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Side-by-side financial comparison of Applied Digital Corp. (APLD) and VAALCO ENERGY INC (EGY). Click either name above to swap in a different company.
Applied Digital Corp. is the larger business by last-quarter revenue ($126.6M vs $91.0M, roughly 1.4× VAALCO ENERGY INC). Applied Digital Corp. runs the higher net margin — -11.4% vs -64.4%, a 53.0% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs -25.2%). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs -4.7%).
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.
VAALCO Energy is a company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Houston, Texas with operations primarily in the Etame Marin block offshore Gabon.
APLD vs EGY — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $91.0M |
| Net Profit | $-14.4M | $-58.6M |
| Gross Margin | 20.6% | — |
| Operating Margin | -24.5% | -71.3% |
| Net Margin | -11.4% | -64.4% |
| Revenue YoY | 98.2% | -25.2% |
| Net Profit YoY | 89.6% | -602.5% |
| EPS (diluted) | $-0.07 | $-0.56 |
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 | $91.0M | ||
| Q3 25 | $64.2M | $61.0M | ||
| Q2 25 | $-33.3M | $96.9M | ||
| Q1 25 | $52.9M | $110.3M | ||
| Q4 24 | $63.9M | $121.7M | ||
| Q3 24 | $60.7M | $140.3M | ||
| Q2 24 | $43.7M | $116.8M | ||
| Q1 24 | $43.3M | $100.2M |
| Q4 25 | $-14.4M | $-58.6M | ||
| Q3 25 | $-16.9M | $1.1M | ||
| Q2 25 | $-52.5M | $8.4M | ||
| Q1 25 | $-35.6M | $7.7M | ||
| Q4 24 | $-138.7M | $11.7M | ||
| Q3 24 | $-4.2M | $11.0M | ||
| Q2 24 | $-64.5M | $28.2M | ||
| Q1 24 | $-62.8M | $7.7M |
| 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% | -71.3% | ||
| Q3 25 | -34.7% | 1.5% | ||
| Q2 25 | — | 17.7% | ||
| Q1 25 | -35.8% | 23.7% | ||
| Q4 24 | -29.1% | 32.7% | ||
| Q3 24 | 15.6% | 31.4% | ||
| Q2 24 | -68.4% | 17.5% | ||
| Q1 24 | -128.8% | 32.1% |
| Q4 25 | -11.4% | -64.4% | ||
| Q3 25 | -26.4% | 1.8% | ||
| Q2 25 | 157.8% | 8.6% | ||
| Q1 25 | -67.2% | 7.0% | ||
| Q4 24 | -217.2% | 9.6% | ||
| Q3 24 | -7.0% | 7.8% | ||
| Q2 24 | -147.5% | 24.1% | ||
| Q1 24 | -145.0% | 7.7% |
| Q4 25 | $-0.07 | $-0.56 | ||
| Q3 25 | $-0.07 | $0.01 | ||
| Q2 25 | $-0.31 | $0.08 | ||
| Q1 25 | $-0.16 | $0.07 | ||
| Q4 24 | $-0.66 | $0.12 | ||
| Q3 24 | $-0.03 | $0.10 | ||
| Q2 24 | $-0.57 | $0.27 | ||
| Q1 24 | $-0.52 | $0.07 |
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 | $58.9M |
| Total DebtLower is stronger | — | $60.0M |
| Stockholders' EquityBook value | $1.4B | $443.5M |
| Total Assets | $5.2B | $913.4M |
| Debt / EquityLower = less leverage | — | 0.14× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $58.9M | ||
| Q3 25 | $73.9M | $24.0M | ||
| Q2 25 | $41.6M | $67.9M | ||
| Q1 25 | $68.7M | $40.9M | ||
| Q4 24 | $286.2M | $82.7M | ||
| Q3 24 | $58.2M | $89.1M | ||
| Q2 24 | $3.3M | $62.9M | ||
| Q1 24 | $4.4M | $113.3M |
| Q4 25 | — | $60.0M | ||
| Q3 25 | — | $60.0M | ||
| Q2 25 | — | $60.0M | ||
| Q1 25 | — | $0 | ||
| Q4 24 | — | $0 | ||
| Q3 24 | — | $0 | ||
| Q2 24 | — | $0 | ||
| Q1 24 | — | $0 |
| Q4 25 | $1.4B | $443.5M | ||
| Q3 25 | $1.0B | $505.9M | ||
| Q2 25 | $497.7M | $511.6M | ||
| Q1 25 | $454.6M | $504.1M | ||
| Q4 24 | $434.6M | $501.6M | ||
| Q3 24 | $241.8M | $501.0M | ||
| Q2 24 | $124.8M | $493.6M | ||
| Q1 24 | $118.5M | $472.6M |
| Q4 25 | $5.2B | $913.4M | ||
| Q3 25 | $2.4B | $950.4M | ||
| Q2 25 | $1.9B | $964.9M | ||
| Q1 25 | $1.7B | $927.1M | ||
| Q4 24 | $1.5B | $955.0M | ||
| Q3 24 | $937.7M | $937.9M | ||
| Q2 24 | $762.9M | $917.4M | ||
| Q1 24 | $643.2M | $809.1M |
| Q4 25 | — | 0.14× | ||
| Q3 25 | — | 0.12× | ||
| Q2 25 | — | 0.12× | ||
| 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 | $145.2M |
| 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.
| Q4 25 | $-15.8M | $145.2M | ||
| Q3 25 | $-82.0M | $16.4M | ||
| Q2 25 | $6.9M | $18.3M | ||
| Q1 25 | $5.9M | $32.7M | ||
| Q4 24 | $-52.3M | $44.5M | ||
| Q3 24 | $-75.9M | $47.8M | ||
| Q2 24 | $-34.1M | $-438.0K | ||
| Q1 24 | $38.8M | $21.8M |
| Q4 25 | $-567.9M | — | ||
| Q3 25 | $-331.4M | — | ||
| Q2 25 | $-191.4M | — | ||
| Q1 25 | $-251.6M | $29.7M | ||
| Q4 24 | $-223.3M | — | ||
| Q3 24 | $-130.7M | — | ||
| Q2 24 | $-88.9M | — | ||
| Q1 24 | $-2.3M | — |
| Q4 25 | -448.6% | — | ||
| Q3 25 | -516.1% | — | ||
| Q2 25 | 574.8% | — | ||
| Q1 25 | -475.4% | 26.9% | ||
| Q4 24 | -349.6% | — | ||
| Q3 24 | -215.3% | — | ||
| Q2 24 | -203.5% | — | ||
| Q1 24 | -5.4% | — |
| Q4 25 | 436.1% | — | ||
| Q3 25 | 388.4% | — | ||
| Q2 25 | -595.4% | — | ||
| Q1 25 | 486.6% | 2.7% | ||
| Q4 24 | 267.8% | — | ||
| Q3 24 | 90.3% | — | ||
| Q2 24 | 125.4% | — | ||
| Q1 24 | 95.0% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 14.94× | ||
| Q2 25 | — | 2.19× | ||
| Q1 25 | — | 4.23× | ||
| Q4 24 | — | 3.82× | ||
| Q3 24 | — | 4.35× | ||
| Q2 24 | — | -0.02× | ||
| Q1 24 | — | 2.84× |
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% |
EGY
| Crude Oil Sales And Purchase Agreements | $54.8M | 60% |
| Other | $31.9M | 35% |
| Crude Oil | $3.0M | 3% |
| Natural Gas Liquids Reserves | $1.4M | 2% |
