Applied Blockchain expects higher FQ4 projected revenue

Applied Blockchain (NASDAQ:APLD) said it now expects FQ4, ended May 31, projected revenue to come in the range of $7.0M to $7.4M, up from the previously communicated range of $5.7M to $6.2M.Adjusted EBITDA was communicated to be between -$4.0M and -$4.6M. The company now expects the adjusted EBITDA to be a narrower loss than the original guidance, given the higher revenue."Since we reported our FQ3 2022 results in mid-May, our operations have continued at or better than expectations, driving our financial performance above the guidance we previously communicated," CEO Wes Cummins said.The data centers company also said a datacenter in Jamestown, North Dakota, is partially offline due to unexpected equipment failure at the substation powering the facility. The services are expected to be restored by early September.Also, a third co-hosting datacenter in North Dakota is expected to be operational soon. The datacenter is estimated to generate $100M of adjusted EBITDA on an annual basis.Groundbreaking is planned for the Q3 of the calendar year 2022.APLD shares were trading +35.85% post-market.Source: Press Release