Applied Digital Falls Even as Q3 Results Top Estimates

Tiger Newspress04-09

Applied Digital (APLD) shares fell 7% in premarket trading on Thursday even as the tech company reported fiscal third-quarter results that were above Wall Street's forecast.

For the period ending Feb. 28, Applied said it lost an adjusted $0.36 per share as revenue soared 139.3% year-over-year to come in at $126.64M. Analysts had expected the company to lose an adjusted $0.15 per share on $76.56M in revenue.

“We now operate one of the only 100 MW direct-to-chip liquid-cooled data centers online today, and more importantly, it is fully operational,” said Applied Chairman and CEO Wes Cummins in a statement. “We believe that's what matters to our customers – turning power into live AI capacity, delivered on time and performing as expected. We are also starting to see the earnings power of our platform come through, with a full quarter of revenue from our first building now recognized. That initial 100 MW represents approximately one-sixth of our contracted capacity and one-tenth of what is operating or under construction, but we believe it begins to show what's possible from here as we continue to bring additional capacity online in the coming quarters.”

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