Applied Digital Corp (NASDAQ:APLD) is trading lower by over 20% after the company reported worse-than-expected second-quarter FY24 financial results and guided a weak outlook.
The company reported revenue of $42.2 million, up 242% Y/Y, which missed the consensus of $57.3 million.
Revenues benefited from a full quarter of revenue from its Ellendale facility and the Garden City facility beginning the second quarter of 2024.
Adjusted EBITDA came in at $10.6 million in Q2 compared to an adjusted EBITDA loss of $(2.2) million in the prior year.
Adjusted EPS loss of five cents, missing the consensus of EPS of one cent.
As of Nov. ...