Applied Digital Corporation (NASDAQ: APLD) has reported its financial results for the fiscal fourth quarter and full year ended May 31, 2024. The company's revenue for the fiscal fourth quarter of 2024 was $43.7 million, marking a 98% increase from the fiscal fourth quarter of 2023. The net loss for the same period was $64.8 million, up significantly from a net loss of $6.5 million in the fiscal fourth quarter of 2023.
The fiscal year 2024 saw a substantial increase in revenue, reaching $165.6 million compared to $55.4 million in 2023. However, the net loss for fiscal 2024 was $149.7 million, significantly higher than the $45.6 million loss in 2023. The adjusted net loss for fiscal 2024 was $77.5 million, compared to $7.9 million in 2023.
Adjusted EBITDA for fiscal 2024 was $24.5 million, a substantial increase from $0.8 million in 2023. For the fiscal fourth quarter of 2024, adjusted EBITDA was $4.8 million, compared to $3.4 million in the same period of 2023.
The company successfully procured new transformers and related components from North American manufacturers, resulting in the full capacity operation of its Ellendale data center hosting facility. Additionally, Applied Digital Corporation secured over $150 million in funding subsequent to the fiscal year end and finalized the sale of its Garden City, Texas hosting facility, receiving $25 million from escrow.
Wes Cummins, Chairman and CEO of Applied Digital, commented on the company's progress and expressed optimism for sequential improvements in the top line as they enter the first quarter of fiscal 2025. The company's cloud services division recognized $29.0 million in revenues during fiscal year 2024, and its HPC data center hosting business made significant strides, breaking ground on a 100 MW high-performance compute facility in Ellendale, North Dakota.
The financial report also highlighted the company's cash flow, which experienced a net decrease in cash, cash equivalents, and restricted cash during the fiscal year ended May 31, 2024, of $14.3 million. This was driven by various factors including property, equipment, and asset purchases, finance lease prepayments, and debt repayments, partially offset by borrowings, common stock issuances, and net cash from operating activities.
Applied Digital Corporation will be hosting a conference call to discuss these results and provide a question-and-answer session for investors and analysts.
Applied Digital Corporation, a designer, builder, and operator of next-generation digital infrastructure, aims to provide digital infrastructure solutions and cloud services to the rapidly growing industries of high-performance computing and artificial intelligence.
The market has reacted to these announcements by moving the company's shares -6.8% to a price of $4.41. Check out the company's full 8-K submission here.
