Extracted from this filing and checked against the source text.
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
Applied Digital Corp. reported financial results for the twelve months ended May 31, 2023.
- Period
- the twelve months ended May 31, 2023
- Result
- reported results
Exact text from the filing
On July 24, 2023, Applied Digital Corporation (the “Company”) issued a press release announcing its financial results for the three and twelve months ended May 31, 2023.
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
Applied Digital Corp. reported the three months ended May 31, 2023 results: revenue $22 million, net income $6.5 million (net loss), EPS $0.07 per basic and diluted share.
- Period
- the three months ended May 31, 2023
- Revenue
- $22 million
- Net income
- $6.5 million (net loss)
- EPS
- $0.07 per basic and diluted share
- Result
- reported results
Exact text from the filing
Revenues in the fiscal fourth quarter 2023 were $22 million, up 193% from the fiscal fourth quarter 2022. Hosting revenues were attributable to the Company’s operations in Jamestown, North Dakota along with the increase in energized MW capacity at the Ellendale, North Dakota facility. The Jamestown site operated at full capacity throughout the quarter. Cost of revenues in the fiscal fourth quarter 2023 was $16.0 million compared to $7.4 million in the fiscal fourth quarter 2022. The increase in cost was attributable to higher energy costs used to generate hosting revenues, depreciation, amortization expense, and personnel expenses for employees working on our Jamestown and Ellendale hosting facilities. Adjusted Gross Profit, a non-GAAP measure, for the fiscal fourth quarter 2023 was $7.8 million, or 36% of revenue, compared to Adjusted Gross Profit of $1.1 million, or 15% of revenue in the fiscal fourth quarter 2022. Operating expenses for the fiscal fourth quarter 2023 were $12.3 mill
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