Applied Digital Corp (NASDAQ:APLD) reported its first-quarter financial results after Wednesday's closing bell. Here's a look at the details from the report.

The Details: Applied Digital reported quarterly losses of 15 cents per share which beat the analyst consensus estimate for losses of 29 cents. Quarterly revenue came in at $60.7 million, beating the consensus estimate of $54.85 million.

Applied Digital said the increase in revenues was primarily driven by the company recognizing revenue from its Cloud Services business segment due to the launch of the service at the end of the previous fiscal year.

The company highlighted the September closing of a $160 million private placement from a group of institutional and accredited investors including Nvidia Corp. Applied Digital said the strategic financing underscores its position as a pioneer in the accelerated compute space.

"After the close of the quarter, our balance sheet significantly improved due to strategic investments from a group of institutional and accredited investors, Nvidia and related companies. We sincerely appreciate the vote of confidence from our investors and look forward to deploying this capital into high-return projects in the digital infrastructure sector," said Wes Cummins, chairman and CEO of Applied Digital.

APLD Price Action: According to Benzinga Pro, Applied Digital shares are up 3.66% after-hours at $7.67 after dropping 5.73% in Wednesday's regular trading session.

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