Shares of datacenters operator Applied Digital Corp. (NASDAQ:APLD) are up in double digits today after it posted better-than-expected fourth-quarter numbers. Revenue surged ~194% year-over-year to $22 million. Net loss per share at $0.01, came in narrower than estimates by a wide margin of $0.06.
The company recently signed two AI customer agreements worth $640 million, launched an AI cloud service, and energized the Ellendale data center facility. APLD is seeing robust demand, with hosting revenue jumping nearly 3x during the quarter. Moreover, it continues to ramp up capacity, including 200MW in North Dakota and 100MW in a new state.
For the full-year 2024, APLD sees revenue hovering between $385 million and $405 million. Adjusted EBITDA is seen landing between $195 million and $205 million. Today, Craig-Hallum’s George Sutton has assigned the stock a Buy rating sans a price target.
Overall, the Street has a $14.60 consensus price target on Applied Digital alongside a Strong Buy consensus rating. APLD shares have now jumped nearly 383% over the past 52 weeks.
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