Revenue Growth - Fiscal fourth quarter 2024 revenue of $43.7 million, up 98% from the fiscal fourth quarter 2023[2][16] - Fiscal 2024 revenue of $165.6 million, a 199% increase from $55.4 million in 2023[3][12] - Total revenue for the three months ended May 31, 2024, was $43.7 million, compared to $22.0 million for the same period in 2023[35] - Cloud Services recognized $29.0 million in revenues during fiscal year 2024[8] Net Loss and Financial Performance - Fiscal 2024 net loss of $149.7 million, compared to $45.6 million in 2023[3][13] - Adjusted net loss for fiscal 2024 was $77.5 million, negatively impacted by $38.5 million of expenses related to non-revenue generating facilities[14] - Net loss attributable to Applied Digital Corporation for the three months ended May 31, 2024, was $64.8 million, compared to $6.5 million for the same period in 2023[35] - Net loss increased to $149.671 million in 2024 from $45.606 million in 2023, reflecting a significant decline in financial performance[37] - Net loss attributable to Applied Digital Corporation (GAAP) for the three months ended May 31, 2024, was $(64,756) thousand, compared to $(6,464) thousand for the same period in 2023[42] Adjusted EBITDA and Non-GAAP Measures - Adjusted EBITDA for fiscal 2024 was $24.5 million, up from $0.8 million in 2023[3][15] - Adjusted EBITDA is defined as EBITDA adjusted for stock-based compensation, non-recurring repair expenses, and other items[32] - Adjusted EBITDA (Non-GAAP) for the three months ended May 31, 2024, was $4,794 thousand, compared to $3,386 thousand for the same period in 2023[42] - Adjusted Net Loss per Diluted Share is calculated as Adjusted net loss divided by weighted average diluted share count[31] - The company cautions investors that non-GAAP financial measures have limits in their usefulness and may not be directly comparable to similarly titled measures used by other companies[28] Cash Flow and Financing - Cash and cash equivalents decreased to $3.3 million as of May 31, 2024, from $29.0 million as of May 31, 2023[34] - Cash flow from operating activities decreased to $11.360 million in 2024 from $58.735 million in 2023, indicating reduced operational cash generation[37] - Cash flow used in investing activities increased to $172.436 million in 2024 from $132.088 million in 2023, driven by higher capital expenditures[37] - Cash flow provided by financing activities rose to $146.757 million in 2024 from $70.628 million in 2023, primarily due to increased borrowings[37] - The Company secured over $150 million in funding post-fiscal year end[4] Assets and Liabilities - Total assets as of May 31, 2024, were $762.9 million, a significant increase from $264.0 million as of May 31, 2023[34] - Property and equipment, net, increased to $340.4 million as of May 31, 2024, from $198.2 million as of May 31, 2023[34] - Total liabilities increased to $638.0 million as of May 31, 2024, from $194.3 million as of May 31, 2023[34] - Operating right-of-use assets obtained by lease obligation amounted to $159.197 million in 2024, indicating expansion in leased assets[39] Operational Updates - The Ellendale Data Center Hosting facility was restored to full operating capacity by June 28, 2024[4][11] - The Company entered into an exclusivity agreement for 400 MW capacity with a U.S.-based hyperscaler[6][9] - The Company currently operates 286 MW of data center hosting capacity[10] Expenses and Adjustments - Adjusted operating loss improved to $26.947 million in 2024 from $50.991 million in 2023, reflecting cost management efforts[41] - Adjusted net loss attributable to Applied Digital Corporation decreased to $45.346 million in 2024 from $77.522 million in 2023, showing progress in reducing losses[41] - Stock-based compensation decreased to $17.108 million in 2024 from $32.072 million in 2023, indicating reduced equity-based expenses[41] - Loss on classification as held for sale was $15.417 million in 2024, impacting the financial results[41] - Interest paid increased significantly to $20.216 million in 2024 from $1.118 million in 2023, reflecting higher debt servicing costs[39] - Depreciation and amortization for the three months ended May 31, 2024, was $31,696 thousand, compared to $2,636 thousand for the same period in 2023[42] - Stock-based compensation for the three months ended May 31, 2024, was $3,597 thousand, compared to $5,195 thousand for the same period in 2023[42] - Non-recurring repair expenses for the three months ended May 31, 2024, were $645 thousand, compared to $0 for the same period in 2023[42] - Diligence, acquisition, disposition, and integration expenses for the three months ended May 31, 2024, were $1,652 thousand, compared to $727 thousand for the same period in 2023[42] - Litigation expenses for the three months ended May 31, 2024, were $929 thousand, compared to $0 for the same period in 2023[42] - Research and development expenses for the three months ended May 31, 2024, were $50 thousand, compared to $0 for the same period in 2023[42] - Loss on change in fair value of debt for the three months ended May 31, 2024, was $4,789 thousand, compared to $0 for the same period in 2023[42] Non-GAAP Measures Update - The company updated its presentation of non-GAAP measures starting in the third quarter of 2024, no longer excluding start-up costs[29]

DALLAS, Aug. 28, 2024 (GLOBE NEWSWIRE) -- 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, cloud services (“Cloud Services”), and data center hosting (“Data Center Hosting”), reported financial results for the fiscal fourth quarter and full year ended May 31, 2024. The Company also provided an operational update. Fiscal Fourth Quarter 2024 ...

Core Viewpoint - Applied Digital Corporation has appointed Gary Smith as the new Senior Director of Physical Security, bringing over 40 years of experience in law enforcement and corporate security to enhance the safety and integrity of the company's facilities [1][2]. Company Overview - Applied Digital Corporation designs, builds, and operates next-generation digital infrastructure tailored for High-Performance Computing (HPC) applications [1][4]. - The company is strategically positioned to offer cutting-edge solutions in data centers and Cloud as a Service, focusing on maximizing efficiency for HPC needs [4]. Appointment of Gary Smith - Gary Smith previously worked at Digital Realty, where he advanced from Director of Security to Vice President of Portfolio Security, Compliance, and Business Continuity, managing physical security and business continuity across the portfolio [2]. - Smith's extensive experience in security management is expected to enhance Applied Digital's existing safety measures and support its commitment to secure infrastructure solutions [1][2]. Smith's Background and Qualifications - Smith has a diverse background in law enforcement, having served in various roles including Uniformed Patrol Officer and Homicide Investigator, and was recognized as Police Officer of the Year in 1981 [2]. - He transitioned to the private sector in 1983, holding senior roles at IBM Security, culminating as Senior Security Manager for Security Systems Strategy and Technical Delivery [2][3]. - Smith holds multiple advanced degrees and certifications, including a Master of Engineering in Systems Engineering and certifications in Information Systems Security and Business Continuity [3]. Strategic Goals - The company aims to deliver cost-effective GPU compute solutions tailored for AI, machine learning, rendering, and other HPC workloads, leveraging its state-of-the-art infrastructure to provide high performance at a low cost [4].

DALLAS, July 30, 2024 (GLOBE NEWSWIRE) -- 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, announced today that it has met the conditional approval requirements related to the release of the escrowed funds from the sale of its Garden City, Texas facility. The Company has now received the remaining $25 million of the purchase price held in escr ...

The market expects Applied Digital Corporation (APLD) to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended May 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report. On the other hand, i ...

Oselote Trading at around $7, Applied Digital Corporation (NASDAQ:APLD) has surged by more than 200% since November 2022 as charted below, even outperforming Nvidia (NVDA) last year and nearly catching up at the beginning of this year before dipping. This price action could suggest some investors view the HPC (high-performance computing) data center play as an alternative way to ride the AI story. Data by YCharts Indeed, with Applied Digital Corporation's greenfield approach compared to other data cente ...

Applied Digital TodayAPLDApplied Digital$6.06 +0.11 (+1.85%) 52-Week Range$2.36▼$11.07Price Target$8.40Add to WatchlistApplied Digital Co. NASDAQ: APLD designs, develops and operates next-generation data centers accommodating artificial intelligence (AI) service providers in the high-performance computing (HPC) industry. The AI boom has been driving the demand for more data centers, which is driving demand for next-gen data centers that fall right in Applied Digital's wheelhouse. The company also provides b ...

Core Viewpoint - Applied Digital Corporation has secured a $125 million initial commitment for the construction of its HPC Campus in Ellendale, ND, with the potential to increase this amount to $200 million, positioning the company as a leader in the HPC datacenter sector [1][2]. Financing Details - The financing includes a Promissory Note for $125 million, with $15 million available immediately and the remainder contingent on certain conditions [1]. - An accordion feature allows for an additional $75 million in borrowings, subject to mutual agreement [1]. - The Note has a three-year term with an initial interest rate of 12.0% per annum, payable quarterly [2]. Strategic Positioning - The financing is viewed as a transformative step for the company, enabling it to secure project financing and a long-term lease with a hyperscaler [2]. - The Ellendale Campus is expected to be a leading HPC datacenter, designed to support the AI revolution and provide efficient solutions for high-performance computing needs [2][3]. Company Overview - Applied Digital designs, develops, and operates next-generation data centers across North America, focusing on the high-performance computing (HPC) industry [5]. - The company aims to deliver cost-effective GPU computing solutions tailored for AI, machine learning, and other HPC workloads [3]. Partner Information - CIM Group, a leading investment firm, is providing the financing and has expressed excitement about supporting Applied Digital's growth in cloud and hosting services [2][8].

Core Viewpoint - Applied Digital Corporation has secured a $125 million initial commitment for the construction of its HPC Campus in Ellendale, ND, with the potential to increase this amount to $200 million, positioning the company as a leader in the HPC datacenter sector [1][2]. Financing Details - The financing includes a Promissory Note for $125 million, with $15 million available immediately and the remainder contingent on certain conditions [1]. - An accordion feature allows for an additional $75 million in borrowings, subject to mutual agreement [1]. - The Note has a three-year term with an initial interest rate of 12.0% per annum, payable quarterly [2]. Strategic Positioning - The financing is viewed as a transformative step for the company, enabling it to secure project financing and a long-term lease with a hyperscaler [2]. - The Ellendale Campus is expected to be a leading HPC datacenter, designed to support the AI revolution and provide efficient solutions for high-performance computing needs [2][3]. Company Overview - Applied Digital designs, develops, and operates next-generation data centers across North America, focusing on the high-performance computing (HPC) industry [5]. - The company aims to deliver cost-effective GPU computing solutions tailored for AI, machine learning, and other HPC workloads [3]. Partner Information - CIM Group, a leading investment firm, is providing the financing and has expressed excitement about supporting Applied Digital's growth in cloud and hosting services [2][8].

As filed with the Securities and Exchange Commission on May 31, 2024 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 APPLIED DIGITAL CORPORATION (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Nevada 7374 95-4863690 (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification Number) 3811 Turtle Creek ...