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Side-by-side financial comparison of Applied Digital Corp. (APLD) and AVIAT NETWORKS, INC. (AVNW). Click either name above to swap in a different company.
Applied Digital Corp. is the larger business by last-quarter revenue ($126.6M vs $111.5M, roughly 1.1× AVIAT NETWORKS, INC.). AVIAT NETWORKS, INC. runs the higher net margin — 5.1% vs -11.4%, a 16.5% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs -5.7%). AVIAT NETWORKS, INC. produced more free cash flow last quarter ($22.5M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs 0.3%).
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.
Aviat Networks, Inc. is a global provider of microwave transport and backhaul solutions, providing public and private operators with communications infrastructure to serve telecommunications operators and enterprise customers.
APLD vs AVNW — Head-to-Head
Income Statement — Q2 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $111.5M |
| Net Profit | $-14.4M | $5.7M |
| Gross Margin | 20.6% | 32.4% |
| Operating Margin | -24.5% | 6.5% |
| Net Margin | -11.4% | 5.1% |
| Revenue YoY | 98.2% | -5.7% |
| Net Profit YoY | 89.6% | 27.2% |
| EPS (diluted) | $-0.07 | $0.44 |
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 | $111.5M | ||
| Q3 25 | $64.2M | $107.3M | ||
| Q2 25 | $-33.3M | $115.3M | ||
| Q1 25 | $52.9M | $112.6M | ||
| Q4 24 | $63.9M | $118.2M | ||
| Q3 24 | $60.7M | $88.4M | ||
| Q2 24 | $43.7M | $116.7M | ||
| Q1 24 | $43.3M | $110.8M |
| Q4 25 | $-14.4M | $5.7M | ||
| Q3 25 | $-16.9M | $162.0K | ||
| Q2 25 | $-52.5M | $5.2M | ||
| Q1 25 | $-35.6M | $3.5M | ||
| Q4 24 | $-138.7M | $4.5M | ||
| Q3 24 | $-4.2M | $-11.9M | ||
| Q2 24 | $-64.5M | $1.5M | ||
| Q1 24 | $-62.8M | $3.9M |
| Q4 25 | 20.6% | 32.4% | ||
| Q3 25 | 13.4% | 33.2% | ||
| Q2 25 | — | 34.2% | ||
| Q1 25 | 7.1% | 34.9% | ||
| Q4 24 | 18.0% | 34.6% | ||
| Q3 24 | -0.6% | 22.4% | ||
| Q2 24 | -9.1% | 35.3% | ||
| Q1 24 | -8.6% | 32.5% |
| Q4 25 | -24.5% | 6.5% | ||
| Q3 25 | -34.7% | 4.8% | ||
| Q2 25 | — | 7.7% | ||
| Q1 25 | -35.8% | 8.3% | ||
| Q4 24 | -29.1% | 6.7% | ||
| Q3 24 | 15.6% | -17.6% | ||
| Q2 24 | -68.4% | 4.7% | ||
| Q1 24 | -128.8% | 5.1% |
| Q4 25 | -11.4% | 5.1% | ||
| Q3 25 | -26.4% | 0.2% | ||
| Q2 25 | 157.8% | 4.5% | ||
| Q1 25 | -67.2% | 3.1% | ||
| Q4 24 | -217.2% | 3.8% | ||
| Q3 24 | -7.0% | -13.4% | ||
| Q2 24 | -147.5% | 1.3% | ||
| Q1 24 | -145.0% | 3.5% |
| Q4 25 | $-0.07 | $0.44 | ||
| Q3 25 | $-0.07 | $0.01 | ||
| Q2 25 | $-0.31 | $0.42 | ||
| Q1 25 | $-0.16 | $0.27 | ||
| Q4 24 | $-0.66 | $0.35 | ||
| Q3 24 | $-0.03 | $-0.94 | ||
| Q2 24 | $-0.57 | $0.11 | ||
| Q1 24 | $-0.52 | $0.30 |
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 | $86.5M |
| Total DebtLower is stronger | — | $105.4M |
| Stockholders' EquityBook value | $1.4B | $271.6M |
| Total Assets | $5.2B | $659.4M |
| Debt / EquityLower = less leverage | — | 0.39× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $86.5M | ||
| Q3 25 | $73.9M | $64.8M | ||
| Q2 25 | $41.6M | $59.7M | ||
| Q1 25 | $68.7M | $49.4M | ||
| Q4 24 | $286.2M | $52.6M | ||
| Q3 24 | $58.2M | $51.0M | ||
| Q2 24 | $3.3M | $64.6M | ||
| Q1 24 | $4.4M | $59.2M |
| Q4 25 | — | $105.4M | ||
| Q3 25 | — | $106.5M | ||
| Q2 25 | — | $87.6M | ||
| Q1 25 | — | $73.9M | ||
| Q4 24 | — | $74.9M | ||
| Q3 24 | — | $83.4M | ||
| Q2 24 | — | $48.4M | ||
| Q1 24 | — | $48.9M |
| Q4 25 | $1.4B | $271.6M | ||
| Q3 25 | $1.0B | $263.6M | ||
| Q2 25 | $497.7M | $263.2M | ||
| Q1 25 | $454.6M | $256.1M | ||
| Q4 24 | $434.6M | $249.6M | ||
| Q3 24 | $241.8M | $247.1M | ||
| Q2 24 | $124.8M | $255.9M | ||
| Q1 24 | $118.5M | $256.0M |
| Q4 25 | $5.2B | $659.4M | ||
| Q3 25 | $2.4B | $643.3M | ||
| Q2 25 | $1.9B | $633.3M | ||
| Q1 25 | $1.7B | $628.3M | ||
| Q4 24 | $1.5B | $594.1M | ||
| Q3 24 | $937.7M | $590.9M | ||
| Q2 24 | $762.9M | $535.2M | ||
| Q1 24 | $643.2M | $490.3M |
| Q4 25 | — | 0.39× | ||
| Q3 25 | — | 0.40× | ||
| Q2 25 | — | 0.33× | ||
| Q1 25 | — | 0.29× | ||
| Q4 24 | — | 0.30× | ||
| Q3 24 | — | 0.34× | ||
| Q2 24 | — | 0.19× | ||
| Q1 24 | — | 0.19× |
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 | $23.9M |
| Free Cash FlowOCF − Capex | $-567.9M | $22.5M |
| FCF MarginFCF / Revenue | -448.6% | 20.2% |
| Capex IntensityCapex / Revenue | 436.1% | 1.3% |
| Cash ConversionOCF / Net Profit | — | 4.18× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $16.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $23.9M | ||
| Q3 25 | $-82.0M | $-11.7M | ||
| Q2 25 | $6.9M | $10.5M | ||
| Q1 25 | $5.9M | $1.6M | ||
| Q4 24 | $-52.3M | $20.8M | ||
| Q3 24 | $-75.9M | $-27.2M | ||
| Q2 24 | $-34.1M | $8.3M | ||
| Q1 24 | $38.8M | $15.3M |
| Q4 25 | $-567.9M | $22.5M | ||
| Q3 25 | $-331.4M | $-13.5M | ||
| Q2 25 | $-191.4M | $8.2M | ||
| Q1 25 | $-251.6M | $-1.2M | ||
| Q4 24 | $-223.3M | $18.3M | ||
| Q3 24 | $-130.7M | $-32.6M | ||
| Q2 24 | $-88.9M | $7.5M | ||
| Q1 24 | $-2.3M | $14.8M |
| Q4 25 | -448.6% | 20.2% | ||
| Q3 25 | -516.1% | -12.6% | ||
| Q2 25 | 574.8% | 7.1% | ||
| Q1 25 | -475.4% | -1.0% | ||
| Q4 24 | -349.6% | 15.5% | ||
| Q3 24 | -215.3% | -36.8% | ||
| Q2 24 | -203.5% | 6.4% | ||
| Q1 24 | -5.4% | 13.4% |
| Q4 25 | 436.1% | 1.3% | ||
| Q3 25 | 388.4% | 1.6% | ||
| Q2 25 | -595.4% | 2.0% | ||
| Q1 25 | 486.6% | 2.5% | ||
| Q4 24 | 267.8% | 2.1% | ||
| Q3 24 | 90.3% | 6.1% | ||
| Q2 24 | 125.4% | 0.7% | ||
| Q1 24 | 95.0% | 0.4% |
| Q4 25 | — | 4.18× | ||
| Q3 25 | — | -72.48× | ||
| Q2 25 | — | 2.02× | ||
| Q1 25 | — | 0.46× | ||
| Q4 24 | — | 4.62× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 5.37× | ||
| Q1 24 | — | 3.96× |
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% |
AVNW
| Products | $81.2M | 73% |
| Services | $30.3M | 27% |
