Applied Digital Corp Reports Net Loss of $11.9 million in Q3 2023

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.

Financial Performance

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.