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Side-by-side financial comparison of Applied Digital Corp. (APLD) and BrightSpire Capital, Inc. (BRSP). Click either name above to swap in a different company.
Applied Digital Corp. is the larger business by last-quarter revenue ($126.6M vs $83.2M, roughly 1.5× BrightSpire Capital, Inc.). Applied Digital Corp. runs the higher net margin — -11.4% vs -17.3%, a 5.8% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs -0.4%). BrightSpire Capital, Inc. produced more free cash flow last quarter ($55.1M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs -6.8%).
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.
Oakley Capital Investments, is a large British investment trust focused on investments in mid-market companies in the business services, consumer, education and technology sectors. The company is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
APLD vs BRSP — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $83.2M |
| Net Profit | $-14.4M | $-14.4M |
| Gross Margin | 20.6% | — |
| Operating Margin | -24.5% | — |
| Net Margin | -11.4% | -17.3% |
| Revenue YoY | 98.2% | -0.4% |
| Net Profit YoY | 89.6% | 27.3% |
| EPS (diluted) | $-0.07 | $-0.11 |
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 | $83.2M | ||
| Q3 25 | $64.2M | $83.9M | ||
| Q2 25 | $-33.3M | $85.9M | ||
| Q1 25 | $52.9M | $77.6M | ||
| Q4 24 | $63.9M | $83.5M | ||
| Q3 24 | $60.7M | $88.2M | ||
| Q2 24 | $43.7M | $91.4M | ||
| Q1 24 | $43.3M | $95.8M |
| Q4 25 | $-14.4M | $-14.4M | ||
| Q3 25 | $-16.9M | $984.0K | ||
| Q2 25 | $-52.5M | $-23.1M | ||
| Q1 25 | $-35.6M | $5.3M | ||
| Q4 24 | $-138.7M | $-19.7M | ||
| Q3 24 | $-4.2M | $12.7M | ||
| Q2 24 | $-64.5M | $-67.9M | ||
| Q1 24 | $-62.8M | $-57.1M |
| Q4 25 | 20.6% | — | ||
| Q3 25 | 13.4% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 7.1% | — | ||
| Q4 24 | 18.0% | — | ||
| Q3 24 | -0.6% | — | ||
| Q2 24 | -9.1% | — | ||
| Q1 24 | -8.6% | — |
| Q4 25 | -24.5% | — | ||
| Q3 25 | -34.7% | -1.7% | ||
| Q2 25 | — | -54.5% | ||
| Q1 25 | -35.8% | 5.1% | ||
| Q4 24 | -29.1% | -24.9% | ||
| Q3 24 | 15.6% | 13.2% | ||
| Q2 24 | -68.4% | -74.9% | ||
| Q1 24 | -128.8% | -59.4% |
| Q4 25 | -11.4% | -17.3% | ||
| Q3 25 | -26.4% | 1.2% | ||
| Q2 25 | 157.8% | -26.9% | ||
| Q1 25 | -67.2% | 6.9% | ||
| Q4 24 | -217.2% | -23.7% | ||
| Q3 24 | -7.0% | 14.4% | ||
| Q2 24 | -147.5% | -74.2% | ||
| Q1 24 | -145.0% | -59.6% |
| Q4 25 | $-0.07 | $-0.11 | ||
| Q3 25 | $-0.07 | $0.00 | ||
| Q2 25 | $-0.31 | $-0.19 | ||
| Q1 25 | $-0.16 | $0.04 | ||
| Q4 24 | $-0.66 | $-0.16 | ||
| Q3 24 | $-0.03 | $0.09 | ||
| Q2 24 | $-0.57 | $-0.53 | ||
| Q1 24 | $-0.52 | $-0.45 |
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 | $66.8M |
| Total DebtLower is stronger | — | $2.5B |
| Stockholders' EquityBook value | $1.4B | $938.4M |
| Total Assets | $5.2B | $3.6B |
| Debt / EquityLower = less leverage | — | 2.63× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $66.8M | ||
| Q3 25 | $73.9M | $113.4M | ||
| Q2 25 | $41.6M | $154.3M | ||
| Q1 25 | $68.7M | $200.9M | ||
| Q4 24 | $286.2M | $302.2M | ||
| Q3 24 | $58.2M | $263.8M | ||
| Q2 24 | $3.3M | $203.3M | ||
| Q1 24 | $4.4M | $221.5M |
| Q4 25 | — | $2.5B | ||
| Q3 25 | — | $2.2B | ||
| Q2 25 | — | $2.3B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | — | $2.5B | ||
| Q3 24 | — | $2.6B | ||
| Q2 24 | — | $2.5B | ||
| Q1 24 | — | $2.6B |
| Q4 25 | $1.4B | $938.4M | ||
| Q3 25 | $1.0B | $976.4M | ||
| Q2 25 | $497.7M | $994.4M | ||
| Q1 25 | $454.6M | $1.0B | ||
| Q4 24 | $434.6M | $1.0B | ||
| Q3 24 | $241.8M | $1.1B | ||
| Q2 24 | $124.8M | $1.1B | ||
| Q1 24 | $118.5M | $1.2B |
| Q4 25 | $5.2B | $3.6B | ||
| Q3 25 | $2.4B | $3.3B | ||
| Q2 25 | $1.9B | $3.4B | ||
| Q1 25 | $1.7B | $3.6B | ||
| Q4 24 | $1.5B | $3.7B | ||
| Q3 24 | $937.7M | $3.8B | ||
| Q2 24 | $762.9M | $3.8B | ||
| Q1 24 | $643.2M | $3.9B |
| Q4 25 | — | 2.63× | ||
| Q3 25 | — | 2.22× | ||
| Q2 25 | — | 2.27× | ||
| Q1 25 | — | 2.27× | ||
| Q4 24 | — | 2.38× | ||
| Q3 24 | — | 2.36× | ||
| Q2 24 | — | 2.28× | ||
| Q1 24 | — | 2.17× |
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 | $73.0M |
| Free Cash FlowOCF − Capex | $-567.9M | $55.1M |
| FCF MarginFCF / Revenue | -448.6% | 66.2% |
| Capex IntensityCapex / Revenue | 436.1% | 21.6% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $102.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $73.0M | ||
| Q3 25 | $-82.0M | $29.9M | ||
| Q2 25 | $6.9M | $17.4M | ||
| Q1 25 | $5.9M | $10.5M | ||
| Q4 24 | $-52.3M | $103.4M | ||
| Q3 24 | $-75.9M | $31.3M | ||
| Q2 24 | $-34.1M | $22.9M | ||
| Q1 24 | $38.8M | $24.6M |
| Q4 25 | $-567.9M | $55.1M | ||
| Q3 25 | $-331.4M | $27.4M | ||
| Q2 25 | $-191.4M | $11.6M | ||
| Q1 25 | $-251.6M | $8.0M | ||
| Q4 24 | $-223.3M | $97.3M | ||
| Q3 24 | $-130.7M | $28.3M | ||
| Q2 24 | $-88.9M | $22.7M | ||
| Q1 24 | $-2.3M | $22.2M |
| Q4 25 | -448.6% | 66.2% | ||
| Q3 25 | -516.1% | 32.7% | ||
| Q2 25 | 574.8% | 13.4% | ||
| Q1 25 | -475.4% | 10.3% | ||
| Q4 24 | -349.6% | 116.6% | ||
| Q3 24 | -215.3% | 32.1% | ||
| Q2 24 | -203.5% | 24.9% | ||
| Q1 24 | -5.4% | 23.2% |
| Q4 25 | 436.1% | 21.6% | ||
| Q3 25 | 388.4% | 2.9% | ||
| Q2 25 | -595.4% | 6.8% | ||
| Q1 25 | 486.6% | 3.2% | ||
| Q4 24 | 267.8% | 7.3% | ||
| Q3 24 | 90.3% | 3.4% | ||
| Q2 24 | 125.4% | 0.1% | ||
| Q1 24 | 95.0% | 2.5% |
| Q4 25 | — | — | ||
| Q3 25 | — | 30.36× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 1.97× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 2.46× | ||
| Q2 24 | — | — | ||
| Q1 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% |
BRSP
Segment breakdown not available.
