B.
Riley Securities reiterated its Buy rating and $66 price target for Applied Digital (NASDAQ: APLD) after the AI infrastructure developer reported fiscal fourth-quarter adjusted EBITDA of $42.4 million
The result exceeded B. Riley’s $24.6 million estimate and the $25.6 million consensus forecast. Applied Digital reported $258.7 million in revenue for the quarter ended May 31, including $152.4 million from tenant fit-out services.
Riley said those fit-out payments helped drive the EBITDA beat, while HPC base rent of $44.1 million matched its estimate. B