Applied Digital Corporation - APLD STOCK NEWS

Applied Digital (Nasdaq: APLD) reported financial results for fiscal Q4 and full year 2024 ended May 31, 2024. Highlights include:

- Fiscal 2024 revenue: $165.6 million (199% increase YoY)
- Fiscal 2024 net loss: $149.7 million
- Fiscal 2024 adjusted EBITDA: $24.5 million
- Q4 2024 revenue: $43.7 million (98% increase YoY)
- Q4 2024 net loss: $64.8 million
- Q4 2024 adjusted EBITDA: $4.8 million

The company secured over $150 million in funding post-fiscal year end and restored its Ellendale Data Center Hosting facility to full capacity. Applied Digital is expanding its Cloud Services business and executed an LOI with a U.S.-based hyperscaler for 400 MW capacity.

Applied Digital (Nasdaq: APLD) has appointed Gary Smith as its new Senior Director of Physical Security. With over 40 years of experience in law enforcement and corporate security, Smith will oversee all aspects of physical safety at Applied Digital, including security services, access control, and systems technology. Smith joins from Digital Realty, where he served as Vice President of Portfolio Security, Compliance, and Business Continuity.

CEO Wes Cummins expressed confidence that Smith's extensive experience and track record will be invaluable in reinforcing safety measures and maintaining high standards of protection and reliability. Smith holds multiple advanced degrees and certifications in security and technology fields. Applied Digital, a designer and operator of next-generation digital infrastructure for HPC applications, aims to leverage Smith's expertise to enhance the protection and integrity of its facilities.

Applied Digital (Nasdaq: APLD), a company specializing in next-generation digital infrastructure for High-Performance Computing applications, has announced its upcoming fiscal fourth quarter and full year 2024 conference call. The call is scheduled for Wednesday, August 28, 2024, at 5:00 p.m. Eastern Time.

A press release detailing the company's operating and financial results will be issued after market close on the same day. The conference call will feature prepared remarks from Applied Digital management, followed by a question-and-answer session. Participants can join via U.S. or International dial-in numbers, and a live broadcast will be available for replay.

Applied Digital (Nasdaq: APLD) has secured the final $25 million from the sale of its Garden City, Texas facility after meeting conditional approval requirements. This transaction strengthens the company's balance sheet and supports ongoing growth initiatives. Applied Digital, a designer and operator of next-generation digital infrastructure for High-Performance Computing (HPC) applications, is positioning itself in the data center and Cloud as a Service markets.

The company's purpose-built data centers are strategically designed for HPC needs, while Applied Digital Cloud aims to deliver cost-effective GPU compute solutions for AI, ML, rendering, and other HPC workloads. Applied Digital's infrastructure is designed to provide high performance at a low cost, supporting clients in the era of rapid technological advancement.

Applied Digital (Nasdaq: APLD) has appointed Tom Burke as its new Chief Revenue Officer to drive revenue growth and strategic partnerships. With over a decade of experience in global sales and AI partnerships, Burke will oversee revenue-generating functions, develop sales strategies, and coordinate cross-functional alignment. His role includes establishing a client success organization and working on revenue projections and investment planning.

Burke's background includes serving as VP & Head of Global Sales for IBM Data & AI, where he led IBM's AI partnership strategy globally. Applied Digital's CEO, Wes Cummins, expressed confidence in Burke's expertise to expand the company's market presence in next-generation data centers optimized for AI workloads. The company has over 2 GW of power in various stages of development and offers cutting-edge solutions in data centers and Cloud as a Service for HPC needs.

Applied Digital has appointed Chris Jackson as the new Senior Vice President of Operations. Jackson brings over 20 years of experience in managing critical project operations, having held senior roles at Stream Data Centers and Vantage Data Centers. In his new position, Jackson will oversee development and operational activities, including security, safety, reliability, engineering, customer experience, and compliance. His appointment aims to drive operational efficiency and scalability at Applied Digital, leveraging his extensive background in strategic operational oversight and large-scale data service management. Jackson's experience includes managing Amazon Web Services' largest availability zone, ensuring 99.999% availability across 1200MW of IT resources. Applied Digital hopes Jackson's expertise will bolster its position as a leader in next-generation data centers and high-performance computing solutions.

CIM Group has committed an initial $125 million loan to Applied Digital, with potential expansion up to $200 million, to support the construction of a High-Performance Computing (HPC) campus in Ellendale, North Dakota. Applied Digital, a firm specializing in next-generation digital infrastructure, started building the first 100 MW, 342,000-square-foot data center in October 2023. The campus has a future capacity exceeding 600 MW. Applied Digital has also signed an LOI with a U.S.-based hyperscaler for a 400 MW capacity lease. This partnership aims to establish Applied Digital as a leader in HPC data centers, leveraging CIM Group's expertise in bespoke credit solutions and commercial real estate development.

Applied Digital (Nasdaq: APLD) has secured $125 million in private financing with an option to expand up to $200 million, aimed at funding the construction of its High-Performance Computing (HPC) data center in Ellendale, ND. The deal, backed by CIM Group, includes a promissory note with a 12% annual interest rate and a three-year term. The agreement also issues warrants for 6,300,449 shares at a strike price of $4.8005, with an additional 2,964,917 shares potentially available. The funds will help Applied Digital finalize its data center buildout, positioning it as a leader in digital infrastructure for AI.

On May 24, 2024, Applied Digital announced a $42.1 million unsecured convertible debenture to advance its HPC data center project in Ellendale, North Dakota. The debenture bears no interest, has a 5% original issue discount, and a 54-week term. Its conversion price is the lower of $8.00 or 95% of the lowest daily volume-weighted average price during the five days before conversion. If below $8.00, conversion is capped at $16 million per month. The debenture is prepayable if the stock trades below $8.00. The proceeds will finance construction advancements, with the Investor agreeing not to short the stock. Legal counsel was provided by Lowenstein Sandler LLP.