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Applied Digital Corp Reports Net Loss of $11.9 million in Q3 2023
Quarterly Revenue of $36.3 million
Applied Digital Corp. [APLD] a leading technology company, announced its financial results for the third quarter of 2023. The company reported a net loss of $11.9 million for the quarter, compared to a net loss of $4.7 million in the same period last year. The quarterly revenue for Q3 2023 was $36.3 million, showing significant growth compared to $6.9 million in Q3 2022.
Despite the increase in revenue, Applied Digital Corp faced challenges in controlling its costs and expenses. The cost of revenues for the quarter amounted to $24.4 million, while selling, general, and administrative expenses reached $17.1 million. The total costs and expenses for the quarter stood at $41.5 million, resulting in an operating loss of $5.1 million.