By Connor Hart
Applied Digital narrowed its net loss as revenue surged in its fiscal first quarter boosted by the company's cloud services unit.
The Dallas-based digital infrastructure company reported a net loss of $4.3 million, or 3 cents a share, for its three months ended Aug. 31, compared with a loss of $11.5 million, or 11 cents a share, in the same quarter a year ago.
On an adjusted basis, the company posted a loss of 15 cents a share. Analysts polled by FactSet had expected a per-share loss of 27 cents.
Revenue surged 67% to $60.7 million, beating the $54.8 million that Wall Street forecast, according to FactSet. This increase was primarily driven by the company's cloud services unit, which launched service at the end of its previous fiscal year.
Chief Executive Wes Cummins said the company's goal is to be capable of building and operating multiple high-performance computing data centers.
He added the company is finalizing a lease agreement with a U.S.-based hyperscaler for a 100 megawatt facility that is currently under construction and has been designed for high-performance computing applications, such as artificial intelligence. The company is designing two additional buildings at the site, set to increase total capacity to 400 megawatts.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
October 09, 2024 16:29 ET (20:29 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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