Applied Digital Corporation reported strong Q1 FY2025 results with total revenue increasing 67% to $60.7 million, driven by significant growth in cloud services which contributed $25.9 million. The company posted operating income of $9.5 million, including a $24.8 million gain from the Garden City facility sale, compared to a $7.4 million loss in the prior year period.The company's strategic expansion continued with major developments across all segments. The Data Center Hosting segment received the final $25 million escrow release from the Garden City facility sale, while the Cloud Services segment ramped up operations significantly. Construction progressed on the 100MW HPC facility in Ellendale, with ongoing negotiations for a potential 400MW capacity lease with a US-based hyperscaler.Applied Digital strengthened its financial position through multiple capital raises, including a $125 million CIM promissory note, $50 million Series F convertible preferred stock offering, and subsequent $160 million private placement. The company ended the quarter with $58.2 million in cash, though maintaining a working capital deficit of $302.6 million as it continues aggressive infrastructure expansion.

Applied Digital Corporation reported strong Q1 FY2025 results with total revenue increasing 67% to $60.7 million, driven by significant growth in cloud services which contributed $25.9 million. The company posted operating income of $9.5 million, including a $24.8 million gain from the Garden City facility sale, compared to a $7.4 million loss in the prior year period.The company's strategic expansion continued with major developments across all segments. The Data Center Hosting segment received the final $25 million escrow release from the Garden City facility sale, while the Cloud Services segment ramped up operations significantly. Construction progressed on the 100MW HPC facility in Ellendale, with ongoing negotiations for a potential 400MW capacity lease with a US-based hyperscaler.Applied Digital strengthened its financial position through multiple capital raises, including a $125 million CIM promissory note, $50 million Series F convertible preferred stock offering, and subsequent $160 million private placement. The company ended the quarter with $58.2 million in cash, though maintaining a working capital deficit of $302.6 million as it continues aggressive infrastructure expansion.