Applied Digital Corporation - APLD STOCK NEWS

Applied Digital Corporation secures its second AI customer with an agreement worth up to $460 million over 36 months, marking a significant milestone in the company's HPC/AI Infrastructure growth trajectory. The company's AI Cloud Service continues to see extraordinary demand as the AI industry grows at unprecedented levels.

Applied Digital Corporation has hosted a ribbon-cutting ceremony for its new 180MW data center facility in Ellendale, North Dakota. The facility brings Applied Digital's total hosting power to 280MW. The company also announced the launch of its Cloud Services and the signing of its first AI customer with an agreement worth up to $180 million over 24 months.

Applied Digital Corporation (Nasdaq: APLD) has secured a $50.0 million loan with a 2-year term and 9.0% interest rate. The loan will be used to fund the buildout of its AI Cloud platform and datacenters. The company recently launched its AI Cloud services and signed its first major AI customer with an agreement worth up to $180 million over 24 months. Applied Digital's next-generation datacenters are ideal for HPC applications, offering lower cost and higher compute power compared to traditional datacenters.

$180M Agreement With Customer to Support Applied Digital's AI Cloud Service

Applied Digital Corporation (Nasdaq: APLD) announced its participation in the 18th Annual Needham Technology & Media Conference, 23rd Annual B. Riley Institutional Investor Conference, and 20th Annual Craig-Hallum Institutional Investor Conference. The conferences will provide opportunities for one-on-one meetings with investors.

Applied Digital Corporation (Nasdaq: APLD) reported its fiscal third quarter 2023 results, showcasing a revenue of $14.1 million, marking a 14% growth sequentially. While the company recognized an adjusted EBITDA of $0.9 million, it recorded an adjusted loss of $1.4 million, or $0.01 per share. The completion of its latest co-hosting facility in Ellendale, North Dakota, with a capacity of 180 MW, signifies progress, as it began energization in early March. Additionally, the company confirmed the start of operations in its Jamestown HPC facility within 4-5 weeks. Management remains optimistic about diversifying its customer base in the HPC market despite ongoing strong demand from cryptocurrency miners.