Applied Digital Corp. (NASDAQ:APLD) reported fiscal second-quarter financial results after the market close on Tuesday. Here’s a look at the key details from the quarter.
Q2 Earnings: Applied Digital reported second-quarter revenue of $63.9 million, beating analyst estimates of $63.4 million. The company reported a second-quarter adjusted loss of six cents per share, beating analyst estimates for a loss of 15 cents per share, according to Benzinga Pro.
Total revenue was up 51% on a year-over-year basis, primarily driven by the continued expansion of the company’s Cloud Services business. Cloud Services revenue totaled $27.7 million in the second quarter, up 523% year-over-year.
Applied Digital’s Data Center Hosting business generated $36.2 million in revenue during the quarter. The company noted that it’s in late-stage discussions with multiple hyperscalers to finalize a lease agreement for its 100 MW HPC Data Center facility. Applied Digital also said it plans to bring an extra 300 MW online through two additional facilities currently being designed.
See Also: Applied Digital Shares Are Up Today: What’s Going On?
“Applied Digital was one of the first companies to recognize this growing demand for power and data centers. Anticipating these needs, we began construction of our facilities ahead of many hyperscalers fully grasping the shifting demand landscape. As a result, we believe we are well-positioned to capitalize on these trends,” said Wes Cummins, chairman and CEO of Applied Digital.
“Our vision is to establish a platform for building and operating multiple HPC data centers. This journey began with our Ellendale campus and continues with the development of additional campuses.”
Applied Digital ended the quarter with $314.6 million in cash, cash equivalents and restricted cash, as well as $479.6 million in debt.
Management will discuss the quarter on a conference call with analysts and investors at 5 p.m. ET.
APLD Price Action: Applied Digital shares were up 1.28% after-hours, trading at $8.65 at the time of publication Tuesday, according to Benzinga Pro.
Read Next:
Photo: Shutterstock.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.