vs
Side-by-side financial comparison of Applied Digital Corp. (APLD) and Grindr Inc. (GRND). Click either name above to swap in a different company.
Applied Digital Corp. is the larger business by last-quarter revenue ($126.6M vs $126.0M, roughly 1.0× Grindr Inc.). Grindr Inc. runs the higher net margin — 16.1% vs -11.4%, a 27.5% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs 29.0%). Grindr Inc. produced more free cash flow last quarter ($24.5M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs 29.3%).
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.
Grindr is a location-based social networking and online hookup application for LGBTQ people.
APLD vs GRND — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $126.0M |
| Net Profit | $-14.4M | $20.3M |
| Gross Margin | 20.6% | — |
| Operating Margin | -24.5% | 24.9% |
| Net Margin | -11.4% | 16.1% |
| Revenue YoY | 98.2% | 29.0% |
| Net Profit YoY | 89.6% | 116.4% |
| EPS (diluted) | $-0.07 | $0.10 |
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 | $126.0M | ||
| Q3 25 | $64.2M | $115.8M | ||
| Q2 25 | $-33.3M | $104.2M | ||
| Q1 25 | $52.9M | $93.9M | ||
| Q4 24 | $63.9M | $97.6M | ||
| Q3 24 | $60.7M | $89.3M | ||
| Q2 24 | $43.7M | $82.3M | ||
| Q1 24 | $43.3M | $75.3M |
| Q4 25 | $-14.4M | $20.3M | ||
| Q3 25 | $-16.9M | $30.8M | ||
| Q2 25 | $-52.5M | $16.6M | ||
| Q1 25 | $-35.6M | $27.0M | ||
| Q4 24 | $-138.7M | $-123.9M | ||
| Q3 24 | $-4.2M | $24.7M | ||
| Q2 24 | $-64.5M | $-22.4M | ||
| Q1 24 | $-62.8M | $-9.4M |
| 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% | 24.9% | ||
| Q3 25 | -34.7% | 39.1% | ||
| Q2 25 | — | 23.4% | ||
| Q1 25 | -35.8% | 27.0% | ||
| Q4 24 | -29.1% | 20.9% | ||
| Q3 24 | 15.6% | 31.8% | ||
| Q2 24 | -68.4% | 29.8% | ||
| Q1 24 | -128.8% | 25.6% |
| Q4 25 | -11.4% | 16.1% | ||
| Q3 25 | -26.4% | 26.6% | ||
| Q2 25 | 157.8% | 16.0% | ||
| Q1 25 | -67.2% | 28.8% | ||
| Q4 24 | -217.2% | -126.9% | ||
| Q3 24 | -7.0% | 27.6% | ||
| Q2 24 | -147.5% | -27.2% | ||
| Q1 24 | -145.0% | -12.5% |
| Q4 25 | $-0.07 | $0.10 | ||
| Q3 25 | $-0.07 | $0.16 | ||
| Q2 25 | $-0.31 | $0.08 | ||
| Q1 25 | $-0.16 | $0.09 | ||
| Q4 24 | $-0.66 | $-0.65 | ||
| Q3 24 | $-0.03 | $0.09 | ||
| Q2 24 | $-0.57 | $-0.13 | ||
| Q1 24 | $-0.52 | $-0.05 |
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 | $87.0M |
| Total DebtLower is stronger | — | $395.9M |
| Stockholders' EquityBook value | $1.4B | $47.0M |
| Total Assets | $5.2B | $531.0M |
| Debt / EquityLower = less leverage | — | 8.42× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $87.0M | ||
| Q3 25 | $73.9M | $6.3M | ||
| Q2 25 | $41.6M | $120.8M | ||
| Q1 25 | $68.7M | $255.9M | ||
| Q4 24 | $286.2M | $59.2M | ||
| Q3 24 | $58.2M | $39.1M | ||
| Q2 24 | $3.3M | $16.3M | ||
| Q1 24 | $4.4M | $21.5M |
| Q4 25 | — | $395.9M | ||
| Q3 25 | — | $279.9M | ||
| Q2 25 | — | $283.5M | ||
| Q1 25 | — | $287.0M | ||
| Q4 24 | — | $290.6M | ||
| Q3 24 | — | $294.1M | ||
| Q2 24 | — | $297.7M | ||
| Q1 24 | — | $315.0M |
| Q4 25 | $1.4B | $47.0M | ||
| Q3 25 | $1.0B | $71.0M | ||
| Q2 25 | $497.7M | $187.7M | ||
| Q1 25 | $454.6M | $319.8M | ||
| Q4 24 | $434.6M | $-131.6M | ||
| Q3 24 | $241.8M | $-13.4M | ||
| Q2 24 | $124.8M | $-41.7M | ||
| Q1 24 | $118.5M | $-22.0M |
| Q4 25 | $5.2B | $531.0M | ||
| Q3 25 | $2.4B | $439.2M | ||
| Q2 25 | $1.9B | $547.6M | ||
| Q1 25 | $1.7B | $679.4M | ||
| Q4 24 | $1.5B | $479.1M | ||
| Q3 24 | $937.7M | $456.3M | ||
| Q2 24 | $762.9M | $435.0M | ||
| Q1 24 | $643.2M | $437.7M |
| Q4 25 | — | 8.42× | ||
| Q3 25 | — | 3.94× | ||
| Q2 25 | — | 1.51× | ||
| Q1 25 | — | 0.90× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $24.8M |
| Free Cash FlowOCF − Capex | $-567.9M | $24.5M |
| FCF MarginFCF / Revenue | -448.6% | 19.5% |
| Capex IntensityCapex / Revenue | 436.1% | 0.2% |
| Cash ConversionOCF / Net Profit | — | 1.22× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $140.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $24.8M | ||
| Q3 25 | $-82.0M | $55.4M | ||
| Q2 25 | $6.9M | $37.5M | ||
| Q1 25 | $5.9M | $23.8M | ||
| Q4 24 | $-52.3M | $29.5M | ||
| Q3 24 | $-75.9M | $29.1M | ||
| Q2 24 | $-34.1M | $15.8M | ||
| Q1 24 | $38.8M | $20.4M |
| Q4 25 | $-567.9M | $24.5M | ||
| Q3 25 | $-331.4M | $55.2M | ||
| Q2 25 | $-191.4M | $37.3M | ||
| Q1 25 | $-251.6M | $23.7M | ||
| Q4 24 | $-223.3M | $29.3M | ||
| Q3 24 | $-130.7M | $28.8M | ||
| Q2 24 | $-88.9M | $15.7M | ||
| Q1 24 | $-2.3M | $20.3M |
| Q4 25 | -448.6% | 19.5% | ||
| Q3 25 | -516.1% | 47.7% | ||
| Q2 25 | 574.8% | 35.8% | ||
| Q1 25 | -475.4% | 25.2% | ||
| Q4 24 | -349.6% | 30.0% | ||
| Q3 24 | -215.3% | 32.2% | ||
| Q2 24 | -203.5% | 19.0% | ||
| Q1 24 | -5.4% | 26.9% |
| Q4 25 | 436.1% | 0.2% | ||
| Q3 25 | 388.4% | 0.2% | ||
| Q2 25 | -595.4% | 0.2% | ||
| Q1 25 | 486.6% | 0.1% | ||
| Q4 24 | 267.8% | 0.3% | ||
| Q3 24 | 90.3% | 0.4% | ||
| Q2 24 | 125.4% | 0.2% | ||
| Q1 24 | 95.0% | 0.3% |
| Q4 25 | — | 1.22× | ||
| Q3 25 | — | 1.80× | ||
| Q2 25 | — | 2.25× | ||
| Q1 25 | — | 0.88× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.18× | ||
| Q2 24 | — | — | ||
| Q1 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% |
GRND
| License And Service | $102.9M | 82% |
| Advertising | $23.1M | 18% |
