From “RTT News”:

Applied Digital Corporation (APLD) reported a net loss of $10.5 million for the second quarter, an improvement from the $26.8 million loss in the prior year. Adjusted net loss was $5.2 million, or $0.05 per share, compared to an adjusted net loss of $3.8 million, or $0.04 per share, in the previous year. Analysts had expected the company to report a profit per share of $0.01.

In the second quarter, total revenues reached $42.2 million, marking a 242% increase from the previous year. The company attributed the growth to a full quarter of revenue from the Ellendale facility and the Garden City facility beginning revenue generation during the quarter. Analysts had estimated $57.31 million in revenue.

Due to the delayed delivery of certain networking components, Applied Digital now expects revenue and EBITDA to be below the low end of its previously guided range for fiscal 2024.

Additionally, the company signed a conditional agreement to provide datacenter capacity at its Ellendale, North Dakota campus, with a total contract value of approximately $2.2 billion over a 10-year term. However, shares of Applied Digital Corporation are down by 17% in pre-market trade on Tuesday.

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Read more: Applied Digital Posts Wider Adj. Loss In Q2; Sees FY24 Revenue Below Low End Of Prior Guidance