Applied Digital gains as first-quarter revenue quadruples
APLD•Applied Digital’s first-quarter revenue more than quadrupled to $341.9 million, above analysts’ $133.8 million estimate, while its net loss widened to $221 million. Shares rose 3.57% premarket.
1. Revenue and net loss
Applied Digital reported first-quarter revenue of $341.9 million, more than four times the year-earlier figure and above analysts’ estimate of $133.8 million. Its net loss attributable to common stockholders widened to $221 million, or 76 cents per share, from $18.5 million, or 7 cents per share, a year earlier.
2. Analyst outlook
Northland Capital said revenue and cash flow should rise sharply over the next few years as contracted data center capacity becomes operational and starts generating revenue. The average rating of 17 analysts covering the stock was “buy,” and their median price target was $70.
