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Side-by-side financial comparison of Applied Digital Corp. (APLD) and AerSale Corp (ASLE). Click either name above to swap in a different company.
Applied Digital Corp. is the larger business by last-quarter revenue ($126.6M vs $90.9M, roughly 1.4× AerSale Corp). AerSale Corp runs the higher net margin — 5.9% vs -11.4%, a 17.3% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs -4.0%). AerSale Corp produced more free cash flow last quarter ($9.8M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs 0.2%).
BAE Systems Digital Intelligence is an international defence and security technology firm owned by BAE Systems. They specialize in delivering digital solutions that enable rapid, data-driven decision-making. Their services, solutions and products span customers in Law Enforcement, National Security, Government Departments and Government Enterprises, Critical National Infrastructure, Telecommunications, the Military, and Space.
AerSale, Inc. is a Doral, Florida-based global supplier of aftermarket commercial jet aircraft, engines, used materials, and aeronautical engineering services to passenger and cargo airlines, government, multinational original equipment manufacturers, and independent MROs. AerSale is a member of the Aircraft Fleet Recycling Association.
APLD vs ASLE — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $90.9M |
| Net Profit | $-14.4M | $5.4M |
| Gross Margin | 20.6% | 34.1% |
| Operating Margin | -24.5% | 7.8% |
| Net Margin | -11.4% | 5.9% |
| Revenue YoY | 98.2% | -4.0% |
| Net Profit YoY | 89.6% | 99.7% |
| EPS (diluted) | $-0.07 | $0.10 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $126.6M | $90.9M | ||
| Q3 25 | $64.2M | $71.2M | ||
| Q2 25 | $-33.3M | $107.4M | ||
| Q1 25 | $52.9M | $65.8M | ||
| Q4 24 | $63.9M | $94.7M | ||
| Q3 24 | $60.7M | $82.7M | ||
| Q2 24 | $43.7M | $77.1M | ||
| Q1 24 | $43.3M | $90.5M |
| Q4 25 | $-14.4M | $5.4M | ||
| Q3 25 | $-16.9M | $-120.0K | ||
| Q2 25 | $-52.5M | $8.6M | ||
| Q1 25 | $-35.6M | $-5.3M | ||
| Q4 24 | $-138.7M | $2.7M | ||
| Q3 24 | $-4.2M | $509.0K | ||
| Q2 24 | $-64.5M | $-3.6M | ||
| Q1 24 | $-62.8M | $6.3M |
| Q4 25 | 20.6% | 34.1% | ||
| Q3 25 | 13.4% | 30.2% | ||
| Q2 25 | — | 32.9% | ||
| Q1 25 | 7.1% | 27.3% | ||
| Q4 24 | 18.0% | 31.4% | ||
| Q3 24 | -0.6% | 28.6% | ||
| Q2 24 | -9.1% | 28.2% | ||
| Q1 24 | -8.6% | 31.8% |
| Q4 25 | -24.5% | 7.8% | ||
| Q3 25 | -34.7% | 4.0% | ||
| Q2 25 | — | 11.7% | ||
| Q1 25 | -35.8% | -10.1% | ||
| Q4 24 | -29.1% | 5.2% | ||
| Q3 24 | 15.6% | 2.4% | ||
| Q2 24 | -68.4% | -2.4% | ||
| Q1 24 | -128.8% | 5.2% |
| Q4 25 | -11.4% | 5.9% | ||
| Q3 25 | -26.4% | -0.2% | ||
| Q2 25 | 157.8% | 8.0% | ||
| Q1 25 | -67.2% | -8.0% | ||
| Q4 24 | -217.2% | 2.9% | ||
| Q3 24 | -7.0% | 0.6% | ||
| Q2 24 | -147.5% | -4.7% | ||
| Q1 24 | -145.0% | 6.9% |
| Q4 25 | $-0.07 | $0.10 | ||
| Q3 25 | $-0.07 | $0.00 | ||
| Q2 25 | $-0.31 | $0.18 | ||
| Q1 25 | $-0.16 | $-0.10 | ||
| Q4 24 | $-0.66 | $0.05 | ||
| Q3 24 | $-0.03 | $0.01 | ||
| Q2 24 | $-0.57 | $-0.07 | ||
| Q1 24 | $-0.52 | $0.12 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.9B | $4.4M |
| Total DebtLower is stronger | — | $1.3M |
| Stockholders' EquityBook value | $1.4B | $424.4M |
| Total Assets | $5.2B | $640.5M |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $4.4M | ||
| Q3 25 | $73.9M | $5.3M | ||
| Q2 25 | $41.6M | $5.7M | ||
| Q1 25 | $68.7M | $4.7M | ||
| Q4 24 | $286.2M | $4.7M | ||
| Q3 24 | $58.2M | $9.8M | ||
| Q2 24 | $3.3M | $4.3M | ||
| Q1 24 | $4.4M | $2.6M |
| Q4 25 | — | $1.3M | ||
| Q3 25 | — | $1.5M | ||
| Q2 25 | — | $907.0K | ||
| Q1 25 | — | $1.1M | ||
| Q4 24 | — | $1.2M | ||
| Q3 24 | — | $376.0K | ||
| Q2 24 | — | $522.0K | ||
| Q1 24 | — | $3.5M |
| Q4 25 | $1.4B | $424.4M | ||
| Q3 25 | $1.0B | $417.1M | ||
| Q2 25 | $497.7M | $415.9M | ||
| Q1 25 | $454.6M | $406.5M | ||
| Q4 24 | $434.6M | $455.6M | ||
| Q3 24 | $241.8M | $451.5M | ||
| Q2 24 | $124.8M | $449.8M | ||
| Q1 24 | $118.5M | $452.0M |
| Q4 25 | $5.2B | $640.5M | ||
| Q3 25 | $2.4B | $646.3M | ||
| Q2 25 | $1.9B | $646.7M | ||
| Q1 25 | $1.7B | $646.1M | ||
| Q4 24 | $1.5B | $604.7M | ||
| Q3 24 | $937.7M | $601.5M | ||
| Q2 24 | $762.9M | $598.7M | ||
| Q1 24 | $643.2M | $571.7M |
| Q4 25 | — | 0.00× | ||
| Q3 25 | — | 0.00× | ||
| Q2 25 | — | 0.00× | ||
| Q1 25 | — | 0.00× | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.00× | ||
| Q1 24 | — | 0.01× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-15.8M | $11.4M |
| Free Cash FlowOCF − Capex | $-567.9M | $9.8M |
| FCF MarginFCF / Revenue | -448.6% | 10.8% |
| Capex IntensityCapex / Revenue | 436.1% | 1.7% |
| Cash ConversionOCF / Net Profit | — | 2.11× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $-29.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $11.4M | ||
| Q3 25 | $-82.0M | $-8.9M | ||
| Q2 25 | $6.9M | $19.8M | ||
| Q1 25 | $5.9M | $-45.2M | ||
| Q4 24 | $-52.3M | $37.5M | ||
| Q3 24 | $-75.9M | $10.4M | ||
| Q2 24 | $-34.1M | $-15.3M | ||
| Q1 24 | $38.8M | $-21.5M |
| Q4 25 | $-567.9M | $9.8M | ||
| Q3 25 | $-331.4M | $-9.8M | ||
| Q2 25 | $-191.4M | $18.6M | ||
| Q1 25 | $-251.6M | $-47.6M | ||
| Q4 24 | $-223.3M | $32.3M | ||
| Q3 24 | $-130.7M | $8.9M | ||
| Q2 24 | $-88.9M | $-18.9M | ||
| Q1 24 | $-2.3M | $-25.0M |
| Q4 25 | -448.6% | 10.8% | ||
| Q3 25 | -516.1% | -13.8% | ||
| Q2 25 | 574.8% | 17.3% | ||
| Q1 25 | -475.4% | -72.4% | ||
| Q4 24 | -349.6% | 34.0% | ||
| Q3 24 | -215.3% | 10.7% | ||
| Q2 24 | -203.5% | -24.6% | ||
| Q1 24 | -5.4% | -27.7% |
| Q4 25 | 436.1% | 1.7% | ||
| Q3 25 | 388.4% | 1.3% | ||
| Q2 25 | -595.4% | 1.1% | ||
| Q1 25 | 486.6% | 3.7% | ||
| Q4 24 | 267.8% | 5.6% | ||
| Q3 24 | 90.3% | 1.9% | ||
| Q2 24 | 125.4% | 4.7% | ||
| Q1 24 | 95.0% | 3.9% |
| Q4 25 | — | 2.11× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 2.31× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 13.89× | ||
| Q3 24 | — | 20.52× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -3.42× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APLD
| HPC Hosting Business | $85.0M | 67% |
| Data Center Hosting Business | $41.6M | 33% |
ASLE
| Products | $57.8M | 64% |
| Maintenance | $23.2M | 26% |
| Leasing Arrangements | $9.9M | 11% |
