---
schema_version: "secwatch.filing_event.v1"
accession: "0001144879-23-000173"
form_type: "8-K"
ticker: "APLD"
cik: "0001144879"
company_name: "Applied Digital Corp."
filed_at: "2023-07-24T23:59:59+00:00"
generated_at: "2026-06-13T04:02:24.185360+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Applied Digital Q4 revenue $22M (+193% YoY); FY2024 guidance $385-405M revenue

## Summary
- Fiscal Q4 2023 adjusted EBITDA $2.9M vs. -$3.1M prior year; net loss $6.5M ($0.07/share).
- Secured AI customer agreements worth up to $640M: Character A.I. ($180M+option) and second customer ($460M over 36 months).
- Fiscal 2024 guidance: revenue $385M-$405M, adjusted EBITDA $195M-$205M.
- Energized 180MW Ellendale facility; 9MW HPC facility in Jamestown operational; 200MW Garden City site energization imminent.
- Ended year with $29M cash and $79.4M debt.

## SEC filing metadata
- accession: 0001144879-23-000173
- form_type: 8-K
- ticker: APLD
- cik: 0001144879
- company_name: Applied Digital Corp.
- filed_at: 2023-07-24T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1144879/000114487923000173/0001144879-23-000173-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1144879/000114487923000173/apld-20230724.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001144879-23-000173
- JSON: https://secwatch.observer/filing/0001144879-23-000173.json
- Plain text: https://secwatch.observer/filing/0001144879-23-000173.txt

## Key facts
- Earnings Releases
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1144879/000114487923000173/0001144879-23-000173-index.htm
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1144879/000114487923000173/0001144879-23-000173-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.