vs
Side-by-side financial comparison of Applied Digital Corp. (APLD) and Core Scientific, Inc. (CORZ). Click either name above to swap in a different company.
Applied Digital Corp. is the larger business by last-quarter revenue ($126.6M vs $79.8M, roughly 1.6× Core Scientific, Inc.). Core Scientific, Inc. runs the higher net margin — 268.5% vs -11.4%, a 279.9% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs -16.0%). Core Scientific, Inc. produced more free cash flow last quarter ($-450.8M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs -33.3%).
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.
Core Scientific is a leading digital asset and high-performance computing infrastructure provider. It operates large energy-efficient data centers across North America, offering cryptocurrency mining services, colocation hosting for blockchain and AI clients, and custom high-performance computing solutions for enterprise tech segments.
APLD vs CORZ — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $79.8M |
| Net Profit | $-14.4M | $214.2M |
| Gross Margin | 20.6% | 26.0% |
| Operating Margin | -24.5% | -149.5% |
| Net Margin | -11.4% | 268.5% |
| Revenue YoY | 98.2% | -16.0% |
| Net Profit YoY | 89.6% | 180.6% |
| EPS (diluted) | $-0.07 | $-1.63 |
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 | $79.8M | ||
| Q3 25 | $64.2M | $81.1M | ||
| Q2 25 | $-33.3M | $78.6M | ||
| Q1 25 | $52.9M | $79.5M | ||
| Q4 24 | $63.9M | $94.9M | ||
| Q3 24 | $60.7M | $95.4M | ||
| Q2 24 | $43.7M | $141.1M | ||
| Q1 24 | $43.3M | $179.3M |
| Q4 25 | $-14.4M | $214.2M | ||
| Q3 25 | $-16.9M | $-144.0M | ||
| Q2 25 | $-52.5M | $-936.8M | ||
| Q1 25 | $-35.6M | $576.3M | ||
| Q4 24 | $-138.7M | $-265.5M | ||
| Q3 24 | $-4.2M | $-455.3M | ||
| Q2 24 | $-64.5M | $-902.2M | ||
| Q1 24 | $-62.8M | $210.7M |
| Q4 25 | 20.6% | 26.0% | ||
| Q3 25 | 13.4% | 4.8% | ||
| Q2 25 | — | 6.4% | ||
| Q1 25 | 7.1% | 10.3% | ||
| Q4 24 | 18.0% | 5.0% | ||
| Q3 24 | -0.6% | -0.2% | ||
| Q2 24 | -9.1% | 27.5% | ||
| Q1 24 | -8.6% | 43.3% |
| Q4 25 | -24.5% | -149.5% | ||
| Q3 25 | -34.7% | -67.6% | ||
| Q2 25 | — | -33.4% | ||
| Q1 25 | -35.8% | -59.1% | ||
| Q4 24 | -29.1% | -41.9% | ||
| Q3 24 | 15.6% | -43.2% | ||
| Q2 24 | -68.4% | -64.3% | ||
| Q1 24 | -128.8% | 30.8% |
| Q4 25 | -11.4% | 268.5% | ||
| Q3 25 | -26.4% | -177.6% | ||
| Q2 25 | 157.8% | -1191.4% | ||
| Q1 25 | -67.2% | 724.6% | ||
| Q4 24 | -217.2% | -279.7% | ||
| Q3 24 | -7.0% | -477.4% | ||
| Q2 24 | -147.5% | -639.4% | ||
| Q1 24 | -145.0% | 117.5% |
| Q4 25 | $-0.07 | $-1.63 | ||
| Q3 25 | $-0.07 | $-0.45 | ||
| Q2 25 | $-0.31 | $-0.04 | ||
| Q1 25 | $-0.16 | $1.24 | ||
| Q4 24 | $-0.66 | $0.51 | ||
| Q3 24 | $-0.03 | $-1.17 | ||
| Q2 24 | $-0.57 | $-5.05 | ||
| Q1 24 | $-0.52 | $0.78 |
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 | $311.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.4B | $-962.7M |
| Total Assets | $5.2B | $2.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $311.4M | ||
| Q3 25 | $73.9M | $453.4M | ||
| Q2 25 | $41.6M | $581.3M | ||
| Q1 25 | $68.7M | $697.9M | ||
| Q4 24 | $286.2M | $836.2M | ||
| Q3 24 | $58.2M | $253.0M | ||
| Q2 24 | $3.3M | $96.1M | ||
| Q1 24 | $4.4M | $98.1M |
| Q4 25 | $1.4B | $-962.7M | ||
| Q3 25 | $1.0B | $-1.3B | ||
| Q2 25 | $497.7M | $-1.2B | ||
| Q1 25 | $454.6M | $-308.8M | ||
| Q4 24 | $434.6M | $-943.0M | ||
| Q3 24 | $241.8M | $-826.7M | ||
| Q2 24 | $124.8M | $-1.2B | ||
| Q1 24 | $118.5M | $-318.5M |
| Q4 25 | $5.2B | $2.3B | ||
| Q3 25 | $2.4B | $2.2B | ||
| Q2 25 | $1.9B | $1.9B | ||
| Q1 25 | $1.7B | $1.5B | ||
| Q4 24 | $1.5B | $1.5B | ||
| Q3 24 | $937.7M | $824.6M | ||
| Q2 24 | $762.9M | $664.2M | ||
| Q1 24 | $643.2M | $814.0M |
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 | $278.3M |
| Free Cash FlowOCF − Capex | $-567.9M | $-450.8M |
| FCF MarginFCF / Revenue | -448.6% | -565.1% |
| Capex IntensityCapex / Revenue | 436.1% | 914.0% |
| Cash ConversionOCF / Net Profit | — | 1.30× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $-779.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $278.3M | ||
| Q3 25 | $-82.0M | $131.8M | ||
| Q2 25 | $6.9M | $34.0M | ||
| Q1 25 | $5.9M | $-45.0M | ||
| Q4 24 | $-52.3M | $42.9M | ||
| Q3 24 | $-75.9M | $5.7M | ||
| Q2 24 | $-34.1M | $1.2M | ||
| Q1 24 | $38.8M | $22.2M |
| Q4 25 | $-567.9M | $-450.8M | ||
| Q3 25 | $-331.4M | $-112.7M | ||
| Q2 25 | $-191.4M | $-87.3M | ||
| Q1 25 | $-251.6M | $-129.0M | ||
| Q4 24 | $-223.3M | $-52.1M | ||
| Q3 24 | $-130.7M | $-25.5M | ||
| Q2 24 | $-88.9M | $-1.9M | ||
| Q1 24 | $-2.3M | $-9.7M |
| Q4 25 | -448.6% | -565.1% | ||
| Q3 25 | -516.1% | -139.0% | ||
| Q2 25 | 574.8% | -111.0% | ||
| Q1 25 | -475.4% | -162.2% | ||
| Q4 24 | -349.6% | -54.8% | ||
| Q3 24 | -215.3% | -26.7% | ||
| Q2 24 | -203.5% | -1.4% | ||
| Q1 24 | -5.4% | -5.4% |
| Q4 25 | 436.1% | 914.0% | ||
| Q3 25 | 388.4% | 301.5% | ||
| Q2 25 | -595.4% | 154.2% | ||
| Q1 25 | 486.6% | 105.6% | ||
| Q4 24 | 267.8% | 100.0% | ||
| Q3 24 | 90.3% | 32.7% | ||
| Q2 24 | 125.4% | 2.2% | ||
| Q1 24 | 95.0% | 17.8% |
| Q4 25 | — | 1.30× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -0.08× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.11× |
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% |
CORZ
| Other | $36.3M | 46% |
| Digital Asset Self Mining Service | $31.8M | 40% |
| Colocation Service | $11.6M | 15% |
