Applied Digital Corporation reported significant revenue growth of 199% to $165.6 million for fiscal year 2024, driven by increased data center hosting capacity and the launch of its Cloud Services Business. However, the company recorded a net loss of $149.7 million compared to $45.6 million in FY2023, primarily due to higher operational costs and one-time charges.The company expanded its business segments, with Data Center Hosting generating 83% of total revenue and Cloud Services contributing 17%. During the period, Applied Digital completed the sale of its Garden City facility for $87.3 million, recognized significant growth in GPU deployment with 6,144 units installed, and broke ground on a new 100MW HPC data center in Ellendale, North Dakota. The company also secured a letter of intent with a US-based hyperscaler for...Show More

Applied Digital Corporation reported significant revenue growth of 199% to $165.6 million for fiscal year 2024, driven by increased data center hosting capacity and the launch of its Cloud Services Business. However, the company recorded a net loss of $149.7 million compared to $45.6 million in FY2023, primarily due to higher operational costs and one-time charges.The company expanded its business segments, with Data Center Hosting generating 83% of total revenue and Cloud Services contributing 17%. During the period, Applied Digital completed the sale of its Garden City facility for $87.3 million, recognized significant growth in GPU deployment with 6,144 units installed, and broke ground on a new 100MW HPC data center in Ellendale, North Dakota. The company also secured a letter of intent with a US-based hyperscaler for a 400MW capacity lease.To support its growth initiatives, the company raised substantial capital through multiple channels, including ATM offerings generating approximately $130.8 million, convertible debt arrangements, and various loan facilities. Post fiscal year-end, Applied Digital secured additional financing through a $250 million standby equity purchase agreement and received $25 million in escrowed funds from the Garden City facility sale.