By Yasin Ebrahim
Investing.com -- Applied Blockchain reported Tuesday mixed fiscal first-quarter results as earnings fell short, but revenue beat Wall Street expectations.
Applied Blockchain Inc (NASDAQ:APLD) fell 2% in afterhours trading following the report.
The company reported a loss of $0.05 per share, a penny wider than the $0.04 loss analysts' had expected, while revenue of $6.9 million topped estimates of $6.6 million.
Looking ahead, the company said it continued to make progress on its three datacenter sites and remained focused on building to nearly 500MW of hosting capacity by early calendar 2023, which once operational "should translate to $100 million of annualized adjusted EBITDA."
"Construction of our next two datacenters at Garden City, Texas and Ellendale, North Dakota are progressing as expected, and while we have encountered some regulatory delays in Texas, our expectation to be at near 500MW of capacity by early," it added.
Commenting on the health of its balance sheet, Applied Blockchain said its current finances including near-term benefits from its customer prepayments and deposits, which amounted to nearly $20 million in the first fiscal quarter to be "sufficient to fund our near-term capital needs.”