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Side-by-side financial comparison of Applied Digital Corp. (APLD) and Evolus, Inc. (EOLS). Click either name above to swap in a different company.
Applied Digital Corp. is the larger business by last-quarter revenue ($126.6M vs $73.1M, roughly 1.7× Evolus, Inc.). Applied Digital Corp. runs the higher net margin — -11.4% vs -14.6%, a 3.2% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs 6.7%). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs 4.6%).
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.
Evolus, Inc. is a medical aesthetics company focused on developing and commercializing non-surgical cosmetic treatment solutions. Its flagship product is a prescription neuromodulator designed to reduce moderate to severe glabellar frown lines, serving licensed aesthetic healthcare providers and consumers across North America, Europe, and key Asia-Pacific regional markets.
APLD vs EOLS — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $73.1M |
| Net Profit | $-14.4M | $-10.7M |
| Gross Margin | 20.6% | 66.9% |
| Operating Margin | -24.5% | 23.8% |
| Net Margin | -11.4% | -14.6% |
| Revenue YoY | 98.2% | 6.7% |
| Net Profit YoY | 89.6% | — |
| EPS (diluted) | $-0.07 | $-0.16 |
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.
| Q1 26 | — | $73.1M | ||
| Q4 25 | $126.6M | $90.3M | ||
| Q3 25 | $64.2M | $69.0M | ||
| Q2 25 | $-33.3M | $69.4M | ||
| Q1 25 | $52.9M | $68.5M | ||
| Q4 24 | $63.9M | $78.9M | ||
| Q3 24 | $60.7M | $61.1M | ||
| Q2 24 | $43.7M | $66.9M |
| Q1 26 | — | $-10.7M | ||
| Q4 25 | $-14.4M | $130.0K | ||
| Q3 25 | $-16.9M | $-15.7M | ||
| Q2 25 | $-52.5M | $-17.1M | ||
| Q1 25 | $-35.6M | $-18.9M | ||
| Q4 24 | $-138.7M | $-6.8M | ||
| Q3 24 | $-4.2M | $-19.2M | ||
| Q2 24 | $-64.5M | $-11.3M |
| Q1 26 | — | 66.9% | ||
| Q4 25 | 20.6% | 65.7% | ||
| Q3 25 | 13.4% | 66.5% | ||
| Q2 25 | — | 65.3% | ||
| Q1 25 | 7.1% | 68.1% | ||
| Q4 24 | 18.0% | 66.7% | ||
| Q3 24 | -0.6% | 68.9% | ||
| Q2 24 | -9.1% | 70.3% |
| Q1 26 | — | 23.8% | ||
| Q4 25 | -24.5% | 4.7% | ||
| Q3 25 | -34.7% | -16.7% | ||
| Q2 25 | — | -14.7% | ||
| Q1 25 | -35.8% | -22.1% | ||
| Q4 24 | -29.1% | -2.9% | ||
| Q3 24 | 15.6% | -25.3% | ||
| Q2 24 | -68.4% | -11.5% |
| Q1 26 | — | -14.6% | ||
| Q4 25 | -11.4% | 0.1% | ||
| Q3 25 | -26.4% | -22.8% | ||
| Q2 25 | 157.8% | -24.7% | ||
| Q1 25 | -67.2% | -27.6% | ||
| Q4 24 | -217.2% | -8.6% | ||
| Q3 24 | -7.0% | -31.4% | ||
| Q2 24 | -147.5% | -17.0% |
| Q1 26 | — | $-0.16 | ||
| Q4 25 | $-0.07 | $0.01 | ||
| Q3 25 | $-0.07 | $-0.24 | ||
| Q2 25 | $-0.31 | $-0.27 | ||
| Q1 25 | $-0.16 | $-0.30 | ||
| Q4 24 | $-0.66 | $-0.11 | ||
| Q3 24 | $-0.03 | $-0.30 | ||
| Q2 24 | $-0.57 | $-0.18 |
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 | $49.8M |
| Total DebtLower is stronger | — | $156.4M |
| Stockholders' EquityBook value | $1.4B | — |
| Total Assets | $5.2B | $220.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $49.8M | ||
| Q4 25 | $1.9B | $53.8M | ||
| Q3 25 | $73.9M | $43.5M | ||
| Q2 25 | $41.6M | $61.7M | ||
| Q1 25 | $68.7M | $67.9M | ||
| Q4 24 | $286.2M | $87.0M | ||
| Q3 24 | $58.2M | $85.0M | ||
| Q2 24 | $3.3M | $93.7M |
| Q1 26 | — | $156.4M | ||
| Q4 25 | — | $146.1M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $121.8M | ||
| Q4 24 | — | $121.5M | ||
| Q3 24 | — | $121.2M | ||
| Q2 24 | — | $120.9M |
| Q1 26 | — | — | ||
| Q4 25 | $1.4B | $-23.1M | ||
| Q3 25 | $1.0B | $-28.8M | ||
| Q2 25 | $497.7M | $-18.7M | ||
| Q1 25 | $454.6M | $-6.6M | ||
| Q4 24 | $434.6M | $5.5M | ||
| Q3 24 | $241.8M | $5.9M | ||
| Q2 24 | $124.8M | $19.3M |
| Q1 26 | — | $220.6M | ||
| Q4 25 | $5.2B | $225.9M | ||
| Q3 25 | $2.4B | $219.0M | ||
| Q2 25 | $1.9B | $228.8M | ||
| Q1 25 | $1.7B | $213.4M | ||
| Q4 24 | $1.5B | $232.6M | ||
| Q3 24 | $937.7M | $229.6M | ||
| Q2 24 | $762.9M | $233.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 22.00× | ||
| Q3 24 | — | 20.58× | ||
| Q2 24 | — | 6.26× |
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 | — |
| 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.
| Q1 26 | — | — | ||
| Q4 25 | $-15.8M | $12.8M | ||
| Q3 25 | $-82.0M | $-14.7M | ||
| Q2 25 | $6.9M | $-24.8M | ||
| Q1 25 | $5.9M | $-15.6M | ||
| Q4 24 | $-52.3M | $4.8M | ||
| Q3 24 | $-75.9M | $-5.7M | ||
| Q2 24 | $-34.1M | $-6.5M |
| Q1 26 | — | — | ||
| Q4 25 | $-567.9M | $11.3M | ||
| Q3 25 | $-331.4M | $-15.6M | ||
| Q2 25 | $-191.4M | $-25.5M | ||
| Q1 25 | $-251.6M | $-16.0M | ||
| Q4 24 | $-223.3M | $4.4M | ||
| Q3 24 | $-130.7M | $-6.0M | ||
| Q2 24 | $-88.9M | $-6.9M |
| Q1 26 | — | — | ||
| Q4 25 | -448.6% | 12.6% | ||
| Q3 25 | -516.1% | -22.7% | ||
| Q2 25 | 574.8% | -36.7% | ||
| Q1 25 | -475.4% | -23.3% | ||
| Q4 24 | -349.6% | 5.5% | ||
| Q3 24 | -215.3% | -9.9% | ||
| Q2 24 | -203.5% | -10.4% |
| Q1 26 | — | — | ||
| Q4 25 | 436.1% | 1.6% | ||
| Q3 25 | 388.4% | 1.4% | ||
| Q2 25 | -595.4% | 1.0% | ||
| Q1 25 | 486.6% | 0.5% | ||
| Q4 24 | 267.8% | 0.6% | ||
| Q3 24 | 90.3% | 0.5% | ||
| Q2 24 | 125.4% | 0.7% |
| Q1 26 | — | — | ||
| Q4 25 | — | 98.67× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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% |
EOLS
| Product revenue, net | $72.7M | 99% |
| Service revenue | $390.0K | 1% |
