Applied Digital Corp (NASDAQ:APLD) reported third-quarter financial results after market close on Monday. Here’s a rundown of the report.
Q3 Earnings: Applied Digital reported third-quarter revenue of $52.9 million, missing analyst estimates of $63.42 million, according to Benzinga Pro. The digital infrastructure company reported a third-quarter adjusted loss of eight cents per share, beating analyst estimates for a loss of 11 cents per share.
Total revenue was up 22% on a year-over-year basis, primarily driven by the continued expansion of the company’s Cloud Services business, which was up 220% year-over-year. Applied Digital's Data Center Hosting business generated $35.2 million in revenue during the quarter, down 7% year-over-year.
Applied Digital reported third-quarter adjusted EBITDA of $10 million, versus a loss of $1.3 million in the prior year’s quarter.
“We are confident in the progress we are making and remain committed to delivering sustainable, long-term value for our investors,” said Wes Cummins, chairman and CEO of Applied Digital.
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Applied Digital ended the quarter with $261.2 million in cash, cash equivalents and restricted cash. The company had $689.1 million in total debt at quarter’s end.
Applied Digital executives will further discuss details from the quarter on a conference call with investors and analysts at 5 p.m. ET.
APLD Price Action: Applied Digital shares were down approximately 28% year-to-date heading into the print. The stock was down another 9.86% after-hours, trading at $4.84 at the time of publication Monday, per Benzinga Pro.
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