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Side-by-side financial comparison of Applied Digital Corp. (APLD) and Clarus Corp (CLAR). Click either name above to swap in a different company.
Applied Digital Corp. is the larger business by last-quarter revenue ($126.6M vs $65.4M, roughly 1.9× Clarus Corp). Applied Digital Corp. runs the higher net margin — -11.4% vs -47.8%, a 36.4% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs -8.4%). Clarus Corp produced more free cash flow last quarter ($11.6M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs -2.9%).
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.
Clarus Corp is a global designer, manufacturer, and distributor of high-performance outdoor recreation, climbing, camping, and lifestyle products. It manages a portfolio of leading consumer brands, serving outdoor enthusiasts, professional athletes, and retail partners across North America, Europe, and the Asia-Pacific region, with a focus on innovative, durable gear for active lifestyles.
APLD vs CLAR — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $65.4M |
| Net Profit | $-14.4M | $-31.3M |
| Gross Margin | 20.6% | 27.7% |
| Operating Margin | -24.5% | -59.6% |
| Net Margin | -11.4% | -47.8% |
| Revenue YoY | 98.2% | -8.4% |
| Net Profit YoY | 89.6% | 52.3% |
| EPS (diluted) | $-0.07 | $-0.81 |
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 | $65.4M | ||
| Q3 25 | $64.2M | $69.3M | ||
| Q2 25 | $-33.3M | $55.2M | ||
| Q1 25 | $52.9M | $60.4M | ||
| Q4 24 | $63.9M | $71.4M | ||
| Q3 24 | $60.7M | $67.1M | ||
| Q2 24 | $43.7M | $56.5M | ||
| Q1 24 | $43.3M | $69.3M |
| Q4 25 | $-14.4M | $-31.3M | ||
| Q3 25 | $-16.9M | $-1.6M | ||
| Q2 25 | $-52.5M | $-8.4M | ||
| Q1 25 | $-35.6M | $-5.2M | ||
| Q4 24 | $-138.7M | $-65.5M | ||
| Q3 24 | $-4.2M | $-3.2M | ||
| Q2 24 | $-64.5M | $-5.5M | ||
| Q1 24 | $-62.8M | $21.9M |
| Q4 25 | 20.6% | 27.7% | ||
| Q3 25 | 13.4% | 35.1% | ||
| Q2 25 | — | 35.6% | ||
| Q1 25 | 7.1% | 34.4% | ||
| Q4 24 | 18.0% | 33.4% | ||
| Q3 24 | -0.6% | 35.0% | ||
| Q2 24 | -9.1% | 36.1% | ||
| Q1 24 | -8.6% | 35.9% |
| Q4 25 | -24.5% | -59.6% | ||
| Q3 25 | -34.7% | -4.4% | ||
| Q2 25 | — | -19.7% | ||
| Q1 25 | -35.8% | -11.2% | ||
| Q4 24 | -29.1% | -70.2% | ||
| Q3 24 | 15.6% | -8.0% | ||
| Q2 24 | -68.4% | -14.4% | ||
| Q1 24 | -128.8% | -9.8% |
| Q4 25 | -11.4% | -47.8% | ||
| Q3 25 | -26.4% | -2.3% | ||
| Q2 25 | 157.8% | -15.3% | ||
| Q1 25 | -67.2% | -8.7% | ||
| Q4 24 | -217.2% | -91.8% | ||
| Q3 24 | -7.0% | -4.7% | ||
| Q2 24 | -147.5% | -9.7% | ||
| Q1 24 | -145.0% | 31.6% |
| Q4 25 | $-0.07 | $-0.81 | ||
| Q3 25 | $-0.07 | $-0.04 | ||
| Q2 25 | $-0.31 | $-0.22 | ||
| Q1 25 | $-0.16 | $-0.14 | ||
| Q4 24 | $-0.66 | $-1.72 | ||
| Q3 24 | $-0.03 | $-0.08 | ||
| Q2 24 | $-0.57 | $-0.14 | ||
| Q1 24 | $-0.52 | $0.57 |
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 | $36.7M |
| Total DebtLower is stronger | — | $0 |
| Stockholders' EquityBook value | $1.4B | $196.4M |
| Total Assets | $5.2B | $249.0M |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $36.7M | ||
| Q3 25 | $73.9M | $29.5M | ||
| Q2 25 | $41.6M | $28.5M | ||
| Q1 25 | $68.7M | $41.3M | ||
| Q4 24 | $286.2M | $45.4M | ||
| Q3 24 | $58.2M | $36.4M | ||
| Q2 24 | $3.3M | $46.2M | ||
| Q1 24 | $4.4M | $47.5M |
| Q4 25 | — | $0 | ||
| Q3 25 | — | $2.0M | ||
| Q2 25 | — | $1.9M | ||
| Q1 25 | — | $1.9M | ||
| Q4 24 | — | $1.9M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $37.0K |
| Q4 25 | $1.4B | $196.4M | ||
| Q3 25 | $1.0B | $225.8M | ||
| Q2 25 | $497.7M | $225.1M | ||
| Q1 25 | $454.6M | $229.3M | ||
| Q4 24 | $434.6M | $233.1M | ||
| Q3 24 | $241.8M | $308.5M | ||
| Q2 24 | $124.8M | $307.3M | ||
| Q1 24 | $118.5M | $310.4M |
| Q4 25 | $5.2B | $249.0M | ||
| Q3 25 | $2.4B | $283.1M | ||
| Q2 25 | $1.9B | $286.5M | ||
| Q1 25 | $1.7B | $292.8M | ||
| Q4 24 | $1.5B | $294.1M | ||
| Q3 24 | $937.7M | $375.3M | ||
| Q2 24 | $762.9M | $369.4M | ||
| Q1 24 | $643.2M | $377.0M |
| Q4 25 | — | 0.00× | ||
| Q3 25 | — | 0.01× | ||
| Q2 25 | — | 0.01× | ||
| Q1 25 | — | 0.01× | ||
| Q4 24 | — | 0.01× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.00× |
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 | $12.5M |
| Free Cash FlowOCF − Capex | $-567.9M | $11.6M |
| FCF MarginFCF / Revenue | -448.6% | 17.7% |
| Capex IntensityCapex / Revenue | 436.1% | 1.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $-9.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $12.5M | ||
| Q3 25 | $-82.0M | $-5.7M | ||
| Q2 25 | $6.9M | $-9.4M | ||
| Q1 25 | $5.9M | $-2.1M | ||
| Q4 24 | $-52.3M | $16.6M | ||
| Q3 24 | $-75.9M | $-8.3M | ||
| Q2 24 | $-34.1M | $834.0K | ||
| Q1 24 | $38.8M | $-16.4M |
| Q4 25 | $-567.9M | $11.6M | ||
| Q3 25 | $-331.4M | $-7.0M | ||
| Q2 25 | $-191.4M | $-11.3M | ||
| Q1 25 | $-251.6M | $-3.3M | ||
| Q4 24 | $-223.3M | $14.4M | ||
| Q3 24 | $-130.7M | $-9.4M | ||
| Q2 24 | $-88.9M | $-744.0K | ||
| Q1 24 | $-2.3M | $-18.3M |
| Q4 25 | -448.6% | 17.7% | ||
| Q3 25 | -516.1% | -10.0% | ||
| Q2 25 | 574.8% | -20.4% | ||
| Q1 25 | -475.4% | -5.4% | ||
| Q4 24 | -349.6% | 20.1% | ||
| Q3 24 | -215.3% | -14.0% | ||
| Q2 24 | -203.5% | -1.3% | ||
| Q1 24 | -5.4% | -26.3% |
| Q4 25 | 436.1% | 1.4% | ||
| Q3 25 | 388.4% | 1.8% | ||
| Q2 25 | -595.4% | 3.4% | ||
| Q1 25 | 486.6% | 2.0% | ||
| Q4 24 | 267.8% | 3.1% | ||
| Q3 24 | 90.3% | 1.6% | ||
| Q2 24 | 125.4% | 2.8% | ||
| Q1 24 | 95.0% | 2.7% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -0.75× |
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% |
CLAR
| Other | $37.1M | 57% |
| Outdoor Segment | $25.3M | 39% |
| Adventure Segment | $3.0M | 5% |
