Welcome to our dedicated page for Applied Digital Corporation news (Ticker: APLD), a resource for investors and traders seeking the latest updates and insights on Applied Digital Corporation stock.
Applied Digital Corp designs, develops and operates next-generation datacenters across North America to provide digital infrastructure solutions to the rapidly growing high-performance computing industry. The company recently entered into a private financing agreement with a single investor where it issued a $42,131,579 unsecured convertible debenture. The debenture bears no interest and has a term of 54 weeks.
DALLAS, Sept. 07, 2022 – Applied Blockchain (Nasdaq: APLD) announced its participation in the upcoming investment conferences. The 6th Annual Lake Street Capital Markets Best Ideas Growth Conference will take place on September 14, 2022, in New York, where the management will hold one-on-one meetings with investors. Additionally, the 2nd Annual B. Riley Securities Crypto Conference is scheduled for September 29, 2022, featuring a fireside chat with Chairman and CEO Wes Cummins. Applied Blockchain focuses on developing next-generation datacenters for the high-performance computing industry.
Applied Blockchain (Nasdaq: APLD) reported fiscal fourth quarter revenue of $7.5 million, surpassing guidance of $7.0 million to $7.4 million. This marked a significant increase from the prior estimate of $5.7 million to $6.2 million. The company announced a new $15 million credit facility and continues to progress on datacenter buildouts, with plans for three facilities totaling 500MW of capacity by mid-2023. Net loss was $2.8 million, with an adjusted EBITDA of ($3.1 million). The company ended the quarter with $46.3 million in cash and $7.2 million in debt.
Applied Blockchain (Nasdaq: APLD) plans to change its name to Applied Digital Corporation to better represent its expanded services in high-performance computing (HPC). This change aims to clarify the company’s offerings beyond cryptocurrency mining. If shareholders approve the name change at the Annual General Meeting on November 10, 2022, the APLD ticker symbol will remain unchanged. Chairman and CEO Wes Cummins emphasized the company's commitment to best-in-class infrastructure while exploring new opportunities in HPC applications.
Applied Blockchain (Nasdaq: APLD) announced a conference call for August 25, 2022, at 5:00 p.m. Eastern Time to discuss its fiscal fourth quarter and yearly financial results ending May 31, 2022. The press release detailing these results will be publicized post-market close on the same day. Investors can participate via dial-in, with a replay option available from August 25 to September 8. The company operates next-gen datacenters supporting blockchain infrastructure and Bitcoin mining, partnering with leading industry players.
Applied Blockchain (Nasdaq: APLD) announced a loan agreement with a North Dakota bank for up to $15 million on July 25, 2022. The funds will be used to repay existing debt and enhance liquidity for datacenter expansion. The initial interest rate is 1.5% for the first 13 months, increasing to 6.5% thereafter. CEO Wes Cummins emphasized the facility's role in supporting growth and meeting customer demand, highlighting the company's low-cost, non-dilutive debt financing strategy.
Applied Blockchain (Nasdaq: APLD) has appointed Regina Ingel as the new Chief Marketing Officer, effective August 1, 2022. Previously the Executive Vice President of Operations, Ingel aims to enhance the company's marketing strategy, focusing on branding and community outreach to support growth. Her experience and deep understanding of the company's vision are expected to drive further market penetration. Additionally, Applied Blockchain recently secured a five-year hosting contract with Marathon Digital Holdings for 200 MW of Bitcoin mining capacity, a pivotal move for the company's growth.
Applied Blockchain (Nasdaq: APLD) updates its fiscal fourth quarter 2022 guidance, projecting revenues between $7.0 million and $7.4 million, significantly up from prior estimates. Despite a partial outage due to equipment failure in Jamestown, North Dakota, construction of a new 200 MW facility in Texas is progressing. The third facility in North Dakota is also in design, aiming for a total capacity of 500 MW that could generate $100 million in annual Adjusted EBITDA. The company highlights strong demand for its services, reducing concerns over equity dilution.
Applied Blockchain, Inc. (Nasdaq: APLD) has engaged in a significant five-year hosting contract with Marathon Digital Holdings, Inc. (Nasdaq: MARA) for 200 megawatts of Bitcoin mining capacity. This partnership positions Applied Blockchain as a leading co-hosting provider and reinforces its revenue predictability. CEO Wes Cummins noted strong demand for hosting services, with expectations of continued growth through fiscal 2023. Marathon's CEO highlighted the collaboration as crucial for achieving its Bitcoin mining targets in 2023, leveraging Applied Blockchain's expertise in data center operations.
Applied Blockchain (Nasdaq: APLD) has announced the expiration of a lock-up agreement related to its initial public offering. This involved the conversion of 2,040,000 shares of preferred stock into 36,441,489 shares of common stock, effective after a reverse stock split. The shares became tradable on June 11, 2022, following an effective Registration Statement on Form S-1. Applied Blockchain operates data centers across North America that support blockchain infrastructure and Bitcoin mining, partnering with industry leaders to enhance its business.
Applied Blockchain (Nasdaq: APLD) announced the return of 4,965,432 shares from Xsquared Holding Limited (SparkPool) due to their cessation of operations amidst a crackdown on cryptocurrency in China. This return reduces the total outstanding shares by approximately 5%. CEO Wes Cummins emphasized that this development does not affect the company's financial guidance or growth targets. Applied Blockchain is transitioning from Ethereum mining to operating next-generation data centers to support blockchain infrastructure.
FAQ
What is the current stock price of Applied Digital Corporation (APLD)?
What is the market cap of Applied Digital Corporation (APLD)?
What does Applied Digital Corp do?
What recent financing agreement did Applied Digital Corp enter into?
What is the focus of Applied Digital Corp's digital infrastructure solutions?
What is the term of the recently issued convertible debenture by Applied Digital Corp?
Who are the Investor Relations Contacts for Applied Digital Corp?
Who are the Media Contacts for Applied Digital Corp?
What is the conversion price for the note issued by Applied Digital Corp?
What limitation does the Investor have for converting the note issued by Applied Digital Corp?
Can the company prepay the note issued by Applied Digital Corp?
Who is CIM Group and what is their relation to Applied Digital Corp?
