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Side-by-side financial comparison of Applied Digital Corp. (APLD) and DocGo Inc. (DCGO). Click either name above to swap in a different company.
Applied Digital Corp. is the larger business by last-quarter revenue ($126.6M vs $74.9M, roughly 1.7× DocGo Inc.). Applied Digital Corp. runs the higher net margin — -11.4% vs -190.0%, a 178.5% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs -38.0%). DocGo Inc. produced more free cash flow last quarter ($-12.0M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs -37.5%).
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.
DocGo Inc. is a U.S.-headquartered mobile healthcare and on-demand medical service provider. It offers a range of solutions including in-home urgent care, diagnostic testing, telehealth consultations, and corporate wellness programs, serving individual patients, health systems, enterprise clients, and public sector organizations across North America.
APLD vs DCGO — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $74.9M |
| Net Profit | $-14.4M | $-142.3M |
| Gross Margin | 20.6% | — |
| Operating Margin | -24.5% | -139.6% |
| Net Margin | -11.4% | -190.0% |
| Revenue YoY | 98.2% | -38.0% |
| Net Profit YoY | 89.6% | -1761.4% |
| EPS (diluted) | $-0.07 | $-1.36 |
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 | $74.9M | ||
| Q3 25 | $64.2M | $70.8M | ||
| Q2 25 | $-33.3M | $80.4M | ||
| Q1 25 | $52.9M | $96.0M | ||
| Q4 24 | $63.9M | $120.8M | ||
| Q3 24 | $60.7M | $138.7M | ||
| Q2 24 | $43.7M | $164.9M | ||
| Q1 24 | $43.3M | $192.1M |
| Q4 25 | $-14.4M | $-142.3M | ||
| Q3 25 | $-16.9M | $-27.8M | ||
| Q2 25 | $-52.5M | $-11.2M | ||
| Q1 25 | $-35.6M | $-9.4M | ||
| Q4 24 | $-138.7M | $-7.6M | ||
| Q3 24 | $-4.2M | $5.5M | ||
| Q2 24 | $-64.5M | $6.5M | ||
| Q1 24 | $-62.8M | $11.2M |
| 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% | -139.6% | ||
| Q3 25 | -34.7% | -59.3% | ||
| Q2 25 | — | -21.7% | ||
| Q1 25 | -35.8% | -14.6% | ||
| Q4 24 | -29.1% | -6.2% | ||
| Q3 24 | 15.6% | 7.3% | ||
| Q2 24 | -68.4% | 6.2% | ||
| Q1 24 | -128.8% | 8.3% |
| Q4 25 | -11.4% | -190.0% | ||
| Q3 25 | -26.4% | -39.2% | ||
| Q2 25 | 157.8% | -13.9% | ||
| Q1 25 | -67.2% | -9.8% | ||
| Q4 24 | -217.2% | -6.3% | ||
| Q3 24 | -7.0% | 4.0% | ||
| Q2 24 | -147.5% | 4.0% | ||
| Q1 24 | -145.0% | 5.8% |
| Q4 25 | $-0.07 | $-1.36 | ||
| Q3 25 | $-0.07 | $-0.28 | ||
| Q2 25 | $-0.31 | $-0.11 | ||
| Q1 25 | $-0.16 | $-0.09 | ||
| Q4 24 | $-0.66 | $-0.03 | ||
| Q3 24 | $-0.03 | $0.05 | ||
| Q2 24 | $-0.57 | $0.06 | ||
| Q1 24 | $-0.52 | $0.10 |
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 | $51.0M |
| Total DebtLower is stronger | — | $235.6K |
| Stockholders' EquityBook value | $1.4B | $144.0M |
| Total Assets | $5.2B | $217.1M |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $51.0M | ||
| Q3 25 | $73.9M | $73.4M | ||
| Q2 25 | $41.6M | $104.2M | ||
| Q1 25 | $68.7M | $79.0M | ||
| Q4 24 | $286.2M | $89.2M | ||
| Q3 24 | $58.2M | $89.5M | ||
| Q2 24 | $3.3M | $66.1M | ||
| Q1 24 | $4.4M | $41.2M |
| Q4 25 | — | $235.6K | ||
| Q3 25 | — | $249.9K | ||
| Q2 25 | — | $12.6K | ||
| Q1 25 | — | $15.1K | ||
| Q4 24 | — | $17.7K | ||
| Q3 24 | — | $47.7K | ||
| Q2 24 | — | $52.8K | ||
| Q1 24 | — | $60.1K |
| Q4 25 | $1.4B | $144.0M | ||
| Q3 25 | $1.0B | $270.5M | ||
| Q2 25 | $497.7M | $297.3M | ||
| Q1 25 | $454.6M | $309.3M | ||
| Q4 24 | $434.6M | $320.9M | ||
| Q3 24 | $241.8M | $325.2M | ||
| Q2 24 | $124.8M | $315.2M | ||
| Q1 24 | $118.5M | $311.3M |
| Q4 25 | $5.2B | $217.1M | ||
| Q3 25 | $2.4B | $353.8M | ||
| Q2 25 | $1.9B | $408.3M | ||
| Q1 25 | $1.7B | $430.8M | ||
| Q4 24 | $1.5B | $455.6M | ||
| Q3 24 | $937.7M | $493.9M | ||
| Q2 24 | $762.9M | $488.2M | ||
| Q1 24 | $643.2M | $490.7M |
| Q4 25 | — | 0.00× | ||
| Q3 25 | — | 0.00× | ||
| Q2 25 | — | 0.00× | ||
| Q1 25 | — | 0.00× | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.00× | ||
| 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 | $-10.5M |
| Free Cash FlowOCF − Capex | $-567.9M | $-12.0M |
| FCF MarginFCF / Revenue | -448.6% | -16.0% |
| Capex IntensityCapex / Revenue | 436.1% | 2.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $29.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $-10.5M | ||
| Q3 25 | $-82.0M | $1.7M | ||
| Q2 25 | $6.9M | $33.6M | ||
| Q1 25 | $5.9M | $9.7M | ||
| Q4 24 | $-52.3M | $12.7M | ||
| Q3 24 | $-75.9M | $31.1M | ||
| Q2 24 | $-34.1M | $36.9M | ||
| Q1 24 | $38.8M | $-10.6M |
| Q4 25 | $-567.9M | $-12.0M | ||
| Q3 25 | $-331.4M | $782.6K | ||
| Q2 25 | $-191.4M | $32.9M | ||
| Q1 25 | $-251.6M | $8.2M | ||
| Q4 24 | $-223.3M | $12.0M | ||
| Q3 24 | $-130.7M | $30.2M | ||
| Q2 24 | $-88.9M | $35.9M | ||
| Q1 24 | $-2.3M | $-11.6M |
| Q4 25 | -448.6% | -16.0% | ||
| Q3 25 | -516.1% | 1.1% | ||
| Q2 25 | 574.8% | 40.9% | ||
| Q1 25 | -475.4% | 8.5% | ||
| Q4 24 | -349.6% | 9.9% | ||
| Q3 24 | -215.3% | 21.8% | ||
| Q2 24 | -203.5% | 21.7% | ||
| Q1 24 | -5.4% | -6.0% |
| Q4 25 | 436.1% | 2.0% | ||
| Q3 25 | 388.4% | 1.2% | ||
| Q2 25 | -595.4% | 0.9% | ||
| Q1 25 | 486.6% | 1.5% | ||
| Q4 24 | 267.8% | 0.6% | ||
| Q3 24 | 90.3% | 0.7% | ||
| Q2 24 | 125.4% | 0.6% | ||
| Q1 24 | 95.0% | 0.5% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 5.67× | ||
| Q2 24 | — | 5.65× | ||
| Q1 24 | — | -0.95× |
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% |
DCGO
| Transportation Services Segment | $50.2M | 67% |
| Mobile Health Services Segment | $24.8M | 33% |
