Applied Blockchain, Inc. Chairman and CEO, Wes Cummins, Is Featured on The Stock Day Podcast
September 21, 2022 at 09:00 AM EDT
Phoenix, Arizona--(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 datacenters across North America to provide low-cost digital infrastructure solutions to the rapidly growing high performance computing (HPC) industry. Chairman CEO of the Company, Wes Cummins, joined Stock Day host Everett Jolly.
Jolly began the interview by asking about the Company's background and current projects. "Our company launched about two years ago with the goal to be one of the largest Ethereum miners in the world," said Cummins. "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 that site, which really kicked us off as a meaningful player."
"We executed on what we said we were going to do, and we brought that datacenter online in January," continued Cummins. "We ended up getting a joint venture with Bitmain to do that fifteen more times," he shared. "That partnership and joint venture really legitimized us, and we uplisted to the Nasdaq in April and raised $36 million."
"We are building two more sites that will bring our capacity to almost 5x what we are today," said Cummins. "Those sites should come online from late this year to the middle of the Spring," he said. "Once we have all of that online, we expect for our company to be around $100 million of EBITDA generation."
"The difference between us and other publicly traded miners is that we do not mine Bitcoin ourselves. We build the facility and offer co-location hosting," shared Cummins. "We provide a white glove service, and we have long-term, fixed contracts with our customers that keeps us out of the day-to-day volatility of Bitcoin."
"Could you explain the initiative behind the Company's upcoming name change?", asked Jolly. Cummins shared that the Company recently announced their intention to change their name from 'Applied Blockchain, Inc.' to 'Applied Digital Corporation'. "We are adding adjacent markets to crypto mining," he explained. "Our assets not only work for crypto, but they also work for other high-performance computing applications."
"Could you tell us about the contract with Marathon Digital Holdings?", asked Jolly. "Their business model is to use third-party hosting companies," said Cummins. "We worked out a deal that is very beneficial for both of us; it is a five-year deal, 200 megawatts, which we actually just expanded by another 70 megawatts," he explained. "They will become our largest customer, and they are the premiere company in the United States as far as miners go."
"What are the sustainability initiatives of Applied Blockchain, Inc. as energy costs continue to rise?", asked Jolly. "We have meticulously vetted the power sources for the contracts and counter parties that we are signing," said Cummins. "We focus on stranded power opportunities, which have mostly been wind farms," he added, noting that the Company is also looking towards solar energy sources. "We are co-locating as much as we can with renewables."
To close the interview, Cummins encouraged listeners and shareholders to keep up-to-date on the Company's current and upcoming projects as they continue to expand within the growing Bitcoin mining sector, while also broadening the use of their assets across the high-performance computing industry.
To hear the entire interview with Wes Cummins, follow the link to the podcast here: https://audioboom.com/posts/8161253-applied-blockchain-inc-chairman-and-ceo-wes-cummins-is-featured-on-the-stock-day-podcast
About Applied Blockchain
Applied Blockchain, Inc. (NASDAQ: APLD) designs, develops, and operates next-generation datacenters across North America to provide low-cost digital infrastructure solutions to the rapidly growing high performance computing (HPC) industry. The company has partnered with the most recognized names in the industry to develop, deploy, and scale its business. Find more information at www.appliedblockchaininc.com. Follow us on Twitter @APLDdigital.
Investor Relations Contacts
Matt Glover or Jeff Grampp, CFA
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