PHOENIX, Ariz. – (Newsfile Corp. – September 21, 2022) – The Stock Day Podcast welcomed Applied Blockchain, Inc. (NASDAQ: APLD) (“the Company”), a company that designs, builds and operates next-generation data centers across North America to provide cost-effective digital infrastructure solutions to the fast-growing High Performance Computing (HPC) industry. The company’s Chairman CEO, Wes Cummins, was joined by Stock Day host Everett Jolly.
Jolly started the interview with a question about the company’s background and current projects. “Our company was founded about two years ago with the goal of becoming one of the largest Ethereum miners in the world,” Cummins said. “Our partners came to us and asked us if we could build capacity for hosting facilities in the United States,” he explained. “Bitmain, one of the largest semiconductor manufacturers in the world, ended up being the lead investor for us to build this website, which really made us a significant player.”
“We delivered on what we promised and we brought this data center online in January,” Cummins continued. “We ended up getting a joint venture with Bitmain to do that 15 more times,” he shared. “This partnership and joint venture really legitimized us, and we went public on Nasdaq in April and raised $36 million.”
“We are building two more sites that will bring our capacity to nearly five times what we are today,” Cummins said. “These sites should be online by the end of this year by mid-spring,” he said. “Once we get all of this online, we expect our company to generate around $100 million in EBITDA.”
“The difference between us and other publicly traded miners is that we do not mine Bitcoin ourselves. We’re building the facility and providing co-location hosting,” Cummins said. “We offer a first-class service and have long-term, fixed contracts with our customers, which keeps us away from the daily volatility of Bitcoin.”
“Can you explain the initiative behind the company’s upcoming name change?” Jolly asked. Cummins said the company recently announced its intention to change its name from Applied Blockchain, Inc. to ‘Applied Digital Corporation’. “We’re adding neighboring markets to crypto mining,” he explained. “Our assets not only work for crypto, but also for other high-performance computing applications.”
“Can you tell us about the deal with Marathon Digital Holdings?” Jolly asked. “Their business model is to use third-party hosting companies,” Cummins said. “We negotiated a deal that is very beneficial to both of us; it’s a five-year contract, 200 megawatts, which we actually just added another 70 megawatts to,” he explained. “They’re going to be our biggest customer and they’re the number one company in the United States when it comes to miners.”
“What are Applied Blockchain, Inc.’s sustainability initiatives as energy costs continue to rise?” asked Jolly. “We have carefully considered the power sources for the contracts and counterparties that we sign,” Cummins said. “We are focused on power generation opportunities, which are primarily wind farms,” he added, noting that the company is also looking at solar power sources. “We co-locate as much as possible with renewable energy.”
Concluding the interview, Cummins encouraged listeners and shareholders to keep up to date on the company’s current and upcoming projects as it continues to expand in the growing bitcoin mining sector while expanding the use of its assets in the high-performance computing industry.
To hear the entire interview with Wes Cummins, follow the podcast link here: https://audioboom.com/posts/8161253-applied-blockchain-inc-chairman-and-ceo-wes-cummins-is-featured- on-der-Börsentag-Podcast
Investors Hangout is a proud Stock Day sponsor, and Stock Day Media encourages listeners to visit the company’s message board at https://investorshangout.com/.
About applied blockchain
Applied Blockchain, Inc. (NASDAQ: APLD) designs, develops and operates next-generation data centers across North America to provide cost-effective digital infrastructure solutions to the rapidly growing High Performance Computing (HPC) industry. The company has partnered with the biggest names in the industry to develop, deploy and scale its business. Visit www.appliedblockchaininc.com for more information. Follow us on Twitter @APLDdigital.
Investor Relations Contacts
Matt Glover or Jeff Grampp, CFA
Gateway Group, Inc.
Gateway Group, Inc.
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