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Side-by-side financial comparison of Applied Digital Corp. (APLD) and DMC Global Inc. (BOOM). Click either name above to swap in a different company.
DMC Global Inc. is the larger business by last-quarter revenue ($143.5M vs $126.6M, roughly 1.1× Applied Digital Corp.). DMC Global Inc. runs the higher net margin — -7.8% vs -11.4%, a 3.6% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs -5.8%). DMC Global Inc. produced more free cash flow last quarter ($9.6M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs -7.3%).
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.
DMC Mining Services is a mining services contractor founded in 1980 operating in Canada, the United States, Chile, and Mongolia
APLD vs BOOM — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $143.5M |
| Net Profit | $-14.4M | $-11.2M |
| Gross Margin | 20.6% | 17.1% |
| Operating Margin | -24.5% | -7.8% |
| Net Margin | -11.4% | -7.8% |
| Revenue YoY | 98.2% | -5.8% |
| Net Profit YoY | 89.6% | -3871.6% |
| EPS (diluted) | $-0.07 | $-0.60 |
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 | $143.5M | ||
| Q3 25 | $64.2M | $151.5M | ||
| Q2 25 | $-33.3M | $155.5M | ||
| Q1 25 | $52.9M | $159.3M | ||
| Q4 24 | $63.9M | $152.4M | ||
| Q3 24 | $60.7M | $152.4M | ||
| Q2 24 | $43.7M | $171.2M | ||
| Q1 24 | $43.3M | $166.9M |
| Q4 25 | $-14.4M | $-11.2M | ||
| Q3 25 | $-16.9M | $-3.1M | ||
| Q2 25 | $-52.5M | $116.0K | ||
| Q1 25 | $-35.6M | $677.0K | ||
| Q4 24 | $-138.7M | $296.0K | ||
| Q3 24 | $-4.2M | $-101.3M | ||
| Q2 24 | $-64.5M | $4.0M | ||
| Q1 24 | $-62.8M | $2.6M |
| Q4 25 | 20.6% | 17.1% | ||
| Q3 25 | 13.4% | 21.7% | ||
| Q2 25 | — | 23.6% | ||
| Q1 25 | 7.1% | 25.9% | ||
| Q4 24 | 18.0% | 20.8% | ||
| Q3 24 | -0.6% | 19.8% | ||
| Q2 24 | -9.1% | 27.1% | ||
| Q1 24 | -8.6% | 25.4% |
| Q4 25 | -24.5% | -7.8% | ||
| Q3 25 | -34.7% | 0.4% | ||
| Q2 25 | — | 2.5% | ||
| Q1 25 | -35.8% | 4.1% | ||
| Q4 24 | -29.1% | -0.5% | ||
| Q3 24 | 15.6% | -97.7% | ||
| Q2 24 | -68.4% | 6.8% | ||
| Q1 24 | -128.8% | 4.0% |
| Q4 25 | -11.4% | -7.8% | ||
| Q3 25 | -26.4% | -2.0% | ||
| Q2 25 | 157.8% | 0.1% | ||
| Q1 25 | -67.2% | 0.4% | ||
| Q4 24 | -217.2% | 0.2% | ||
| Q3 24 | -7.0% | -66.5% | ||
| Q2 24 | -147.5% | 2.3% | ||
| Q1 24 | -145.0% | 1.5% |
| Q4 25 | $-0.07 | $-0.60 | ||
| Q3 25 | $-0.07 | $-0.10 | ||
| Q2 25 | $-0.31 | $-0.24 | ||
| Q1 25 | $-0.16 | $0.04 | ||
| Q4 24 | $-0.66 | $-0.18 | ||
| Q3 24 | $-0.03 | $-8.27 | ||
| Q2 24 | $-0.57 | $0.24 | ||
| Q1 24 | $-0.52 | $0.01 |
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 | $31.9M |
| Total DebtLower is stronger | — | $50.6M |
| Stockholders' EquityBook value | $1.4B | $242.1M |
| Total Assets | $5.2B | $635.8M |
| Debt / EquityLower = less leverage | — | 0.21× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $31.9M | ||
| Q3 25 | $73.9M | $26.4M | ||
| Q2 25 | $41.6M | $12.4M | ||
| Q1 25 | $68.7M | $14.7M | ||
| Q4 24 | $286.2M | $14.3M | ||
| Q3 24 | $58.2M | $14.5M | ||
| Q2 24 | $3.3M | $14.6M | ||
| Q1 24 | $4.4M | $20.4M |
| Q4 25 | — | $50.6M | ||
| Q3 25 | — | $56.5M | ||
| Q2 25 | — | $58.7M | ||
| Q1 25 | — | $72.4M | ||
| Q4 24 | — | $70.8M | ||
| Q3 24 | — | $74.2M | ||
| Q2 24 | — | $84.1M | ||
| Q1 24 | — | $88.0M |
| Q4 25 | $1.4B | $242.1M | ||
| Q3 25 | $1.0B | $253.0M | ||
| Q2 25 | $497.7M | $253.9M | ||
| Q1 25 | $454.6M | $253.9M | ||
| Q4 24 | $434.6M | $251.0M | ||
| Q3 24 | $241.8M | $256.5M | ||
| Q2 24 | $124.8M | $416.0M | ||
| Q1 24 | $118.5M | $409.9M |
| Q4 25 | $5.2B | $635.8M | ||
| Q3 25 | $2.4B | $644.1M | ||
| Q2 25 | $1.9B | $645.0M | ||
| Q1 25 | $1.7B | $670.6M | ||
| Q4 24 | $1.5B | $671.3M | ||
| Q3 24 | $937.7M | $702.0M | ||
| Q2 24 | $762.9M | $869.5M | ||
| Q1 24 | $643.2M | $860.0M |
| Q4 25 | — | 0.21× | ||
| Q3 25 | — | 0.22× | ||
| Q2 25 | — | 0.23× | ||
| Q1 25 | — | 0.29× | ||
| Q4 24 | — | 0.28× | ||
| Q3 24 | — | 0.29× | ||
| Q2 24 | — | 0.20× | ||
| Q1 24 | — | 0.21× |
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 | $15.2M |
| Free Cash FlowOCF − Capex | $-567.9M | $9.6M |
| FCF MarginFCF / Revenue | -448.6% | 6.7% |
| Capex IntensityCapex / Revenue | 436.1% | 3.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $37.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $15.2M | ||
| Q3 25 | $-82.0M | $18.6M | ||
| Q2 25 | $6.9M | $15.2M | ||
| Q1 25 | $5.9M | $4.5M | ||
| Q4 24 | $-52.3M | $11.8M | ||
| Q3 24 | $-75.9M | $19.0M | ||
| Q2 24 | $-34.1M | $2.3M | ||
| Q1 24 | $38.8M | $13.4M |
| Q4 25 | $-567.9M | $9.6M | ||
| Q3 25 | $-331.4M | $14.4M | ||
| Q2 25 | $-191.4M | $12.3M | ||
| Q1 25 | $-251.6M | $709.0K | ||
| Q4 24 | $-223.3M | $6.1M | ||
| Q3 24 | $-130.7M | $12.9M | ||
| Q2 24 | $-88.9M | $-204.0K | ||
| Q1 24 | $-2.3M | $10.5M |
| Q4 25 | -448.6% | 6.7% | ||
| Q3 25 | -516.1% | 9.5% | ||
| Q2 25 | 574.8% | 7.9% | ||
| Q1 25 | -475.4% | 0.4% | ||
| Q4 24 | -349.6% | 4.0% | ||
| Q3 24 | -215.3% | 8.5% | ||
| Q2 24 | -203.5% | -0.1% | ||
| Q1 24 | -5.4% | 6.3% |
| Q4 25 | 436.1% | 3.9% | ||
| Q3 25 | 388.4% | 2.8% | ||
| Q2 25 | -595.4% | 1.9% | ||
| Q1 25 | 486.6% | 2.4% | ||
| Q4 24 | 267.8% | 3.7% | ||
| Q3 24 | 90.3% | 4.0% | ||
| Q2 24 | 125.4% | 1.5% | ||
| Q1 24 | 95.0% | 1.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 131.43× | ||
| Q1 25 | — | 6.63× | ||
| Q4 24 | — | 39.90× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.58× | ||
| Q1 24 | — | 5.24× |
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% |
BOOM
| Dyna Energetics Segment | $68.9M | 48% |
| Other | $57.0M | 40% |
| Nobel Clad Segment | $17.7M | 12% |
