Applied Blockchain, Inc. (NASDAQ:APLD) Q3 2023 Earnings Call Transcript

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Kevin Dede : Okay. Would you mind just touch sort of touching on the JV that you sort of set up on sort of picking up excess Rigs? And how’s that looking? What are you thinking about that now? What can you speak to?

Wes Cummins : Yes, so, we didn’t pull any significant amount of money in unfortunately, on that on that JV. We saw the opportunity there, which can get a lot of demand on the – it was basically, Kevin, that was set up like a fund structure or like an SPV to go out and do that. And the opportunity is kind of, I wouldn’t say it’s totally come and went, but the price of the, of the equipment has moved up materially that would been a great trade had we been successful in pulling money in but at the time that we were doing that, we had a starter, but we never got critical mass to push that forward. It just wasn’t a huge appetite on just kind of the investor front to put money into the space, which maybe was a signal that, it was a good opportunity. But we never really pulled anything material into that.

Kevin Dede : All right? Thanks so much, Wes. Good effort. Pretty significant insight.

Wes Cummins : Thanks, Kevin.

Operator: Thank you. Ladies and gentlemen, that concludes our question-and-answer session. I’ll turn the floor back to Mr. Cummins for any final comments.

Wes Cummins : Thanks operator. And just to clarify in the prepared remarks, and David repeated the adjusted earnings number twice, it’s two different numbers. The appropriate one is a loss of $1.4 million and a loss of $0.01 on the adjusted net income. Outside of that I just want to thank the shareholders that are on the call for their support and thank our employees again. It was an extraordinarily difficult winter in North Dakota, and it still going with more snow recently falling there, as well. So that everyone has done a great job getting the buildings up. Operating the buildings that I really appreciate everyone’s effort on that and we’ll talk to you next quarter. Thank you.

Operator: Thank you. This concludes today’s conference. You may disconnect your lines at this time. Thank you for your participation.

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