The shares are trading higher after the company announced its financial results for the fourth quarter on Wednesday after the close of trading.
What happened : Applied Digital reported fourth-quarter revenue of $38.01 million, up 41% from a year ago. According to data from Benzinga Pro, total revenue missed the Wall Street consensus estimate of $40.84 million.
The company's revenue came primarily from its data center hosting business, which operates data centers to provide space for crypto mining customers. The company's 106-megawatt and 180-megawatt facilities in North Dakota were fully utilized during the quarter.

Applied Digital said demand for these services remains $BTC (-0,02 %) Bitcoin "robust"
The company reported a loss of 3 cents per share, beating the Wall Street consensus estimate of a loss of 15 cents per share.
The company's revenue for the full fiscal year totaled $144.2 million, up 6% from the previous year. The company reported an adjusted loss of 6 cents per share for the full financial year.
What's next:
The company said it has signed two 15-year leases with $CRWV (+7,77 %) CoreWeave Inc. to provide 250 megawatts of critical IT load from its data center campus in North Dakota.
Applied Digital said these leases are expected to generate approximately $7 billion in contracted revenue over the 15-year term of the leases.
Since the end of the quarter, CoreWeave has exercised its lease option for an additional 150 megawatts.
Together, the updated lease terms will generate approximately $11 billion over the 15-year lease term.
"These long-term leases mark a pivotal moment for Polaris Forge 1, one of North America's most ambitious data center projects," said Wes Cummins, CEO of Applied Digital.
The first 100-megawatt facility is scheduled to go live in the fourth quarter of 2025, with a second 150-megawatt facility scheduled to go live in mid-2026 and a third 150-megawatt facility in 2027.
"We believe Polaris Forge 1 will serve as a launch pad for the future of AI infrastructure."
Cummins said the company is working to build strong relationships with all major hyperscalers to position itself well for future projects.
"We are confident that our multi-gigawatt pipeline and proven design and construction expertise, combined with hyperscalers that appear to be more active than ever in securing land, power and data center capacity, will continue to drive our growth."
Applied Digital's stock is up 9.65% to $11 in after-hours trading, against a 52-week trading range of $3.01 to $15.42.
Source: benzinga.com