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Side-by-side financial comparison of Applied Digital Corp. (APLD) and Envela Corp (ELA). Click either name above to swap in a different company.
Applied Digital Corp. is the larger business by last-quarter revenue ($126.6M vs $80.5M, roughly 1.6× Envela Corp). Envela Corp runs the higher net margin — 7.4% vs -11.4%, a 18.9% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs 66.6%). Envela Corp produced more free cash flow last quarter ($-3.7M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs 42.1%).
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.
Envela Corporation is a U.S.-based company that provides recommerce services aimed at extending product lifecycles and reducing resource consumption. The company operates through two primary segments: consumer and commercial.
APLD vs ELA — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $80.5M |
| Net Profit | $-14.4M | $6.0M |
| Gross Margin | 20.6% | 20.5% |
| Operating Margin | -24.5% | 9.4% |
| Net Margin | -11.4% | 7.4% |
| Revenue YoY | 98.2% | 66.6% |
| Net Profit YoY | 89.6% | 274.6% |
| EPS (diluted) | $-0.07 | $0.22 |
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 | $80.5M | ||
| Q3 25 | $64.2M | $57.4M | ||
| Q2 25 | $-33.3M | $54.9M | ||
| Q1 25 | $52.9M | $48.3M | ||
| Q4 24 | $63.9M | $48.3M | ||
| Q3 24 | $60.7M | $46.9M | ||
| Q2 24 | $43.7M | $45.3M | ||
| Q1 24 | $43.3M | $39.9M |
| Q4 25 | $-14.4M | $6.0M | ||
| Q3 25 | $-16.9M | $3.4M | ||
| Q2 25 | $-52.5M | $2.8M | ||
| Q1 25 | $-35.6M | $2.5M | ||
| Q4 24 | $-138.7M | $1.6M | ||
| Q3 24 | $-4.2M | $1.7M | ||
| Q2 24 | $-64.5M | $1.6M | ||
| Q1 24 | $-62.8M | $1.9M |
| Q4 25 | 20.6% | 20.5% | ||
| Q3 25 | 13.4% | 22.8% | ||
| Q2 25 | — | 22.6% | ||
| Q1 25 | 7.1% | 24.8% | ||
| Q4 24 | 18.0% | 23.1% | ||
| Q3 24 | -0.6% | 24.4% | ||
| Q2 24 | -9.1% | 25.1% | ||
| Q1 24 | -8.6% | 25.9% |
| Q4 25 | -24.5% | 9.4% | ||
| Q3 25 | -34.7% | 7.3% | ||
| Q2 25 | — | 5.9% | ||
| Q1 25 | -35.8% | 6.5% | ||
| Q4 24 | -29.1% | 3.9% | ||
| Q3 24 | 15.6% | 4.3% | ||
| Q2 24 | -68.4% | 4.2% | ||
| Q1 24 | -128.8% | 5.9% |
| Q4 25 | -11.4% | 7.4% | ||
| Q3 25 | -26.4% | 5.8% | ||
| Q2 25 | 157.8% | 5.0% | ||
| Q1 25 | -67.2% | 5.2% | ||
| Q4 24 | -217.2% | 3.3% | ||
| Q3 24 | -7.0% | 3.6% | ||
| Q2 24 | -147.5% | 3.5% | ||
| Q1 24 | -145.0% | 4.8% |
| Q4 25 | $-0.07 | $0.22 | ||
| Q3 25 | $-0.07 | $0.13 | ||
| Q2 25 | $-0.31 | $0.11 | ||
| Q1 25 | $-0.16 | $0.10 | ||
| Q4 24 | $-0.66 | $0.07 | ||
| Q3 24 | $-0.03 | $0.06 | ||
| Q2 24 | $-0.57 | $0.06 | ||
| 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 | — |
| Total DebtLower is stronger | — | $9.9M |
| Stockholders' EquityBook value | $1.4B | $67.1M |
| Total Assets | $5.2B | $96.0M |
| Debt / EquityLower = less leverage | — | 0.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | — | ||
| Q3 25 | $73.9M | — | ||
| Q2 25 | $41.6M | — | ||
| Q1 25 | $68.7M | — | ||
| Q4 24 | $286.2M | — | ||
| Q3 24 | $58.2M | — | ||
| Q2 24 | $3.3M | — | ||
| Q1 24 | $4.4M | $19.8M |
| Q4 25 | — | $9.9M | ||
| Q3 25 | — | $12.5M | ||
| Q2 25 | — | $13.0M | ||
| Q1 25 | — | $13.2M | ||
| Q4 24 | — | $13.5M | ||
| Q3 24 | — | $13.8M | ||
| Q2 24 | — | $14.3M | ||
| Q1 24 | — | $14.6M |
| Q4 25 | $1.4B | $67.1M | ||
| Q3 25 | $1.0B | $61.1M | ||
| Q2 25 | $497.7M | $57.8M | ||
| Q1 25 | $454.6M | $55.1M | ||
| Q4 24 | $434.6M | $52.7M | ||
| Q3 24 | $241.8M | $51.1M | ||
| Q2 24 | $124.8M | $50.2M | ||
| Q1 24 | $118.5M | $49.3M |
| Q4 25 | $5.2B | $96.0M | ||
| Q3 25 | $2.4B | $90.9M | ||
| Q2 25 | $1.9B | $82.7M | ||
| Q1 25 | $1.7B | $79.7M | ||
| Q4 24 | $1.5B | $77.9M | ||
| Q3 24 | $937.7M | $77.4M | ||
| Q2 24 | $762.9M | $73.8M | ||
| Q1 24 | $643.2M | $74.7M |
| Q4 25 | — | 0.15× | ||
| Q3 25 | — | 0.20× | ||
| Q2 25 | — | 0.23× | ||
| Q1 25 | — | 0.24× | ||
| Q4 24 | — | 0.26× | ||
| Q3 24 | — | 0.27× | ||
| Q2 24 | — | 0.29× | ||
| Q1 24 | — | 0.30× |
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 | $-3.5M |
| Free Cash FlowOCF − Capex | $-567.9M | $-3.7M |
| FCF MarginFCF / Revenue | -448.6% | -4.6% |
| Capex IntensityCapex / Revenue | 436.1% | 0.2% |
| Cash ConversionOCF / Net Profit | — | -0.59× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $1.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $-3.5M | ||
| Q3 25 | $-82.0M | $2.4M | ||
| Q2 25 | $6.9M | $2.6M | ||
| Q1 25 | $5.9M | $1.1M | ||
| Q4 24 | $-52.3M | $3.7M | ||
| Q3 24 | $-75.9M | $3.4M | ||
| Q2 24 | $-34.1M | $-789.5K | ||
| Q1 24 | $38.8M | $3.8M |
| Q4 25 | $-567.9M | $-3.7M | ||
| Q3 25 | $-331.4M | $2.2M | ||
| Q2 25 | $-191.4M | $2.1M | ||
| Q1 25 | $-251.6M | $746.6K | ||
| Q4 24 | $-223.3M | $3.2M | ||
| Q3 24 | $-130.7M | $1.5M | ||
| Q2 24 | $-88.9M | $-1.3M | ||
| Q1 24 | $-2.3M | $3.3M |
| Q4 25 | -448.6% | -4.6% | ||
| Q3 25 | -516.1% | 3.8% | ||
| Q2 25 | 574.8% | 3.9% | ||
| Q1 25 | -475.4% | 1.5% | ||
| Q4 24 | -349.6% | 6.7% | ||
| Q3 24 | -215.3% | 3.1% | ||
| Q2 24 | -203.5% | -2.9% | ||
| Q1 24 | -5.4% | 8.4% |
| Q4 25 | 436.1% | 0.2% | ||
| Q3 25 | 388.4% | 0.4% | ||
| Q2 25 | -595.4% | 0.8% | ||
| Q1 25 | 486.6% | 0.8% | ||
| Q4 24 | 267.8% | 1.0% | ||
| Q3 24 | 90.3% | 4.2% | ||
| Q2 24 | 125.4% | 1.1% | ||
| Q1 24 | 95.0% | 1.1% |
| Q4 25 | — | -0.59× | ||
| Q3 25 | — | 0.72× | ||
| Q2 25 | — | 0.94× | ||
| Q1 25 | — | 0.45× | ||
| Q4 24 | — | 2.34× | ||
| Q3 24 | — | 2.05× | ||
| Q2 24 | — | -0.50× | ||
| Q1 24 | — | 1.99× |
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% |
ELA
| Consumer Segment | $67.7M | 84% |
| Commercial Segment | $12.8M | 16% |
