DALLAS, Oct. 11, 2022 (GLOBE NEWSWIRE) — Applied Blockchain, Inc. (Nasdaq: APLD) (“Applied Blockchain” or the “Company”), a designer, builder and operator of next-generation datacenters that provide power to blockchain infrastructure and support High-Performance Computing (HPC) applications, today reported financial results for the fiscal first quarter ended August 31. 2022. The Company also provided an operational update and outlook.
Recent Operational and Financial Highlights
- Fiscal first quarter 2023 revenue of $6.9 million, at the high-end of guidance of $6.5 million to $6.9 million
- Fiscal first quarter 2023 adjusted EBITDA of $(1.9) million, compared to adjusted EBITDA guidance of ($1.8) million) to ($2.2) million
- Announced planned corporate name change to “Applied Digital Corporation”, reflecting the Company’s broad services and offerings for HPC applications. The name change is to be voted on by shareholders at its upcoming Annual General Meeting on November 10, 2022
- Broke ground on third co-hosting facility on September 8, 2022, located in Ellendale, North Dakota with planned hosting capacity of 180MW; capacity is already fully contracted
- Continued buildout of second co-hosting facility, located in Garden City, Texas with 200MW of planned hosting capacity, with 15 of 16 buildings constructed
- Marathon Digital Holdings, Inc. exercised option for additional capacity at Applied Blockchain’s hosting facilities, bringing its total contracted capacity to 276MW
- Accelerated discussions with prospective non-cryptocurrency customers for HPC applications that could be hosted at the Company’s co-hosting facilities. The company expects to have a pilot program with a customer operating as early as this month for a machine learning (ML) application
Management Commentary
“Our fiscal 2023 year began with a solid start as revenue and adjusted EBITDA compared favorably to our guidance and we continued to operate and progress our three datacenter sites with a…
