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Side-by-side financial comparison of Applied Digital Corp. (APLD) and BYLINE BANCORP, INC. (BY). Click either name above to swap in a different company.
Applied Digital Corp. is the larger business by last-quarter revenue ($126.6M vs $112.4M, roughly 1.1× BYLINE BANCORP, INC.). BYLINE BANCORP, INC. runs the higher net margin — 33.4% vs -11.4%, a 44.8% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs 9.0%). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs 6.4%).
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.
Byline Bank is a bank headquartered in Chicago, Illinois, United States. It is the primary subsidiary of Byline Bancorp, Inc., a bank holding company, and the 4th largest SBA 7(a) lender.
APLD vs BY — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $112.4M |
| Net Profit | $-14.4M | $37.6M |
| Gross Margin | 20.6% | — |
| Operating Margin | -24.5% | — |
| Net Margin | -11.4% | 33.4% |
| Revenue YoY | 98.2% | 9.0% |
| Net Profit YoY | 89.6% | 33.0% |
| EPS (diluted) | $-0.07 | $0.83 |
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.
| Q1 26 | — | $112.4M | ||
| Q4 25 | $126.6M | $117.0M | ||
| Q3 25 | $64.2M | $115.7M | ||
| Q2 25 | $-33.3M | $110.5M | ||
| Q1 25 | $52.9M | $103.1M | ||
| Q4 24 | $63.9M | $104.7M | ||
| Q3 24 | $60.7M | $101.8M | ||
| Q2 24 | $43.7M | $99.4M |
| Q1 26 | — | $37.6M | ||
| Q4 25 | $-14.4M | $34.5M | ||
| Q3 25 | $-16.9M | $37.2M | ||
| Q2 25 | $-52.5M | $30.1M | ||
| Q1 25 | $-35.6M | $28.2M | ||
| Q4 24 | $-138.7M | $30.3M | ||
| Q3 24 | $-4.2M | $30.3M | ||
| Q2 24 | $-64.5M | $29.7M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | -24.5% | 40.1% | ||
| Q3 25 | -34.7% | 43.1% | ||
| Q2 25 | — | 35.2% | ||
| Q1 25 | -35.8% | 36.4% | ||
| Q4 24 | -29.1% | 38.6% | ||
| Q3 24 | 15.6% | 39.3% | ||
| Q2 24 | -68.4% | 40.4% |
| Q1 26 | — | 33.4% | ||
| Q4 25 | -11.4% | 34.1% | ||
| Q3 25 | -26.4% | 32.1% | ||
| Q2 25 | 157.8% | 27.2% | ||
| Q1 25 | -67.2% | 27.4% | ||
| Q4 24 | -217.2% | 34.3% | ||
| Q3 24 | -7.0% | 29.8% | ||
| Q2 24 | -147.5% | 29.9% |
| Q1 26 | — | $0.83 | ||
| Q4 25 | $-0.07 | $0.77 | ||
| Q3 25 | $-0.07 | $0.82 | ||
| Q2 25 | $-0.31 | $0.66 | ||
| Q1 25 | $-0.16 | $0.64 | ||
| Q4 24 | $-0.66 | $0.68 | ||
| Q3 24 | $-0.03 | $0.69 | ||
| Q2 24 | $-0.57 | $0.68 |
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 | $198.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.4B | $1.3B |
| Total Assets | $5.2B | $9.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $198.4M | ||
| Q4 25 | $1.9B | $149.1M | ||
| Q3 25 | $73.9M | $259.0M | ||
| Q2 25 | $41.6M | $218.3M | ||
| Q1 25 | $68.7M | $421.3M | ||
| Q4 24 | $286.2M | $563.1M | ||
| Q3 24 | $58.2M | $452.6M | ||
| Q2 24 | $3.3M | $730.5M |
| Q1 26 | — | $1.3B | ||
| Q4 25 | $1.4B | $1.3B | ||
| Q3 25 | $1.0B | $1.2B | ||
| Q2 25 | $497.7M | $1.2B | ||
| Q1 25 | $454.6M | $1.1B | ||
| Q4 24 | $434.6M | $1.1B | ||
| Q3 24 | $241.8M | $1.1B | ||
| Q2 24 | $124.8M | $1.0B |
| Q1 26 | — | $9.9B | ||
| Q4 25 | $5.2B | $9.7B | ||
| Q3 25 | $2.4B | $9.8B | ||
| Q2 25 | $1.9B | $9.7B | ||
| Q1 25 | $1.7B | $9.6B | ||
| Q4 24 | $1.5B | $9.5B | ||
| Q3 24 | $937.7M | $9.4B | ||
| Q2 24 | $762.9M | $9.6B |
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 | — |
| Free Cash FlowOCF − Capex | $-567.9M | — |
| FCF MarginFCF / Revenue | -448.6% | — |
| Capex IntensityCapex / Revenue | 436.1% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $-15.8M | $140.3M | ||
| Q3 25 | $-82.0M | $38.3M | ||
| Q2 25 | $6.9M | $16.3M | ||
| Q1 25 | $5.9M | $27.1M | ||
| Q4 24 | $-52.3M | $175.2M | ||
| Q3 24 | $-75.9M | $19.8M | ||
| Q2 24 | $-34.1M | $40.1M |
| Q1 26 | — | — | ||
| Q4 25 | $-567.9M | $136.3M | ||
| Q3 25 | $-331.4M | $38.0M | ||
| Q2 25 | $-191.4M | $15.2M | ||
| Q1 25 | $-251.6M | $25.0M | ||
| Q4 24 | $-223.3M | $171.2M | ||
| Q3 24 | $-130.7M | $19.1M | ||
| Q2 24 | $-88.9M | $39.4M |
| Q1 26 | — | — | ||
| Q4 25 | -448.6% | 116.5% | ||
| Q3 25 | -516.1% | 32.8% | ||
| Q2 25 | 574.8% | 13.7% | ||
| Q1 25 | -475.4% | 24.3% | ||
| Q4 24 | -349.6% | 163.5% | ||
| Q3 24 | -215.3% | 18.8% | ||
| Q2 24 | -203.5% | 39.7% |
| Q1 26 | — | — | ||
| Q4 25 | 436.1% | 3.4% | ||
| Q3 25 | 388.4% | 0.3% | ||
| Q2 25 | -595.4% | 1.0% | ||
| Q1 25 | 486.6% | 2.0% | ||
| Q4 24 | 267.8% | 3.8% | ||
| Q3 24 | 90.3% | 0.6% | ||
| Q2 24 | 125.4% | 0.7% |
| Q1 26 | — | — | ||
| Q4 25 | — | 4.06× | ||
| Q3 25 | — | 1.03× | ||
| Q2 25 | — | 0.54× | ||
| Q1 25 | — | 0.96× | ||
| Q4 24 | — | 5.78× | ||
| Q3 24 | — | 0.65× | ||
| Q2 24 | — | 1.35× |
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% |
BY
Segment breakdown not available.
