Applied Digital Corporation Reports Strong Q1 2025 Earnings Growth

the Securities and Exchange Commission, including our most recent Form 10-K. We undertake no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this conference call.

With that, I will now turn the call over to Wes Cummins, Chairman and CEO of Applied Digital. Wes, please go ahead.

Wes Cummins

Thank you, Matt, and thank you to everyone joining us today. We are pleased to report strong results for our fiscal first quarter of 2025, demonstrating our continued growth and resilience in the market. Our strategy to expand our digital infrastructure capabilities has been a key driver of our success, and we remain committed to delivering value to our shareholders.

During this quarter, we have seen significant advancements in our operational efficiencies and customer engagement, which have contributed to our solid financial performance. Our revenue growth has been robust, supported by increased demand for our services across various sectors.

Looking ahead, we are focused on further enhancing our technological capabilities and expanding our market reach. We believe that our ongoing investments in innovation and strategic partnerships will position us well for sustained growth.

David Rench

Thank you, Wes. I will now provide a detailed overview of our financial performance for the first quarter. Our total revenue for the quarter ended August 31, 2024, was $XX million, representing a XX% increase compared to the same period last year. This growth was primarily driven by our expanding customer base and increased adoption of our digital solutions.

Our gross margin improved to XX%, reflecting our efforts to optimize operational efficiencies. Net income for the quarter was $XX million, or $XX per diluted share, compared to $XX million, or $XX per diluted share, in the prior year.

We continue to maintain a strong balance sheet with cash and cash equivalents of $XX million, providing us with the flexibility to pursue growth opportunities. Our focus remains on delivering sustainable financial performance and creating long-term value for our shareholders.

In conclusion, we are optimistic about our future prospects and are committed to executing our strategic initiatives to drive continued success.

Operator

Thank you, David. We will now open the call for questions. [Operator Instructions] Our first question comes from Lucas Pipes with B. Riley. Please go ahead.

[Q&A session follows]