Summary by Futu AI
Applied Digital reported Q1 FY2025 results, with revenue increasing 83% year-over-year to $58.8 million. Net loss narrowed to $4.2 million from $11.9 million in Q1 FY2024. The company recognized a $24.8 million gain from the sale of its Garden City facility. Adjusted EBITDA rose to $20.0 million from $9.9 million last year.Data center hosting segment profit surged 298% to $35.9 million, while cloud services segment loss widened to $15.8 million. The company expanded capacity across data center facilities and launched cloud services revenue. Cost of revenues increased 142% to $61.1 million due to business growth and additional services provided.Applied Digital strengthened its financial position, raising $160 million through a private placement and receiving the final $20 million from a $125 million promissory note. The company also entered agreements to potentially raise up to $250 million in equity financing. Management remains focused on expanding high-performance computing and AI infrastructure capabilities.