Applied Digital Corporation revised earnings guidance for the fiscal year 2024. For the year, due to the delayed delivery of certain networking components for GPU clusters, the company now expect its revenue to be below the low end of its previously guided range. While the delay in network components did have a significant impact on the timing of commissioning clusters and on its revenue, deliveries of these key components improved significantly in recent weeks.

The company now expect to exit fiscal year 2024 at an annual revenue run rate of approximately $500 million.