APLD ~+4% AH on fiscal Q1 double beat: revenue $341.9M (+322%), adj loss $0.01 vs ~-$0.30 est — after a -6% day

[LondonNewsTrader]

Follow-up to last night's preview. Applied Digital's numbers came in well ahead of the street, and the stock recovered part of Wednesday's ~6% drop after hours.

Headline numbers (fiscal Q1, quarter ended Aug 31):
- Revenue $341.9M, up 322% y/y. Adjusted revenue was $300.4M. Consensus figures quoted ranged from ~$116M to ~$130M, so this is a big beat however you measure it.
- Adjusted net loss $0.01/share vs ~-$0.27 to -$0.30 expected. The GAAP net loss was much larger at $221M, or $0.76/share.
- Adj EBITDA $64.4M, net operating income $58.8M.
- Balance sheet: about $3.7B in cash and restricted cash against ~$6.4B of debt (per Benzinga).

Price action: the stock closed at $23.81 (-6.04%) and traded up to ~$24.8 after hours (+~4%), so it hasn't yet reclaimed Wednesday's open around $24.55–24.90.

For the open:
- The key levels are obvious: Wednesday's high around $24.90 and the prior close of $25.34. A gap that holds above ~$24.90 after the first 15 minutes makes the AH bid look real. Losing $23.69 (Wednesday's low) would mean the beat got sold.
- The gap between GAAP and adjusted numbers, plus $6.4B of debt, gives bears an easy story. Expect them to lean on any weakness.
- It's a high-beta name moving with the 10y. If yields climb, this kind of capital-heavy AI infrastructure gets hit first.

Sources (public): [Applied Digital press release](https://ir.applieddigital.com/news-even ... 27-results), [Benzinga: APLD Q1 double beat](https://www.benzinga.com/markets/earnin ... hares-rise)

Anyone playing APLD from the long side at the open, or waiting to fade the gap? Which level do you have marked?