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Side-by-side financial comparison of Applied Digital Corp. (APLD) and Cipher Mining Inc. (CIFR). Click either name above to swap in a different company.
Applied Digital Corp. is the larger business by last-quarter revenue ($126.6M vs $59.7M, roughly 2.1× Cipher Mining Inc.). Applied Digital Corp. runs the higher net margin — -11.4% vs -1229.6%, a 1218.2% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs 41.4%). Applied Digital Corp. produced more free cash flow last quarter ($-567.9M vs $-695.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs 11.4%).
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.
Cipher Mining, Inc. operates as a Bitcoin mining ecosystem in the United States. The firm is developing a cryptocurrency business.
APLD vs CIFR — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $59.7M |
| Net Profit | $-14.4M | $-734.2M |
| Gross Margin | 20.6% | 59.4% |
| Operating Margin | -24.5% | -503.4% |
| Net Margin | -11.4% | -1229.6% |
| Revenue YoY | 98.2% | 41.4% |
| Net Profit YoY | 89.6% | -4293.1% |
| EPS (diluted) | $-0.07 | $-1.91 |
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 | $59.7M | ||
| Q3 25 | $64.2M | $71.7M | ||
| Q2 25 | $-33.3M | $43.6M | ||
| Q1 25 | $52.9M | $49.0M | ||
| Q4 24 | $63.9M | $42.2M | ||
| Q3 24 | $60.7M | $24.1M | ||
| Q2 24 | $43.7M | $36.8M | ||
| Q1 24 | $43.3M | $48.1M |
| Q4 25 | $-14.4M | $-734.2M | ||
| Q3 25 | $-16.9M | $-3.3M | ||
| Q2 25 | $-52.5M | $-45.8M | ||
| Q1 25 | $-35.6M | $-39.0M | ||
| Q4 24 | $-138.7M | $17.5M | ||
| Q3 24 | $-4.2M | $-86.8M | ||
| Q2 24 | $-64.5M | $-15.3M | ||
| Q1 24 | $-62.8M | $39.9M |
| Q4 25 | 20.6% | 59.4% | ||
| Q3 25 | 13.4% | 62.7% | ||
| Q2 25 | — | 64.8% | ||
| Q1 25 | 7.1% | 69.6% | ||
| Q4 24 | 18.0% | 56.9% | ||
| Q3 24 | -0.6% | 37.5% | ||
| Q2 24 | -9.1% | 61.2% | ||
| Q1 24 | -8.6% | 69.2% |
| Q4 25 | -24.5% | -503.4% | ||
| Q3 25 | -34.7% | -52.5% | ||
| Q2 25 | — | -103.9% | ||
| Q1 25 | -35.8% | -77.8% | ||
| Q4 24 | -29.1% | 40.5% | ||
| Q3 24 | 15.6% | -379.2% | ||
| Q2 24 | -68.4% | -43.9% | ||
| Q1 24 | -128.8% | 97.2% |
| Q4 25 | -11.4% | -1229.6% | ||
| Q3 25 | -26.4% | -4.6% | ||
| Q2 25 | 157.8% | -105.1% | ||
| Q1 25 | -67.2% | -79.6% | ||
| Q4 24 | -217.2% | 41.5% | ||
| Q3 24 | -7.0% | -359.9% | ||
| Q2 24 | -147.5% | -41.5% | ||
| Q1 24 | -145.0% | 82.9% |
| Q4 25 | $-0.07 | $-1.91 | ||
| Q3 25 | $-0.07 | $-0.01 | ||
| Q2 25 | $-0.31 | $-0.12 | ||
| Q1 25 | $-0.16 | $-0.11 | ||
| Q4 24 | $-0.66 | $0.04 | ||
| Q3 24 | $-0.03 | $-0.26 | ||
| Q2 24 | $-0.57 | $-0.05 | ||
| Q1 24 | $-0.52 | $0.13 |
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 | $628.3M |
| Total DebtLower is stronger | — | $2.7B |
| Stockholders' EquityBook value | $1.4B | $805.5M |
| Total Assets | $5.2B | $4.3B |
| Debt / EquityLower = less leverage | — | 3.37× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $628.3M | ||
| Q3 25 | $73.9M | $1.2B | ||
| Q2 25 | $41.6M | $62.7M | ||
| Q1 25 | $68.7M | $23.2M | ||
| Q4 24 | $286.2M | $5.6M | ||
| Q3 24 | $58.2M | $25.3M | ||
| Q2 24 | $3.3M | $122.6M | ||
| Q1 24 | $4.4M | $88.7M |
| Q4 25 | — | $2.7B | ||
| Q3 25 | — | $1.0B | ||
| Q2 25 | — | $167.1M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $0 | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.4B | $805.5M | ||
| Q3 25 | $1.0B | $783.2M | ||
| Q2 25 | $497.7M | $748.9M | ||
| Q1 25 | $454.6M | $734.8M | ||
| Q4 24 | $434.6M | $682.0M | ||
| Q3 24 | $241.8M | $672.0M | ||
| Q2 24 | $124.8M | $690.8M | ||
| Q1 24 | $118.5M | $600.9M |
| Q4 25 | $5.2B | $4.3B | ||
| Q3 25 | $2.4B | $2.8B | ||
| Q2 25 | $1.9B | $1.0B | ||
| Q1 25 | $1.7B | $913.8M | ||
| Q4 24 | $1.5B | $855.4M | ||
| Q3 24 | $937.7M | $775.4M | ||
| Q2 24 | $762.9M | $775.6M | ||
| Q1 24 | $643.2M | $677.1M |
| Q4 25 | — | 3.37× | ||
| Q3 25 | — | 1.31× | ||
| Q2 25 | — | 0.22× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-207.9M |
| Free Cash FlowOCF − Capex | $-567.9M | $-695.9M |
| FCF MarginFCF / Revenue | -448.6% | -1165.4% |
| Capex IntensityCapex / Revenue | 436.1% | 817.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $-1.1B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $-207.9M | ||
| Q3 25 | $-82.0M | $-50.1M | ||
| Q2 25 | $6.9M | $-56.2M | ||
| Q1 25 | $5.9M | $-47.2M | ||
| Q4 24 | $-52.3M | $-87.5M | ||
| Q3 24 | $-75.9M | $-6.5M | ||
| Q2 24 | $-34.1M | $-25.4M | ||
| Q1 24 | $38.8M | $-26.6M |
| Q4 25 | $-567.9M | $-695.9M | ||
| Q3 25 | $-331.4M | $-256.2M | ||
| Q2 25 | $-191.4M | $-87.5M | ||
| Q1 25 | $-251.6M | $-71.8M | ||
| Q4 24 | $-223.3M | $-227.0M | ||
| Q3 24 | $-130.7M | $-83.2M | ||
| Q2 24 | $-88.9M | $-33.2M | ||
| Q1 24 | $-2.3M | $-34.5M |
| Q4 25 | -448.6% | -1165.4% | ||
| Q3 25 | -516.1% | -357.3% | ||
| Q2 25 | 574.8% | -200.9% | ||
| Q1 25 | -475.4% | -146.7% | ||
| Q4 24 | -349.6% | -537.6% | ||
| Q3 24 | -215.3% | -345.0% | ||
| Q2 24 | -203.5% | -90.2% | ||
| Q1 24 | -5.4% | -71.7% |
| Q4 25 | 436.1% | 817.1% | ||
| Q3 25 | 388.4% | 287.5% | ||
| Q2 25 | -595.4% | 71.8% | ||
| Q1 25 | 486.6% | 50.2% | ||
| Q4 24 | 267.8% | 330.4% | ||
| Q3 24 | 90.3% | 317.8% | ||
| Q2 24 | 125.4% | 21.4% | ||
| Q1 24 | 95.0% | 16.4% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -5.00× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -0.67× |
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% |
CIFR
Segment breakdown not available.
