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Applied Blockchain Inc. Common Stock (APLD-0.68%) has submitted its 10-Q filing for the quarterly period ended November 30, 2024.
The filing reports total revenue of $63.9 million for the quarter, an increase from $42.2 million in the same quarter the previous year, driven by growth in the Cloud Services Business.
Cost of revenues increased to $52.4 million from $29.8 million in the prior year, attributed to increased depreciation and lease expenses.
The company reported an operating loss of $18.6 million, compared to a loss of $7.9 million in the previous year.
Interest expense rose to $7.5 million from $2.6 million, reflecting increased finance leases and debt obligations.
Applied Blockchain recorded a net loss of $138.7 million for the quarter, compared to a net loss of $10.5 million in the previous year.
Cash provided by financing activities was $618.6 million, driven by equity and debt offerings, including a $450 million convertible notes issuance.
The company had cash and cash equivalents of $286.2 million at the end of the period, with a working capital deficit of $96.0 million.
The filing details ongoing construction of a 100 MW HPC data center in Ellendale, North Dakota, with plans for further expansion.
Applied Blockchain is negotiating with multiple hyperscalers for leasing agreements for its HPC facilities.
The company acknowledges risks related to regulatory changes, energy costs, and reliance on key customers in its business operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Applied Blockchain Inc. Common Stock quarterly 10-Q report dated January 14, 2025. To report an error, please email earnings@qz.com.