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00:02Applied Digital reported an adjusted loss of $0.01 per share for the first quarter,
00:06beating analyst estimates for a loss of $0.30 per share, according to Benzinga Pro.
00:10Revenue reached $300.39 million, also topping estimates of $132.16 million.
00:18Total revenue increased 322% from a year earlier.
00:21The digital infrastructure provider ended the quarter with about $3.7 billion in cash,
00:26cash equivalents, and restricted cash, along with $6.4 billion in total debt.
00:31CEO Wes Cummins said,
00:33Applied Digital aims to become a category leader in the design,
00:36construction, deployment, and operation of purpose-built AI factories.
00:40The company is focused on developing large-scale AI factory campuses
00:44and securing long-term contracts with investment-grade hyperscalers.
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