
equipment will be installed onsite by Oncor and once installed, the
site will be energized. The installation is expected to be
completed by October 23rd.
Financial Results for Fiscal
First Quarter
2024 Ended
August 31, 2023
Balance Sheet
Applied Digital ended the fiscal quarter with
cash, cash equivalents, and restricted cash of $31.2 million
and $44.0 million in debt outstanding.
Operating Results
Total revenues in the fiscal first quarter 2024
were $36.3 million, up 425% from the fiscal first quarter 2023.
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, and revenue from
the Company’s first Cloud Services contract.
Cost of revenues in the fiscal first quarter
2024 was $24.4 million compared to $6.1 million in the fiscal first
quarter 2023. 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.
Operating expenses for the fiscal first quarter
2024 were $17.1 million. For the fiscal first quarter 2023,
operating expenses were $5.0 million, almost all of which were
attributable to general and administrative costs.
Net loss for the fiscal first quarter 2024 was
$9.6 million, or $(0.10) per basic and diluted share, based on a
weighted average share count during the quarter of 100.5 million.
This compares to a net loss of $4.7 million, or $(0.05) per basic
and diluted share, based on a weighted average share count of 93.1
million for the fiscal first quarter 2023.
Adjusted EBITDA, a non-GAAP measure, for the
fiscal first quarter 2024 was $10.0 million compared to an Adjusted
EBITDA loss of $1.7 million for the fiscal first quarter 2023.
Adjusted net income attribute to Applied
Digital, a non-GAAP measure, for the fiscal first quarter of 2024,
was $0.1 million or adjusted net income per basic and diluted share
of less than $0.01, based on a weighted average share count during
the quarter of approximately 100.5 million. This compares to an
adjusted net loss, a non-GAAP measure, attributable to Applied
Digital of $3.3 million, or $(0.03) per basic and diluted share,
for the fiscal first quarter of 2023 based on a weighted average
share count during the quarter of approximately 93.1 million.
Cash Flows
The Company experienced a net decrease in cash,
cash equivalents, and restricted cash during the fiscal first
quarter 2024 of $12.4 million. The primary drivers of the
change were as follows:
- Purchase of
property, equipment, and other assets of $32.6 million, driven
by construction of the Company's and HPC hosting datacenters.
- Investments of
$0.4 million.
- Finance lease
prepayments of $7.6 million and repayment of finance leases of
$4.8 million, primarily driven by the Company's leases of
hosting equipment for Cloud services.
- Debt repayments
of approximately $42.8 million.
These were partially offset by the
following:
- Net cash
received from operating activities of $4.5 million, driven by
the recurring operations of the business.
- Borrowings of
$6.8 million driven by draws on the Company's 9% loan from B.
Riley and funding received from the 6.15% Vantage Garden City
Loan
- Net cash
received from the issuance of common stock of $64.5 million
under the Company's at-the-market sales agreement.
Guidance
For full-year fiscal 2024, Applied Digital
reaffirms its previously announced guidance of total revenue in the
range of $385 million – $405 million, and Adjusted EBITDA in the
range of $195 million – $205 million.
Investor Day
Applied Digital will host an Investor Day on
Thursday, October 12, 2023, in New York, NY. Presentations will be
made by Chairman and CEO Wes Cummins, CFO David Rench, and other
senior leaders of the Company. The presentations will provide an
in-depth overview of Applied Digital’s business, growth strategy,
and financial outlook. In-person attendance is by invitation only
to institutional investors and analysts. Presentations are expected
to begin at 8:30 a.m. ET, and the event is expected to conclude at
12:00 p.m. ET.
Conference Call
Applied Digital will host a conference call
today, October 9, 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: 1-877-407-0792
International number: 1-201-689-8263
Conference ID: 13741431
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 October 9, 2023, through October 23,
2023.
Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Conference ID: 13741431
About Applied Digital
Applied 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 Statements
This 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.
Use and Reconciliation of Non-GAAP
Financial Measures
This 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
Loss
“Adjusted Operating Loss” and “Adjusted Net
Loss” are non-GAAP measures that represents operating loss and net
loss, respectively, 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, loss on
extinguishment of debt, one-time professional service costs, and
other nonrecurring costs. 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.
Investor Relations ContactsMatt Glover or Alex
KovtunGateway Group, Inc.(949) 574-3860APLD@gateway-grp.com
Media ContactBrenlyn Motlagh or Diana Jarrah
Gateway Group, Inc.(949) 899-3135APLD@gateway-grp.com
APPLIED DIGITAL CORPORATION AND
SUBSIDIARIESCondensed Consolidated Balance Sheets
(Unaudited)(In thousands, except share and par
value data)
|
|
August 31, 2023 |
|
May 31, 2023 |
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
5,942 |
|
|
$ |
28,999 |
|
Restricted cash |
|
|
25,271 |
|
|
|
14,575 |
|
Accounts receivable |
|
|
27 |
|
|
|
82 |
|
Prepaid expenses and other current assets |
|
|
2,308 |
|
|
|
2,103 |
|
Total current assets |
|
|
33,548 |
|
|
|
45,759 |
|
Property and equipment,
net |
|
|
222,666 |
|
|
|
195,593 |
|
Operating lease right of use
assets, net |
|
|
11,183 |
|
|
|
1,290 |
|
Finance lease right of use
assets, net |
|
|
55,691 |
|
|
|
14,303 |
|
Other assets |
|
|
26,065 |
|
|
|
7,012 |
|
TOTAL
ASSETS |
|
$ |
349,153 |
|
|
$ |
263,957 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
Current liabilities: |
|
|
|
|
Accounts payable |
|
$ |
16,229 |
|
|
$ |
6,446 |
|
Accrued liabilities |
|
|
10,443 |
|
|
|
8,330 |
|
Current portion of operating lease liability |
|
|
1,807 |
|
|
|
320 |
|
Current portion of finance lease liability |
|
|
23,471 |
|
|
|
5,722 |
|
Current portion of debt |
|
|
9,163 |
|
|
|
7,950 |
|
Customer deposits |
|
|
32,559 |
|
|
|
32,559 |
|
Related party customer deposits |
|
|
3,811 |
|
|
|
3,811 |
|
Deferred revenue |
|
|
50,863 |
|
|
|
47,168 |
|
Related party deferred revenue |
|
|
971 |
|
|
|
1,524 |
|
Sales and use tax payable |
|
|
62 |
|
|
|
1,630 |
|
Total current liabilities |
|
|
149,379 |
|
|
|
115,460 |
|
Long-term portion of operating lease liability |
|
|
9,573 |
|
|
|
1,005 |
|
Long-term portion of finance lease liability |
|
|
25,071 |
|
|
|
8,334 |
|
Long-term debt |
|
|
34,882 |
|
|
|
33,222 |
|
Long-term related party loan |
|
|
— |
|
|
|
35,257 |
|
Other long-term related party liabilities |
|
|
— |
|
|
|
1,000 |
|
Total liabilities |
|
|
218,905 |
|
|
|
194,278 |
|
Commitments and
contingencies |
|
|
|
|
Stockholders' equity: |
|
|
|
|
Common stock, $0.001 par value, 166,666,667 shares authorized,
110,850,885 shares issued and 105,849,157 shares outstanding at
August 31, 2023, and 100,927,358 shares issued and 95,925,630
shares outstanding at May 31, 2023 |
|
|
110 |
|
|
|
101 |
|
Treasury stock, 5,001,728 shares at August 31, 2023 and
5,001,728 shares at May 31, 2023, at cost |
|
|
(62 |
) |
|
|
(62 |
) |
Additional paid in capital |
|
|
240,073 |
|
|
|
160,194 |
|
Accumulated deficit |
|
|
(109,873 |
) |
|
|
(100,716 |
) |
Total stockholders’ equity
attributable to Applied Digital Corporation |
|
|
130,248 |
|
|
|
59,517 |
|
Noncontrolling interest |
|
|
— |
|
|
|
10,162 |
|
Total stockholders' equity
including noncontrolling interest |
|
|
130,248 |
|
|
|
69,679 |
|
TOTAL LIABILITIES AND
SHAREHOLDERS' DEFICIT |
|
$ |
349,153 |
|
|
$ |
263,957 |
|
APPLIED DIGITAL CORPORATION AND
SUBSIDIARIESCondensed Consolidated Statements of
Operations (Unaudited) (In thousands, except per
share data)
|
Three Months Ended |
|
August 31, 2023 |
|
August 31, 2022 |
Revenue: |
|
|
|
Hosting revenue |
$ |
29,987 |
|
|
$ |
4,338 |
|
Cloud services revenue |
|
2,152 |
|
|
|
— |
|
Related party hosting revenue |
|
4,184 |
|
|
|
2,586 |
|
Total revenue |
|
36,323 |
|
|
|
6,924 |
|
Costs and expenses: |
|
|
|
Cost of revenues |
|
24,398 |
|
|
|
6,093 |
|
Selling, general and administrative |
|
17,052 |
|
|
|
5,008 |
|
Total costs and expenses |
|
41,450 |
|
|
|
11,101 |
|
Operating loss |
|
(5,127 |
) |
|
|
(4,177 |
) |
Interest Expense |
|
2,074 |
|
|
|
356 |
|
Loss on extinguishment of debt |
|
2,353 |
|
|
|
94 |
|
Net loss before income tax expenses |
|
(9,554 |
) |
|
|
(4,627 |
) |
Income tax expense |
|
— |
|
|
|
32 |
|
Net loss |
|
(9,554 |
) |
|
|
(4,659 |
) |
Net loss attributable to noncontrolling interest |
|
(397 |
) |
|
|
(128 |
) |
Net loss attributable to
Applied Digital Corporation |
$ |
(9,157 |
) |
|
$ |
(4,531 |
) |
|
|
|
|
Basic and diluted net (loss)
gain per share: |
|
|
|
Basic and diluted net loss per
share |
$ |
(0.10 |
) |
|
$ |
(0.05 |
) |
Basic and diluted weighted
average number of shares outstanding |
|
100,521,673 |
|
|
|
93,105,835 |
|
APPLIED DIGITAL CORPORATION AND
SUBSIDIARIESCondensed Consolidated Statements of
Cash Flows (Unaudited)(In thousands)
|
Three Months Ended |
|
August 31, 2023 |
|
August 31, 2022 |
CASH FLOW FROM
OPERATING ACTIVITIES |
|
|
|
Net loss |
$ |
(9,554 |
) |
|
$ |
(4,659 |
) |
Adjustments to reconcile net loss to net cash provided by operating
activities: |
|
|
|
Depreciation and amortization |
|
7,860 |
|
|
|
1,136 |
|
Stock-based compensation |
|
5,641 |
|
|
|
579 |
|
Deferred income taxes |
|
— |
|
|
|
32 |
|
Loss on extinguishment of debt |
|
2,353 |
|
|
|
94 |
|
Amortization of debt issuance costs |
|
235 |
|
|
|
— |
|
Loss on abandonment of assets |
|
173 |
|
|
|
— |
|
Changes in operating assets and liabilities: |
|
|
|
Accounts receivable |
|
55 |
|
|
|
177 |
|
Prepaid expenses and other current assets |
|
(205 |
) |
|
|
(164 |
) |
Customer deposits |
|
— |
|
|
|
4,042 |
|
Related party customer deposits |
|
— |
|
|
|
545 |
|
Current deferred revenue |
|
3,695 |
|
|
|
15,316 |
|
Current related party deferred revenue |
|
(553 |
) |
|
|
— |
|
Accounts payable |
|
205 |
|
|
|
196 |
|
Accrued liabilities |
|
2,113 |
|
|
|
— |
|
Lease assets and liabilities |
|
39 |
|
|
|
— |
|
Sales and use tax payable |
|
(1,568 |
) |
|
|
— |
|
Other assets |
|
(5,972 |
) |
|
|
— |
|
CASH FLOW PROVIDED BY
OPERATING ACTIVITIES |
|
4,517 |
|
|
|
17,294 |
|
CASH FLOW FROM
INVESTING ACTIVITIES |
|
|
|
Purchases of property and equipment and other assets |
|
(32,591 |
) |
|
|
(31,673 |
) |
Finance lease prepayments |
|
(7,560 |
) |
|
|
— |
|
Purchases of investments |
|
(390 |
) |
|
|
— |
|
CASH USED IN INVESTING
ACTIVITIES |
|
(40,541 |
) |
|
|
(31,673 |
) |
CASH FLOW FROM
FINANCING ACTIVITIES |
|
|
|
Repayment of finance leases |
|
(4,849 |
) |
|
|
(209 |
) |
Borrowings of long-term debt |
|
3,750 |
|
|
|
15,000 |
|
Borrowings of related party debt |
|
3,000 |
|
|
|
— |
|
Repayments of long-term debt |
|
(3,463 |
) |
|
|
(7,488 |
) |
Repayment of related party debt |
|
(39,257 |
) |
|
|
— |
|
Payment of deferred financing costs |
|
— |
|
|
|
(140 |
) |
Noncontrolling interest contributions |
|
— |
|
|
|
1,747 |
|
Proceeds from issuance of common stock |
|
64,482 |
|
|
|
— |
|
CASH FLOW PROVIDED BY
FINANCING ACTIVITIES |
|
23,663 |
|
|
|
8,910 |
|
|
|
|
|
NET DECREASE IN CASH,
CASH EQUIVALENTS, AND RESTRICTED CASH |
|
(12,361 |
) |
|
|
(5,469 |
) |
CASH, CASH
EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD |
|
43,574 |
|
|
|
46,299 |
|
CASH, CASH
EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD |
$ |
31,213 |
|
|
$ |
40,830 |
|
|
|
|
|
— |
|
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW INFORMATION |
|
|
|
Interest paid |
$ |
1,839 |
|
|
$ |
356 |
|
SUPPLEMENTAL
DISCLOSURE OF NON-CASH ACTIVITIES |
|
|
|
Operating right-of-use assets obtained by lease obligation |
$ |
10,272 |
|
|
$ |
— |
|
Finance right-of-use assets obtained by lease obligation |
$ |
46,952 |
|
|
$ |
922 |
|
Property and equipment in accounts payable |
$ |
6,729 |
|
|
$ |
8,352 |
|
Conversion of non-controlling interest |
$ |
9,765 |
|
|
$ |
— |
|
APPLIED DIGITAL CORPORATION AND
SUBSIDIARIESReconciliation of GAAP to Non-GAAP
Measures (Unaudited)(In thousands, except
percentage data)
|
Three Months Ended |
|
August 31, 2023 |
|
August 31, 2022 |
Adjusted operating
income (loss) |
|
|
|
Operating loss (GAAP) |
$ |
(5,127 |
) |
|
$ |
(4,177 |
) |
Stock-based compensation |
|
5,641 |
|
|
|
579 |
|
Non-recurring professional service costs |
|
592 |
|
|
|
408 |
|
Other non-recurring expenses |
|
653 |
|
|
|
200 |
|
Adjusted operating income (loss) (Non-GAAP) |
$ |
1,759 |
|
|
$ |
(2,990 |
) |
Adjusted operating margin |
|
4.8 |
% |
|
(43.2)% |
|
|
|
|
Adjusted net income
(loss) |
|
|
|
Net loss attributable to
Applied Digital (GAAP) |
$ |
(9,157 |
) |
|
$ |
(4,531 |
) |
Stock-based compensation |
|
5,641 |
|
|
|
579 |
|
Loss on extinguishment of debt |
|
2,353 |
|
|
|
94 |
|
Non-recurring professional service costs |
|
592 |
|
|
|
408 |
|
Other non-recurring expenses |
|
653 |
|
|
|
200 |
|
Adjusted net income (loss) attributable to Applied Digital
(Non-GAAP) |
$ |
82 |
|
|
$ |
(3,250 |
) |
Adjusted earnings per share
(Non-GAAP) |
$ |
— |
|
|
$ |
(0.03 |
) |
|
|
|
|
EBITDA and Adjusted
EBITDA |
|
|
|
Net loss attributable to
Applied Digital (GAAP) |
$ |
(9,157 |
) |
|
$ |
(4,531 |
) |
Interest expense |
|
2,074 |
|
|
|
356 |
|
Income tax benefit (expense) |
|
— |
|
|
|
32 |
|
Depreciation and amortization |
|
7,860 |
|
|
|
1,136 |
|
EBITDA (Non-GAAP) |
$ |
777 |
|
|
$ |
(3,007 |
) |
Stock-based compensation |
|
5,641 |
|
|
|
579 |
|
Loss on extinguishment of debt |
|
2,353 |
|
|
|
94 |
|
Non-recurring professional service costs |
|
592 |
|
|
|
408 |
|
Other non-recurring expenses |
|
653 |
|
|
|
200 |
|
Adjusted EBITDA (Non-GAAP) |
$ |
10,016 |
|
|
$ |
(1,726 |
) |
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